HeyAnna administrators CPF 101: What is CPF?
The Central Provident Fund (CPF) plays an important role for Singaporeans and PRs to ensure that you've set aside enough for retirement as well as partial funds for your health care and housing needs.
For persons below 55, a chunk of your paycheck goes to CPF contributions split 3-ways (not equally though!) between three accounts which accrue between 3.5% to 5% interest rates. Your employer will also chip in to match 17% of your paycheck too!
Topping up your own and your loved ones' CPF accounts can help to maximise your nest egg and make your money work harder. Think safe alternative to investing, tax reliefs and also attractive compound interest rates.
Image source: CPF