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What is the Central Provident Fund (CPF)

The Central Provident Fund (CPF) is a key pillar of Singapore's comprehensive social security system.

At a glance

CPF account Interest rates
Ordinary Account 2.5%
Special Account 4%
MediSave Account 4%
Retirement Account 4%
  • Members below 55 years old earn up to 5% interest on the first $60,000 of their combined CPF balances.
  • Members aged 55 and above earn up to 6% interest on the first $30,000 of their combined CPF balances, and up to 5% on the next $30,000.

What is CPF

The CPF is a mandatory social security savings scheme funded by contributions from employers and employees.

The CPF is a key pillar of Singapore’s social security system, and serves to meet our retirement, housing and healthcare needs.

The government also helps to supplement the CPF savings of lower wage workers through schemes such as Workfare and top-ups to MediSave for senior citizens.

Withdrawal age 55 years – when you can start withdrawing your CPF savings as a lump sum.
Payout eligibility age 65 years (for those born after 1953) – when you start receiving monthly payouts from your CPF savings.
CPF Basic Retirement Sum

The Basic Retirement Sum is meant to provide you with monthly payouts in retirement that cover basic living expenses.

If you own a property in Singapore with remaining lease that can last you to at least 95 years old, you can apply to withdraw your CPF savings above your CPF Basic Retirement Sum.

Funding your retirement

If you are a working Singaporean, you and your employer make monthly contributions to the CPF. These contributions go into 3 accounts:

Ordinary Account Primarily for retirement and housing needs.
Special Account Primarily for retirement needs.
MediSave Account Primarily for healthcare needs.

CPF Retirement Sums

When you reach 55 years old, savings from your Special Account and Ordinary Account will be transferred to your Retirement Account to form your retirement sum.

To help you plan early for retirement, the Basic Retirement Sum will be made known to you ahead of time. You can withdraw the first $5,000 of your Ordinary and Special Account savings even if you do not meet your Basic Retirement Sum at age 55.

Members who turn 65 years old from 2023 onwards can withdraw up to 20% of their Retirement Account savings available as at their 65th birthday, in a lump sum (less the $5,000 that they can unconditionally withdraw from 55 years old).

For each successive cohort of members turning 55, the payouts need to be higher to account for long-term inflation and rising standard of living. Correspondingly, the Basic Retirement Sum to be set aside has been adjusted over time.

More information on CPF

For other information, such as employer and employee contribution rates, please visit the CPF website.