The CPF is an employment-based savings scheme with the help of employers and employees contributing a mandated amount to the fund for their benefits.

[6] British colonial authorities in Singapore implemented a proposal by David Marshall via the Progressive Party committee, to create the Central Provident Fund in 1955 as a compulsory savings scheme to assist workers in retirement provision[7] without needing to introduce a more extensive and costly old age pension, as was the norm in Britain at the time.

Money contributed to the Central Provident Fund earned a nominal rate of return.

Later programs includes interest rate top up of 1% for the first $60,000 of retirement savings, the Workfare Income Supplement which supplements retirement savings for low-income older workers, and the Pioneer Generation Package which provides additional support for the medical expenses of older workers.

In addition, the first $60,000 in the combined CPF balances, with up to $20,000 from the Ordinary Account, will earn an extra 1% interest.

[18] Members would receive a monthly stipend from their RA at the start of their Payout Eligibility Age until it is depleted.

[19][20] For members with insufficient savings to meet FRS minimum limit or chooses to meet only BRS minimum limit in their RA, the property under their ownership (with the exception of 2-room flexi or lease buyback scheme flat) could be pledged to make-up half of FRS.

[21] Upon the sale or transfer of the property, members are required to refund to CPF, any savings used in the original transaction or retirement funds withdrawn, inclusive of accrued interests.

[22][23] The retirement sum has been continuously increased over the years to account for inflation and longer life expectancies.

Part of citizen members' working contributions will be allocated to their MA until their balance reaches the Basic Healthcare Sum (BHS).

[33] MediShield Life is a catastrophic care scheme to help citizens and their dependents to meet the high medical costs of prolonged or serious illnesses.

[34] Similar to Medisave, policies on Medishield Life coverage, usage and premiums are set by the Ministry of Health while the day-to-day operational aspects are run by CPF Board.

[35] ElderShield is a severe disability insurance scheme that provides monthly cash payout of $300 or $400 up to a maximum period of 5 or 6 years.

CPF members with a Medisave account will be automatically enrolled into the scheme once they reach 40 years old unless they opt-out.

[36] In order to make a claim under this scheme, a person must lose the ability to perform at least three out of the six daily activities:[37] Washing, Dressing, Feeding, Toileting, Mobility, Transferring.

[40] On 25 May 2018, the Ministry of Health announced that it will be introducing a mandatory insurance scheme that will enhance the existing Eldershield by 2020 for those aged between 30 and 40.

[41] Similar to Eldershield, to claim under Careshield Life, one has to lose the ability to perform at least three out of six daily living activities.

[55] On 15 May 2014, Roy Ngerng made a post entitled "Where Your CPF Money Is Going: Learning From The City Harvest Trial" on his blog the Heart Truths.

[58] On 18 May, Prime Minister (PM) Lee responded through his lawyer Davinder Singh, who stated that the blog post alleged that Lee "is guilty of criminal misappropriation of the monies paid by Singaporeans to the CPF" and that the allegations were "false and baseless".

[61] Singapore's Ministry of Finance has publicly stated that CPF monies are safe as all CPF monies are invested in securities that are issued and guaranteed by the Singapore Government, which is one of the few remaining triple-A credit-rated governments in the world.

[64] In a 4 August affidavit, Ngerng argued that his blog post had been misunderstood, and that he was merely asking for more transparency and accountability for CPF monies.

[66] Judge Lee Seiu Kin ruled that there was "no triable defence" and "no doubt that it is defamatory to suggest that the plaintiff is guilty of criminal misappropriation".

[66] An injunction against Ngerng was granted, barring him from publishing future similar accusations regarding PM Lee and the CPF.

[67] Ngerng expressed disappointment at the verdict, but maintained that he would "still continue to speak up on the CPF and other issues that concern Singaporeans".