Financial planning becomes essential once you enter the workforce.
An integral part of it all is the Central Provident Fund (CPF).
Although CPF draws flak for being “forced savings”, its use is undeniable. For example, part of your CPF savings can be used as a downpayment for your property or to repay your mortgage loan. Without this savings scheme, how many people are able to buy a house when the time comes?
Contributing to your CPF also comes with multiple benefits, especially towards saving for your retirement. This is why understanding and being able to utilise all of what CPF can offer will absolutely improve your financial health.
Today, let’s take things slow and just look at CPF contribution and allocation rates.
So, read on!