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How Singapore's CPF mandatory savings scheme works

Original: Singapore's model is the Central Provident Fund (CPF), a mandatory savings scheme. Employees contribute up to 20% and em

Singapore's Central Provident Fund requires employees to contribute up to 20% of wages and employers up to 17% into personal accounts, a combined 37% for workers under 55. The savings fund retirement, housing and healthcare, and remain fully owned by the individual. The scheme is being cited as a model for mandatory personal retirement savings, drawing interest in how it compares with pension systems elsewhere.

Why now: Ongoing debate about retirement savings and pension reform is putting Singapore's CPF model in the spotlight.

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• Singapore's model is the Central Provident Fund (CPF), a mandatory savings scheme. Employees contribute up to 20% and employers up to 17% of wages (total 37% under age 55) into personal accounts for retirement, housing and healthcare. Savings are fully owned by the individual, · grok · 1

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