CPF stands for Central Provident Fund and is a compulsory savings scheme in Singapore designed to help working individuals save for retirement. Both employees and employers make monthly contributions to the CPF, with the funds being set aside and managed by the CPF Board.
CPF contributions are based on a percentage of an individual's monthly salary, with different contribution rates for employees and employers. The funds in the CPF account can be used for a variety of purposes such as retirement, home ownership, healthcare, and education.
CPF members can also choose to invest their CPF funds in various investment schemes to potentially earn higher returns. The CPF Board offers different investment options, including the CPF Investment Scheme and CPF Retirement Sum Scheme.
Upon reaching the age of 55, CPF members can start making withdrawals from their CPF accounts to fund their retirement. There are different withdrawal options available, such as monthly payouts or lump sum withdrawals.
Overall, the CPF is a key pillar of Singapore's social security system and plays a crucial role in ensuring the financial well-being of its residents in their retirement years.
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