The Central Provident Fund (CPF) was set up on Jan 28, 1954, after the enactment of the Central Provident Fund Ordinance on Dec 11, 1953. It was launched on Jul 1, 1955.

The CPF could only be used for retirement purposes when it first came into effect. This has expanded to other usage, such as to purchase public and private housing, medical expenses, investment in shares and tertiary education fees.

The CPF Life scheme was introduced in 2009 as the premium for an annuity which members can draw after the age of 65.

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