For a start, do you even know how CPF Scheme works?
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 for their retirement years.
Through lifelong income, healthcare financing and home financing, CPF aim to enable Singaporeans to have a secure retirement.
But how well do you know about them?
Provides CPF members with a monthly payout when they reach their payout eligibility age
CPF members can withdraw their CPF savings after they have set aside their Full Retirement Sum in their Retirement Account. The Full Retirement Sum can be set aside fully with cash, or with cash (i.e. at least the Basic Retirement Sum) and property
The CPF Housing Scheme enables CPF members to use their CPF Ordinary Account savings to buy HDB flats, or to buy or build private residential properties in Singapore
The Home Protection Scheme (HPS) protects CPF members and their families from losing their HDB flat in the event of death, terminal illness or total permanent disability
MediSave is a national medical savings scheme which helps CPF members put aside part of their income into their MediSave Accounts to meet their future personal or approved dependant’s hospitalisation, day surgery and certain outpatient expenses
ElderShield is a severe disability insurance scheme that provides basic financial protection to those who are not able to do simple daily activities and need long-term care, especially in their old age
The CPF Investment Schemes gives you an option to invest your Ordinary Account and Special Account savings in a wide range of investments to enhance your retirement nest egg.
Term insurance that provides insured members and their families with some money to get through the first few years should the insured members pass away, suffer from Terminal Illness or Total Permanent Disability
CPF nomination allows CPF members to specify who will receive their CPF savings, and how much each nominee should receive, upon their demise
A loan scheme which allows you to use your Ordinary Account savings to pay for your own, children’s or spouse’s subsidised tuition fees at local tertiary institutions
The Supplementary Retirement Scheme (SRS) is a voluntary scheme to encourage individuals to save for retirement, over and above their CPF savings. Contributions to SRS are eligible for tax relief. Investment returns are tax-free before withdrawal and only 50% of the withdrawals from SRS are taxable at retirement