Information on CPF (Central Provident Fund)

[Pal]

Please read before posting

Information attached below:

• Introduction to CPF
• Schemes & Services
• CPF Changes and You
• Contribution Rates
• Interest Rates
• Service Charges
• InTouch with CPF
• Handbooks & FAQs
• Forms (View and Print )

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[web]http://www.cpf.gov.sg/cpf_info/goto.asp?page=mbr_gi_a.asp[/web]
Please visit Central Provident Fund Board for more information.

[Strong Eagle]

Subject says it all. I'm in Singapore on my own Entrepass so I don't have the luxury of a company behind me that knows all the rules.

From the CPF web site, gather not since reference is made to citizens and PR's but no mention is made of EP's.

Thank you.

[pergamon3]

Reason there is no mention of EP holders on the CPF website should be pretty obvious: Central Provident Fund is a scheme for people who live here (citizen & PR), it's not designed for people who come here to work for couple of years.

Basically EPs and their employer don't pay CPF and don't get any of the benefits either. If you're on EP, make sure your employer at least provides some medical insurance!!

[sundaymorningstaple]

Reason there is no mention of EP holders on the CPF website should be pretty obvious:

You must be pretty young otherwise you wouldn't have made a reply to a post that's 3 years old without out knowing the history of CPF.

Prior to August 1995 EP holders HAD to contribute to CPF as well. So for a returning EP holders (for instance the expats who came here to build the Mobil Refinery in Jurong like Asia Badger), they had to contribute to the CPF. My best mate is one of those who have CPF accounts that are EP holders even though they haven't contributed for years. The accounts are still there (if they didn't withdraw it when they left) and the interest is still accumulating at 4 & 2.5%.

Now they are not allowed to contribute at all (for a while they could still contribute voluntary).

[frenzal]

Hey guys,

I'm quite confused about CPF. So, does the employee contribute a certain % of his/her income per year, and the employer doesn't have to do anything?

Cheers

[bruinbear]

Only Singaporeans and PRs have to contribute to CPF right? All others don't need.

[sundaymorningstaple]

To put it more succinctly Singaporeans and PR MUST contribute to CPF (PR's get a graduated rates for the 1st two years then the whole shebang.

Everybody else CANNOT contribute. Currently the Employee contributes up to 20% of his wages (depending on salary levels - we're speaking about salaries below 1500/mo here) over that and it's 20%. Employers have to contribute 14.5% or possibly a little more in the case of the noted low wage earners. The total contribution is 34.5% of the salaries earned. Almost everything is subject to CPF contributions so if you get a transport allowance or meal allowance or laundry allowance they are all subject to CPF. So are bonuses, gratuities, commissions or any other type of allowances. About the only exception is the 5 year longevity award and multiples thereof 10, 15, etc.

[kreyleaf]

how about malaysian who working in singapore...?
i heard, without PR status, the CPF scheme didn t apply on us..
then we will get full ..means net salary. .
however, i m thinking for better future, because that what cpf are for rite?
so, if we malaysian, apply for PR, then working here for about 8 years, after 8years, we want to go back to Malaysia...
can we take all our cpf money and bring back to malaysia?
is it possible?

[Strong Eagle]

how about malaysian who working in singapore...?
i heard, without PR status, the CPF scheme didn t apply on us..
then we will get full ..means net salary. .
however, i m thinking for better future, because that what cpf are for rite?
so, if we malaysian, apply for PR, then working here for about 8 years, after 8years, we want to go back to Malaysia...
can we take all our cpf money and bring back to malaysia?
is it possible?

If you become PR you are required to contribute to CPF, as is your employer (although some employers just take their contribution out of your pay check).

If and when you renounce your PR, you have two choices: You can leave the money in your CPF to continue to grow or you can take it out.

If you take it out and ever want to come back as PR, you will need to put it all back in.

Did I get that right, SMS?

[WovingPink]

those all employee contribute CPF. how many percentage they contribute?

[sundaymorningstaple]

how about malaysian who working in singapore...?
i heard, without PR status, the CPF scheme didn t apply on us..
then we will get full ..means net salary. .
however, i m thinking for better future, because that what cpf are for rite?
so, if we malaysian, apply for PR, then working here for about 8 years, after 8years, we want to go back to Malaysia...
can we take all our cpf money and bring back to malaysia?
is it possible?

If you become PR you are required to contribute to CPF, as is your employer (although some employers just take their contribution out of your pay check).

If and when you renounce your PR, you have two choices: You can leave the money in your CPF to continue to grow or you can take it out.

If you take it out and ever want to come back as PR, you will need to put it all back in.

Did I get that right, SMS?

Don't know why I never saw this as it's a year old now. But it's almost right. If the PR is from West Malaysia, then they cannot take it outunless they leave both Singapore AND/OR West Malaysia permanently. So if you are a PR here but you are from West Malaysia, then if you return to West Malaysia, you cannot withdraw your CPF.

WovingPink, The CPF rates are graduated for the first two years of PR, with the 1st year employee paying 5% and the employer paying 4% of your wages up to an income cap of $4500/mo. The 2nd year of PR you will pay 15% to CPF and the employer will contribute 9 % for a total of 23% of your salary, again up to an income cap of $4500/mo. Starting with the third year the employer pays 14.5% and the employee contributes 20% for a total of 34.5% of salary. There are other computations that will cause some variations in those percentages, depending on your salary level and your age bracket.

[kroqster]

Hi

Does anyone have any experiences with CPF withdrawal or know of any? I just got my CPF returned. I was asked for my details on 23/11/09. I provided them same day. I didn't get my funds back until late Feb 2010. I had my CPF contributions invested in an equity fund with HSBC and the market fell around 10% from the time they asked me for my details until I got my money. On the statement it had a 02/02/10 claim date and a 08/02/10 value date. I saw that the 08/02/10 was actually a 6th month low on the HK market (!) just my luck. So Im wondering if this is too long a time to process a withdrawal application(?). In itself it does seem very long to me. Potentially I got forgotten about, but i shouldn't be penalised for this (by way of a fall in the value of my investment). I've just emailed the CPF board about this. I don't expect I will have any success but i'll try. I'd love to hear anyone else's experience with this. How long did it take? How long is it suppose to take? thanks

[mark5335]

Hi

Does anyone have any experiences with CPF withdrawal or know of any? How long did it take? How long is it suppose to take? thanks

I did my withdrawal in Aug 2008. The process from application/meeting at the CPF building in Robinson Rd to receiving the funds into my overseas bank account took about 3 weeks.

[hamburg113]

Hi,

Thanks very much for this comment. It help me to think about my ideals.

Tks again and pls keep posting.

If you want to get more materials that related to this topic, you can visit: Recruitment interview questions
Best regards.

[PrimroseHill]

I was wondering if someone can assist me in some complicated CPF questions. I am originally from West Malaysia and have maintain my Malaysian EPF account.
However for the past 2 decades I have been living and working in UK. I am now relocating with my husband and daughter to Spore as an EP. Eventually, we will all apply for PR status. How does it work? So currently, in Spore I will not be contributing towards to CPF but eventually I will have to, I assume.
Am I assuming that I can withdraw my entire CPF if I leave Spore and return to UK? If I intend to go to West Malaysia from Spore, then I am unable to do so. Am I right?
With my Msian EPF/KWSP, can I transfer it into my CPF, not that its that much, just easier to track if it is all in one pot.
Thank you