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99-611: The Central Provident Fund Board ( CPFB ), commonly known as the CPF Board or simply the Central Provident Fund ( CPF ), is a compulsory comprehensive savings and pension plan for working Singaporeans and permanent residents primarily to fund their retirement , healthcare , and housing needs in Singapore . The CPF is an employment-based savings scheme with the help of employers and employees contributing

198-415: A free port, the population increased to 5,000, with the first census of 1824 showing that 6,505 out of the 10,683 total were Malays and Bugis settlers. Within the first few months of becoming a British settlement, a large number of Chinese migrants also started to settle on the island. In 1825, the population of the island had passed the ten thousand mark and by the census of 1826, there were more Chinese with

297-695: A home under the CPF housing schemes. A Housing and Development Board ( HDB ) flat may be purchased under the Public Housing Scheme, or a private property under the Residential Properties Scheme. CPF savings may be used for full or partial payment of the property, and to service the monthly housing payments. With effect from 20 Aug 2024, the Loan-to-Value (LTV) limit for HDB loans was lowered from 80% to 75%. This brings

396-596: A huge variety of foods. From 1971 to 1986, the government moved thousands of hawkers off the streets into cleaner and better hawker centre facilities. In 2020, the hawker culture in Singapore was listed by UNESCO as an Intangible Cultural Heritage . Due to the affordability and wide variety that a hawker centre provides, Singaporeans prefer to dine out rather than cook after work. Some well-known Singaporean dishes includes kaya toast , chilli crab , fish head curry , laksa and roti prata . The Hainanese chicken rice

495-658: A mandated amount to the fund for their benefits. It is administered by the Central Provident Fund Board, a statutory board operating under the Ministry of Manpower which is responsible for investing contributions. The Global Pension Index, an index that assesses retirement income systems, placed Singapore as the best in Asia and 7th worldwide in 2023. CPF monies are used by the CPF Board to invest in

594-416: A mandatory insurance scheme that will enhance the existing Eldershield by 2020 for those aged between 30 and 40. Similar to Eldershield, to claim under Careshield Life, one has to lose the ability to perform at least three out of six daily living activities. Careshield Life premium has a longer payment period of 38 years (variable depending on re-employment age cap) compared to 26 years for Eldershield and there

693-537: A pension scheme) are referred to as Purchase Life Annuities and Immediate Vesting Annuities. In October 2009, the International Longevity Centre-UK published a report on Purchased Life Annuities (Time to Annuitise). In the UK it has become common for life companies to base their annuity rates on an individual's location. Legal & General were the first company to do this in 2007. In Canada

792-467: A population of 6,088, as compared to 4,790 Malays excluding the Bugis and Javanese. By 1871, due to the influx of migrants from Malaya , China, India and other parts of Asia, Singapore's population had reached nearly 100,000, with over half of them being Chinese. Many of these early migrants were predominantly male and they would usually return to their home countries after they had earned enough money. By

891-490: A rich linguistic diversity in the city. Singaporean literature consists of literary works that is written in either of the 4 official languages. Although these works may be considered as literature works to their specific languages, they are also viewed as a distinct body of literature portraying various aspects of Singapore society and forms a significant part of the culture of Singapore. Singaporean literature in English

990-636: A single majority culture. According to a 2017 survey by the Institute of Policy Studies , 49% of Singaporeans identify with both the Singaporean identity and their ethnic identity equally, while 35% would identify as "Singaporeans" first and 14.2% would identify with their ethnic identity. As of 2019, the population of Singaporeans stands at 4,026,200 and the population of Overseas Singaporeans stands at 340,751, with 217,200 individuals retaining their citizenship. The earliest records of settlement on

1089-461: A variety of funds ("subaccounts") from various money managers . This gives investors the ability to move between subaccounts without incurring additional fees or sales charges. Variable annuities have been criticized for their high commissions, contingent deferred sale charges, tax deferred growth, high taxes on profits, and high annual costs. Sales abuses became so prevalent that in November 2007,

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1188-567: A variety of products, including lifetime annuities, fixed term annuities and flexi-access drawdown, or they can take all of their pension savings as cash. In the UK there are a large market of annuities of different types. The most common are those where the source of the funds required to buy the annuity is from a pension scheme. Examples of these types of annuity, often referred to as a Compulsory Purchase Annuity, are conventional annuities, with profit annuities and unit linked, or "third way" annuities. Annuities purchased from savings (i.e. not from

1287-483: Is a multilingual and multicultural society. It is home to people of many different ethnic, racial, religious, denominational, and national origins -- the majority of which are of Chinese , Malay , Indian , Arab , Eurasian , and European descent. The Singaporean identity was fostered as a way for these different groups to integrate and identify as one with the nation, while preserving the culture and traditions of each group without assimilating minority cultures into

