konfab
Honorary Master
- Joined
- Jun 23, 2008
- Messages
- 36,198
Nope
Facts are not good when they don't suit you eh? Singapore's welfare system was started by the British.
British colonial authorities in Singapore created the Central Provident Fund in 1955 as a compulsory savings scheme to assist workers to provide for their retirement without needing to introduce a more extensive and costly old age pension. Money contributed to the Central Provident Fund earned a nominal rate of return. As Singapore's economy developed, the Central Provident Fund was expanded in 1968 to provide for housing expenses under the Public Housing Scheme. In 1984 the Central Provident Fund was again expanded to cover medical and care expenses.[2] As the Central Provident Fund developed, dedicated accounts were created for the different expenses the Fund was designed to cover, to ensure a more targeted savings approach. In 1986 a higher risk investment option was added to give members the opportunity of a higher rate of return on their savings.[2]