Compulsory Provident Fund (Ceryana): Difference between revisions
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|formed = {{start date and age|df=yes| | |formed = {{start date and age|df=yes|1967|7|1}} | ||
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|employees = 4,100 (2022) | |employees = 4,100 (2022) | ||
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|headquarters = | |headquarters = CPF Building,<br>512 Merseyside Ave, Hang Fa Tchun<br>Noules 12530 | ||
|minister1_name = Julie Seow | |minister1_name = Julie Seow <small>蕭欣媚</small> | ||
|minister1_pfo = <br>Minister for Finance | |minister1_pfo = <br>Minister for Finance | ||
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The administrating body is the Compulsory Provident Fund Board (CPFB), which is a federal statutory body under the purview of the Department of Finance. It is responsible for investing contributions on behalf of accountholders. As at 2022, the CPF managed £10.36 billion ($5.35 billion) for approximately 55.6 million accountholders. | The administrating body is the Compulsory Provident Fund Board (CPFB), which is a federal statutory body under the purview of the Department of Finance. It is responsible for investing contributions on behalf of accountholders. As at 2022, the CPF managed £10.36 billion ($5.35 billion) for approximately 55.6 million accountholders. | ||
[[category:Ceryana]] | [[category:Ceryana]] | ||
==History== | |||
In the late 1950s, the Conservative Party government began to criticise the increasingly costly old age pension scheme. Then Prime Minister, Gerard Kerr, established the Parliamentary Committee on Retirement Savings and Planning to consider alternative programs. The Committee ultimately recommended a compulsory savings scheme for employees, and a bill was introduced into the federal parliament in mid-1964. The federal parliament passed the ''Compulsory Provident Fund Act 1965'' establishing the CPF on 1 July 1967. | |||
The new scheme was extremely unpopular from its inception. The Labour Party vowed to dismantle the CPF and restore the pension scheme at the 1968 general election, although it retracted this promise within 3 months of being sworn in as government. Historians have attributed the public's cynicism towards the CPF, along with the Labour Party's backflipping, as a contributing factor that led to the 1968 French Ceryanese riots. | |||
The CPF was initially a defined benefits scheme, which meant that accountholders were guaranteed a minimum level of benefits. However, the ''Compulsory Provident Fund (Defined Contributions) Amendment Act 2006'' changed the scheme to a defined contributions scheme. | |||
Latest revision as of 00:14, 28 June 2023
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| Agency overview | |
|---|---|
| Formed | 1 July 1967 |
| Jurisdiction | Federal government |
| Headquarters | CPF Building, 512 Merseyside Ave, Hang Fa Tchun Noules 12530 |
| Employees | 4,100 (2022) |
| Minister responsible |
|
| Agency executives |
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| Parent agency | Department of Finance |
| Website | www.cpf.gov.cy |
The Compulsory Provident Fund (CPF; French: Fonds Obligatoires de Prévoyance, FOP; Sejunese: Kumpulan Tabung Simpanan Wajib, KTSW; Chinese: 强制性公積金, 強積金) is a compulsory comprehensive savings plan for workers in Ceryana, funding their retirement, healthcare, education and housing needs. Membership of the CPF is mandatory for Ceryanese citizens and permanent residents, and voluntary for other workers in country.
The administrating body is the Compulsory Provident Fund Board (CPFB), which is a federal statutory body under the purview of the Department of Finance. It is responsible for investing contributions on behalf of accountholders. As at 2022, the CPF managed £10.36 billion ($5.35 billion) for approximately 55.6 million accountholders.
History
In the late 1950s, the Conservative Party government began to criticise the increasingly costly old age pension scheme. Then Prime Minister, Gerard Kerr, established the Parliamentary Committee on Retirement Savings and Planning to consider alternative programs. The Committee ultimately recommended a compulsory savings scheme for employees, and a bill was introduced into the federal parliament in mid-1964. The federal parliament passed the Compulsory Provident Fund Act 1965 establishing the CPF on 1 July 1967.
The new scheme was extremely unpopular from its inception. The Labour Party vowed to dismantle the CPF and restore the pension scheme at the 1968 general election, although it retracted this promise within 3 months of being sworn in as government. Historians have attributed the public's cynicism towards the CPF, along with the Labour Party's backflipping, as a contributing factor that led to the 1968 French Ceryanese riots.
The CPF was initially a defined benefits scheme, which meant that accountholders were guaranteed a minimum level of benefits. However, the Compulsory Provident Fund (Defined Contributions) Amendment Act 2006 changed the scheme to a defined contributions scheme.