Written by Letitia Jinghui Lean, edited by Jackie Tan

If you’re like me, a soon-to-be graduate about to enter the workforce, it’s probably high time you started getting acquainted with CPF. You know, “that compulsory government scheme that siphons off part of your allowance each month”. It’s gotten a bad rep for locking away the average Singaporean’s money till age 55, but there is another side to this complicated savings scheme, and we’re here to break it down for you. For the average millennial seeking financial independence and security, here’s your blueprint to understanding the intimidating CPF system to better guide you to a comfortable retirement:

#1 CPF is multi-functional

It sounds like CPF is just one jumbo savings/pension fund, but well, that’s barely scratching the surface. As defined by the Central Provident Fund Board, CPF is a “social security savings plan that provides working Singaporeans with security and confidence