1386-486: Is a severe disability insurance scheme that provides monthly cash payout of $ 300 or $ 400 up to a maximum period of 5 or 6 years. CPF members with a Medisave account will be automatically enrolled into the scheme once they reach 40 years old unless they opt-out. In order to make a claim under this scheme, a person must lose the ability to perform at least three out of the six daily activities: Washing, Dressing, Feeding, Toileting, Mobility, Transferring. As of 2018, depending on

1485-443: Is also common such as the incorporation of Taoism and Hindu traditions into Buddhism and vice versa. Life annuity Annuities can be purchased to provide an income during retirement, or originate from a structured settlement of a personal injury lawsuit . Life annuities may be sold in exchange for the immediate payment of a lump sum (single-payment annuity) or a series of regular payments (flexible payment annuity), prior to

1584-404: Is also widely considered to be one of Singapore's national dish. Singapore's historical roots as a trading settlement gave rise to an influx of foreign traders, and their languages were slowly embedded in Singapore's modern day linguistic repertoire. With the influx of traders into Singapore, Bazaar Malay ( Melayu Pasar ), a creole of Malay and Chinese, emerged as the lingua franca of

1683-407: Is an immediate annuity, single premium immediate annuity (SPIA), payout annuity , or income annuity . Such a contract is purchased with a single payment and makes payments until the death of the annuitant(s). Annuities that make payments in fixed amounts or in amounts that increase by a fixed percentage are called fixed annuities. Variable annuities, by contrast, pay amounts that vary according to

1782-443: Is closely linked to Islamic culture . Singaporean cuisine has been largely influenced by different cultures because of its position as an international shipping port since its founding as a British port in 1819. The main influences on Singaporean cuisine came from Chinese, Malay and Indian cuisines, similar to the ethnic makeup of Singaporeans. It is believed that certain dishes that are part of Singaporean cuisine today predates

1881-605: Is depleted. In 2016, the Minimum Sum was renamed as the Retirement Sum. The retirement sum has been continuously increased over the years to account for inflation and longer life expectancies. CPF members who turn 55 in 2024 will need to set aside a Full Retirement Sum of $ 205,800 in their Retirement Account. Over the years, the Payout Eligibility Age has been progressively delayed from 60 to 65. For

1980-513: Is determined by the Ministry of Health. MediShield Life is a catastrophic care scheme to help citizens and their dependents to meet the high medical costs of prolonged or serious illnesses . Medisave savings may be used to cover the premiums for MediShield Life. Similar to Medisave, policies on Medishield Life coverage, usage and premiums are set by the Ministry of Health while the day-to-day operational aspects are run by CPF Board. ElderShield

2079-490: Is granted by birth, by descent, or by registration. Although provided for in the Constitution, citizenship by naturalisation is no longer granted. The government instead uses the constitutional provision for citizenship by registration to grant citizenship to resident aliens. Singaporeans with Chinese ancestry make up 75.9%, Malays make up 15.4%, Indians make up 7.4%, and residents of other descent make up 1.6% of

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2178-412: Is no way to opt out unlike Eldershield. The annual premium is also higher, starting at $ 200 for men joining at the age of 30 and $ 250 for women, with premium rising at 2% per annum initially. The monthly payout starts at $ 600 per month and last through a lifetime. The Dependents' Protection Scheme (DPS) provides insured members and/or their families with some money to get through the first few years should

2277-532: Is now becoming more common in the UK and the U.S. (see Future of annuities, below) while Chile, in comparison to the U.S., has had a very large life annuity market for 20 years. It is expected that the aging of the baby boomer generation in the US will increase the demand for this type of instrument and for it to be optimized for the annuitant. This growing market will drive improvements necessitating more research and development of instruments and increase insight into

2376-428: Is reflected in the architectural styles of buildings in several distinct ethnic neighbourhoods, such as Little India , Chinatown and Kampong Glam . Singlish is a local creole language that is primarily and understandably English with a local accent and smattering of words from Malay , Hokkien , Teochew , Cantonese and Tamil used by Singaporeans in an informal setting. Due to Singapore's diverse ethnic makeup,

2475-423: Is the calculation of economic value or worth. Valuation of an annuity is calculated as the actuarial present value of the annuity, which is dependent on the probability of the annuitant living to each future payment period, as well as the interest rate and timing of future payments. Life tables provide the probabilities of survival necessary for such calculations. With a "single premium" or "immediate" annuity,

2574-483: Is to pay recurring expenses, such as assisted living expenses, mortgage or insurance premiums. The disadvantage of such an annuity is that the election is irrevocable and, because of inflation, a guaranteed income for life is not the same thing as guaranteeing a comfortable income for life. In the United Kingdom conversion of pension income into an annuity was compulsory by the age of 75 until new legislation

