ANNUAL REPORT Central Provident Fund Board 2020 Mission Content Page To enable Singaporeans to have a secure retrement, through Bolstering Chairman’s Statement lifelong income, healthcare fnancing and home fnancing 04 24 Retrement Income
Providing Healthcare Board Members Vision 08 26 Protecton for Life A trusted and respected social security organisaton, 10 Corporate Governance 28 Enabling Home Ownership commited to enable Singaporeans to have a secure retrement Making a Diference Core Management 12 30 Through Service
Public Service Values 14 Organisaton Structure 32 Digital Platorms Integrity, Service, Excellence 16 START NOW 34 Frontline Services
The ABCDs of Our Engagement Channels 18 Board Culture 38
Supportng Singaporeans CPF at a Glance 20 40 Beyond CPF
Building a Secure Achieving Excellence 22 Foundaton for Retrement 42 as One Workforce
2 CPF Board Annual Report 2020 3 Chairman’s Statement
Update on the Central Provident Major CPF Enhancements in 2020 The CPF Investment Scheme (CPFIS) is intended for Fund and Insurance Funds members who have the knowledge and tme to Helping Members to Strengthen invest part of their CPF savings in order to seek The CPF Board marked its 65th anniversary in 2020. Retrement Adequacy potentally higher returns. However, investment churn can erode returns and afect members’ Over the decades, Singapore’s CPF system has In 2020, we took steps to help self-employed savings. To reduce the cost of investng for CPFIS grown from strength to strength in helping our persons (SEPs) save more regularly for their members, we removed the CPFIS sales charge of people meet their retrement, housing, and healthcare needs. Under the Contribute-As-You- up to 1.5% for investment-linked insurance policies healthcare needs. In 2020, the number of CPF Earn pilot scheme launched in early 2020, SEPs and unit trusts, and further lowered annual wrap members increased by 1.8% to 4.1 million, and contractng with government agencies had a fees that fnancial advisors can charge from 0.7% total CPF members’ balances grew by 8.7% to porton of their fees automatcally credited to their to 0.4% of assets under management in October $462.1 billion. This excludes the net amount MediSave accounts, with matching contributons 2020. This second round of reducton brings fees withdrawn for housing and investments, which from the Government up to a $600 cap. In 2020, closer in line with those charged by cash market stood at $261.4 billion at the end of 2020. The about 4,000 SEPs benefted from this scheme. Board also operates several insurance funds. At online investment platorms. the end of 2020, the MediShield Life Fund stood at In January 2020, we also enhanced the Workfare $2.1 billion. Over 701,000 MediShield Life claims Income Supplement scheme, which provides Providing Greater Protecton and Mr Chiang Chie Foo were approved, amountng to $1.0 billion. The payouts to uplif the incomes and CPF savings of Assurance for Long-Term Care Needs Chairman Home Protecton Fund stood at $0.7 billion as at lower-wage Singaporean workers. Eligibility was To further assist seniors with their long-term care end-2020, with over 580,000 members insured extended to those earning up to $2,300 a month, needs, we launched the new CareShield Life and under the Home Protecton Scheme (HPS). In the with a higher annual payout of up to $4,000. These MediSave Care schemes in October 2020. Unlike course of the year, 920 HPS claims amountng to enhancements are expected to beneft close to the current ElderShield scheme, CareShield Life $83.8 million were approved. 440,000 Singaporean employees and SEPs for will provide universal coverage for all Singapore Work Year 2020. Residents born in 1980 or later, with lifetme cash payouts startng from $600 per month for as long Supporting Members and Housing monetsaton schemes such as the Silver as they remain severely disabled, regardless of Employers Through COVID-19 Housing Bonus (SHB) and the Lease Buyback Scheme (LBS) help elderly households supplement pre-existng conditons. Payouts also increase over The COVID-19 pandemic last year has had an their retrement income by providing bonuses to tme, increasing annually untl age 67 or when a unprecedented impact. To see Singaporeans seniors who right-size or sell their remaining fat successful claim is made, whichever is earlier. through this challenging period, the Government lease respectvely. In April 2020, the SHB was Eligible Singaporeans also enjoy means-tested introduced an array of support measures, a streamlined to allow more seniors to qualify so subsidies and additonal premium support. More number of which were implemented by the CPF long as they sell their current fat and buy a 3-room than 680,000 CPF members have joined CareShield Board. These included the Care and Support or smaller fat, and top up $60,000 of the proceeds Life since its launch. Package cash payout and Solidarity Payment for to their CPF Retrement Account. To beter support Singaporeans, the Workfare Special Payment and seniors in their retrement, the maximum SHB and MediSave Care also allows severely disabled Self-Employed Person Income Relief Scheme for LBS bonuses were also increased to $30,000, up Singapore Residents aged 30 and above to workers, as well as the Jobs Support Scheme and from $20,000 previously. By the end of 2020, over withdraw up to $2,400 per year in cash from their Foreign Worker Levy waivers for employers. 2,500 members had benefted from these own and/or their spouse’s MediSave accounts. enhanced schemes. Taken together, these measures will provide greater protecton and assurance for members’ long-term care needs.
