CONTRIBUTIONS AND IMPACT BY CPF

The 80s: Meeting New Needs

In 1984, Medisave was introduced. CPF members could use their Medisave savings for hospitalisation expenses for themselves and their immediate family members.

CPF schemes were also extended to family members. For example, members could use their CPF to insure themselves and provide their dependants with financial protection should death or permanent disability occur.

As life expectancy increased with better living standards, Singaporeans needed more savings to meet their old age needs. From 1987, members were required to set aside a minimum sum in their CPF at age 55 to provide them with a basic monthly income when they retire.


The 90s: Healthcare for Everyone

MediShield, a medical insurance scheme to help members pay for expenses incurred by long-term and serious illnesses, was introduced in 1990. To ensure that all Singaporeans have adequate savings for healthcare, Medisave was extended to self-employed persons in 1992.