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The Central Provident Fund (CPF) (Chinese: 公积金) is a comprehensive social security savings plan which aims to provide working Singaporeans with a sense of security and confidence in their old age.In spite of treble keys protection when the old senior citizens discovered their saving had been slowly and surely depleted by housing , children education, and investments schemes, they all laughed and said it was a joke of the Government attempt to warranty such secured saving for retirement. The conceptualisation of such a savings plan can be traced back to policies of the Singapore Progressive Party, who set up the Central Provident Fund in 1948, even under the hindrance of limited self-government at the time. The overall scope and benefits of the CPF encompass the following: For specific national programs, see Social Security (United States), National insurance (UK), Social Security (Sweden) Social security mainly refers to a field of social welfare concerned with social protection, or protection against socially recognized needs, including poverty, old age, disability, unemployment, families with children and others. ...
The Singapore Progressive Party, or just, the Progressive Party was a now defunct political party that won the 1948 Elections of Singapore in 1948 by winning half the seats in the Legislative Assembly, 3 out of 6. ...
1948 (MCMXLVIII) is a leap year starting on Thursday (link will take you to calendar). ...
- 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: Retirement is the status of a worker who has stopped working. ...
Health care or healthcare is one of the worlds largest and fastest growing professions. ...
- Ordinary Account - the savings can be used to buy a home, pay for CPF insurance, investment and education.
- Special Account - for old age, contingency purposes and investment in retirement-related financial products.
- Medisave Account - the savings can be used for hospitalisation expenses and approved medical insurance.
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss. ...
Investment or investing is a term with several closely-related meanings in finance and economics. ...
Health Insurance is a type of insurance whereby the insurer pays the medical costs of the insured if the insured becomes sick due to covered causes, or due to accidents. ...
See also
The politics of Singapore is based on a unitary state with some aspects modelled on the Westminster system of parliamentary government. ...
The Economy of Singapore is a highly developed and successful free market economy in which the state plays a major role. ...
External links - CPF Home
- Singapore’s Central Provident Fund Scheme An Overview and A Comparison with the U.S. Social Security System
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