4 CPF Board Annual Report 2020 5 Improving Members’ Service To strengthen seniors’ retrement adequacy during from 2021. Now known as MediSave700, the Experience their working years, CPF contributon rates will be scheme is expected to beneft more than 176,000 increased gradually for workers aged above 55 to patents who will be able to withdraw amounts Even as we enhanced existng policies and 70 over the next decade, startng from 1 January more commensurate with their individual medical implemented new schemes in 2020, we also made 2022. To alleviate the rise in business costs for needs, as limits were shifed from a per-account to advances in service delivery. In January 2020, CPF employers, the CPF Transiton Ofset will absorb a per-patent limit. Board launched an online service for members to half of this increase for employers in the frst year. nominate their benefciaries without them or their witnesses having to be present in person or flling in hardcopy forms. The Online Nominaton Service Better Protection Against Conclusion and Appreciation (ONS) allowed members to make nominatons Unexpected Events As Singapore contnues to deal with the COVID-19 even when our CPF Service Centres were closed The Dependants’ Protecton Scheme was enhanced pandemic, the CPF Board remains commited to during the COVID-19 Circuit Breaker period in April from 1 April 2021 to beter protect insured our mission to enable Singaporeans to have a and May 2020. ONS provides greater convenience members, and their families, during their working secure retrement, through lifelong income as well to members and has been very well received; years. CPF members now enjoy more atractve as healthcare and home fnancing. I wish to take almost half of all 118,000 nominatons in 2020 premiums, and a higher sum assured of $70,000, this opportunity to convey my appreciaton to all were carried out online. up from $46,000 previously. The maximum age of Board members for their guidance and support. I coverage has also been increased to cover also wish to thank CPF Board staf, whose members above age 60 and up to age 65, at a lower dedicaton and passion made it possible for us to Further Enhancements in sum assured of $55,000. This strikes a balance roll out the many COVID-19 support schemes and 2021 and Beyond between the member’s need for fnancial contnue serving Singaporeans with excellence in protecton and conserving more of their CPF for these difcult tmes. Supportng Our Seniors higher retrement payouts. To help seniors who have not been able to meet I also wish to express our appreciaton to former MediShield Life is a health insurance plan which Board members Mr Chan Heng Kee, Ms Mary Liew, the Basic Retrement Sum to save more for helps to pay for large hospital bills and selected retrement, we introduced the Matched Retrement Prof Annie Koh, and Mr Tan Teck Huat for their costly outpatent treatments. To ensure that it valued service to the Board. We welcome Mr Poon Savings Scheme (MRSS) in January 2021. Eligible contnues to provide adequate and meaningful Singaporeans aged 55 to 70 will have their cash Hong Yuen as our new Deputy Chairman, as well as protecton to members, the scheme was enhanced Mr Chan Yeng Kit, Mr Sanjeev Tiwari, Prof Chong top-ups matched by the Government, capped at in March 2021 to provide beter coverage, including $600 per year from 2021 to 2025. Some 440,000 Tow Chong, and Ms Tan Su Shan as Board members. updated claim limits. Given this challenging I look forward to their contributons. Singaporeans are eligible for MRSS in 2021. pandemic period, subsidies and support will be provided to help cushion the impact of premium We have also strengthened support for seniors adjustments. These include a one-of COVID-19 aged 65 and above who had low incomes during premium subsidy, payment deferrals and additonal their working years and now have less in retrement. premium support for eligible members. In additon, In January 2021, the Silver Support Scheme was Pioneer Generaton seniors will also receive higher enhanced to increase quarterly cash payouts by lifetme annual MediSave top-ups of $250 to $900 20% and introduce a new payout ter for seniors from 2021. with monthly household income per person above $1,300 but not exceeding $1,800. The eligibility To beter support patents with complex chronic criteria was also broadened to cover one in three conditons, the annual withdrawal limit for seniors aged 65 and above. In total, almost 250,000 MediSave to be used for Chronic Disease seniors — up from 150,000 previously — will Management Programme treatments was raised beneft from Silver Support payouts in 2021.
6 CPF Board Annual Report 2020 7 Board Members
Mr Chiang Chie Foo Mr Poon Hong Yuen Mr Augustin Lee Ms Liew Tzu Mi Chairman Deputy Chairman Chief Executve Ofcer Chief Investment Ofcer Deputy Secretary (Workforce) Central Provident Fund Board Fixed Income Ministry of Manpower GIC Pte Ltd
Mr Chan Yeng Kit Mr Lim Zhi Jian Mr Aje Kumar Saigal Ms Rachel Eng Permanent Secretary Director Chief Executve Ofcer and Managing Partner Ministry of Health (Reserves & Investment) Chief Investment Ofcer Eng and Co. LLC (Government Representatve) Ministry of Finance Nuvest Capital Singapore (Government Representatve)
Mr Muhd Shamir Bin Mr Tan Hee Teck Ms Ho Hern Shin Professor Chong Abdul Rahim Chairman and Deputy Managing Director Tow Chong Founder and Chief Executve Ofcer (Financial Supervision) President Chief Executve Ofcer Resorts World at Sentosa Pte Ltd Monetary Authority Singapore University of VersaFleet Pte Ltd (Employer Representatve) of Singapore Technology and Design (Employer Representatve)
Ms Cham Hui Fong Mr Sanjeev Kumar Tiwari Ms Tan Su Shan Deputy Secretary-General General Secretary Group Head of Natonal Trades Union Congress Amalgamated Union of Public Insttutonal Banking (Employee Representatve) Employees DBS Bank (Employee Representatve)
8 CPF Board Annual Report 2020 9 Corporate Governance
Conduct of Afairs Board Commitees Internal Audit approval, together with a declaraton as to whether the budget is likely to draw on past In discharging its responsibilites, the Board is Internal Audit reports to the Audit Commitee and The Board is the trustee of the Central Provident reserves. Likewise, under Artcle 22B(6) of the supported by fve Board Commitees: the Audit operates independently from the other Groups of Fund and oversees the management of the Fund as Singapore Consttuton, the Board must inform Commitee, Investment Commitee, Insurance the CPF Board. The role of Internal Audit is to prescribed under the Central Provident Fund Act the President if any other proposed transacton by Schemes Commitee, Risk Management provide objectve audit assurance to the (CPF Act). It is also responsible for reviewing and the Board is likely to draw on past reserves. The Commitee, and Staf Commitee. Each Commitee Management and Audit Commitee on the approving the annual budget and fnancial Board is also required under Artcle 22B(1)(c) of is commissioned with respectve Terms of adequacy of governance, risk management and statements. The Board monitors organisatonal the Singapore Consttuton to present to the Reference approved by the Board. More controls processes within the CPF Board. It adheres performance, ensures the adequacy of risk President, within six months afer the close of informaton is available in Annex G. to the Code of Ethics and the Internatonal management policies and systems, and provides each fnancial year, the