ZiyanRNCOE

Can EPF save the homeless? Colombo (News 1st) – The Employees Provident Fund has been mired in controversy with revelations  been made about it’s bad investments. We could take a few pointers from Singapore who managed to use their employees provident fund, to build one of world’s largest public housing schemes. The Housing Development Board (HDB) of Singapore has designed over 1 million apartments throughout Singapore. Today more than 80% of Singapore’s population lives in public housing built by the HDB, which started off from only 9% in 1960. The home ownership rate has also increased rapidly because of Singapore’s rising economy. Central Provident Fund For the HDB to work the government required certain types of taxes from the people of Singapore. The people are required to save part of their salaries in a state managed Fund called the Central Provident Fund. This fund can be used for two things: helping Singaporeans with retirement and providing incen...