• Central Provident Fund (CPF) Singapore

    With life expectancy on the rise and a workforce that is aging fast, post-retirement healthcare remains an area of concern for Singapore. Increased life expectancy and higher cost of healthcare means that saving up for medical emergencies has become essential.

    While the retirement adequacy of government health plans, private insurance plans, and savings schemes are often questioned, it can be said with certainty that CPF has been playing an important role of creating wealth and retirement savings for Singapore’s population for a long time.

    The Central Provident Fund (CPF) is a social security system that helps the working population create a retirement corpus to support their healthcare concerns and lifestyle needs after superannuation.

    It also address the key issues like asset creation and management, ownership of affordable homes, and also the security of one’s family and their future.

    What Is CPF?

    The Central Provident Fund (CPF) is a comprehensive savings and security plan, functioning under the aegis of the Government of Singapore, and helping the working citizens and permanent residents save up to meet their housing needs, post-retirement basic living expenses and healthcare needs, and even education for a beneficiary’s child, if needed. It is managed and administered by the Central Provident Fund Board, a statutory body that is funded by the Ministry of Manpower.

    It is an employment-based savings scheme to which employees and employers have to mandatorily contribute a percentage of the employee’s monthly salary. The money received from contributors is then invested in various schemes and securities that are stable and safe. It also runs CPF LIFE, an annuity scheme that provides a monthly payout to the elderly contributors until a certain age.

    This social security scheme was started by the colonial British rulers in 1955 as a compulsory savings scheme for the employed. The plan was to avoid a costly pension plan while also helping the workers have access to adequate funds for emergencies after retirement.

    Circle of Life

    Types of Accounts

    The money contributed on a monthly basis by workers and their employers go into the following accounts:

    • Ordinary Account (OA)- The monies invested in this account can be used for:
      • Buying insurance plans.
      • Providing education for children and dependent members of the families.
      • Providing solutions for affordable housing needs.
      • Investments with the aim of creating and augmenting wealth.
    • Special Account  (SA)- The monies in this account can be used for rainy days in your post-retirement life, such as:
      • Basic living expenses.
      • Investing in age-related savings plans.
    • Medisave Account (MA)- The savings in this account can be used for approved medical insurance plans and for taking care of hospitalisation expenses.
    • Retirement Account (RA)- This fourth account is only opened after a beneficiary has completed 55 years. Savings from both the OA and SA are used. The combined balance in the OA and SA, can be used to join the CPF LIFE programme, which is an annuity scheme that provides monthly payouts for the rest of your life or invest in the Retirement Sum Scheme that provides monthly payouts till your RA balance lasts. After setting aside the Full Retirement Sum or the Basic Retirement Sum, you can choose to withdraw the remaining balance, or stay invested in CPF to earn interests.

    Benefits of Having a CPF Account

    Being a comprehensive savings plan, your CPF savings will allow you to tackle the various challenges that life throws at you from time to time, with ease. Whether you need money for a house, your child’s education, for healthcare, or for sustenance after you retire, the money invested in CPF, can come in handy.

    Some of the main advantages of having a CPF account are as follows:

    • Guaranteed return on investment by investing monies in your OA, in excess of S$20,000, and SA, in excess of S$40,000 under the CPFIS plan.
    • Low-risk investment.
    • Attractive interest rates, which are inflation-free.
    • Enjoy tax exemptions of up to S$7,000 a year, subject to conditions, if you make cash top-ups to your own CPF account and an additional S$7,000, subject to conditions, if you do so for the CPF accounts of your spouse, grandparents, parents, parents-in-law, grandparents-in-law, or your sibling.
    • Enjoy interest rates of up to 6% p.a., subject to terms and conditions.
    • Under the Public Housing Scheme, you might get full or part financing for your HDB flat, or use the monies in your CPF account to service your home loan.
    • Access to the Home Protection Scheme (HPS) which will pay the mortgage on your HDB Flat in the event of death, terminal illness, or disability.
    • Pays for your health expenses, especially after retirement. Savings in your Medisave account can be used to purchase Medishield LIfe, Eldershield, or health plans offered by private insurers.
    • Various financial tools like calculators and estimators to help you know your current financial standing and the future earning potential of your investments.
    • Special incentives on deferment of monthly payouts under Deferment Bonus scheme and Voluntary Deferment scheme.
    • The Dependent’s Protection Scheme is a term insurance policy that helps members and their families overcome financial hardships, in the event of demise, disability or terminal illness of a beneficiary.
    • With the CPF Education Scheme, you can pay for the subsidised education of yourself, your child, or your spouse at a local, tertiary education institution.

