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Pension plans

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.


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