Key takeaways
- CPF is Singapore's mandatory social security savings scheme.
- Your money is split across accounts with different purposes.
- Understanding the accounts helps you plan housing, healthcare and retirement.
In short
The CPF is Singapore's compulsory savings scheme. Your and your employer's contributions are split into accounts for housing, retirement and healthcare.
Interest rates, contribution rates and limits are reviewed regularly, so confirm the latest figures on the official CPF website.
The main CPF accounts
Ordinary Account (OA)
The most flexible account. It can be used for housing, approved investments and education, and it also builds towards retirement.
Special Account (SA) and Retirement Account (RA)
The SA is for retirement and earns a higher interest rate than the OA. At 55, a Retirement Account is created to provide monthly payouts later in life.
MediSave Account (MA)
MediSave helps pay for approved healthcare costs and premiums such as MediShield Life.
How to make your CPF work harder
Step by stepThree CPF habits
- Understand the interest structure. Different accounts earn different rates, and extra interest may apply to the first part of your balances.
- Consider voluntary top-ups. Retirement top-ups may qualify for tax relief, within annual limits.
- Plan housing use carefully. Using OA savings for a home leaves less to compound for retirement.
CPF and the rest of your plan
CPF is a strong base, but most people also keep an emergency fund in cash and may invest separately, including through the Supplementary Retirement Scheme (SRS).
This article is general information, not personal financial advice. Consider your own situation and, if needed, speak to a licensed adviser.