Check Central Provident Fund Balance Online Singapore
Central provident fund or CPF was started in Singapore by the BCA (British Colonial Authority) on 1st July 1955. Central Provident Fund is the compulsory saving for all the residents of Singapore or those working in Singapore. It is basically a percentage of the monthly salary set aside by the employee and the employer in order to get retirement benefits and other healthcare benefits. It is said that CPF was set so as to avoid what happened with Singapore from 1942 to 1945 during the Japanese Occupation. It led to fall of Singapore and people of Singapore were finding hard to make their ends meet.
It is a perfect example where the employer, employee and the Government has come together for a better and a secured future of a common man of Singapore. The money set aside every month by the employer and employee accumulates every month which can then be used by the employee for their retirement benefits or healthcare.
According to CPF laws, all those working in Singapore are liable to pay a certain percentage of their monthly salary till the age of 55 after which they are liable to get a certain fixed amount from the government as a retirement benefit. The CPF savings contributed by the employer and employee earns the employee a minimum risk free guaranteed interest rate of 2.5 per cent. This means that it is the minimum while you may earn more. The contribution that you and the employer make every month goes into 4 accounts. One of them is Ordinary Account or also known as OA which is used for investment and education. Then there is SA which is for investments in retirement related funds. Medisave Account or MA which takes care of hospitalization expenses and lastly Retirement funds or RA which is for taking care at the time of old age and retirement as the name suggests.
Every person working in Singapore is supposed to contribute a certain percentage of their gross income. As per the laws, employees are supposed to give 16 percent of their monthly salary while the employer contributes 20 percent of the gross paycheck.
You can also check your balance in your CPF account by visiting the website of CPF and logging in using your SingPass ID. In case you don’t know your SingPass ID you can find it on your NRIC or Pass Card. Once you have logged in you can click on “My Statement” to see the balance.
If you don’t know what is SingPass. It stands for Singapore Personal Access. It is a set of unique number given to you which is used as a password for various government services online. If you are a permanent resident of Singapore your SingPass ID is your NRIC number. For the rest, which means if you are not a resident of Singapore, it is your Foreign Identification Number commonly known as FIN.