audited fnancial Standards for the Professional Practce of Internal advice to Management to ensure that the statements and a declaraton as to whether the Auditng set by the Insttute of Internal Auditors. organisaton functons efciently and efectvely. statements show any draw on past reserves. The Board’s approval is required for material Risk Management transactons and decisions, including but not and Internal Controls External Audit The budget, when approved by the President, is limited to the sale of property. Under the Public Sector (Governance) Act 2018, published in the Government Gazete. The full Risk Management the accounts of the CPF Board are required to be year fnancial results of the CPF Board are made Board Compositon and Membership The CPF Board has an established Board-wide risk audited at least once annually by the Auditor- available to CPF members and the general public management framework. This is based on the ISO General or any other auditor appointed by the via the CPF website. The CPF Act provides for the appointment of 15 Minister in consultaton with the Auditor-General. Board Members, comprising the Chairman, Deputy 31000 Risk Management Standard and entails a Chairman, Chief Executve Ofcer, two rigorous and systematc process for managing risks. Annual risk assessments are conducted, with From its audit, the appointed external auditor Professional and Ethical Conduct representatves from Government, Employer and expresses an opinion on CPF Board fnancial Employee groups, and up to six other individuals. signifcant risks monitored by Management and the Risk Management Commitee. statements, and an assessment of any risks of Staf of the CPF Board are obliged to comply with The Minister for Manpower, with the President’s material misstatement, whether due to fraud or practces that refect the highest standards of concurrence under Artcle 22A(1)(b) of the error. The external auditor report is reviewed by behaviour and professionalism. This includes Consttuton of the Republic of Singapore, appoints The Board has sought assurances from Management and is satsfed that internal controls both the Audit Commitee and the Board, before it safeguarding ofcial informaton under Secton all the Board Members. Board Members, including is provided to the Auditor-General’s Ofce. 59(1) of the CPF Act, the Statutory Bodies and the Chairman and Deputy Chairman, are appointed relatng to fnancial, operatonal, IT and risk management systems are adequate and efectve. Government Companies (Protecton of Secrecy) for a term of up to two years. The Board comprised For Financial Year 2020, KPMG LLP was appointed Act (Chapter 319) and the Ofcial Secrets Act 15 members as at 31 December 2020. as the CPF Board’s external auditor. (Chapter 213). Staf of the CPF Board must abide Whistle-Blowing Policy by the CPF Board’s Code of Conduct, which All Board Members, except for the Chief Executve The CPF Board Whistle-blowing Programme includes guidelines on receiving gifs and Ofcer (“CEO”), are non-executve members. The encourages the reportng of suspected Accountability entertainment from vendors and members of the Board’s compositon considers relevant expertse wrongdoings. To preserve anonymity, both staf public with whom staf are in contact with during and experience required for efectve decision- and vendors may disclose concerns through The CPF Board is a Statutory Board specifed in the course of ofcial dutes, and the avoidance of making and leadership. The Board consists of secured channels manned by an independent Part I of the Fifh Schedule of the Singapore situatons where a confict of interest may arise. members with core competencies in areas such as external party. Informaton provided is Consttuton. Under Artcle 22B(1)(a) and (b) of Under the CPF Board’s whistle-blowing accountng, insurance and investment. safeguarded and all cases are reported to the the Singapore Consttuton, the Board is required programme, staf and vendors are encouraged to Audit Commitee. The programme is regularly to present its annual budget, including any report any suspected wrongdoing. communicated to all staf. supplementary budget, to the President for
10 CPF Board Annual Report 2020 11 Core Management As of 1 April 2021
Mr Augustin Lee Mr Lo Tak Wah Ms Irene Kang Ms Janice Lai Chief Executve Ofcer Deputy Chief Group Director Group Director Executve Ofcer (Communicatons) (Customer Relatons) (Services)
Mr Ng Hock Keong Mr Eng Soon Khai Mr Low Pat Chin Ms Naina D. Parwani Deputy Chief Deputy Chief Group Director General Counsel Executve Ofcer Executve Ofcer (Healthcare) (Legal Services) (Infocomm Technology and (Policy and Corporate Digital Services) Development)
Mr Tang Lee Huat Mr Wong Yan Jun Ms Peh Er Yan Mr Tan Choon Swee Group Director Group Director Group Director Group Director (Finance and Procurement, (Digital Services) (Housing and Investment) (Business Applicaton Systems) Investment Management) Chief Informaton Ofcer Chief Financial Ofcer
Ms Belinda Teoh Mr Chong Quey Lim Mrs Tan Chui Leng Mr Tey Chee Keong Group Director Group Director Group Director Group Director (Employer Collectons (Cybersecurity and Technology) (Retrement Income) (Human Capital Management) and Enforcement) Chief Technology Ofcer
Mr Desmond Chew Mr Gregory Chia Mr Winston Yean Mr Yeap Thiam Meng Group Director Group Director Group Director Group Director (Agency and Self-Employed) (Policy, Statstcs (Corporate Strategy (Agency and Healthcare and Research) and Risk) Systems)
12 CPF Board Annual Report 2020 13 Organisation Structure As of 1 April 2021
Chief Executve Ofcer AUGUSTIN LEE
Internal Audit (IA)
Infocomm Technology & Services (SVC) Policy & Corporate Development (PCD) Digital Services (IDS) Services (SVC) Deputy CEO DeputyDeputy CEOCEO Deputy CEO LO TAK WAH ENGLO SOON TAK WAH KHAI NG HOCK KEONG
Agency & Healthcare Retrement Housing & Customer Employer Investment Business Cybersecurity Digital Services Agency & Policy, Statstcs Finance & Corporate Communicatons Human Capital Legal Services Self-Employed Group (HCG) Income Investment Relatons Collectons & Management Applicaton & Technology Group (DSG) Healthcare & Research Procurement Strategy & Risk Group Management Group (LSG) Group (ASG) Group (RIG) Group (HIG) Group (CUG) Enforcement Group (IMG) Systems Group Group (CTG) Systems Group Group (PSR) Group (FPG) Group (SRG) (COM) Group (HCM) Group (ECE) (BAS) (AHC)
Group Director Group Director Group Director Group Director Group Director Group Director Group Director Group Director Group Director/ Group Director/ Group Director Group Director Group Director/ Group Director Group Director Group Director General Counsel DESMOND CHEW LOW PAT CHIN TAN CHUI LENG PEH ER YAN JANICE LAI BELINDA TEOH TANG LEE HUAT TAN CHOON SWEE Chief Technology Chief Informaton YEAP THIAM MENG GREGORY CHIA Chief Financial WINSTON YEAN IRENE KANG TEY CHEE KEONG NAINA D. PARWANI Ofcer Ofcer Ofcer CHONG QUEY LIM WONG YAN JUN TANG LEE HUAT
14 CPF Board Annual Report 2020 15 START NOW Our Ambiton Commited to pushing the boundaries of excellence in service, engagement and operatons, the CPF Board has embarked on a near-term ambiton, START NOW. Despite the challenging circumstances brought on by COVID-19, we will contnue to press on with our transformaton eforts in 2021. We will consolidate the lessons learnt from the pandemic, while maintaining a long-term focus on serving members well and building capabilites to ensure the robustness and resilience of our business systems.
