Tag Archives: New American

SINGAPORE’S CENTRAL PROVIDENT FUND (CPF)

To facilitate participation, the CPF strives to include virtually everyone who is engaged in the labor market by having a very low wage threshold above which CPF contributions are automatically triggered and mandated. Presently, the moment an employed person earns $50 or more in a month, contributions are automatically credited into the CPF account and an account is automatically opened if the individual is not already a member of the CPF. Self-employed individuals also need to register with the CPF Board when they commence business. Those requiring trade-licenses will have their CPF accounts automatically opened for them with the approval of the license, if they are not already members.

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