2673-428: Is transferred from the individual to the insurer, which reduces its own uncertainty by pooling many clients. The instrument's evolution has been long and continues as part of actuarial science . Ulpian is credited with generating an actuarial life annuity table between AD 211 and 222. Medieval German and Dutch cities and monasteries raised money by the sale of life annuities, and it was recognized that pricing them

2772-680: The Arabs , Armenians , Eurasians and Sri Lankans are classified into broader ethnic groups under the CMIO model. The Javanese are classified under the Malay ethnic group and the Peranakans are classified under the Chinese ethnic group are two examples of the classification of race and ethnicity in Singapore. Other foreign communities in the country or Singaporeans of other ethnic origins includes

2871-566: The Australians , Americans , Burmese , Canadians , Chinese , Filipinos , Japanese , Koreans , Malaysians , Nepalis , Pakistanis , Afghans , Africans , English , Italians , Irish , Greeks , and Pacific Islanders . Singaporean culture is a mix of East , South and South East Asian , Middle Eastern , African , and European cultures, with influences from the Malay , Indian , Chinese , Eurasian , and European cultures. This

2970-525: The Chola Empire in the 11th century. According to the 19th century Chinese record Investigation of Southern Pacific (南洋蠡測) (Nanyang Li Ce), it described the presence of Chinese tombs in Singapore. Words and inscriptions recording the period of Later Liang and Emperor Gong of Song were found on these tombs and this may suggest that from 907 to 1274, some Chinese had settled, lived, died and were buried in Singapore. A small Malay kingdom, known as

3069-463: The Government of Singapore Investment Corporation (GIC). Ngerng claimed there was an "uncanny resemblance" between this chart and another chart by news agency Channel News Asia regarding the relationship among City Harvest Church leaders, who were being charged with misappropriating funds. The CPF has been described as "a forced savings scheme" for Singaporeans with "monthly contributions into

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3168-523: The Kingdom of Singapura , was founded in 1299 by a fleeing Srivijayan prince, Sang Nila Utama , who was crowned as the Raja of the new state. After the fall of the kingdom in 1398, the island fell under the suzerainty of various regional empires and Malayan sultanates until its destruction by Portuguese raiders in 1613. Prior to the arrival of Raffles, there were about a hundred indigenous Malays living on

3267-496: The Securities and Exchange Commission approved FINRA Rule 2821 requiring brokers to determine specific suitability criteria when recommending the purchase or exchange (but not the surrender) of deferred variable annuities. A pure life annuity ceases to make payments on the death of the annuitant. A guaranteed annuity or life and certain annuity , makes payments for at least a certain number of years (the "period certain"); if

3366-644: The Singapore Constitution prohibits discrimination based on ethnicity, race, religion, denomination, descent, and place of birth. The state thus promotes the cultural diversity of multiculturalism and multiracialism, instead of a single cultural assimilation. About 70% of Singaporeans also identify with other ethnic cultures in Singapore, notably the Chinese, Malay and Indian cultures. Major festivals including Chinese New Year , Hari Raya Puasa , Deepavali , Vesak Day , Christmas , Good Friday , Easter , and New Year's Day which are celebrated by

3465-419: The arrival of Raffles in 1819, some of these dishes include laksa , biryani and betel quid . However, it is unknown when these dishes arrived in Singapore, as historical records on them are largely scattered and inaccurate. A large part of Singaporean cuisine centres around the hawker culture in the country. Hawker stalls first began around mid 1800s and were largely made up of street food stalls selling

3564-419: The "annuitant" pays for the annuity with a single lump sum. The annuity starts making regular payments to the annuitant within a year. A common use of a single premium annuity is as a destination for roll-over retirement savings upon retirement. In such a case, a retiree withdraws all of the money he/she has saved during working life in, for example, an Individual Retirement Account (IRA) , and uses some or all of

3663-401: The 3,498,200 of the resident population (excluding persons holding Permanent Residency). To avoid physical racial segregation and formation of ethnic enclaves common in other multi-racial societies, the Singapore government implemented the "Ethnic Integration Policy" (EIP) in 1989 where each block of units are sold to families from ethnicities roughly comparable to the national average. Today,

3762-542: The Basic Healthcare Sum (BHS). Amounts above the BHS will be transferred to citizen members' other CPF accounts, depending on their age. The BHS for members who turn 65 in 2024 is $ 71,500 and remains fixed for the rest of their lives. BHS for members who are below 65 in 2024 is $ 71,500 and will be adjusted yearly. Members do not need to make any top-up if they do not have the BHS. Policies on Medisave usage and BHS

