The status of Singapore Permeant Resident (PR) has long being longed for by expats and non-residents on this garden city. With 10s of thousands of applications being submitted for Singapore PR annually, there is definitely good reason for the high demand each year. As a matter of fact, the amount of PRs approved in 2018 was greater than in 2017, 32,710 contrasted to 31,849.
Yet, many are not completely aware of the obligations that come with being given PR status in Singapore. In this post, we will look two obligations that will most likely impact you and your family.
Eligibility for CPF Contributions
The Central Provident Fund (CPF) is a social security savings scheme that is mandated by the Singapore government for both citizens and PRs. Operating as a safety net for all, everyone’s CPF account helps make certain that individuals have adequate savings to deal with health care, housing and retirement requirements. Employers are required to divert a part of your gross wage to your CPF account, which does enjoy variable rates of interest.
With regular CPF contributions, you should be able to retire with a peace of mind, knowing that you have adequate financial savings to float you through your retirement years.
In Singapore, all male citizens are needed by the government to enlist for National Service within the military, civil defence or police force for a period of 2 years. Conscription guarantees that Singapore, despite being an incredibly small nation, has sufficient defences and support in times of emergencies. It likewise serves as a deterrent against international forces who are looking to disturb the peace that the nation delights in.
While you might not need to undergo National Service, your son (if sponsored by you) will be called for to enlist. Throughout the 2 years in National Service, your son will undergo rigorous training that is meant to strengthen him and prepare him to serve the country when required.
Why are there Obligations for Singapore PRs
The requirement for CPF contributions and conscription for your children create a safety net for the nation. This helps ensure that you do not need the state’s assistance in retirement or when medical bills arise. Furthermore, the country would be able to count on your children to defend its shores should ever the need arise.
From the government’s point of view, these obligations build in the necessary resilience needed in the event of financial, social, emotional or physical attacks from foreign forces. These attacks might be intentional or accidental such as when a financial crisis or pandemic hits the world. Regardless, by having you and your family actively involved in its defence and economy.
Finding Out More Information
In need of more information before you make you make your application? If so, then consider speaking to an apply Singapore PR consultant to find out all about the duties or obligations for Singapore PRs.