In Singapore the Central Provident Fund (Abbreviation: CPF; Chinese: 公积金, Pinyin: Gōngjījīn) is a compulsory comprehensive savings plan for working Singaporeans and permanent residents primarily to fund their retirement, healthcare, and housing needs. It is administered by the Central Provident Fund Board, a statutory board under the Ministry of Manpower. The CPF was started on 1 July 1955.
... of CPF, the inadequacies of various short term schemes Minimum Sum, Annuities, puny provident fund interest and soaring medical costs will produce significant problems for a rapidly aging Singaporean society ... High-income and affluent middle class usually depend less on savings component of the provident savings account ... An opportunity cost is realised if their provident fund savings are not invested in higher yielding professionally managed instruments or business ...
Famous quotes containing the words fund, central and/or provident:
“I am advised that there is an unexpended balance of about $45,000 of the fund appropriated for the relief of the sufferers by flood upon the Mississippi River and its tributaries, and I recommend that authority be given to use this fund to meet the most urgent necessities of the poorer people in Oklahoma.”
—Benjamin Harrison (18331901)
“For us necessity is not as of old an image without us, with whom we can do warfare; it is a magic web woven through and through us, like that magnetic system of which modern science speaks, penetrating us with a network subtler than our subtlest nerves, yet bearing in it the central forces of the world.”
—Walter Pater (18391894)
“Women have no wilderness in them,
They are provident instead,
Content in the tight hot cell of their hearts
To eat dusty bread.”
—Louise Bogan (18971970)