3861-824: The CPF Investment Scheme – Special Account (CPFIS-SA), subject to caps. Assets that may be invested includes Insurance , unit trusts , Exchange Traded Funds (ETFs), Fixed Deposits , Bonds and Treasury Bills , Shares , Property Fund and Gold . From 1 July 2010, only monies in excess of $ 20,000 in the Ordinary Account and $ 40,000 in the Special Account can be invested. Profits made from investments are not withdrawable but members do not have to make any top-up to their CPF if they incur losses on investments. From 2003 to 2013, CPF members who left Singapore withdrew SGD$ 426 million, or 0.3 per cent of

3960-504: The CPF contribution rate is 7%. The CPF contribution rate further decreases to 5% for individuals aged 70 and above. CPF OW ceiling is being progressively raised from S$ 6,000 to S$ 8,000 by 2026. The CPF Minimum Sum (MS) Scheme requires all members to set aside a minimum sum of CPF savings in the RA for retirement needs upon reaching 55 years old. CPF savings from the OA and SA would be transferred to

4059-555: The Central Provident Fund in 1955 as a compulsory savings scheme to assist workers in retirement provision without needing to introduce a more extensive and costly old age pension, as was the norm in Britain at the time. Money contributed to the Central Provident Fund earned a nominal rate of return. The Central Provident Fund was expanded in 1968 to provide for housing expenses under the Public Housing Scheme. In 1984

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4158-539: The Central Provident Fund was again expanded to cover medical care expenses. In 1986 an investment option was added to give members the opportunity to manage their own risk and returns. In 1987, the Minimum Retirement Sum Scheme annuity was introduced. In 1990, MediShield health insurance funded by Central Provident Fund savings, was launched to provide universal healthcare to all Singaporeans. Later programs includes interest rate top up of 1% for

4257-546: The Chinese-Malay-Indian-Others (CMIO) model is the dominant organising framework of race in Singapore. The country also celebrates Racial Harmony Day to commemorate the 1964 race riots in Singapore and to remember the consequences of racial disharmony the country experienced during the 1964 racial riots, which were a series of riots that resulted in a total of 36 deaths and 560 others suffered severe injuries. Singaporeans of other ethnicities notably

4356-607: The LTV limit for HDB loans in line with loans granted by financial institutions, which remains at 75% for first home loans. If a flat is purchased under the Public Housing Scheme, mortgage insurance under the Home Protection Scheme will be necessary. CPF members may invest their Ordinary Account balance under the CPF Investment Scheme – Ordinary Account (CPFIS-OA) and their Special Account balance under

4455-486: The Ordinary Account, will earn an extra 1% interest. CPF members age 55 and above will also earn an extra 1% on the first $ 30,000 of their savings. As of 2023, the employer's CPF contribution is 17% for those up to the age of 55 and decreases to 7.5% for those aged 70 and above. For employees, the CPF contribution is 20% up to the age of 55, 15% for those above 55 to 60 years of age, and it decreases to 9.5% for individuals aged above 60 to 65. For employees aged above 65 to 70,

4554-453: The RA for this purpose. Members whose savings are in excess of the MS and Medisave minimum sum would be allowed to withdraw them in cash. For members with insufficient savings in the RA, their property bought with their CPF savings will be automatically pledged to make up up to half of their MS. Members would receive a monthly stipend from their RA at the start of their Payout Eligibility Age until it

4653-585: The S$ 150,000 in instalments which was granted by the Prime Minister on the condition that Ngerng paid the S$ 30,000 in hearing costs immediately i.e. by 16 March 2016. Ngerng is expected to repay $ 100 a month from 1 April 2016 onwards over five years until 1 April 2021 when instalments are increased to S$ 1,000 until the full sum has been paid by the year 2033. Lee also rejected Ngerng's request to reimburse part of

4752-478: The Singapore Government, which is one of the few remaining triple-A credit-rated governments in the world. Ngerng apologized "unreservedly" on 23 May, admitting that his allegation was "false and completely without foundation". On 29 May 2014, Prime Minister Lee filed a defamation lawsuit against Ngerng. In a 4 August affidavit , Ngerng argued that his blog post had been misunderstood, and that he

4851-525: The United States). The size of payouts is usually determined based on the employee's years of service, age and salary. Individual annuities are insurance products marketed to individual consumers. With the complex selection of options available, consumers can find it difficult to decide rationally on the right type of annuity product for their circumstances. There are two phases for a deferred annuity: Deferred annuities grow capital by investment in

4950-447: The accumulation phase (or deferral phase) and make payments during the distribution phase. A single premium deferred annuity (SPDA) allows a single deposit or premium at the issue of the annuity with only investment growth during the accumulation phase. A flexible premium deferred annuity (FPDA) allows additional payments or premiums following the initial premium during the accumulation phase. The phases of an annuity can be combined in

