The CPF Board was established on 1 July 1955 to provide financial security for workers in their retirement or when they are no longer able to work. Over the years, it has evolved into a comprehensive social security savings scheme, which not only takes care of CPF members’ retirement needs, but also their healthcare, housing and family protection needs.
Some information that you might find useful:
- Overview of CPF
- Reaching 55
- Managing Your Retirement
- CPF LIFE (for lifelong income)
Workfare Income Supplement (WIS)
The Workfare Income Supplement (WIS) Scheme was announced during the 2007 Budget Speech as a permanent scheme following the one-off Workfare Bonus Scheme. The objectives of WIS are to supplement the wages and retirement savings of older low-wage workers as well as to encourage them to stay employed.
In 2010, the WIS Scheme was enhanced by increasing the maximum WIS payment from $2,400 to $2,800, and increasing the qualifying average monthly income ceiling from $1,500 to $1,700 to encourage older low-wage workers to seek and to remain in employment. The Workfare Training Support (WTS) Scheme was also introduced encourage low-wage workers to upgrade their skills through training, so that they can improve their employability and earn more.
In 2012, changes were made to the WIS payment frequency. Low-wage employees will receive their WIS payments quarterly, instead of twice yearly, to help them meet their daily expenses.
For more information on the WIS and WTS schemes, please call 1800-222-6622 (Mon-Fri: 8am-5.30pm) or visit www.workfare.sg.