Pension plans in Singapore


Singapore has the CPF (Central Provident Fund), a savings scheme whereby the worker and the employer make compulsory monthly payments that will go into a fund set up principally for retirement. The CPF is essentially savings system where the worker contributes a certain percentage of their salary (20 % until the age of 55, 12.5% from 55-65, and then 7.5% thereafter), and the employer also making a contribution (10% until you're 55, 4% from 55-60, then 2% until you retire). You can withdraw certain amounts from this fund for certain reasons only (e.g. medical emergencies, buying a home & investing in stock), but its main purpose is to ensure that everyone has an adequate sum on which to retire.

Foreign nationals are not required to contribute to the CPF. However, if you are a foreign professional on a contract of 3 years or less, you will have to ensure that you and/or your company are paying into your usual pension fund in your home country.

Update 19/04/2008


Facebook Twitter LinkedIn Pinterest WhatsApp Addthis

Recommended Partners

Keep more of your money when transferring funds overseas!


If you want to move money abroad, from Singapore or to Singapore for example, Fexco provides efficient and secure global bank to bank transfers and bespoke payment solutions for both business and personal clients.

Why Fexco

Fexco provides a secure international money transfer service online or by telephone with bank beating fx rates and low fees. Specialises in high-value transfers.

Faster, cheaper, safer International money transfers.
Dedicated fx dealer who will oversee your transfer from start to finish
Make payments from anywhere with our secure online platform, PayDirect.
If you prefer the personal touch, then our payments team can be contacted by phone.

Main characteristics

Fexco will help you to keep your overseas money transfer costs to a minimum.

Margin 0.6%
Regulator FCA
Fee £10 < £5K or Free > £5k
Mini £1K
Ccy All (130 currencies, incl ‘exotics’)
Services Repatriation of funds, Property, Regular payments, High Value payments, spot, online, telephone.

Get an online quote today

When you are ready to make your transfer, John and his team will be available to help you with better rates and an unrivalled service to make sure your funds are delivered securely and speedily.

Do you have comments or personal information to communicate about this article? Add your comment.

Find more definitions and general answers on expatriation issues in the Expat FAQ (Frequently Asked Questions).

Go to the Forum to talk more about pension plans in Singapore, at work.

Download the full digital PDF expat guide in Singapore

Download the guide: Singapore, Singapore
  • See in one single booklet all the articles for a city guide for expatriates.
  • Enjoy full colour photos to illustrate each section.
  • Additionnal maps: Region, City view, Neighborhood, Street view.

  • - My Life Abroad -
    A selection of expat stories

    "A fun compulsive read!"
    J. Matcham, Amazon

    "I strongly advise people ready to live abroad to read this book!"
    Patrice, Amazon