The CPF (Central Provident Fund) is a Singaporean government-managed pension fund that is mandatory for all Singaporean citizens and Permanent residents to contribute to.
Most of us know that part of our salary goes into that account but not many people really take the time to go and study the system.
When you understand how CPF works, you can make use of it to achieve your financial goals earlier.
MoneySmart has written an ultimate guide on CPF:
You will learn about:
- Know why we have CPF
- The CPF contribution rates
- Types of CPF accounts
- Monthly CPF allocation rates
- How CPF monies can be used
- What is CPF retirement sum
- How much is the CPF Life payout
- What is the CPF interest rate
- How to make CPF nominations
- Where to find CPF calculators
CPF contributions are unavoidable.
Learn about them and make full use of it to help us build up our retirement pot.