The Central Provident Fund (CPF) was first mooted in the Legislative Council on May 22, 1951.

Following the passing of the Central Provident Fund Ordinance in 1953, all workers earning less than $500 must contribute five per cent of their gross salary into the CPF, with a corresponding contribution from their employers.

Today, no exemptions are made for Singapore citizens earning more than $50 monthly. Some of the changes CPF underwent since its implementation in 1955 include the creation of the Special Account in 1977, the Medisave Account in 1984 and allowing CPF funds to be used for housing and investments in 1981 and 1986 respectively.

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