Personal Finance
SGUnited Trainees: Should You Contribute to CPF?
By Seedly  •  July 23, 2020
Class of 2020, I feel you. 2020 has been a year like no other. The COVID-19 outbreak has robbed you of the chance to formally say goodbye to your lecturers and coursemates, taken away your graduations and replaced them with social distancing and uncertainty in the job market. Under the current economic climate where unemployment rates are rising and people are getting laid off — it is clear that the demand for jobs the supply. To say that searching for a job is challenging would be an understatement. Undoubtedly, opportunities will be hard to come by. But if you are fortunate enough to have acquired a traineeship position under the SGUnited Traineeships Programme — congratulations! However, I understand that this situation is not ideal, as trainees will only be offered an estimated monthly training allowance from $1,100 to $2,500 depending on your educational qualifications. Unfortunately, this allowance does not come with any Central Provident Fund (CPF) contributions....
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By Seedly
Launched in 2016, Seedly helps users make smarter financial decisions with its budgeting app which allows its 40,000 users to sync up their financial accounts and better manage their cash-flow. Last year, we introduced a new community feature which allows users to crowdsource knowledge from peers before making a financial decision.
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