e-mails, and auto-enrolling members onto the Solutons without Boundaries Tech & Apps at the Leading Edge Retrement without Worry electronic version of the Yearly Statement of Account. As a key public service and touchpoint for millions of To excel in customer engagement, service delivery To provide members with peace of mind in We will also leverage FormSG and our Business members, the CPF Board is well connected with and operatonal efciency, CPF Board keeps abreast retrement, we contnually review policies and Process Management System to systematcally other Government agencies, which puts us in a good of the latest technological developments, so that we introduce scheme enhancements to improve convert all hardcopy forms to e-forms, to facilitate positon to support Whole-of-Government solutons. can adopt relevant new technologies swifly. The members’ retrement adequacy. We also make sure straight-through processing for all transactons. pandemic prompted many structural changes such that our policies and schemes are well communicated Over the last two years, we progressively rolled out as a transiton to home-based call centres and virtual and easily understood by members. Key policies that the Rejected Appeals Management Protocol customer consultatons at select service centres— we will implement in 2021 include Phase 2 of the Workforce that Achieves Together (RAMP) to proactvely connect citzens in need with along with a renewed impetus to adopt new CareShield Life scheme and the new Matched To achieve our START NOW ambiton, CPF Board will agencies upstream that can provide relevant technologies fast. We will contnue to press on with Retrement Savings Scheme (MRSS). We will also be need to cultvate a skilled and motvated workforce assistance beyond what the Board can ofer. We now our eforts to modernise our code base, exploit cloud implementng enhancements to the CPF LIFE scheme that embraces the transformaton eforts afoot. In have a well-established RAMP network of 32 partner technologies, adopt agile sofware development and and the Dependants’ Protecton Scheme. 2021, the new Redeployment and Employability Unit agencies, spanning all major appeal categories such personalise our online services. will provide staf with career guidance, upskilling to as daily expenses, debt, housing, healthcare and While the pandemic may have curtailed physical improve employability and support for job rotatons. educaton. Our focus in 2021 is on improving the engagements with members, we have expanded our We will contnue to equip our staf with tmely and efectveness of RAMP, to ensure that all deserving ssurance against Dynamic Risks digital oferings, and will contnue to leverage digital A relevant skillsets such as Lean Six Sigma for process appellants receive appropriate help from the platorms and collaborate with external partners As trustees of our members’ CPF monies, it is optmisaton and robotc process automaton (RPA) Government. such as schools and grassroots leaders to deepen imperatve that we ensure uninterrupted and error- for the automaton of manual tasks. We will also free delivery of CPF services through resilient and community engagement and help members transit to new ways of working that aford our staf In support of the Singapore Together movement, we robust governance, processes and operatons. In appreciate how the CPF system works for them. the benefts of working from home as well as in the have also set up a dedicated Volunteers & Partners 2021, we will contnue to leverage beter sensing ofce and introduce new workspaces more conducive Ofce to launch a Community Paying it Forward capabilites, faster counter measures, and to collaboratve work. Volunteer (CPFV) movement. The Ofce brings technology-driven interventons to safeguard our Transactons without Hardcopies together like-minded individuals to create a data and operatons. This will ensure that our otfcatons without Leters community of members who pay it forward by members and stakeholders contnue to have full N sharing useful CPF informaton with others and trust and confdence in the Board. peratons without Mundane Work helping them to make the most of their CPF. O Digitalisaton is a key pillar of CPF Board’s transformaton eforts as part of Singapore’s Smart Naton drive. Our current digitalisaton eforts focus on ofering Transactons without Hardcopies, Notfcatons without Leters, and Operatons without Mundane Work. Our contnuing initatves include: digitalising hardcopy leters by phasing out unnecessary leters, convertng other leters to
16 CPF Board Annual Report 2020 17 The ABCDs of Our Board Culture At the CPF Board, we aspire to always be Agile, Bold, Customer-Obsessed and Data-Smart.
Agile Bold Anticipate change Innovate; break new ground Value “Good enough but fast” over Be undeterred by lack of “Perfect but slow” precedence Improvise; adapt to the unexpected Explore; experiment; learn in safe-fail environment
Customer-Obsessed Data-Smart Go beyond customer-centric Drive policy and operational decisions with data insights Deeply understand what customers value and what motivates them Visualise and exploit data Meet customers’ needs (even Share data, with safeguards unspoken ones) in advance
18 CPF Board Annual Report 2020 19 CPF at a Glance As at 31 December 2020
Interest Earned by CPF Members CPF Members’ Balances CPF Withdrawals
Total interest credited to CPF members’ accounts Total CPF members’ balances grew by 8.7% to $16.8 billion billion including $1.7 billion in extra interest1 $462.1 1 To enhance Singaporeans’ retrement savings, the Government pays extra interest on the frst $60,000 of a member’s combined balances, capped at $20,000 for their Ordinary Account (OA). Please refer to cpf. CPF contributons gov.sg/CPFInterestRates for details on extra interest. collected and credited Withdrawals from CPF members’ balances
CPF Membership $40.9 billion $20.7billion
4.1 million 2million CPF Contributions and Enforcement total membership2 actve members3 Mandatory CPF contributons 2 3 A CPF member refers to a person (including the self-employed) who An actve CPF member refers to a person who has at least one made for employees by more 1.7% has a positve balance in any of their CPF accounts. contributon paid for them for the current month or any of the Average default rate for employers who failed to pay than 154,000 employers preceding three months. The fgure excludes Self-Employed Persons CPF contributons5 (SEPs) who are not employees concurrently. 5 This refers to the proporton of employers who failed to pay CPF contributons one month afer the grace period.
Self-Employed Contributions $615.1 million Total CPF Contributons from Total amount recovered for employees in owed and Self-Employed Persons (SEPs) $2.1 million late CPF contributons from their employers Mandatory MediSave contributons made by about million 4,000 SEPs under the pilot Contribute-As-You-Earn $801.9 (CAYE)4 scheme
4 More informaton can be found in Annex H. Mandatory annual MediSave contributons made by The Contribute-As-You-Earn (CAYE) scheme launched on 1 January 2020 requires Government service buyers to deduct and transmit the more than 251,000 SEPs MediSave contributon to the SEP’s MediSave account whenever they pay the SEP. $627.8 million
20 CPF Board Annual Report 2020 21 Building a Secure Foundation for Retirement In 2020, Singapore was once again ranked as Asia’s top retrement system (and 7th overall internatonally) by the annual Mercer Global Pension Index.
The Central Provident Fund (CPF) system, which the CPF Board administers, plays a vital role in helping members build a secure foundaton for their retrement, healthcare, and home ownership needs. Over the years, we have contnued to evolve and advance new policies and schemes to serve our members across these three key pillars.
