The Central Provident Fund (CPF) is a social security savings scheme jointly supported by employees, employers and the government. Working Singaporeans and permanent residents, together with their employers, contribute a percentage of their monthly salary to their CPF accounts. CPF aims to provide Singaporeans and permanent residents a secure retirement, and the government helps by exempting CPF earnings from tax. As CPF members ultimately own the monies in their CPF accounts, it is also their responsibility to ensure that there will be sufficient CPF savings to fund their retirement.
Click here for information on the CPF contribution rates.