Why does the majority of the Workfare Income Supplement (WIS) payment take the form of CPF contributions?
Other than providing a cash supplement to help lower-wage workers cope with their daily needs, it is also important that WIS helps them to build up their CPF savings for their healthcare and retirement needs. Furthermore, savings in the CPF accounts can earn an interest rate of up to 5% per annum if you are below 55, and up to 6% per annum if you are 55 and above.
Visit here for more information on CPF interest rates. Terms and conditions apply.