It's so funny that one of the oldest provident funds in the world is the Malayan one (now known as EPF in Malaysia and CPF in Singapore). It's older than any iteration of this territory as a postcolonial state (1951). The easiest way to think of it is a pension scheme for the private sector - but that's such a leftwing thing to say here if I were to use that description I evidently will blow people away. Consequently people are more encouraged to think of it merely as a savings fund, a convenient framework as every successive generation of neoliberal seek to externalise any public obligation and social welfare. The big con that really got going in COVID era is the political encouragement to have people demand the right to 'withdraw their savings'.
Anyway, as political compromises go, this seems fine but if anyone wants free advice, that's below this post.