Bolstering Providing Enabling Retirement Income Healthcare Protection for Life Home Ownership
More than 1 $1.01 billion 972,000 178,000 in direct medical expenses CPF members used CPF savings CPF members in CPF Lifelong Income paid for via MediSave for housing needs amountng to for Elderly (LIFE) Scheme since its launch in 2009 $17.3 billion 1 Based on the number of CPF members who withdrew their CPF savings to pay for their housing needs. Members who own both HDB fats and private propertes will be counted more than once.
$2.3 billion in monthly 701,000 claims payouts received to date by more than approved under 76,000 MediShield Life covering CPF members $1.05 billion in hospital bills
22 CPF Board Annual Report 2020 23 Receiving Lifelong Monthly More Bolstering Payouts than 178,000 members joined CPF LIFE since its launch in 2009 Singaporeans are living longer than ever before. CPF Retirement Income LIFE provides members with monthly payouts, startng any tme from age 65 and contnuing for as billion CPF helps members to accumulate savings for their future needs by setng aside part of their employment long as they live. $2.3 income from the moment they start working. Such savings, which earn risk-free interest, can also be enhanced paid to more than 76,000 members through voluntary top-ups.
These funds can then be used for retrement through monthly payouts. CPF Withdrawals Breakdown of members $4.6 Reached the age of 55 and have set aside their CFRS in Saving for a Secure Retirement billion their RA3 Savings in the Retrement Account (RA) provide CPF Withdrawn on death and medical grounds members with monthly payouts under the CPF LIFE $6.4 Lef Singapore and West Malaysia permanently, and Scheme or the Retrement Sum Scheme (RSS). billion Malaysians who lef Singapore to reside in West 63.6% disbursed to CPF Malaysia CPF LIFE provides CPF members with a monthly payout of 40,000 actve CPF members who turned 55 in 2020 members in 2020 3 CPF members who are unable to set aside their CFRS4 or at least CBRS no mater how long they live, while RSS provides were able to set aside their Cohort Full Retrement $1.3 with a property, can stll withdraw up to $5,000 of their savings. Those payouts untl their RA savings are depleted. billion who are receiving lifelong monthly income from their own private Sum (CFRS), or set aside at least their Cohort Basic annuites or pension may also withdraw their RA savings, without the Retrement Sum (CBRS) while owning at least one need to set aside the retrement sum in their RA. $0.5 4 For those who do not own a property. property. billion
Topping Up for More No. of top-ups Additional Support for Workfare Income Supplement Scheme (WIS) Retirement Savings 43% increase CPF Members To grow their retrement savings, CPF members can make cash top-ups or transfer their Ordinary Account $652 million 2019 2020 Silver Support Scheme (OA) savings to their Special Account (SA) or RA. in WIS payments made to 417,000 Singaporean (231,000 (331,000 employees and Self-Employed Persons (SEPs) for They can also do so for their loved ones. CPF top-ups) top-ups) working in 2019 members can enjoy up to $14,000 in income tax relief for the cash top-ups1 for themselves and their loved ones. Top-up amount $395.8 million $753 million was disbursed to over 154,000 seniors in 2020 paid to 392,000 Singaporean employees for working In 2020, 140,000 CPF members partcipated in the increase in 2020 Retrement Sum Topping-Up Scheme and 331,000 39% top-ups2 were made, amountng to SEPs who worked in 2020 will receive their 2020 WIS payment from April 2021, upon income declaraton and payment of the required MediSave contributon.
2 2019 2020 ($2.15 billion) ($3 billion) $3 billion CPF Investment Scheme (CPFIS) More than one-third of members who topped up 1 Up to $7,000 per year for cash top-ups for themselves and up to $17billion $7,000 for their loved ones, if they meet the conditons. of OA savings invested by 960,000 CPF members were doing so for the frst tme. 2 Comprising cash top-ups and CPF transfers. CPFIS is intended for members who are willing to take risks and have the knowledge and tme to invest their Ordinary Account (OA) and Special Account (SA) savings in a wide range of fnancial instruments, $5.5 billion subject to investble limits. of SA savings invested by 283,000 CPF members 24 CPF Board Annual Report 2020 25 Providing Lifetime Protection for CareShield Life is a long-term care insurance scheme Long-Term Care Needs that provides members with fnancial support in the Providing Healthcare event of severe disability. More than 680,000 CPF members have joined CareShield Life since its launch.
CareShield Life and MediSave MediSave Care is a long-term care scheme to allow Protection for Life members who are severely disabled to make monthly Care were launched on 1 cash withdrawals of up to a total of $200 a month Healthcare expenses can be costly and can come about suddenly. An important use of CPF savings is to help October 2020. from their own and/or their spouse’s MediSave cover direct healthcare costs, as well as health insurance costs. Accounts. In recent years, these provisions and benefts have been enhanced to ofer members beter coverage and support. Additional Support for MediShield Life Premium Subsidies CPF Members Helping Members with $623.4 million The Government also provides subsidies and grants provided in Government subsidies Healthcare Costs to keep premiums afordable and boost Singaporeans’ MediSave savings. This includes premium subsidies for lower- to middle- MediSave withdrawals for direct medical expenses Claims from MediShield Life coverage income households and Additonal Premium Support CareShield Life Premium Subsidies for those who require further fnancial assistance. $1.05 billion approved for $1.01 billion MediSave Grant for Newborns claims $57.6 million Figure excludes MediSave withdrawals for payment of premiums 701,000 provided in Government subsidies from October to under the Private Medical Insurance Scheme, CareShield Life Scheme, December 2020 $138.3 million ElderShield Scheme and MediShield Life Scheme. credited into the MediSave Accounts (MA) of Government subsidies keep CareShield Life newborns