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The CPF is an employment-based savings scheme with the help of employers and employees contributing a mandated amount to the fund for their benefits. It is administered by the Central Provident Fund Board, a statutory board operating under the Ministry of Manpower which is responsible for investing contributions. The Global Pension Index, an ...
The Central Provident Fund (CPF) is Singapore's national pension fund. It is a defined contribution plan, contributed by employers and employees. With over 3 million members, it ranks among the world’s largest defined contribution (DC) schemes. [12] The CPF Board, a statutory authority established by legislation, runs this national pension ...
The Acts and Schemes framed under it are administered by the Central Board of Trustees, which consists of representatives of Central and State governments, employers, and employees. The Board administers a contributory provident fund, pension scheme and an insurance scheme for the workforce engaged in the organised sector in India. [9]
Singapore: The Central Provident Fund (CPF) in Singapore is a compulsory social security savings plan that requires contributions from both employers and employees. The CPF board invests these funds to generate returns and ensure the long-term financial stability of the pension system.
On 1 August 1998, Ngiam was appointed as chairman of the Central Provident Fund (CPF), and in October 1998, he was also appointed as chairman of the Housing Development Board (HDB). [61] [62] [63] On 7 June 1999, after almost 40 years on the job, Ngiam retired from the civil service, while retaining his chairmanships at CPF and HDB.
Ng stepped down as the chief executive officer of the CPF Board on 1 April 2019. [5] Ng remained a senior advisor at the MOM and CPF Board, as well as on the board committee for transformation at Public Utilities Board, as of March 2021. He was appointed as a non-executive and independent director of Great Eastern Holdings. [6]
The former CPF Building was a high-rise skyscraper located in the central business district of Singapore. The tower was located on 79 Robinson Road, in the Shenton Way and Tanjong Pagar zone. The building was near several other skyscrapers such as OUE Downtown , Robinson 77 and Capital Tower , which are all about 100 metres away from the ...
Employees are expected to join the scheme administered by the MPF provider of their new employers when they change jobs. [11] The employer and the employee each contribute 5 per cent (a sum equal to 10%) of the salary of employee whose earnings are above a certain threshold to funds run by banks, insurers or fund houses.