The Central Provident Fund (CPF) serves as a comprehensive social security savings plan that has given many working Singaporeans a sense of confidence and security. Working Singaporeans and their employers make monthly contributions to the CPF and these contributions go into three accounts: Ordinary Account - these savings can be used to buy a home, pay for CPF insurance, investment and education. Special Account – this account is for old age expenses and investment in retirement-related financial products. Medisave Account - these savings can be used for hospitalisation expenses and approved medical insurance. The savings in which Singaporeans deposit into the CPF earns a minimum risk-free interest of 2.5% guaranteed by the Government. Special, Medisave and Retirement Account savings currently earn a guaranteed minimum 4% interest until 31 December 2012. For more details on the different components of CPF, please visit the Central Provident Fund Website |
