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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
(as at 1 July 2018)
Ordinary Account 2.5% – 3.5%
Special Account 4% – 5%
MediSave Account 4% – 5%
Retirement Account 4% – 5%
  • Interest rates include an extra 1% interest paid on the first $60,000 of your combined balance, including up to $20,000 from your Ordinary Account.
  • If you are aged 55 and above, you will also earn an additional 1% extra interest on the first $30,000 of your combined balance, including up to $20,000 from your Ordinary Account.

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.
Payout eligibility age 65 years (for those born after 1953) – when you start receiving monthly payouts from your CPF savings.
CPF Basic Retirement Sum

$88,000 for members who turn 55 in 2019.

If you own a property and choose to pledge it or have a sufficient CPF property charge on your property, you will be able to withdraw your CPF savings in excess of your CPF Basic Retirement Sum.

CPF Basic Healthcare Sum (from 1 Jan 2016)

$57,200 from 1 January 2019.

The Basic Healthcare Sum (BHS) is designed to be enough for your basic, subsidised healthcare needs in old age.

Amounts above the BHS will flow to your Special or Retirement Accounts to boost your monthly payouts. Your cohort’s BHS will be fixed when you turn 65 years old, and this amount will not change for the rest of your life.

You will not be required to top up your MediSave Account if you do not meet your cohort Basic Healthcare 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.

You are age 55 in: Basic Retirement Sum​
2016 $80,500​
2017 $83,000
2018 $85,500
2019 $88,000
2020 $90,500

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 to increase.

More information on CPF

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