5049-410: The annuitant outlives the specified period certain, annuity payments then continue until the annuitant's death, and if the annuitant dies before the expiration of the period certain, the annuitant's estate or beneficiary is entitled to collect the remaining payments certain. The tradeoff between the pure life annuity and the life-with-period-certain annuity is that in exchange for the reduced risk of loss,

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5148-647: The annuitants, any guaranteed payments on non-registered annuities are continued to beneficiaries after the second death. This way the balance of the guaranteed payments supports family members and becomes a two-generation income. Some countries developed more options of value for this type of instrument than others. However, a 2005 study reported that some of the risks related to longevity are poorly managed "practically everywhere" due to governments backing away from defined benefit promises and insurance companies being reluctant to sell genuine life annuities because of fears that life expectancy will go up. Longevity insurance

5247-426: The annuity payments for the latter will be smaller. Joint-life and joint-survivor annuities make payments until the death of one or both of the annuitants respectively. For example, an annuity may be structured to make payments to a married couple, such payments ceasing on the death of the second spouse. In joint-survivor annuities, sometimes the instrument reduces the payments to the second annuitant after death of

5346-621: The average benefit from Social Security is $ 14,000 per year, the replacement cost would be about $ 250,000 for a 66-year-old individual. The figures are based upon the individual receiving an inflation-adjusted stream that would pay for life and be insured. In March 2011 a European Court of Justice ruling was made that prevents annuity providers from setting different premiums for men and women. Annuity rates for men are generally lower than those for women because men, on average, have shorter life expectancies. The change means that either annuity rates for men will rise, annuity rates for women will fall, or

5445-484: The average total members' balances each year. From 2013 to 2017, an annual average of 13,500 CPF members, or 0.4% of total CPF members, withdrew their CPF monies when they left Singapore. CPF savings can be withdrawn on the following grounds: CPF nominations allow members to specify how their CPF savings will be distributed upon their passing. This ensures that their loved ones receive the CPF monies according to their wishes. By default, CPF members' nominees will receive

5544-548: The blog post alleged that Lee "is guilty of criminal misappropriation of the monies paid by Singaporeans to the CPF" and that the allegations were "false and baseless". Ngerng said that the article was a call for greater transparency on the CPF, the GIC and Temasek Holdings. and called for PM Lee to rebut the points made in his blog post. Singapore's Ministry of Finance has publicly stated that CPF monies are safe as all CPF monies are invested in securities that are issued and guaranteed by

5643-611: The cohort who reached age 55 in 2022, about 50% of active members met the Full Retirement Sum (FRS) in cash while about 30% were unable to meet the FRS in cash or in cash/property. Members with at least $ 40,000 in their Retirement Account at 55 or at least $ 60,000 at 65 years old will be asked to select a CPF LIFE annuity plan, which will give them an income for life, starting from their Payout Eligibility Age. Those who are not on CPF LIFE can choose to join it or continue to keep

5742-407: The country's diverse ethnic and cultural mix. The Inter-Religious Organisation, Singapore (IRO) recognises 10 major religions being practiced in the city state. Dharmic religions have the highest number of adherents in Singapore, with 33% of the population practising Buddhism and 5% of the population practising Hinduism . Many Singaporeans are also adherents of Abrahamic religions , with 18.7% of

5841-465: The damages i.e. S$ 36,000. Singaporeans Singaporeans are the citizens and nationals of the sovereign island city-state of Singapore . Singapore is home to a people of a variety of ethno-racial-religious origins, with the city-state itself being a multi-racial , multi-cultural , multi-religious, multi-denominational, multi-lingual, and multi-ethnic country. Singaporeans of Chinese , Malay , Indian and Eurasian descent have made up

5940-614: The deceased's savings in cash. On 15 May 2014, Roy Ngerng made a post entitled "Where Your CPF Money Is Going: Learning From The City Harvest Trial " on his blog the Heart Truths . Within the post, Ngerng created a chart which mapped the relationships between the Prime Minister of Singapore , Lee Hsien Loong , the Central Provident Fund (CPF), the Monetary Authority of Singapore (MAS), Temasek Holdings and

6039-838: The different major racial and religious groups are designated as public holidays. Former Prime Ministers of Singapore, Lee Kuan Yew and Goh Chok Tong, have stated that Singapore does not fit the traditional description of a nation, calling it a society-in-transition, pointing out the fact that Singaporeans do not all speak the same language, share the same religion, nor have the same customs. Each Singaporean's behaviours and attitudes are influenced by, among other things, his or her home language and his religion. Singaporeans who speak English as their native language tend to lean toward Western culture and Christian culture , while those who speak Chinese as their native language tend to lean toward Chinese culture and Confucianism . Malay-speaking Singaporeans tend to lean toward Malay culture , which itself