    Interest Rates Offered

    Currently, the CPF accounts offer the following rates of interest:

    • Up to 3.5% p.a. on Ordinary Account.
    • Up to 5% p.a. on Special Account.
    • Up to 5% p.a. on Medisave Account.
    • Up to 5% p.a. on Retirement Account.

    The rates mentioned here include an extra 1% that is offered by CPF to members on the first S$60,000 of their combined balances including a minimum of S$20,000 in their Ordinary Account balances. For members aged 55 and above, CPF offers an additional 1% interest on the first S$30,000 of their combined CPF balance, which includes a minimum of S$20,000 in their OA.

    This means that members aged 55 and above can earn up to 2% additionally and get a return of 6% p.a. on their CPF balance.

    The interest for OA is either maintained at the legislated minimum rate of 2.5% p.a. or the 3-month average of the major banks in Singapore, whichever is higher. It is reviewed on a quarterly basis. The interest rate, offered on your Ordinary Account balance till 30 June 2018, has been maintained at 2.5% p.a.

    The interest rate offered on the Special and Medisave Account monies are also reviewed quarterly. The interest rate is either the minimum legislated floor rate of 4% or the 1-year average yield of 10-year Singapore Government Securities plus 1%, whichever is higher. Till 30 June 2018, your Special and Medisave Account monies will earn interest at the rate of 4% p.a.

    The rates, mentioned above, are assured and your investments are safe because the CPF monies are invested in Special Singapore Securities, assured by the government. The CPF members are offered the same rate as the coupon rates earned by these non-tradeable government bonds, issued specifically by the government to the CPF Board for investment of CPF monies.  

    Interest Rate Trends From 2010

    Due to the rising inflation levels across the world and the pressures faced by most currencies including the Singapore dollar, interest rates on most savings schemes have changed drastically in these 8 years. However, since the minimum interest rate offered on your CPF monies are guaranteed by the Government of Singapore, these rates have been more stable during this period. The following table shows the minimum interest rates that have been offered on the different CPF accounts between 2010 and 2018 (till 30 June 2018):

    Rates→

    Accounts ↓

    2010 2011 2012 2013 2014 2015 2016 2017 2018 (Till 30 June)
    Ordinary Account 2.5% p.a. 2.5% p.a. 2.5% p.a. 2.5% p.a. 2.5% p.a. 2.5% p.a. 2.5% p.a. 2.5% p.a. 2.5% p.a.
    Special Account 4% p.a. 4% p.a. 4% p.a. 4% p.a. 4% p.a. 4% p.a. 4% p.a. 4% p.a. 4% p.a.
    Medisave Account 4% p.a. 4% p.a. 4% p.a. 4% p.a. 4% p.a. 4% p.a. 4% p.a. 4% p.a. 4% p.a.
    Retirement Account 4% p.a. 4% p.a. 4% p.a. 4% p.a. 4% p.a. 4% p.a. 4% p.a. 4% p.a. 4% p.a.

    Who Contributes to CPF Accounts?

    Since CPF is a mandatory employment-based savings scheme, both you and your employer will have to contribute a percentage of your monthly salary to it. Besides, certain employees may also get CPF contributions from their employers for payments that they get in addition to their fixed monthly salary.

    If you earn more than S$50 a month, your employer will have to mandatorily make contributions to CPF on your behalf. However, if your monthly income exceeds S$500, your employer has the right to deduct the equivalent amount from your monthly compensation.

    CPF contributions are compulsory for both Singaporean citizens and permanent residents (PRs). If you’re a Singapore citizen or a PR working overseas, CPF contributions aren’t obligatory. The CPF Board defines permanent residents, who fall under the compulsory CPF contribution rule, as:

    • Someone who is working in the country as a permanent, part-time or casual employee.
    • Someone who is working in the country under a Contract of Service, a written, verbal or implied agreement that defines the employer-employee relationship and the clauses applicable.

    The rate at which CPF contributions have to be made depend on the CPF-defined age group and wage band to which you belong.

    Companies in Singapore will have to make contributions for directors on their board who are bound by a service agreement and who are paid a fixed salary in addition to other applicable fees. Companies won’t have to make CPF contributions for directors voted to their board at annual general meetings.

    If an employee is simultaneously employed by two or more employers, he is also entitled to get CPF contributions from his employer.

    People belonging to the following categories are also entitled to CPF contributions:

    • Family workers, if they’re paid wages by the proprietor.
    • National Servicemen and National Service Trainees (under the Enlistment Act).
    • School leavers and other students whose relationship with their employers have been defined under a contract of service, subject to certain exceptions. Check the CPF website for the exclusions.

