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The Central Provident Fund Board (CPFB), commonly known as the CPF Board or simply the Central Provident Fund (CPF), is a compulsory comprehensive savings and pension plan for working Singaporeans and permanent residents primarily to fund their retirement, healthcare, and housing [3] needs in Singapore.
The first account, dubbed "Account I", stores 70% of the members' monthly contribution, while the second account, dubbed "Account II", stores 30%. Account I restricts withdrawals to the moment the member reaches an age of 50 years, to boost retirement fund by investment in unit trust, is incapacitated, leaves the country or passes away.
However, employee’s contribution is 12% of the basic wage as per sec.2(b) of the act and employer’s share of contribution is also 12% of the basic wage as per sec.2(b) of the act. In employer contribution of 12%, 8.33% transfer to EPS (Employee Pension Scheme) and 3.67% transfer to EPF (Employee Provident Fund).
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The CPF number (Cadastro de Pessoas Físicas, ; Portuguese for "Natural Persons Register") is the Brazilian individual taxpayer registry, since its creation in 1965. [1] This number is attributed by the Brazilian Federal Revenue to Brazilians and resident aliens who, directly or indirectly, pay taxes in Brazil.
A defined contribution (DC) plan is a type of retirement plan in which the employer, employee or both make contributions on a regular basis. [1] Individual accounts are set up for participants and benefits are based on the amounts credited to these accounts (through employee contributions and, if applicable, employer contributions) plus any investment earnings on the money in the account.
Members 66 years or younger have the option of utilizing the "bring-forward" rule which allows an eligible person to contribute 3 years' worth of contributions in the one year. If a member's non-concessional contributions exceed the cap, they are taxed at the top marginal tax rate. [49]
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