CPF stands for Central Provident Fund, a mandatory savings scheme in Singapore that aims to provide financial security for its citizens in their retirement years. It is a comprehensive social security system that requires both employees and employers to contribute a portion of their monthly salary to the fund. The CPF covers various aspects of a person’s financial needs, including retirement, healthcare, and housing. The contributions made to CPF are invested and earn interest, ensuring that individuals have a stable source of income during their retirement. CPF is a crucial component of Singapore’s social safety net, promoting financial stability and independence for its citizens.