10 reasons why CPF savings are unquestionably your money

10 reasons why CPF savings are unquestionably your money

Nominated Member of Parliament Chia Yong Yong has ruffled some feathers with her remarks in Parliament – where she said she is “not entirely sure” if Singaporeans’ Central Provident Fund (CPF) savings belong to Singaporeans, or that they are “private money”.

Lest there be any doubt that CPF monies are indeed Singaporeans’ or CPF members’ money, here are 10 reasons to dispel such doubts.

1. Because Manpower Minister Tan Chuan-jin said so:


2. Because Government’s Factually website says so. And it must thus be a fact:


3. Because the Ministry of Finance says so:


4. Because the CPF Act says so. CPF Board is only the trustee and not the owner of the funds.


5. Because WP MP Png Eng Huat says so.


6. Because NTUC chief Lim Swee Say says so:


7. Because NMP Chia’s views are faulty:


If you deposit your money with the bank, the bank too “tops up” your savings with interests, but this does not mean your money has suddenly become the bank’s. It is still your money.

8. Because even when you are no longer around, your CPF funds will be distributed to your next of kins or your nominees.


9. Because newspapers say CPF is “Your CPF” and you decide what payout you want:

CPF Basic Retirement Sum

10. Because thousands of Singaporeans went to Hong Lim Park to ask for their CPF money to be returned to them.


Let’s hope that settles it and no one will cast doubt on the ownership of CPF monies again!

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