    CPF Contribution and Allocation Rates

    The CPF Board has created different rate slabs for CPF contributions depending on:

    • Age brackets.
    • Salary bands.
    • Nature of service contract - pensionable or non-pensionable.
    • Nationality of the employee.
    • The sector to which the company belongs.
    • The number of years for which a Singaporean Permanent Resident has resided in the country.
    • Whether a PR has jointly applied with their employer to make CPF contributions at the full employer-full employee rates.
    CPF Account Contribution

    The current contribution rates for the public sector pensionable employees (citizen/a permanent resident who has held the status for at least three years/a permanent resident who has held the status for less than three years but has applied jointly with their employer for the full employer-full employee contribution rates)  are as follows:

    Employee’s Age Contribution Rates for the Pensionable Component of One’s Monthly Compensation
    By Employer (Percentage of Emolument) By Employee (Percentage of Emolument) Total (Percentage of Emolument)
    55 and below 12.75 15 27.75
    Between 55 and 60 9.75 9.75 19.5
    Between 60 and 65 6.75 5.625 12.375
    Above 65 5.625 3.75 9.375

    The current contribution rates for the private sector and public sector non-pensionable employees (citizens/permanent residents who have held the status for three years or more/permanent residents who have held the status for less than three years but have jointly applied for the full employer-full employee contribution rates) are as follows:

    Employee’s Age Contribution Rates for Employees Who Earn Monthly Salaries Equal to or in Excess of S$750
    By Employer (Percentage of Emolument) By Employee (Percentage of Emolument) Total (Percentage of Emolument)
    55 and below 17 20 37
    Between 55 and 60 13 13 26
    Between 60 and 65 9 7.5 16.5
    Above 65 7.5 5 12.5

    The rate of allocation of CPF monies to various CPF accounts depends on the employee type and age bracket.

    The current allocation rates for non-pensionable employees, earning a minimum monthly salary of S$750, are as follows:

    Age of an Employee (in Years) Monthly salary More Than or Equal to S$750
    Ordinary Account (% of Emolument) Special Account (% of Emolument) Medisave Account (% of Emolument)
    35 and Below 23 6 8
    Between 35 and 45 21 7 9
    Between 45 and 50 19 8 10
    Between 50 and 55 15 11.5 10.5
    Between 55 and 60 12 3.5 10.5
    Between 60 and 65 3.5 2.5 10.5
    Above 65 1 1 10.5

    The current allocation rates for pensionable employees in the public sector are as follows:

    Age of an Employee (in Years) For Pensionable Components in a Salary Only
    Ordinary Account (% of Emolument) Special Account (% of Emolument) Medisave Account (% of Emolument)
    35 and Below 17.25 4.5 6
    Between 35 and 45 15.75 5.25 6.75
    Between 45 and 50 14.25 6 7.5
    Between 50 and 55 11.25 8.625 7.875
    Between 55 and 60 9 2.625 7.875
    Between 60 and 65 3 1.875 7.5
    Above 65 0.75 0.75 7.875

    How to Make Voluntary Contributions to Your Account

    Your employer may choose to make additional contributions to your CPF account to help you shore up your retirement and/or healthcare savings. Any employee, who is a citizen or a PR, is eligible for receiving voluntary contributions from their employer(s).

    Voluntary contributions (VC) can be made to an employee’s OA, SA, and MA or to the MA only. If your employer decides to take the first route, they’ll have to ensure that the contributions don’t exceed the CPF Annual Limit, which currently stands at S$37,740.

    The CPF Annual Limit is the maximum amount of contribution - mandatory and voluntary that you can receive from your employer in a calendar year to your OA, SA, and MA.

    However, if your employer decides to contribute to your MA via the Additional Medisave Contribution Scheme (AMCS), the CPF Annual Limit won’t apply. Any employed Singaporean citizen or PR is eligible for this scheme.

    By making voluntary contributions under the AMCS scheme, an employer can enforce the Portable Medical Benefits Scheme (PMBS). These schemes can not only enhance coverage for an employee after their retirement but also offer healthcare support between jobs.

    These medical benefits can be carried by an employee to the next employer. Both employees and their employees may seek tax exemptions under this scheme. While it is completely tax-free for employees, employers may also enjoy certain exemptions.

    Employers may also choose to transfer or return the medical benefits, accrued by their employees during employment, to their CPF Medisave Accounts.

    With additional contributions to MA, an employer can ensure that their employees have better health coverage throughout their life. An employer is at liberty to decide the total number of employees for whom the employer wants to make additional contributions under AMCS. An employer can also decide on the number of employee accounts they want to link to this scheme.