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6138-534: The earlier known works of Singaporean literature in Malay was written by Abdullah Bin Abdul Kadir, a Malay scribe, with his work Cherita Kapal Asap . Some of the other earlier known Malay writers include Tuan Simi and Masuri S. N. Singaporean Malay literary works were similar to its Malaysian counterpart before the early 1970s. Many early pioneers of Singaporean literature in Malay relocated to Malaysia before Singapore became independent as they wanted to be part of

6237-713: The early to mid twentieth century, an increasingly significant number of migrant workers chose to stay permanently, with their descendants forming the bulk of Singapore's population today. In 1957, Singapore attained self-governance and Singaporean citizenship was granted to selected residents who were born in Singapore or the Federation of Malaya , British citizens who had been resident for two years, and others who had been resident for ten years. On September 16, 1963, all Singaporeans effectively became Malaysian citizens as Malaya, Singapore, North Borneo and Sarawak were merged to form Malaysia. However, about two years after

6336-467: The exclusive purchase of Government-issued Special Singapore Government Securities (SSGS), with the proceeds from these transactions going into the past reserves . As at Dec 2023, the CPF managed US$ 424 billion (S$ 571 billion) for 4.49 million account holders. British colonial authorities in Singapore implemented a proposal by David Marshall via the Progressive Party committee, to create

6435-654: The first $ 60,000 of retirement savings, the Workfare Income Supplement which supplements retirement savings for low-income older workers, and the Pioneer Generation Package which provides additional support for the medical expenses of older workers. When the CPF was started in 1955, both employees and employers contributed 5% of an employee's pay to the scheme. The rate of contribution was progressively increased to 25% for both employers and employees in 1985. The employer contribution

6534-461: The first. There has also been a significant growth in the development of enhanced or impaired annuities . These involve improving the terms offered due to a medical diagnosis which is severe enough to reduce life expectancy. A process of medical underwriting is involved and the range of qualifying conditions has increased substantially in recent years. Both conventional annuities and Purchase Life Annuities can qualify for impaired terms. Valuation

6633-518: The following CPF accounts: The OA and SA is combined to form the Retirement Account (RA) when one turns 55. The RA is used to meet basic needs during old age. From early 2025, the SA will be closed for members aged 55 and above. The CPF savings earn a minimum interest of 2.5% for OA and 4% for other accounts. In addition, the first $ 60,000 in the combined CPF balances, with up to $ 20,000 from

6732-524: The fund" to be saved for retirement, or for expenses on "property, healthcare, and their children's education", while the GIC has been described to have "indirectly invested" funds from the CPF. Singapore's Ministry of Finance on its part has put forth its explanation as to why CPF funds are invested in Special Singapore Government Securities, to enable CPF Board to be able to pay its members all their monies when due, and

6831-412: The fusion of a retirement savings and retirement payment plan: the annuitant makes regular contributions to the annuity until a certain date and then receives regular payments from it until death. Sometimes there is a life insurance component added so that if the annuitant dies before annuity payments begin, a beneficiary gets either a lump sum or annuity payments. An annuity with only a distribution phase

6930-468: The hundreds of millions worldwide who receive regular remuneration via pension or the like. The modern approach to resolving the difficult problems related to a larger scope for this instrument applies many advanced mathematical approaches, such as stochastic methods, game theory, and other tools of financial mathematics . Defined benefit pension plans are a form of life annuity typically provided by employers or governments (such as Social Security in

7029-499: The insured members meet an untimely death, suffer from terminal Illness or total permanent disability. DPS covers insured members up to 65 years old. Members up to 60 years old will be covered for a maximum sum assured of $ 70,000. For members above age 60 and up to age 65, DPS covers them up to a maximum sum assured of $ 55,000. The annual premium increases with age, from $ 18 for 34 years old and below, to $ 298 for those 60 to 64 years old. The Ordinary Account savings can be used to purchase

7128-419: The interest that it commits to pay on CPF accounts. The government securities are invested as part of a combined pool of funds managed by GIC, rather than managed in a separate dedicated fund, as a standalone fund would have to be managed conservatively to avoid the risk of failing to meet obligations to CPF members. On 18 May, Prime Minister (PM) Lee responded through his lawyer Davinder Singh , who stated that

7227-421: The introduction of Singapore's bilingual language education policy Singapore English , however, remains the de facto lingua franca spoken by Singaporeans today. It is the main language of instruction in all school subjects except for Mother Tongue lessons and also the common language of administration, law and business. In 2009, more than 20 languages were identified as being spoken in Singapore, reflecting

7326-404: The investment performance of a specified set of investments, typically bond and equity mutual funds . Variable annuities are used for many different objectives. One common objective is deferral of the recognition of taxable gains. Money deposited in a variable annuity grows on a tax-deferred basis, so that taxes on investment gains are not due until a withdrawal is made. Variable annuities offer

