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06/04/21

21:04

Post #: 52283217
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Originally posted by saintex: ↑

If you are interested to have more details about CPF, there is a good article : "the ultimate CPF guide 2021" (source : Moneysmart, January 2021).
Quite detailed article.

Good reminder that it represents a significant amount every month for working Singaporians.
Up to 55 years old, there is a contribution of 17 % by the employer (meaning 17 % of the wage) and 20 % by the employee.
They take the example of an employee earning a monthly salary of $ 5,000.
At the end of the month, the employee wil get :
- take home pay : $ 4,000= (5,000)(1-20 %),
- total CPF contribution : $ 1,850 = (5,000) (20 % + 17 %).

It is quite complicated.
In fact, it is 4 accounts and not one.
All the 4 accounts receive an interest and some money can be invested in certain schemes (have a look at the article for more details).

I let you judge if it is comparable to super money.
It is probably not perfectly comparable. But it partly serves the same purpose as it forces people to save for their own retirement.

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More we know about the other schemes the better equipped we are to judged our own, and what I see in the case of Singapore is government intervention.
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