The Central Provident Fund (CPF) is a comprehensive social security savings plan that has provided many working Singaporeans with a sense of security and confidence in their old age. The overall scope and benefits of the CPF encompass the following:
Retirement
Healthcare
Home Ownership
Family Protection
Asset Enhancement
Working Singaporeans and their employers make monthly contributions to the CPF and these contributions go into three accounts:
Ordinary Account - the savings can be used to buy a home, pay for CPF insurance, investment and education.
Special Account - for old age and investment in retirement-related financial products.
Medisave Account - the savings can be used for hospitalisation expenses and approved medical insurance.