Leading means of financial support in old age in Singapore 2020
A survey on financial readiness after retirement in Singapore conducted in March 2020 found that 79 percent of respondents planned to or were currently using their Central Provident Fund (CPF) to support their needs after retirement. The CPF is a mandatory governmental savings scheme in Singapore which requires employed persons to contribute 20 percent of their salary into the scheme, on top of a 17 percent contribution from the employer.