    However, they can’t contribute any amount in excess of S$2,730 p.a. Any amount paid in excess, will be refunded to the employer without interest. Any VC made in excess of the CPF Annual Limit, will also be refunded.

    Making a VC on a pro-rata basis isn’t possible. Any contribution made, subject to the applicable limits, will be considered as contributions for the current month.

    An employer will need a CPF Submission Number (CSN) for making voluntary contributions. Depending on the type of voluntary contribution an employer decides to make, they’ll receive a CSN. With this number, an employer can make a VC in the same way mandatory CPF contributions are made for an employee.

    The employer also needs to ensure that the total contributions for an employee hasn’t exceeded the employee’s Basic Healthcare Sum (BHS). Any VC in excess of the BHS will be transferred to the Special Account if the member is aged below 55 and hasn’t reached the Full Retirement Sum, and it will be transferred to the RA for employees aged 55 and above. In all other cases, the excess money will be transferred to the OA of the employee.

    How to Check Your Balance

    If you want to check the balance in any of your CPF accounts, you’ll have to take a look at the consolidated statement that is available on CPF’s official website. Follow the steps mentioned below to complete the process:

    • Log in to the website.
    • Enter your SingPass ID and password and click on the “login” button.
    • A one-time password will be sent to your registered mobile.
    • Enter the number and click on “Proceed”.
    • Once you have access to your homepage, you can check your balance under the “My Statement” section.
    • The balances of your different CPF accounts will appear under Section A.
    • You may also save the current statement in the PDF format by clicking on the “PDF” button, if you want.
    • You can then select the history type and the period for which you want to see the statement under Section B. Click on “Proceed” to go forward.
    • Under Section C, you can check all your investments, property transactions and details of money used under the education scheme. You can also view statements of costs incurred on various outpatient treatments and diagnostic tests in the same section.

    You can also download the CPF mobile app from the App Store or Google Play and use your relevant credentials to check your account balance in addition to getting other services. You can also sign up for free SMS notifications through your CPF online account. You’ll be informed of any new investment transaction via SMS.

    By checking your balances, you’ll be able to plan effectively for your future and save up accordingly.

    What Schemes Are Offered by CPF?

    CPF, being a comprehensive savings and security plan, aims to offer all-round protection to its members through various schemes and services. CPF administers the following schemes for its current members:

    Retirement Schemes-

    • CPF LIFE: It provides you with a monthly payout for the rest of your life, once you reach the eligibility age.
    • CPF Savings Withdrawal From 55:You can withdraw your CPF monies after setting aside the Full Retirement Sum (FRS) or the BRS with sufficient property pledge or charge, on turning 55.
    • Retirement Sum Top-Up Scheme: You can choose to top up the CPF retirement savings for yourself or your loved ones with this scheme and get appropriate tax exemptions in addition to propping up savings for the future.
    • Retirement Sum Scheme: You get a monthly payout on reaching your eligibility age.

    Housing Schemes-

    • Home Protection Scheme: It is a mortgage insurance plan which protects you from losing your HDB flats in the event of your sudden death, terminal illness or disability. The board will pay the remaining mortgage.
    • Public Housing Scheme: Under this scheme, you can use your Ordinary Account balance to buy a new or resale HDB flat.
    • Private Properties Scheme: You can also use the savings in your OA to buy or build a property within Singapore. You could either use the property for settling in or use it as an investment.

    Healthcare Schemes-

    • Medisave: You can use the savings in your Medisave Account to pay for the expenses related to your hospitalisation, day surgery or outpatient treatment. Monies from this national healthcare savings and protection scheme can also be used for the treatment of your immediate family members.
    • Private Medical Insurance Scheme: You are free to use your Medisave savings for purchasing integrated health shield plans from private insurers in Singapore to provide added cover to yourself and your immediate family members.
    • Medishield Life: It is a basic medical insurance plan that provides for hospital care and expensive outpatient treatments.
    • ElderShield: This medical cover provides for care and support to the severely disabled. Any person who can’t perform the Activities of Daily Living (ADL) without assistance, can claim protection under this scheme, especially in the old age. This plan takes care of the long-term expenses of a disabled patient.

    CPF Investment Schemes- You can use savings from your OA and SA to invest in a wide range of schemes and vehicles. These investment options are usually safe and provide assured returns. You can spruce up your retirement savings with this scheme. There are two options:

    • CPF Investment Scheme (CPFIS)
    • Special Discounted Shares Scheme, a government initiative under which you can buy shares of government-owned business units at discounted rates.

