#CA1

ACRONYMS GALORE

CPF stands for Central Provident Fund.

I am interviewing my mother who is on the CPF scheme.

She says that CPF is good as it is a security for savings in our old age. It is also a forced saving implemented by the govt to ensure that we are self sufficient and independent to look after ourselves in our old age. It forces us to save and anytime when money is needed for housing, retirement, healthcare, there is a pool of funds we can make use of to offset our payments or bills. This will greatly reduce the stress of making payments. What my mother is looking forward to, is during her retirement, she can get a regular monthly payout form the govt to help her in her monthly expenditure. She feels that in this way, she can live life without worry during her retirement.

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