7425-745: The island date back to the 2nd century, where the island was identified as a trading port which was part of a chain of similar trading centres that linked Southeast Asia with the Tamil Indians and the Mediterranean . The earliest settlers of the island were known as the Orang Laut , and the island was an outpost of the Srivijaya Empire until it was invaded by the Tamil Emperor Rajendra Chola I of

7524-550: The island under the Johor Sultanate . Most of the indigenous Malays came from the Malay Archipelago . There were an estimated 150 people living on the island, who were predominantly Orang Laut with small population of 120 Malays who were the followers of Temenggong Abdul Rahman, and about 20–30 Chinese. The majority of Singaporeans today are descendants of immigrants who settled on the island when Singapore

7623-472: The island, which was the language of trade in the Malay Archipelago . However, under the British colonial government, English gained prestige as the language of administration, law and business in Singapore, and eventually displaced Bazar Malay as the bridging language among the population. As government administration increased, infrastructure and commerce developed, and access to education further catalysed

7722-535: The larger Malay community in Malaysia due to the common language in writing. By the 1970s, due to the difference in governance between Singapore and Malaysia, literary works in Malay between the 2 countries became more distinguishable, with Singapore literature in Malay revolving around the themes of freedom, authenticity, and criticality. Singapore is the world's most religiously diverse nation, with Singaporeans following various religious beliefs and practices due to

7821-404: The mechanics involved on the part of the buying public. An example of increased scrutiny and discussion is that related to privatization of part of the U.S. Social Security Trust Fund . In late 2010, discussions related to cutting Federal taxes raised anew the following concern: how much would an annuity cost a retiree if he or she had to replace his or her Social Security income? Assuming that

7920-475: The merger, Singapore seceded from Malaysia on August 9, 1965, and Malaysian citizenship was withdrawn from Singaporean citizens. Singaporean nationality law was incorporated into the new Constitution of Singapore . The constitution repealed the 1957 Ordinance, and all persons who were citizens as of 16 September 1963 by virtue of the Ordinance continued to be Singaporean citizens. Today, Singaporean citizenship

8019-507: The money to buy an annuity whose payments will replace the retiree's wage payments for the rest of his/her life. The advantage of such an annuity is that the annuitant has a guaranteed income for life, whereas if the retiree were instead to withdraw money regularly from the retirement account (income drawdown), he/she might run out of money before death, or alternatively not have as much to spend while alive as could have been possible with an annuity purchase. Another common use for an income annuity

8118-597: The monies in their Retirement Account. It improves upon the Minimum Sum Scheme where payouts only last about 20 years. No minimum amount of RA savings will be needed to join CPF LIFE, however the monthly payout depends on the RA savings. Thus, members with lower RA balances will receive correspondingly lower monthly payouts. Members who have a life annuity from an insurance company that provides equivalent benefits to that of CPF LIFE may be exempted from joining

8217-406: The most common type of annuity is the life annuity, which is normally purchased by persons at their retirement age with tax-sheltered funds or with savings funds. The monthly payments from annuities with tax-sheltered funds are fully taxable when withdrawn as neither the capital or return thereon has been taxed in any way. Conversely income from annuities purchased with savings funds is divided between

8316-433: The onset of the annuity. The payment stream from the issuer to the annuitant has an unknown duration based principally upon the date of death of the annuitant. At this point the contract will terminate and the remainder of the fund accumulated is forfeited unless there are other annuitants or beneficiaries in the contract. Thus a life annuity is a form of longevity insurance , where the uncertainty of an individual's lifespan

8415-436: The overwhelming majority of the population since the 19th century. The Singaporean diaspora is also far-reaching worldwide. In 1819, the port of Singapore was established by Sir Stamford Raffles , who opened it to free trade and free immigration on the island's south coast. Many immigrants from the region settled in Singapore. By 1827, the population of the island was composed of people from various ethnic groups². Singapore

8514-481: The payout, entry age and gender, the annual premium for Eldershield ranges from $ 152 to $ 3132. This premium is non-guaranteed and may be adjusted in the future. According to Minister for Health Gan Kim Yong , about $ 2.6 billion have been collected in premiums for ElderShield, out of which around $ 100 million have been paid out in claims and $ 130 million in premium rebates from its inception in 2002 to end 2015. According to Gan Kim Yong, ElderShield collects premiums while

8613-422: The policyholder is aged 40 to 65, and provides lifetime coverage from age 40, even after the policyholder reaches 65 and stops paying premiums. The total amount of premiums collected exceed the amount of claims paid to-date because the premiums collected are meant to provide coverage against future claims throughout policyholders' lifetime. On 25 May 2018, the Ministry of Health announced that it will be introducing

