The Central Provident Fund (CPF) is a social security scheme set up by the government to help Singaporeans achieve the following objectives:
• Accumulate savings to finance retirement needs;
• Pay for health care during old age;
• Own a home;
• Provide insurance protection for the family;
• Enhance assets for future consumption.
To achieve the above objectives, you are required to make compulsory monthly contributions to your CPF account. These savings earn interest if they are kept in CPF accounts, or they can be further enhanced if they are invested in financial instruments such as property, shares, ...