Audit Services
2020-08-15
Who Needs to Contribute to CPF
2020-08-15
CPF Account
The Central Provident Fund (CPF) is a comprehensive social security system that enables working Singapore citizens and permanent residents to set aside funds for their retirement. It also covers healthcare, home ownership, family protection and asset enhancement.
The Central Provident Fund (CPF) is a compulsory social security savings scheme funded by contributions from employers and employees.
The CPF is an important pillar of Singapore’s social security system to meet our retirement, housing and medical needs.
The Government also helps supplement the CPF savings of low-wage workers through schemes such as Workfare, and provides medical savings for senior citizens.
How does the CPF system work?
Both employees and employers make monthly CPF contributions. These contributions go into three accounts:
|
Uses of CPF Savings |
|
| Ordinary Account (OA) | For housing, insurance, investment and education. |
| Special Account (SA) | For old age and investment in retirement-related financial products. |
| MediSave Account (MA) | For hospitalisation expenses and approved medical insurance. |
| Retirement Account (RA) | On your 55th birthday, a fourth account, the Retirement Account (RA), is automatically created |
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