premiums afordable. In 2020, subsidies were given Enhanced MediSave Benefts Enhanced MediShield Life to: Parents may tap on this grant for their children’s MediSave helps CPF members save for future medical Benefts • Singapore Citzens born in 1980 or later, for the healthcare needs such as: • MediShield Life premiums expenses. Besides hospitalisaton, MediSave can also be Through MediShield Life, all CPF members enjoy frst 5 years from the launch of the scheme (i.e. • Recommended childhood vaccinatons used to pay for certain costly outpatent treatments like health insurance protecton against large hospital 2020 to 2024) • Hospitalisatons and approved outpatent dialysis, chemotherapy and radiotherapy, as well as for bills for life, regardless of age or health conditons. • Lower- to middle-income Singapore Citzens treatments treatment of a number of chronic diseases like diabetes CPF members can also use MediSave to pay for their and Permanent Residents and hypertension. own or approved dependants’ MediShield Life premiums. In 2020, the MediSave scheme was enhanced to introduce: In 2020, MediShield Life benefts were enhanced Honouring and Increased limits for inpatent hospice palliatve with: Supporting Our Seniors care service (IHPCS) in community hospitals and Higher and more granular claim limits for surgical In 2020, CPF Board disbursed to each generaton: inpatent hospices procedures Pioneer Generaton Package (PGP) Merdeka Generaton Package (MGP) Time-limited extension of MediSave use for Extension of coverage video-consultatons of chronic conditons under to the new IHPCS in the Chronic Disease Management Programme community hospitals $321.9 $113.5 Increased MediSave withdrawal limits for and inpatent hospices million million thalassaemia, and rental of devices for long-term million million oxygen therapy and infant contnuous positve $181.9 $140 $17.5 $96 airway pressure therapy outpatent treatments (MediShield Life million (MediShield Life million premium subsidies) premium subsidies) Usage of MediSave for acupuncture for lower (MediSave (MediSave top-ups) top-ups) back pain and neck pain at Specialist Outpatent Pioneers are Singapore Citzens born on or before 31 December Merdeka Generaton seniors are Singapore Citzens born on or before Clinics (SOCs) in public healthcare insttutons 1949, and had obtained Singapore Citzenship on or before 31 31 December 1959, had obtained Singapore citzenship on or before 31 December 1986. December 1996, and did not receive the Pioneer Generaton Package. 26 CPF Board Annual Report 2020 27 Protecting Homes and Families Enabling Home Our commitment to members does not end when they make their home purchase. We ofer insurance schemes to help cover members and their loved Ownership ones fnancially, so they do not have to worry about losing their homes in the event of unforeseen Housing is an important need. CPF plays a vital role in supportng home ownership in Singapore, by helping circumstances. members set aside savings that can be used to fund this asset. Home Protecton Scheme (HPS) Dependants’ Protecton Scheme (DPS)
HPS is a mortgage-reducing insurance scheme that DPS is an opt-out term insurance scheme provided Home Financing protects CPF members and their families from losing by the Great Eastern Life Assurance Company their homes in the event of the insured members’ Limited3 and NTUC INCOME Insurance Co-operatve In 2020, CPF members withdrew a total of death, terminal illness1 or Total Permanent Disability2 Limited. It provides eligible CPF members and their from their OA savings to pay for (TPD). It is mandatory for members who use CPF families with fnancial help in the event of the $17.3 their home purchase savings to pay for their HDB fats. insured members’ death, terminal illness1 or TPD2 4 billion before age 60 .
580,000 CPF members covered for a total sum assured of 1.9million CPF members covered for a $95.2 billion total sum assured of HDB Flats $92.8 billion billion $10.5 claims in 2020 withdrawn by 741,000 members 920 586 Death cases 334 Terminal illness & TPD cases 2,381 claims in 2020 1,693 Death cases 688 Terminal illness & TPD cases Amount of claims approved $83.8 million Amount of claims approved Private Propertes and 1 Terminal illness refers to an illness that is likely to result in death $121.7million within 12 months. A claim can be made only if the terminal illness Executve Condominiums occurred on or afer 1 May 2016. 3 From 1 April 2021, DPS is solely administered by Great Eastern Life. 2 Total Permanent Disability (TPD) refers to (i) the inability to take CPF members who were insured under NTUC Income will have had part in any employment permanently, or (ii) the total permanent loss their DPS policy automatcally transferred to Great Eastern Life. of physical functon of both eyes, two limbs or one eye and one limb. $6.8 billion 4 The maximum coverage age has been increased to cover members A claim under (ii) can only be made from the total permanent loss of above age 60 and up to age 65 with efect from 1 April 2021. withdrawn by 231,000 members physical functon that occurred on or afer 1 May 2016.
28 CPF Board Annual Report 2020 29 Making a Diference Through Service Members Come First
The year 2020 was a challenging one for Singaporeans, with the COVID-19 pandemic bringing many changes and disruptons to our way of life. During this difcult period, we stepped up our service transformaton to make it even easier for our members to access CPF services, while keeping to safe distancing guidelines.
Since we disburse the payouts of many COVID-19-related government assistance schemes, we strived to ensure that our members get the support they need, as smoothly as possible. Despite the pandemic, we also found new ways to connect with our members, who remain at the heart of all that we do.
CPF Digital Platforms Frontline Services Engagement Channels • CPF Website • CPF Service Centres • BeReady Microsite • Electronic Direct Mailers • myCPF Mobile App • Customer Contact Centre • Facebook (eDMS) Touchpoints • AXS Statons • Instagram • Community Outreach • Telegram [new] (Webinars, Talks and Events) • CPF Podcast [new] • Student Outreach • YouTube Programme - CPF Game On!