    Self-Employed Scheme- Any self-employed person with an annual Net Trade Income (NTI) of at least S$6,000 will have to mandatorily makes contributions to Medisave. The actual NTI payable will be communicated to you by the Inland Revenue Authority of Singapore (IRAS) through a Notice of Computation (NOC) document after the actual  NTI for the year has been assessed. If you have paid more or less than this amount, adjustments will have to be made accordingly.

    Dependents’ Protection Scheme: In the event of your demise or if you become disabled, CPF will pay you and/or your dependents some money for the first few years after the incident.

    CPF Contributions by Employees: Employees have to make contributions to their CPF accounts, if eligible, to increase their retirement corpus. This will be in addition to the contributions made by their employer.

    CPF Nomination Scheme: You can nominate one or more person to receive your savings in the event of your death. You can also specify the amount each nominee should receive.

    CPF Education Scheme: You can use your balance in your OA to fund your own education or that of your spouse or children.

    CPF Withdrawal Scheme: You can also withdraw CPF monies on grounds other than turning 55. Some of the common grounds are:

    • Death.
    • Severe medical conditions.
    • Permanently leaving Singapore or West Malaysia.

    Other Services Available

    Some of the other services provided by the CPF Board include:

    GST Voucher Scheme: This permanent scheme was first introduced in the year 2012. It aims to help households from the lower and middle income strata cope with expenses, including Goods and Services Tax or GST expenses that form a big chunk of the total expenses. These vouchers comprise three components, namely Medisave Top-Up, Cash, and U-Save Rebate. While the first two components are administered by the CPF Board, the third isn’t. In addition to regular GST Vouchers, the board also paid a one-time GST Voucher - Cash:Senior’s Bonus for Singaporeans aged 55 and above and who qualify for the scheme.

    Some of the other schemes and services include:

    • Government-Paid Leave Schemes: The following schemes are administered as a part of the Marriage and Parenthood Package:
      • Government-Paid Maternity Leave
      • Government-Paid Childcare Leave Schemes
      • Government-Paid Maternity Benefit
      • Government-Paid Paternity Leave
      • Government-Paid Shared Parental Leave
      • Government-Paid Adoption Leave Schemes
    • Wage Credit Scheme: This scheme aims to help employers allocate their resources towards productive operations and to manage the rising cost of wage better. They are also encouraged to share their productivity gains with low-wage workers in the form of increased wage/salary.
    • Special Employment Credit: The Government of Singapore offers this credit to employers who hire older Singaporeans with low salaries (typically annual salaries below S$4,000). It was introduced in 2011 as a budget initiative but was enhanced in 2012 to provide support to employers to hire workers aged 50 and above.
    • Pioneer Generation Package: This special package aims to provide healthcare support to Singapore’s pioneers, people who have contributed to the rise and growth of the nation. The three components of this special package are:
      • Subsidies for Medishield Life
      • Outpatient care subsidies
      • Annual Medisave top-up
      • Additional income under the Disability Assistance Scheme
    CPF Board

    While the first and third components are administered by the CPF Board, the second is administered by the Ministry of Health.

    Online Services Available

    You can use your SingPass login IDs to enjoy the following services:

    • Check your recent activities which includes the recent transactions you have made through the website and the status of the applications you have submitted.
    • Check the statements that give you an update on your medical history, investments made through CPF, and the recent transactions completed.
    • Check relevant messages and act accordingly.
    • Use the “Requests” tab on the homepage of the website to raise new requests and make changes to your profile. Requests for withdrawal, additional contributions, CPF LIFE, and money transfers can be made.
    • You can also make appointments online to meet customer care executives for certain services or queries. You can choose a date convenient to you and an SMS reminder will be sent to you if you have made an appointment at least a day prior to the scheduled appointment.
    • If you are a member of the Home Protection Scheme, you can also set up an appointment for a mandatory medical examination by a doctor appointed by the Board. An SMS alert/reminder will be sent 5 days before the scheduled appointment.
    • Payments to the CPF Board and for various services provided by it can be done through online payment modes such as SAM, AXS, GIRO, and e-Cashier.

    Nominations for Your CPF Monies

    As a CPF member, you are entitled to make nominations for the monies held in your savings accounts. The board encourages members to review their nominations periodically to ensure that the nominations are in line with their intentions and plans, and to assess whether the right beneficiary has been selected.

    When you choose your nominees, you can also decide on the percentage of share each one should receive. If you, however, don’t choose your nominees, your CPF savings will be transferred to the Public Trustee’s Office (PTO) after your death.

    Your monies will then be distributed among your family members in accordance with the Intestate Succession Act or the Inheritance Certificate (for Muslim beneficiaries only). The beneficiaries will have to pay the PTO an administrative fee for using its services.

