Singapore’s Central Provident Fund (CPF) is a mandatory savings scheme that was introduced in 1955 to provide financial security for Singaporeans in their old age. It is a comprehensive social security system that helps Singaporeans save for their retirement, healthcare, and housing needs. CPF is managed by the CPF Board and contributions are made by both employees and employers.

Citizens and Permanent Residents aged 55 and above can withdraw their CPF savings as monthly payouts or a lump sum amount. This can be used to supplement their retirement income and cover living expenses. The amount of CPF savings available for withdrawal depends on the individual’s age, contribution amount and the amount of interest earned. CPF also offers various schemes and options for housing, healthcare, and education. These help individuals maximize their CPF savings and fulfill their different financial needs at each stage of their lives.