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5 Reasons Why You Should Start Using CPF Calculator in Singapore
09-10-2020
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Payroll Management Software
The CPF (Central Provident Fund) is a mandatory savings fund. In this CPF savings, you must put 20% of your salary and your employer must put 16% of your salary. These savings deposits can be divided into three accounts:
- Ordinary account: These accounts are for housing, insurance, investment, and education.
- Special account: These accounts are for retirement and retire-related investments.
- Medisave: These accounts are for hospitalizations and medical insurance.
CPF Calculator Singapore is even used to compute the CPF contributions payable for private sector/non-pensionable government employees who are Singapore Citizens or Singapore Permanent Residents (SPR) from their third year of obtaining SPR status.
There are also many other benefits that can be gained using the CPF calculator Singapore other than pension-related calculations. The other benefits that CPF can provide are as follows:
- CPF is good for Private Housing too: CPF can be used to purchase private properties until the property is not a freehold or if there are at least 30 years of time left on the lease. The buyers must use the CPF to pay 5% of the valuation in cash. Plus, you can pay for all the legal costs and valuation fees with the CPF Calculator Singapore.
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You can invest your CPF Money: You can invest the CPF money elsewhere as well. For that, you need to have more than $20,000 in your ordinary account and more than $40,000 in your special account. You can open a CPF Investment Account and invest some portion of it somewhere else. You can monitor all the investments with the CPF calculator Singapore.
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You can get educated with it: You can even enroll in an educational institute by using your CPF. But by the end of the course, you will have to pay back the money to your CPF. CPF calculator Singapore is the best option you have when you want to monitor every transaction.
