Do expats get CPF

[Jonathan]

I am a potential expat to Singapore and am wondering whether expats get CPF in Singapore?

[Strong Eagle]

You pay CPF, not "get" it.

As I recall, EP's do not pay CPF. PR's do pay CPF but you get it back if and when you leave Singapore. Enforced savings, as it were.

[Bafana]

No we don't get the extra over CPF allowance but PR's do.

This is one of the reasons wny I don't want to be a PR as to switch from my current package would cost me as I don't think my company would benifit from me being a PR so I would have to absorb the shift in funds available to me for daily life (Sure I would get it back later but when your budgeting and having fun then why biother lah)

[Expert]

Hi A foreign worker cannot contribute CPF unless u apply for a PR with the support of yr co as it is necessary for the co to sign on the form to support the application which mean willing to contribute CPF at their part too. Chances will be higher to get a PR if u are working for a big co and if u are a graduate or have professional skill.

However, if u are on expat package initially and want to apply for PR to be able to contribute CPF and enjoy yr co's contribution; yr co might re-negotiate yr package with you such as u might not be able to enjoy on expat benefits like home leave allowance etc and have to be in local term or u might have a pay cut etc. So it all depend on how generous yr co is and so best to check first before u plan to apply PR.

Applying PR is not just for the CPF monies to get yr employer to contribute but also whether u plan to live in Singapore for long term?

Although if u leave singapore one day to other country, u are allowed to draw all the CPF monies but u have to give up being a PR. And u might not be able to apply for one easily should u plan to come bk again and even if u manage to get one later u have to return bk the CPF monies u draw out.

[Guest]

Nope

[guest xox]

Even if you could get it, there would be no reason. The return on it is very low, you can get better by investing yourself.

[sundaymorningstaple]

Even if you could get it, there would be no reason. The return on it is very low, you can get better by investing yourself.

Actually, I'd like to see some figures on that. It's a pretty wide statement you making. The average joe is NOT an investor. Additionally, over the past 8 years or so since the crash of the financial markets in asia in '97 I'd venture to say that the 2.6% on Ordinary Accounts and 4% on the Special Account has probably (risk* factors being equal) outperformed the market across the board.

*you, obviously, have to compare apples to apples.

sms

[my opinion]

I've been able to get near 100% per annum returns on some real estate investements in my home country. For me, had a I tied money up in CPF, it would have been a TOTAL loser as I would have missed some great investment opportunities back home. If you are someone who has no idea about investements and who can't save money on your own, CPF is a good deal. Otherwise, you are better off with the money.

[sundaymorningstaple]

My Opinion,

That's exactly why I qualified my comments with "average joe" and comparing apples with apples. property Investments were the big thing here as well with properties escalating just as fast or even faster than what your talking. Now there are a lot of people holding properties that won't even fetch the mortage payment in rent and the properties are in Negative equity. Otherwise, I agree with you totally.

sms

[xox]

Right re the other comments. Even if you had put your money in the sg market index you would have outperformed the puny cpf. The cpf was designed for the uneducated locals who would never save a penny for their retirement, then would try to demand welfare, pensions, etc. so the govnt started this forced savings plan. Us expats certainly can do better.

[Just Arrived]

Hi,

I'm an expat just arrived in Spore. As a foreigner, CPF does not apply to us. My company does give me the option to contribute to a retirement fund (to be managed by a retail bank) so that at the end of the day, it is AS IF I am on CPF. In other words, my company will contribute by giving me a cheque to deposit into my retirement fund at the retail bank of an amount that is the same as if I were a PR. Check if your company allows you to do this as well.

Good luck.

Another Expat

[freedom2001sg]

Hi there,

you can also choose to invest in Singapore government BONDS. Those 10 year bonds give 5-6% interest rates. Not bad at all compared to CPF's 4%.

If I'm not wrong, Singapore government BONDS start with NCxxxxxx designations. Search for it. They are very safe and worthwhile investments. Make it part of your portfolio!

The topic says it all!

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