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What is Central Provident Fund Board mean?
The Central Provident Fund Board (abbreviation: CPFB), commonly known as the CPF Board or simply the Central Provident Fund (abbreviation: CPF) is a compulsory comprehensive savings and pension plan for working Singaporeans and permanent residents primarily to fund their retirement, healthcare, and housing needs in Singapore.
The CPF is an employment-based savings scheme with the help of employers and employees contributing a mandated amount to the fund for their benefits.
It is administered by the Central Provident Fund Board, a statutory board operating under the Ministry of Manpower which is responsible for investing contributions. The Global Pension Index, an index that assesses retirement income systems, placed Singapore as the best within in Asia and 7th worldwide in 2020.
reference nanPosted on 15 Sep 2024, this text provides information on Miscellaneous in Business related to Business. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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