(i) Central Provident Fund (CPF)
In the Central Provident Fund (CPF) scheme, a Singaporean or PR employee and their employer must contribute a monthly minimum amount to the employee’s pension fund. The CPF scheme helps the individual financially regarding home ownership, health care, children’s education, family protection and asset growth through investments and higher interest rates. CPF contributions can also be a form of tax relief, hence, resulting in a lower taxable income per year.
Should permanent residents decide to renounce their residency or let it expire, they can withdraw their accumulated CPF funds. That is only recommended if they never plan to work in Singapore. However, if your Singapore PR status was reinstated, you must return all the withdrawn CPF monies to your CPF account.