Anonymous
I have never really taken my CPF money seriously as I just trusted that there is a hefty amount in there since I have been working for 10 years now. Are there any habits I should have to keep my money in check?
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Elijah Lee
11 Jun 2020
Senior Financial Services Manager at Phillip Securities (Jurong East)
Hi anon,
Under the CPF Act, employers are required to pay CPF in accordance with the guidelines.
For example, CPF contributions are due at the end of the month. Your company has a grace period of 14 days to pay it. If they don't, there will be penalties.
As an employee, I would suggest that you don't have to check the contributions that often. Month to month, there won't be much changes as the crediting is only once a month. The CPF board also generates a yearly summary providing useful information such as how much was credited and the interest earned. A yearly frequency should be good enough unless you are waiting to hit a milestone such as reaching the first $20K in OA, or ensuring enough money for a downpayment.
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Guo Wei
11 Jun 2020
Me at Home
I don’t think you need to check it all the time, maybe bi-annually would be sufficient!
Personally...
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I don't have a cadence to which I check it, although I believe the frequency should be determined by context. For example, if you were actively saving for a house, then it might be good to check frequently just to have motivation, or to have visibility on how close you are to any target.
Otherwise, periodical checking should suffice to make sure that the contributions are accurate.