    You can make nominations for the following:

    • CPF monies in OA, SA, MA, and RA.
    • Discounted SingTel shares, if any, held by you.
    • Premiums received from CPF LIFE.

    Investments made under the various CPF schemes, payouts from the Dependent’s Protection Scheme, and assets bought with your CPF monies, aren’t available for nomination.

    You can also choose how your intended beneficiary receives your CPF monies. The options are as follows:

    Cash nomination
    Nomination to Receive Money in Cash

    The person you nominate as your beneficiary will receive your CPF monies in cash. This payout will be made either through a GIRO transfer or through a cheque.

    Special Needs Savings Scheme Nomination
    Special Needs Savings Scheme Nomination

    If you choose so, your beneficiary with special needs, can get the monies due to them on a monthly basis, for their treatments and other related costs.

    Nomination for Enhanced Nomination Scheme
    Nomination for Enhanced Nomination Scheme

    If your beneficiary has a CPF account, your CPF savings will be transferred to their accounts under this nomination scheme.

    After you have decided on the name of your nominees and the percentage each will receive, you’ll also have to provide their IDs such as passport/NRIC and other valid documents. This will speed up the verification process and make it error-free.

    You should also provide their contact details and identify their preferred mode of communication.

    You can check your nomination details online - either through my cpf or My Activities. After you have raised a valid request on the website, by logging in using your SingPass ID, a mail containing relevant links will be sent to you. You may also visit a CPF office with valid documents to check your nomination details.

    How to Withdraw From the Accounts

    Money can be withdrawn from your CPF Accounts on the following grounds:

    • Medical issues such as disability, terminal illness, impaired life expectancy, loss of employability due to physical conditions, and loss of capacity as defined in the Section 4 of the Mental Capacity Act (MCA).
    • In the event of your death.
    • If you’re permanently leaving Singapore or West Malaysia.
    • You have turned 55 and want to withdraw your savings, after setting aside your Full Retirement Sum or your Basic Retirement Sum with sufficient property charge/pledge in your account.
    • If you are a Malaysian residing in West Malaysia, subject to fulfilment of certain conditions.

    In case of death, your nominee/(s) needs/need to inform the CPF Board of your demise and provide documents such as original death certificate and relevant identity proofs to establish your identity and their nature of relationship with you.

    Medisave savings can be used to pay for the last hospitalisation bill under the following circumstances:

    1. If the deceased had signed the Medical Claims Authorisation Form (MCAF) before their death;
    2. The MCAF has been signed by an immediate family member who is aged 18 or above
    3. It is signed by a deputy who wishes to use their own Medisave savings to pay for the hospitalisation bill.

    In the event of absence of an immediate family member or donee, a relative has to write a letter to the Ministry of Health seeking approval for the use of your CPF savings for payment of the last hospitalisation bill.

    You can receive your withdrawn CPF monies in any of the following ways:

    • Interbank GIRO: Raise a request by filling out an online form. Your payment will be processed and made via GIRO to your bank account or to your DBS, POSB, UOB or OCBC account.
    • NRIC-Linked Bank Account: If you have linked your bank account with your SingPass login credentials under PayNow, you can receive the money in your linked bank account. No supporting documents or bank information will be required.
    • Mail: You can also download the relevant form from the CPF website, fill it up, and mail it to the Robinson Road branch of CPF.

    Once you have applied for withdrawal from your investments, the board may instruct the agent bank to close your CPFIS-OA investment account. Alternatively, you may approach the agent bank for withdrawal of your cash balance and investments, once the board has intimated you.

    In case of CPFIS-SA investments, the board will notify the concerned providers of these investment schemes and ask them to transfer the ownership to you. You can then liquidate these products and have the sale proceeds be credited to your bank account.

    If you’re covered by CPF LIFE insurance, you can either terminate the plan or instruct the board to credit monthly payouts to your linked bank account on reaching the payout eligibility age.

    CPF Withdrawals

    Calculators Available With CPF

    CPF provides the following calculators to help you accurately calculate/estimate your investments, payouts, monies, contributions, and more. They are as follows:

    Retirement Calculators

    • CPF LIFE Payout Estimator: Helps you calculate the payout and bequest you’ll receive on reaching the payout eligibility age.
    • Retirement Sum Scheme Payout Calculator: This is available to RSS members born before 1957 and requires a SingPass Login and helps calculate payouts from the retirement sum scheme on reaching eligibility age.
    • D-Bonus and V-Bonus Calculator: This calculator helps you know whether you’re eligible for the Deferment Bonus and the Voluntary Deferment Bonus that certain members are eligible for due to changes made under the Retirement Sum Scheme.
    • CPF Withdrawal Calculator: This calculator helps you find out the amount you can withdraw on reaching 55. The answer provided depends on your CPF balances and the birth month and year entered.
    • Ordinary Account-Special Account Savings Transfer Calculator: This calculator helps you find out the additional interest you might earn if you transfer money from your Ordinary Account to your Special Account.
    • CPF Retirement Calculator: This calculator helps you estimate the savings you would need based on your preferred age of retirement and your desired post-retirement lifestyle.
    • CPF Retirement Estimator: This is a simplified version of the Retirement Calculator. It helps you estimate the probable lump sum savings you would need for a comfortable post-retirement life. While it can give you a rough estimate, use of the Retirement Calculator is recommended if you need a more detailed plan.

