History of CPF
The British colonial authority in Singapore introduced the CPF in 1955 as a compulsory savings scheme so as to allow workers to save for their retirement, 10 years after the end of the Japanese Occupation when people were struggling to make ends meet.
With Singapore's entrance into developed status, life expectancy rose with the rising living standards. Singaporeans were required from 1987 to set aside a portion of their income to their CPF until the age of 55 to provide them with a basic monthly income when they retire.
Read more about this topic: Central Provident Fund
Famous quotes containing the words history of and/or history:
“The reverence for the Scriptures is an element of civilization, for thus has the history of the world been preserved, and is preserved.”
—Ralph Waldo Emerson (1803–1882)
“In all history no class has been enfranchised without some selfish motive underlying. If to-day we could prove to Republicans or Democrats that every woman would vote for their party, we should be enfranchised.”
—Carrie Chapman Catt (1859–1947)