What is CPF Life?

What is CPF Life?

What does the word "retirement" mean to you? For most of us Singaporeans, we picture relaxing at home, doing whatever we feel like without being tied down to work because we need to earn money. That also means we should have a comfortable sum of money which we put aside throughout our working lives that gives us a passive or draw down income. Many Singaporeans think: "What about the government? Shouldn't they take care of the workforce that used to slog away to bring our country to greater heights?" The idea of the Central Provident Fund's (CPF) CPF Life does just that. CPF LIFE is short for CPF Lifelong Income For the Elderly. Administered by the government, CPF LIFE is a life annuity scheme providing Singapore Citizens and Permanent Residents (PRs) the security of a monthly payout for their lifetime. Awesome! It's like our Grandparents Pension CPF LIFE is the current incarnation of the CPF’s retirement scheme. Previously it was called the CPF Minimum Sum Scheme...
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