582,000 CPF members and employers 14.4 million served at 5 service centres1 engagements2 via digital and social 90 million media platorms, and ground 896,000 outreach calls managed transactons performed on CPF website, myCPF 2 Engagement refers to interactons on CPF Board’s Telegram mobile app and island-wide kiosks channel, Facebook and Instagram pages, views on CPF Board 144,000 YouTube channel, total page views on AreYouReady and BeReady correspondence processed microsites, and ground outreach. 1 All 5 service centres were closed during the Circuit Breaker period. Service by appointment resumed in June 2020. 30 CPF Board Annual Report 2020 31 CPF Website Services (cpf.gov.sg) The CPF website contnues to serve as a one-stop Digital Platforms portal for members to browse CPF informaton, 90million The Board actvely harnesses technology to make a diference to our members. We are contnually enhancing check their account balances and statements, as digital transactons performed through our digital services to make it more convenient for our members to transact with us. Members can now make well as submit online applicatons. the CPF website, myCPF mobile app and nominatons online and enjoy more digital payment optons when making CPF top-ups. island-wide kiosks In 2021, members can look forward to a new CPF website with a more personalised user experience, refreshed layout and streamlined navigaton. 20 million Online Nomination Service (ONS) hits on CPF homepages
CPF Mobile App Services Reduced In 2020, we enhanced the myCPF mobile app to ofer two months of launch, 48,000 members enabled waitng tme members greater convenience in accessing CPF the service to receive these notfcatons. services. Over 700,000 members have used the to receive bequeathed CPF savings. If a CPF myCPF mobile app. Digital Payment Enhancements nominaton has been made, the nominee can In September 2020, we made PayNow QR available generally expect to receive the payment within 4 New myCPF Mobile App Features on the myCPF mobile app. Members can now top up In the past, members who wished to nominate weeks afer they have completed the applicaton their Special Account (SA) or Retrement Account benefciaries for their CPF savings used to have to go form to withdraw the deceased member’s CPF Push Notfcatons (RA) instantaneously with just a few taps on their through a more involved process that required them savings. In November 2020, we introduced push notfcaton mobile devices. to sign documents in person with two witnesses. services on the myCPF mobile app. These alert members with updates about their personal CPF Over 7,600 digital payment transactions using In 2020, we streamlined this process, so members maters. The service also suggests educatonal PayNow QR were performed since this service was can now make nominatons fully online, anytme and artcles, CPF tps and related events. Within the frst launched. anywhere, with minimal hassle. We also deployed Cost savings digital technology to protect members’ documents and privacy more securely than ever before. Digital automaton has E-Convenience for Employers improved productvity by Employers can electronically submit their almost 90% (around $600,000 in cost savings) and employees’ CPF contributon details via: also saved $100,000 in storage costs required to 92.8% house hardcopy nominaton forms. submited their employees’ CPF contributon details 54,000 electronically nominatons were carried out online in 2020, saving almost 130,000 hours in commutng and waitng tme. This comprises almost half of all nominatons CPF Mobile AXS statons made in 2020. website phones island-wide 98.7% of all employees had their CPF contributons submited electronically
Enhanced 2020 Yearly Thank you for converting the hardcopy nomination process Statement of Account to a very convenient and streamlined online process. I was particularly We have made available the Yearly Statement of The YSOA was also enhanced with richer content, Account (YSOA) earlier, so members can access them including the breakdown of CPF contributons made impressed by the witness by SMS - great innovation! on 1 January 2021. This is three weeks earlier than by members themselves, their employers, and from before and enables members to review their fnances the Government, as well as a new secton on cash - Mr Yap Y C, a member in his early 40s and set their money goals for the new year. payouts from Government grants and social transfers.
32 CPF Board Annual Report 2020 33 CPF Service Centres Implementation of Singpass Facial Biometrics at Service Centres Frontline Services More than For millions of our members, our frontline services are a touchpoint for many signifcant aspects of their daily We introduced facial biometric authentcaton lives: from employment and retrement, to housing and healthcare. 582,000 services at the service centres. This allows safe and CPF members and secure authentcaton without needing to remember 2020 has seen challenges and disrupton. Even as we closed our service centres during the Circuit Breaker period, employers served across passwords. we contnued to ofer support to members via our other channels. 5 CPF service centres
Over CPF Retirement Planning Service Extension of Rejected Appeals 322,000 (CRPS) were served over the counters via Management Protocol (RAMP) Appointment@CPF Seniors aged 54 and above can book an appointment to More Public Agencies at our service centres to receive personalised guidance from a team of multlingual Customer Many of our members faced challenges brought Working with the Ministry of Social and Family About Service Executves on how to enhance their about by the pandemic and its fallout. Some of them Development (MSF), we saw the need to provide 260,000 retrement savings and monthly payouts. may feel the need to draw on their retrement coordinated support for fnancially distressed used Self-Help lobbies to: savings to meet their immediate needs. members with complex circumstances, so as to • View CPF statements alleviate the challenges faced when accessing help • Submit online requests At CPF Board, we will work with other public agencies across various government agencies. In July 2020, • Make payments 3,295 CPF members atended CRPS to help members in distress solve their issues we developed a process to surface cases of members in 2020 upstream, so as not to compromise their retrement in need, so they can receive coordinated and adequacy in the long term. appropriate help. Appointment@CPF
With the introducton of RAMP in May 2019, we Our service centres were closed during Singapore’s 96% have established referral protocols with 32 partner would recommend CRPS to others CPF Board assisted Circuit Breaker. They reopened in June 2020 to ofer agencies who can provide members the help they appointment-only service to adhere to safe need. This approach has helped members with distancing guidelines, with a focus on the CPF issues ranging from daily expenses to debt, housing, 3,730 Retrement Planning Service (CRPS). healthcare and educaton. CPF members with fnancial difcultes This was to provide assurance that members would through RAMP For RAMP to succeed, the relevant partner agencies be safely served in person at our service centres. must come on board. In 2020, we successfully enlisted all the major public healthcare insttutons to RAMP. This will allow members’ issues with healthcare expenses to be addressed more Digitalisation of Correspondence holistcally. In 2020, 52% of our correspondence including the while protectng the environment. We will contnue to Yearly Statement of Account were sent digitally via digitse all types of leters, to provide a more efcient e-mail, SMS or WhatsApp. Such notfcatons reach service experience to members. members in a tmely fashion and at their convenience,
34 CPF Board Annual Report 2020 35 Customer Contact Centre 896,000 calls from CPF members and employers managed
Serving Members from Home Callback @ CPF
COVID-19 has obliged many of us to work from home Call demand saw a 38% increase in 2020, due to or in smaller teams. To be able to serve members the introducton of COVID-19-related assistance anytme, anywhere, we invested in getng ready for schemes such as the Solidarity Payment and long-term, sustainable fexi-work arrangements. Workfare Special Payment.
We were one of the frst in the Public Service to To manage the increased demand, we implemented transit to home-based call centres, with 90% of our a callback service to let members indicate their frontline ofcers felding calls from home by the preferred tme for a return call. Members no longer second week of the Circuit Breaker period. Our need to wait on hold to be served by phone. 99% of services contnued to be accessible during the Circuit members served in 2020 have expressed satsfacton Breaker period with minimal service disrupton to with this new service. members.
Call Authentication Service with Singpass 2FA
Safeguarding CPF members’ confdental data is of paramount importance to us. Since 2017, the use of Singpass 2FA has allowed members’ identtes to be securely verifed over the phone without asking members to reveal private informaton, preventng them from falling prey to scammers.
In June 2020, we further enhanced our Call Authentcaton service to automatcally authentcate the caller’s identty through the Interactve Voice Response System (IVRS). With a more efcient, seamless, secure and personalised call experience, average call handling tme has been reduced by 18%. 161,000 members benefted from the Call Authentcaton Service in 2020 with 7 out of 10 members performing the Automatc Call Authentcaton service via IVRS.