    Housing Calculators

    • CPF Housing Withdrawal Limits Calculator: With this calculator, you can estimate the time required to reach the withdrawal limit in case you have used your CPF monies for housing.
    • Home Protection Scheme (HPS) Premium Calculator: With this calculator, you can estimate the premium you have to pay for a new HPS cover.
    • Loan Repayment Period Calculator: This calculator will help you understand the time it would take to repay a loan.
    • Monthly Instalment Calculator: This calculator helps you calculate the monthly instalments you’ll be paying on a home loan, depending on the loan tenure, interest rate, and loan amount.
    • Our First Home Calculator: This calculator will help you understand the average property price and loan amount you’ll have to look at, depending on your grossly monthly income and the quantum of your OA savings.
    • Outstanding Loan Calculator: This calculator helps you estimate the outstanding loan you would have at an age selected by you. It depends on the age at which you started the loan, the monthly repayments you make, and the interest rate you’re being charged.
    • Property With Less Than 60 Years Lease Calculator: With this calculator, you can check your eligibility for and the amount of CPF monies that you can use to buy a property with remaining lease in excess of 30 years but less than 60 years.
    • Total Interest Calculator: This calculator will help you estimate the total interest payable on your housing loan, based on the monthly-rest method.

    Medisave/Medishield Life Calculator

    This calculator helps you estimate the total payout you can expect from your Medisave/Medishield Life scheme. Some treatments and conditions may not be covered. Check the website to learn more about the exclusions.

    Investment-Related Calculators

    • Expense Ratio Calculator: With this calculator, you can find out the effect of expense ratio on the projected returns on your investments. You can key in two separate expense ratio figures for a better comparison.
    • Stock and Gold Limits Calculator: This calculator helps you know the maximum amount you can invest in gold and stocks with monies from your CPF account under the CPF Investment Scheme-Ordinary Account (CPFIS-OA) scheme. A portion of your CPFIS Special Account can also be invested in stocks and golds. With this calculator, you can find out the limit.
    • Unit Trust Investment Profit & Loss Calculator: With this calculator, you can estimate the probable profit or loss you might make with monies invested from your OA or SA in unit trusts.

    Calculators for the Self-Employed

    • Self-Employed Medisave Instalment Calculator: By keying in certain parameters in this calculator, you can find out the Medisave instalment you’re eligible for, provided you are self-employed.
    • Self-Employed Medisave Contribution Calculator: This calculator helps you estimate your Medisave contributions for a particular year. Input your net trade income, date of birth and choose your contribution group.

    CPF Contribution and Allocation Calculators

    • CPF Contribution Calculator: This calculator is applicable for Singaporean citizens and PRs who’re into the third year of holding this status. Employers can use this calculator to estimate the contributions that have to be made to the CPF account of their eligible employees.
    • CPF Contribution Allocation Calculator: This calculator helps employers understand the percentage of allocations they would have to make towards particular CPF accounts like OA, SA, and MA.
    • Additional Wage Ceiling Calculator: This calculator is valid for private sector employees who are citizens or PRs, into the third year of holding the status. This calculator can be used by employers to calculate the wage ceilings for private sector employees.

    Education Loan Calculators

    • Loan Repayment Period Calculator: This calculator helps you know the time you would need to repay an education loan in full.
    • Monthly Instalment Rate Calculator: This calculator will help you know the monthly instalment payable on your student loan.

    Insurance Estimator

    If you enter certain key values into the calculator, it can help you get an estimate on the life insurance cover you would need to provide for your dependents in the event of your death. The answer is just a rough estimate. You’re advised to talk to your financial advisor for a detailed plan.

    Savings Calculator

    This calculator helps you estimate the amount of savings you would need for fulfilment of an important goal - education for your children, to prop up your retirement savings, or to fund the purchase of a new house.

    Choose a question for which you’re seeking an answer, choose the desired amount you wish to receive at the estimated rate of return and for a given time period, enter the value of a lump sum savings, if any, the estimated rate of return and the period for which you wish to stay invested.

