Do you know that in your CPF, you have
- Ordinary Account - the savings can be used to buy a home, pay for CPF insurance, investment and education.
- Special Account - for old age, contingency purposes and investment in retirement-related financial products.
- Medisave Account - the savings can be used for hospitalization expenses and approved medical insurance.
And do you know that:
- If you are 35 years old or younger, your employee pays 14.5% of your salary to CPF while you pay 20% of your salary to CPF
I don’t know the details until recently when I started to study my CPF. And do you know that
- CPF pays 2.5% per annual interest for your money in Ordinary Account
- is 4% per annual interest for your money on your Special and Medisave Account
- An extra 1% of interest will be paid on the first $60,000 of the Account’s combined balances, with up to $20,000 from the OA.
If you don’t know the above as well, please visit CPF to find out more details. It is important to ‘manage’ your CPF as most of us will use it to buy one of our most expensive investment in our lifetime, which is a home.
