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The Central Provident Fund (CPF) is Singapore's national pension fund. It is a defined contribution plan, contributed by employers and employees. With over 3 million members, it ranks among the world’s largest defined contribution (DC) schemes. [12] The CPF Board, a statutory authority established by legislation, runs this national pension ...
The Employees' Provident Fund Organisation (EPFO) is one of the two main social security organization under the Government of India's Ministry of Labour and Employment and is responsible for regulation and management of provident funds in India, the other being Employees' State Insurance.
The retirement allowance was given in the form of a single lump-sum payment, equivalent to one month of the base salary, for any employee who had worked for more than one year. [24] Because there is low employment tenure in Korea, many workers receive their retirement allowance before they retire. [ 25 ]
In September/October 2011, a security vulnerability in First State Super's system was discovered by a customer. First State Super received considerable negative publicity nationally and internationally, [17] [18] [19] both for the severity of and ease of compromise of the exploit, and also for the actions and public relations that occurred in the aftermath of the notification.
Although pension funds are related to specific enterprises or industries, the law requires pension funds to maintain judicial and financial independence and operate in the form of non-profit institutions, which ensures the safety of pension funds. Once the financial situation of enterprises occurs, pension funds can also be effectively protected.
Another example can be found when Central Provident Fund (CPF) monies are used by the CPF Board to invest in the exclusive purchase of Government-issued Special Singapore Government Securities (SSGS), the proceeds from these purchases go into the Past Reserves. [10] Current Key Statutory Boards: [11] Central Provident Fund Board (CPF)
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