Q:

How can you view your CPF statement online?

A:

Quick Answer

View a Central Provident Fund statement online by logging in with a registered SingPass identification and password on the SingPass.gov.sg website. A SingPass ID is either a personalized username or the National Registration Identity Card number of a lawful Singapore resident above the age of 15.

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Full Answer

The Central Provident Fund is a mandatory savings plan operated by a board administered by the Singapore national government's Ministry of Manpower. The savings for individual plans in the fund are used to fund healthcare, housing and retirement needs for Singapore residents. Contributions for the plan come from mandated amounts by the employee and employer.

The British colonial government of Singapore initially enacted the CPF in 1955 as a means to provide retirement income to workers in the country. The compulsory program was expanded in 1968 to provide for housing costs, and again in 1984 to pay for medical expenses. Mandated contribution levels for employees and employers has fluctuated over the life of the fund, generally in response to the national, regional and global economic levels.

The CPF diverts contributions to an individual fund into the Ordinary, Special, Medisave and Retirement accounts. The Singapore government guarantees a minimum 2.5 percent rate of return on investments made with residents' funds by investments of the CPF Board. Withdrawal of CPF funds begins at age 55, consisting of monthly portions of overall account funds.

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