36 CPF Board Annual Report 2020 37 CPF Retirement Planning Campaign
Engagement Channels We pressed on in 2020 with our annual campaign their future needs, with CPF as a foundaton for their with the theme, Always ready with CPF for tomorrow, retrement. We contnued to stay in touch with our members by doubling down on our digital and social media engagement to assure members that their retrement remains eforts. We also launched new engagement initatves such as the CPF Telegram, podcasts, webinars and explainer secure with CPF even in uncertain tmes. While we videos. could not hold our CPF Retrement Planning 1.2 million roadshows as before, we connected with members sessions on the through an interactve online experience. Using the cpf.gov.sg/beready website new CPF Planner, we served customised tps and Online and Social Media The CPF Retrement Planning campaign ran from 12 Nov 2020 to 31 informaton to members, motvatng them to plan for Mar 2021. Engagement
Throughout the year, we reached out regularly to members online, collaboratng with content partners 17million Digital and Ground Outreach to communicate CPF schemes and policies. electronic Direct Mailers sent to While the pandemic may have curtailed physical In the past year, many Singaporeans have become million subscribers engagement, it has also made Singaporeans more accustomed to using online video conference tools 1.5 receptve to digital actvites and online learning. when working or studying from home. Leveraging 1 Engagement refers to interactons on CPF Board’s Telegram channel, Facebook and Instagram pages, views on CPF Board YouTube channel, this, we launched a series of thematc webinars to total page views on AreYouReady and BeReady microsites, and ground We capitalised on this trend with a new series of engage with members at diferent stages of life. 14.4 million outreach. thematc webinars and explainer videos to educate engagements1 via online and members about retrement planning. We contnued reaching out to students with our social media platorms “CPF Game On!” programme, using a hybrid format More than that involves experiental learning actvites and learning resources as we transit to the new normal.
Podcast Telegram 675,000 At the same tme, we contnued to stay involved with views on explainer videos in our grassroots and community volunteers, keeping Podcasts have become a popular source In September 2020, we launched a 20202 them abreast of the latest CPF developments and of informaton online. In February 2020, Telegram channel, riding on the schemes. we launched our own podcast channel Let’s Talk CPF increasing popularity of the messaging app. Through Explainer videos for “Planning Your Retrement” and to engage younger CPF members who prefer to get Telegram, we reached out to a wider audience with “Buying Your First Home” were created and published their informaton on-the-go. The podcast answers bite-sized updates and ofcial informaton about on YouTube to help members learn more about CPF More than common questons about CPF, provides fnancial CPF that could be shared easily with friends and schemes anytme, anywhere. tps, and interviews experts on CPF and fnancial loved ones. 2 The above fgure is captured under Engagements via digital and planning. 12,000 social media platorms, and ground outreach. The Telegram channel has garnered more than CPF members reached in 2020 In 2020, we rolled out 11 podcast episodes, which 17,000 subscribers in 2020. have seen more than 20,000 downloads. Expanding Collaborations with Financial Institutions
As CPF is an important foundaton of retrement In 2020, we updated 271 wealth planning managers, planning for Singaporeans, we work with fnancial loan specialists and in-house trainers through our insttutons to keep industry professionals up to date Train-the-Trainers (TTT) programme. This training on the latest CPF schemes. enables them to communicate about CPF to their clients confdently and manage their portolios more efectvely, with CPF as the foundaton of their clients’ retrement planning.
38 CPF Board Annual Report 2020 39 Supporting Singaporeans Self-Employed Care and Person Income Relief Beyond CPF Support Package Figures shown are for disbursements made in 2020 Scheme (SIRS)
We play a key role in ensuring many Government grants and social transfers are promptly and accurately $1.5 billion in cash received by 2.7 million $1.8 billion disbursed to over 200,000 SEPs, disbursed to citzens and companies. In 2020, we facilitated many of the Government’s provisions to help Singapore citzens to help them cope with expenses including about 105,000 SEPs who received SIRS Singaporeans cope with the COVID-19 crisis. during the period of extraordinary economic automatcally from CPF Board uncertainty
Solidarity Jobs Support GST Voucher Workfare Special Payment Scheme Scheme Payment (WSP)
$1.6 billion in cash received by 2.8 million Facilitated the disbursement of $25 billion to $399.7 million in cash received by 1.3 In 2020, more than 492,000 Singaporeans received Singapore citzens, to help them tde through the more than 150,000 employers to help them million Singapore citzens WSP payouts amountng to $1.4 billion period of heightened safe distancing measures due retain their local employees during this period of to COVID-19 economic uncertainty $152.9 million received by 525,000 Singapore citzens in their MediSave Accounts $33.9 million and $4.5 million in cash received by 113,000 Permanent Residents and 15,000 Long-Term Visit Pass holders residing in Singapore respectvely, to help them support their Wage Credit Government-Paid Workfare families during this challenging period Scheme Leave Schemes Bicentennial Bonus
Facilitated the disbursement of $940 million to $341.4 million reimbursed for 222,000 $73.3 million in Workfare Bicentennial Bonus 98,000 employers, to encourage employers to applicatons to foster a pro-family environment in was made to 411,000 Workfare Income share productvity gains with their employees, our Singapore Supplement recipients to help with their daily living CPF members expenses
Special Employment 5-Year MediSave Matched MediSave Credit Scheme Top-Up Contribution Scheme
$461.9 million disbursed to 101,000 $55.5 million received by 555,000 In 2020, about 4,000 self-employed persons (SEPs) employers to encourage the hiring of senior Singapore citzens aged 50 and above in their benefted from the Contribute-As-You-Earn (CAYE) Singaporeans and persons with disabilites MediSave Accounts, to support their healthcare matched MediSave contributons, capped at $600 needs (as they do not receive benefts from the per SEP, amountng to close to $1 million in total Pioneer Generaton Package and Merdeka Generaton Package)
40 CPF Board Annual Report 2020 41 Achieving Excellence as One Workforce We are proud that our contnual eforts to improve service delivery, customer engagement and creatve communicatons have been recognised by the public sector and beyond.
Accolades
2020 Marketng 2020 Public Service Excellence Awards Transformaton Awards
• Gold in “Excellence in Content Marketng” for CPF Of the 141 awards given out to individuals and teams Retrement Planning Campaign 2019 across the Public Service for excellence in service delivery, innovaton and best practces, two were • Gold in “Excellence in Infuencer Marketng” for given to CPF Board recipients. CPF Retrement Planning Campaign 2019 Award Award Recipient • Silver in “Excellence in Public Sector/Non-Proft Marketng” for CPF Retrement Planning Campaign Citzen Engagement CPF Game On! 2019 Excellence Award Programme
Exemplary Service Ivy Chia Fenq Ming, Excellence Award Assistant Customer Service Manager (Service Centre)
42 CPF Board Annual Report 2020