Q:

Who can use CPF in Singapore?

A:

Quick Answer

The Central Provident Fund (CPF) in Singapore is for working permanent residents and citizens, notes the Central Provident Fund Board website. The CPF is a Social Security saving system for retirement, home ownership, healthcare, asset enhancement and family protection.

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Full Answer

Contributions to the CPF are made monthly by both employers and employees, states the Central Provident Fund Board website. The funds are distributed among the Ordinary Account (OA), Special Account (SA) and Medisave Account (MA). Savings in the OA can be used for insurance, investments, education and housing. Savings in the SA can be used for retirement and retirement investments. Savings in the MA can be used for medical insurance and other health expenses.

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