CPF : the liberalisation of the Central Provident Fund

Abstract

The Central Provident Fund (CPF) was set up on 1 July 1955. CPF is a major part of Singapore's social security system based on savings and insurance. The objectives of the schemes are to help members meet primary needs like shelter, food, clothing and health services in their old age or when they are no longer able to work. The CPF scheme is jointly supported by employees, employers and the Government. Over the years, the rates of contribution have been changed to ensure that the employee accumulates sufficient funds for his retirement in real terms. Members can withdraw their CPF savings upon reaching age 55 and after setting aside a minimum sum in their retirement accounts.