Is there a way to contribute to CPF even if I'm not a permanent resident in Singapore. Because i want to try to get the employer to match or contribute some for my retirement.
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Rishi Ramchandani
27 Jan 2020
Financial coach / Founder at Cafe cash flow
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Elijah Lee
27 Jan 2020
Senior Financial Services Manager at Phillip Securities (Jurong East)
Hi Vui Haw,
Unfortunately you can't contribute to CPF unless you are a PR or a Citizen.
As Hariz has mentioned, SRS is probably your only option if you want both tax reliefs and to prepare for retirement.
Your employer is actually allowed to contribute to your SRS account on your behalf, refer to point 3, although this will require your written consent.
https://www.mof.gov.sg/docs/default-source/mof-...
If this does not work out for you, I would suggest that you can take some action on your own to plan for your retirement, since that will always be the most effective way of getting things moving.
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Hariz Arthur Maloy
26 Jan 2020
Independent Financial Advisor at Promiseland Independent
Hi Liaw, foreigners do not have CPF but can utilise the SRS (Supplementary Retirement Scheme) as an ...
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Unfortutely there is no alternative for foreigners to get their employer to match. Some larger companies simply give their foreign employees a yearly stipend that is equivelent to the amount they would be matching you had you been contributing to CPF. But I have only seen this in large multinational companies.
Its really unfortunate. I do still suggest you create your own pension fund. Not SRS as there is no real benefit ex the tax and you might as well keep it liquid in case you leave the country (since you are a foreigner). Its a dangerous path to not be aware of this. Plenty of my clients have been living in SG as foreigners for 10+ years and have not been contributing towards a retirmenet fund, it can run away from you quickly. I strongly encourage you create your own. I can help if needed. Goodluck!