Central Provident Fund
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, education and housing needs in Singapore.
| Agency overview | |
|---|---|
| Formed | 1 July 1955 |
| Jurisdiction | Government of Singapore |
| Headquarters | 238B Thomson Road, #08-00, Novena Square Tower B, Singapore 307685 |
| Agency executives |
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| Parent agency | Ministry of Manpower |
| Website | www |
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 2020.
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.
As at 2020, the CPF managed US$397 billion (S$540 billion) for 4.1 million account holders.