Central Provident Fund

For the provident fund of South Africa, see Central Provident Fund (South Africa).

Central Provident Fund Board
Agency overview
Formed1 July 1955; 69 years ago (1955-07-01)
JurisdictionGovernment of Singapore
Headquarters238B Thomson Road, #08-00, Novena Square Tower B, Singapore 307685[1]
Agency executives
  • Yong Ying-I, Chairman[2]
  • Melissa Khoo, CEO
Parent agencyMinistry of Manpower
Websitewww.cpf.gov.sg
Agency IDT08GB0007E

The Central Provident Fund Board (CPFB), commonly known as the CPF Board or simply the Central Provident Fund (CPF), is a compulsory comprehensive savings and pension plan for working Singaporeans and permanent residents primarily to fund their retirement, healthcare, and housing[3] needs in Singapore.

The CPF is an employment-based savings scheme with the help of employers and employees contributing a mandated amount to the fund for their benefits.

It is administered by the Central Provident Fund Board, a statutory board operating under the Ministry of Manpower which is responsible for investing contributions. The Global Pension Index, an index that assesses retirement income systems, placed Singapore as the best in Asia and 7th worldwide in 2023.[4]

CPF monies are used by the CPF Board to invest in the exclusive purchase of Government-issued Special Singapore Government Securities (SSGS), with the proceeds from these transactions going into the past reserves.[5]

As at Dec 2023, the CPF managed US$424 billion (S$571 billion) for 4.49 million account holders.[6]

  1. ^ "CENTRAL PROVIDENT FUND BOARD". Government of Singapore. Archived from the original on 24 November 2015. Retrieved 23 November 2015.
  2. ^ "Appointment of Ms Yong Ying-I as Chairman of The Central Provident Fund Board". MOM. 1 June 2021. Retrieved 2 June 2021.
  3. ^ "CPFB | Who we are". www.cpf.gov.sg. Retrieved 20 September 2024.
  4. ^ "Mercer index: Singapore's CPF is the best pension system in Asia". The Star. Retrieved 20 September 2024.
  5. ^ "Is our CPF money safe? Can the Government pay all its debt obligations?". Ministry of Finance. Retrieved 2 November 2022. The proceeds from SSGS issuance are pooled with the rest of the Government's funds, such as proceeds from issuing Singapore Government Securities (SGS) in the markets, government surpluses, as well as the receipts from land sales which under our Constitutional rules are accounted for as Past Reserves.
  6. ^ "CPFB | CPF statistics". www.cpf.gov.sg. Retrieved 23 September 2024.