CPF: Meaning for Singapore Citizens and PRs
The Central Provident Fund (CPF) is Singapore's mandatory social-security savings system for eligible Singapore citizens and permanent residents, funded through employer and employee contributions and used for retirement, housing and healthcare purposes.
Key facts
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Work-pass holders who are not citizens or PRs generally do not make CPF contributions.
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New PRs generally have graduated CPF contribution rates during their first two years unless the applicable joint application for higher rates is made.
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Before age 55, CPF savings are held in the Ordinary, MediSave and Special Accounts under current CPF rules.
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At age 55, a Retirement Account is created and the Special Account is closed under the current account structure.
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CPF contribution rates vary by age, wage and residency circumstances.
Related terms
Singapore Permanent Residence
Singapore permanent residence (PR) is an immigration status that lets a non-citizen reside in Singapore on a permanent basis and work without an employer-sponsored work pass.
National Registration Identity Card
The National Registration Identity Card (NRIC), officially called the Identity Card, is issued to Singapore citizens and permanent residents who are required to register for it; it is different from a FIN used for many foreign pass holders.
Housing & Development Board
The Housing & Development Board (HDB) is Singapore's public-housing authority, responsible for planning and developing public housing and administering related housing programmes.
MediShield Life
MediShield Life is Singapore's basic national health-insurance scheme covering all Singapore citizens and permanent residents against large medical bills for life, regardless of age or pre-existing conditions.