Although Singapore is a low-tax country, it possesses government-guaranteed medical subsidies and a robust Central Provident Fund (CPF) system. Every Singapore citizen and permanent resident has their own CPF account. Residents can contribute to their CPF accounts on a monthly or annual basis. If a resident is employed by a company, the employer is also obligated to contribute to the employee's CPF monthly based on a percentage of their salary. This concept is very similar to the 'four insurances and one fund' system in China; however, the difference is that Singapore's CPF is entirely a personal account, not part of a social pooling system. Contributions are based on the principle of 'more contributions, more benefits; fewer contributions, fewer benefits; no contributions, no benefits.' If an individual does not exhaust the funds, they can be passed on to their children. Furthermore, the funds in this account can be used for purchasing HDB flats, children's education, and medical expenses.
Pension System:
If a resident has contributed 90,000 SGD to the account before the age of 62, they are eligible to receive a pension upon retirement. This can be drawn until the age of 82, or one may choose to withdraw the pension in a lump sum upon retirement.
Healthcare:
Singapore's medical standards are world-leading with advanced equipment, yet medical costs are not excessively expensive. For general medical visits, individuals pay a portion from their account, the government provides a subsidy, and insurance companies cover a portion of the claims; most Singaporeans are able to afford the cost of medical care in Singapore.
Hospitals in Singapore are categorized into public hospitals, private hospitals, public polyclinics, outpatient clinics, and maternal and child health clinics, in addition to a large number of private practitioners.
HDB Housing System:
Singapore has an excellent housing policy—the Singapore HDB (Housing & Development Board) policy, which is equivalent to affordable housing in China. The Singapore HDB system is the foundation of Singapore's stability. HDB flats are affordable and of high quality, serving as the cornerstone for the people of Singapore to live and work in peace and contentment.
Worldway Immigration specializes in Singapore investment immigration services and has been serving clients in China for over 10 years, with successful cases across the country. We will provide you with personalized service with the utmost sincerity and loyalty; your success is our guarantee.
