CPF in Singapore
In Singapore, the Central Provident Fund is mandatory for permanent residents and working Singaporeans. The fund is used to cover three broad areas of housing, health and retirement and contributions are made by both the employee and employer.
Types of CPF accounts
Your CPF contributions typically go into three different accounts:
This is primarily used to pay for housing, but can also be used for insurance, investments and education.
This account is used to fund your retirement
This is used to pay for approved medical insurance and hospital bills
For more information on the CPF in Singapore for foreigners, speak to one of our financial planners today.