Secure Retirement, Stable Finances

Conceptualising policies, strategic planning and affecting lives – these are all in a day’s work for CPF Board scholar Mr Desmond Chew.

By Nabilah Husna A. Rahman

Every month, 34.5% of an employee’s salary is saved in their Central Provident Fund (CPF) account, from which they can withdraw from the age of 55. This retirement savings scheme has been allowing workers to seamlessly transit into retirement with financial stability.

Before the CPF Board was set up in 1955, Singaporean citizens did not have a mandatory savings scheme, putting the nation in the vulnerable position of possibly turning into a welfare state. Now, the much familiar CPF scheme has been developed to become the backbone of Singapore’s healthcare, housing and retirement systems, and is a key instrument for overall national growth.

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