Ever wondered why a chunk of your salary mysteriously disappears every month? That's a question you might be asking yourself if you have no idea what Central Provident Fund (CPF) contributions are. Every Singapore citizen and PR has a CPF account, one of the goals of which is to help you stash money away for retirement. However, the CPF system's.
Every salaried employee in Singapore makes CPF contributions each month, but the CPF system is understood by few. There are more fun things to do with those precious post-work hours than to spend it on the CPF Board's website trying to decipher government-speak. One of the most confusing aspects of the CPF system is that there are three different types.
Depending on who you believe, you may think our CPF savings are like Russia. You know it's there, I know it's there. But very few Singaporeans have actually travelled there and experienced it first-hand. Unlike Moscow, however, most Singaporeans actually want to see their CPF again. And thanks to certain people spouting some weird promises about CPF reforms, many Singaporeans.