8712-454: The population identifying as Christian , and 14% identifying as Muslim . Other prominent faiths practised by Singaporeans include Taoism (10%), Chinese folk religion , and other Dharmic religions like Sikhism and Jainism . A small percentage of Singapore's population practices Zoroastrianism and Judaism . 18.5% not identifying with any religion and 0.9% of Singaporeans identify as atheist . In addition, practice of hybrid religions

8811-408: The return of capital and interest earned, with only the latter being taxable. An annuity can be a single life annuity or a joint life annuity where the payments are guaranteed until the death of the second annuitant. It is regarded as ideal for retirees as it is the only income of any financial product that is fully guaranteed. In addition, while the monthly payments are for the upkeep and enjoyment of

8910-525: The scheme. Medisave may be used to cover self or dependents' hospitalisation expenses. It may also be used for certain outpatient treatments like chemotherapy and radiotherapy treatments. The Basic Healthcare Sum (BHS) is the maximum amount a citizen member can have in their MediSave account and is the estimated savings they need in their MediSave Account for their basic subsidised healthcare needs in old age. Part of citizen members' working contributions will be allocated to their MA until their balance reaches

9009-546: The spread of English among Singaporeans. Today, Singapore has four official languages, English , Malay , Mandarin , and Tamil . Malay is the ceremonial national language of the country and is the home language to 13% of the population. Although most of the younger generation of non-Malay people are non-proficient in the Malay language, Malay is used in the national anthem of Singapore and also in citations for Singapore orders and decorations and military parade drill commands. Almost all Singaporeans are bilingual since

9108-481: Was cut to 10% during a recession in 1986. The employer contribution rate was reverted to match the employee rate until the 1997–1998 Asian Financial Crisis , and thereafter lowered to 10% for workers 55 years or younger. Since then, the employer contribution rate has been gradually increased. Employers currently contribute 3 fewer percentage points of salaries over S$ 750 for employees up to 55 years old. Employees and employers are required to make monthly contributions to

9207-404: Was difficult. The early practice for selling this instrument did not consider the age of the nominee, thereby raising interesting concerns. These concerns got the attention of several prominent mathematicians over the years, such as Huygens , Bernoulli , de Moivre and others: even Gauss and Laplace had an interest in matters pertaining to this instrument. It seems that Johan de Witt

9306-741: Was first started by the Peranakan community in colonial Singapore during the 1830s. Singaporean English literature first gained notability in 1937, with a poetry known as F.M.S.R. A Poem , written by Teo Poh Leng and was followed by Wang Gungwu 's work, Pulse, in the 1950. By 1965 when Singapore became an independent nation, authors such as Edwin Thumboo , Arthur Yap , Robert Yeo , Goh Poh Seng , Lee Tzu Pheng , Chandran Nair and Kirpal Singh were mostly focusing on poetry, which makes up most published works of Singapore writing in English. Singaporean literature in Malay can be traced back to 1841. One of

9405-545: Was founded as a British trading port by Raffles in 1819, except for the Malays who are indigenous to the region of Malaya. At that time, Raffles decided Singapore would be a free port and as news of the free port spread across the archipelago, Bugis , Javanese , Peranakan Chinese , South Asian and Hadhrami Arab traders flocked to the island, due to the Dutch trading restrictions. After six months of Singapore's founding as

9504-488: Was granted, barring him from publishing future similar accusations regarding PM Lee and the CPF. Ngerng expressed disappointment at the verdict, but maintained that he would "still continue to speak up on the CPF and other issues that concern Singaporeans". On 17 December 2015 the court led by Lee Seiu Kin handed down a judgement ordering Ngerng to pay S$ 100,000 in general damages and S$ 50,000 in aggravated damages. Ngerng, through his lawyer, Eugene Thuraisingam proposed to pay

9603-458: Was introduced by the coalition government in April 2011. The new rules allow individuals to delay the decision to purchase an annuity indefinitely. The rules (known as the 'pension freedoms') also mean that from the age of 55, people with money in a 'money purchase' or 'defined contribution' pension scheme have more choice and flexibility in accessing their pension savings. They can now choose from

9702-521: Was merely asking for more transparency and accountability for CPF monies. On 7 November 2014, the High Court of Singapore found Ngerng liable of defamation with damages to be assessed, which was the first such ruling in Singapore over a purely online article. Judge Lee Seiu Kin ruled that there was "no triable defence" and "no doubt that it is defamatory to suggest that the plaintiff is guilty of criminal misappropriation". An injunction against Ngerng

9801-575: Was the first writer to compute the value of a life annuity as the sum of expected discounted future payments, while Halley used the first mortality table drawn from experience for that calculation. Meanwhile, the Paris Hôtel-Dieu offered some fairly priced annuities that roughly fit the Deparcieux table discounted at 5%. Continuing practice is an everyday occurrence with well-known theory founded on robust mathematics, as witnessed by

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