What is CPF?
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| Central Provident Fund - Singapore |
It is regulated by the Central Provident Fund Board, a statutory board working under the Ministry of Manpower which is in charge of contributing commitments.
Subsidizing your retirement
In the event that you are a working Singaporean, you and your boss make month to month commitments to the CPF. These commitments go into 3 records:- Ordinary Account: Mainly for retirement and lodging needs.
- Special Account: Mainly for retirement needs.
- MediSave Account: Mainly for healthcare needs.
CPF Retirement Sums
When you arrive at 55 years of age, reserve funds from your Special Account and Ordinary Account will be moved to your Retirement Account to frame your retirement entirety.To enable you to design right on time for retirement, the Basic Retirement Sum will be made known to you early. You can get the first $5,000 of your Ordinary and Special Account reserve funds regardless of whether you don't meet your Basic Retirement Sum at age 55.
More about CPF
For other data, for example, employer commitment rates, you can visit the CPF site.What is CPF LIFE?
The CPF Lifelong Income For The Elderly (CPF LIFE) Scheme is a lifetime annuity plan that gives Singapore Citizens and Permanent Residents a regularly scheduled payout for whatever length of time that they live.For what reason do we need CPF LIFE?
With expanding progresses in innovation and medicinal services, we are probably going to live longer than our grandparents' or parents' age. While we may have more opportunity to live our lives without limit, it additionally implies that we should be set up for a more drawn out retirement.Against the background of rising life span, and the trouble of anticipating precisely to what extent we will live, we face some vulnerability on making arrangements for our retirement. There is a genuine plausibility that we may not be enough arranged for a more drawn out retirement, and hazard outlasting our retirement reserve funds.
True serenity is significant for retirement, so as to completely appreciate the kind of retirement way of life we need in our brilliant years.
CPF LIFE can enable you to accomplish true serenity during your retirement. It is a life annuity, which implies that you will get a customary stream of pay for whatever length of time that you live. You can in this way make the most of your retirement without the stress of outlasting your reserve funds.
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| Different CPF LIFE plans, depending on your needs |
Free CPF Calculator Tools
The Official CPF Contribution Calculator
This calculator figures out the CPF commitments payable for workers who are Singapore Citizens or Singapore Permanent Residents (SPR) from their third year of getting SPR status.
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| Screenshot from CPF Contribution Calculator |
QuickHR CPF Calculator
The free CPF Calculator by QuickHR shows CPF contributions for every donation type.
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| QuickHR CPF Calculator with a more concise user interface |
Free CPF LIFE Calculator Tools
The Official CPF LIFE Estimator
Given that you don't have a CPF LIFE arrangement and are born at the latest 1978, you may utilize this instrument to:
- Gauge the payouts, total payouts and endowments under CPF LIFE, or
- Gauge the amount you need in your Retirement Account so as to get your ideal CPF LIFE payouts
Do take note of that all figures given are approximate estimations.
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| CPF LIFE Payout Calculator (formally known as CPF LIFE Estimator) |
Other CPF Calculators
Calculators enable you to anticipate retirement, lodging, medicinal services, independently employed and different issues.
Check them out here: https://www.cpf.gov.sg/members/tools/calculators
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