Singapore- Pay and Benefits
Wages in Singapore generally pays well, depend on the employment package you are offered. All employees in Singapore have to participate in the Central Provident Fund. CPF is a comprehensive social security savings scheme to which both employers and employees have to contribute. CPF takes care of members' needs in retirement, healthcare, home ownership, family protection and asset enhancement.
Foreigners only need to begin their monthly contributions to the CPF after having assumed permanent resident status. During the first two years as a permanent resident, contribution rates to CPF are reduced. Permanent residents can withdraw their savings at age 55, after a Minimum Sum in their Retirement Account is set aside. Members can also withdraw their CPF savings if they are permanently incapacitated or will leave Singapore and West Malaysia permanently. If members do return to Singapore, they must reimburse the CPF Board for the amount they had withdrawn with interest.
If you have left Singapore and West Malaysia permanently and have no intention of returning for further employment or residence, you may apply for the withdrawal of your CPF savings.
