Central Provident Fund Cpf Singapore, CPF Contribution calculator, CPF Interest Rates, CPF Balance by CPF Login into www.cpf.gov.sg website….
The CPF (Central Provident Fund) is a retirement benefit scheme for the employed Singapore citizens. It’s a secure way of saving where the employee and employer contribute to the fund. CPF doesn’t just meet the retirement needs but also the health, insurance, investment, education and housing necessities.
This scheme is compulsory to all the permanent residents and citizens. The saving is done every month and from the beginning of employment. A certain fraction of gross salary has to be set aside by the employer. This was establish and cameto power on 1st July 1955. Most citizens have embraced the system and are already saving.
The CPF is governed by the statutory board of CPF board which is under the ministry of manpower. This schemes come to effect once a member of the Central Provident Fund reaches the retirement age of 55.
This idea come to effect after a research on what happens to the employees after retirement. Most depended highly on their personal saving to educate and feed their families. However the Central Provident Fund back then was for the government employees. They got the full benefits but on the other hand the private sector citizens found life difficult after retirement.
The legislative council in the year 1951 come up with an idea to incorporate all worker from private and public sectors. It took the motion and sent it to a chosen committee. It had it challenges ,first was the alternative to contribute weekly 60 cents an all added up to 30$. Later in the year 1955 the motion was accept and took full charge.
All employees from both sectors were registered, give their personal and employer details. With a lot of challenges but they manage to bring good number on board. Now it is a strong scheme In Singapore.
The scheme is dived into three accounts namely:
- Ordinary account OA
- Special account
- Medisave account
|Type of account||purpose||Interest rates|
|Ordinary account||Housing , insurance, investments and education||3.5% p.a|
|Special account||It entails retirement products, it’s met for old age.||5% p.a|
|Medisave account||Matters to do with hospitalization, medical insurance.||5% p.a|
|Retirement account||This a special one you get the account on your 55th birthday doesn’t apply for age lower than this.||5% p.a|
The rate include 1% p.a an extra interest which is from the first 60 000$ of all the combine CPF balance. Those in the retirement account also will start earning an extra 1% interest on the first 30,000$ of the combine balances. With 20,000$ of the ordinary account thus adding up to 6% p.a.
Calculations or CPF Calculator
Ordinary wages (ow): Tthis the basic salary earned by all salaried citizens. It is counted as 6,000$
Additional wages (aw): This are bonuses and allowances on top of our salary.
AW subject to CPF =total wages-OW subject to CPF
Total wages is give at the range of $6,000 *17=102,000 per year.
If an employee earns $ 8,000 every month and a bonus of $ 50,000his/her calculation are as follows.
AW =$102,000-OW subject of the CPF for the whole year. 102,000-(6,000*12) = 30000$
This is equal to 17 months *$ 6,000
The money corrected is saved in one pool and earns interest yearly. The special Singapore government securities (SSGS). Has all the mandate to keep and pool the money, it doesn’t matter the economic crises. The firm has to give the agreed interest rate, it is trust and secure with the citizens money.
How do I login for the Central provident fund (CPF Login) at www.cpf.gov.sg?
The employed citizen have an easy access to their CPF accounts. It can be done online by just connecting to the internet. To login you need your submission Central Provident Fund number following the correct order. Then get your e-service online you can then proceed to set-up the e-service online.
- Visit the official website https://www.cpf.gov.sg
- On the menu you will find e-services. Click on it and search for CPF.
- Here you have to take the option of e-service submission and continue.
- Fill in your particulars carefully.
- Check all the details then submit online.
What to find in the Central Provident Fund Singapore website
When you open the site you will get various employees benefits. You will have some employees requesting for Central Provident Fund life schemes. There are schemes for applying retirement benefit after the official age of 55. The employee will gain more money at the retirement benefit.
- Build my investments.
- Self-employment needs.
- Next of kin details.
- About death and also medical situations.
You can get the services online by:
- Visiting the official website www.cpf.gov.sg
- Click on e-service, select the service you wish to check.
- Choose user from the list and click next.
- Select the CPF e-submission then continue.
- Select on the role and CSN in the users list.
- Check the information then click next.
- You can now login to the e-submission system.
How do I check my Central Provident Fund Balance or CPF alance Statement at www.cpf.gov.sg?
- Navigate to the official website: www.cpf.gov.sg
- Move to the bottom of the page and you will find popular services.
- On this tab check my CPF balances.
- Click on the tab, it will start checking the balance on the Central Provident Fund website.
- There Is a tab written login here
- Key in you Singpass ID and password, then login in.
- A new page will appear and you’re supposed to submit the OPT on the space.
- Take an option of My CPF on the homepage.
- You can now view your last three transaction here.
- A balance statement can be generated for you to have a hard copy.
- Request for transaction details from the options give on the page. This the date from when you want to know and the transaction done.
- Click on the submit button and you will receive all the details.
How do I reset CPF password at www.cpf.gov.sg?
Sometime we forget the important details like passwords and login ID. This are the crucial documents for us to access the website and have our enquiries addressed. The Singapore government has set everything you need to know and how to recover your password. Follow the simple steps below.
- Select the official website www.cpf.gov.in
- Go to the menu bar, select my account.
- Choose the option of services.
- You will get an option of reset password.
- Follow the instructions, an OTP will be send to your registered mobile number.
- Key in on the space provided.
- You can now compose your new password, repeat the password and submit.
- You get a verification message.
- Note you can’t repeat the same passwords as before and the OTP has to be fill within 2 minutes of receiving it.
Advantages of Central Provident Fund
The Central Provident Fund comes with many good advantages to all workers, whether new in employment or old. It the only sure deal of getting some corrective money with no fluctuation in the interest rates.
- The CPF interest rates are stable.
- Citizens beyond the retirement age get their monthly payments. You can get a particular amount through the Central Provident Fund scheme.
- You can get your own home since the scheme has housing benefits.
- You are sure your children will get roper education from this scheme.
- The scheme recognizes the next of kin and the benefit in case something happens to the account holder.
- You can access the account and check the balances without consulting your employer.
- It’s very flexible for you can transfer funds from ordinary account to special account or retirement account.