Retirement is that stage of life where you suddenly become dependent on others for your livelihood. But everything is not like before. The government of Singapore has come forward with a lot of schemes where your retired life will be safe and secure. CPF investment Singapore is one such scheme where the employees and employers together make monthly contributions to your retirement fund called the CPF or central provident fund.
What is the central provident fund?
It is mandatory social security for all working-class in Singapore. Monthly investments are made by the employee and employer to this fund. It helps the employee in meeting their health care and housing needs and also helping them achieve their retirement goals.
Where is CPF saved?
The central provident fund is saved in three accounts:
- Ordinary account
- Special account
- Medisave account
When you turn 55 your savings for an ordinary account and special gets transferred to your retirement account. The basic retirement fund will be known to you so that you can plan for your retirement.
Why saving in CPF is important?
The CPF helps you reach your retirement goals without taking the help of others. The main focus of the cpf investment singapore is to help you in a healthy retirement process but you can also use it for other important needs like health care, homeownership, asset enhancement, and family protection.
So to take care of all your retirement needs you must save in your CPF and lead a happy and blissful retired life.