Congratulations on your newly initiated Permanent Residency (PR) status! Apart from the benefits of being able to come in and out of Singapore with ease and taking advantage of the hawker culture, you are now entitled to participate in one of the best managed social security schemes in Asia, the Central Provident Fund (CPF). While your take home pay may be lowered due to your contributions into CPF, you might still be better off financially. Read to find out more about CPF basics, your contribution rates, and what will happen to your CPF account if you renounce your PR status. What is CPF? The Central Provident Fund is Singapore’s pension scheme, a comprehensive social security plan that aims to help its members (both citizens and permanent residents) meet their retirement housing and healthcare needs. You are only able to withdraw these savings at the age of 55 and above. Under...