Originally Posted by
Balance
My two good friends had (by law) to contribute 20% of their salaries into the Central Provident Fund and their employers, 17% per annum. So they both saved 37% (yes, 37%) of their salaries every year. The requirement applies to all Singaporeans and expats who are PR.
The CPF in turn provide loans for housing amongst other things.
One of the best things left by the British when they administered Singapore and Singapore improved on.
In contrast, the buffoon Muldoon scraped compulsory super in 1976 and the rest is history.