    CPF Statistics - Members, Balance, and Withdrawals

    The important CPF statistics for the last five years (2013-2017) are shown below:

    Year CPF Membership Active CPF Membership CPF Balance (All Members) CPF Net Withdrawals
    2013 3.51 million 1.85 million S$252,968.6 million S$14,862 million
    2014 3.59 million 1.95 million S$275,363.9 million S$17,298 million
    2015 3.69 million 1.96 million S$299,522.4 million S$18,724 million
    2016 3.76 million 1.97 million S$328,895.3 million S$18,525 million
    2017 Q1 3.78 million 1.98 million S$337,980 S$4,499 million
    2017 Q2 3.8 million 1.98 million S$345,711.5 S$4,614 million
    2017 Q3 3.81 million 1.98 million S$353,085.1 S$5,154 million
    2017 Q4 3.84 million 1.99 million S$359,514.6 S$5,593 million

    Central Provident Fund Board 2018

    The CPF Board consists of some who represent the government’s interests and viewpoints, some who represent the employers, some who posit the opinions of the employees at the board meetings and discussions, and others who are neutral.  The composition of the current board is as follows:

    Chairman

    Mr Chiang Chie Foo

    Deputy Chairman

    Mr Augustin Lee, Deputy Secretary in the Ministry of Manpower

    Board Members

    Employer Representatives

    • Mr John Ng, CEO of Singapore LNG Corporation Pte Ltd
    • Mr Zahidi bin Abdul Rehman, Principal Architect of Zahidi A.R. Architek

    Employee Representatives

    • Ms Mary Liew, President of the National Trades Union Congress and General Secretary of the Singapore Maritime Officers’ Union
    • Ms Cham Hui Fong, Assistant Secretary-General of national Trades Union Congress

    Government Representatives

    • Mr Lim Zhi Jian, Director, Reserves & Investment in the Ministry of Finance
    • Mr Chan Heng Kee, Permanent Secretary in the Ministry of Health

    Other Members

    • Mr Tan Teck Huat, Director of Finance at QAF Limited
    • Mr Lau Wing Tat
    • Mr Ng Chee Peng, CEO of the Central Provident Fund Board
    • Professor Annie Koh, Vice President, Office of Business Development and Professor of Finance (Practice), Singapore Management University
    • Mr Tung Siew Hoong, Director of Portfolio Execution Group, GIC Pte Ltd
    • Ms Ho Hern Shin, Assistant Managing Director (Banking & Insurance Group) at the Monetary Authority of Singapore
    • Mr Sarjit Singh Gill, Senior Partner of Shook Lin & Book LLP

    Other products for which you can get information on BankBazaar

    Credit Card | Debt Consolidation Plan | Fixed Deposit| Personal Loan | Personal Line of Credit | Home Loan | Home Loan | Travel Insurance| Education Loan| Travel Credit Cards |IRAS | Health Insurance

    News About Central Provident Fund (CPF) Singapore

    • Register Now for CPF Seminar on Local Tertiary Education

       The CPF Board has announced a seminar on tertiary education. The talk will cover the available financing options, information on the local polytechnics or universities, and education loans. The seminar will take place on 1 March 2018 from 7:30 p.m. to 9:00 p.m. The on-the-spot registration for this session will be on the same day from 6:45 p.m. onwards.

      The seminar will be held at Lifelong Learning Institute on 11 Eunos Road 8, next to Paya Lebar MRT. The closing date for the online registration is 28 February 2018. Seats are available on a first-come first-served basis. The registration fee is waived for CPF members.

      The education system in Singapore is controlled by the Ministry of Education (MOE), which manages the development of schools and universities with government funding. The seminar will shed light on the best institutions offering tertiary education. The discussion will also include options on education loans you can choose or ways to pay your tuition fees without borrowing money from a bank.

      14th February 2018

    • CPF Board Organising Awareness Event on CPF Rules Applicable at 55

      The CPF Board is inviting registrations for the ‘LIFE @ 55 English Talks’, a special event being held to raise awareness about the CPF rules applicable to you when you turn 55. The event will be held on 27 February 2018.

      17th January 2018

    • CPF Monies for the First Quarter of 2018 to Earn Higher Interests

      CPF and HDB have announced that the OA interest rate will earn a maximum of 3.5% p.a. The SMA and the RA monies will continue to earn up to 5% p.a. It has decided to increase the BHS from S$52,000 last year to S$54,500 this year to promote health savings. The HDB mortgage rate continues to be 2.6% p.a.

      22nd December 2017

    Central Provident Fund
    CPF Accounts
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    CPF Withdrawals
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