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The Central Provident Fund Board (CPFB), commonly known as the CPF Board or simply the Central Provident Fund (CPF), is a compulsory comprehensive savings and pension plan for working Singaporeans and permanent residents primarily to fund their retirement, healthcare, and housing [3] needs in Singapore.
A defined contribution (DC) plan is a type of retirement plan in which the employer, employee or both make contributions on a regular basis. [1] Individual accounts are set up for participants and benefits are based on the amounts credited to these accounts (through employee contributions and, if applicable, employer contributions) plus any investment earnings on the money in the account.
Valuation of life annuities may be performed by calculating the actuarial present value of the future life contingent payments. Life tables are used to calculate the probability that the annuitant lives to each future payment period. Valuation of life annuities also depends on the timing of payments just as with annuities certain, however life ...
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The Singapore Government responded by launching CPF Life which mandatorily annuitised a large portion of the CPF savings with the theory being that 'the government tells you and me, "The reason why I must take $161,000 away from you is because if I don't, if I give you the full $200,000 to take out at age 55, some of you, you will take the ...
The actuarial present value (APV) is the expected value of the present value of a contingent cash flow stream (i.e. a series of payments which may or may not be made). Actuarial present values are typically calculated for the benefit-payment or series of payments associated with life insurance and life annuities. The probability of a future ...
The legislation permits employers to use contributions they have made to offset payments made to employees in respect of long service/redundancy or layoff. According to analysis of offsets by unions between 2008 and 2014, it was found that 37 per cent of early withdrawals of MPF benefits, valued at HK$10.6 billion, came from offsetting by ...
An employee may request that their employer makes all or part of future payments of earnings into superannuation in lieu of making payment to the employee. Such an arrangement is known as "salary sacrifice", and for income tax purposes the payments are treated as employer superannuation contributions, which are generally tax deductible to the ...
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