Central Provident Fund Board - CPF

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Central Provident Fund Board - CPF
Central Provident Fund Board
Central Provident Fund Board - CPF
CE NTR AL PROVIDE NT FU N D BOAR D

                                                                Content Page
                                                                Chairman’s            Board                  Corporate
                                                                Statement             Members                Governance
                                          Mission
                                                                P4                    P8                     P10
                                  To enable Singaporeans
                               to have a secure retirement‭,
                                 ‬through lifelong income‭,
                                                                Core                  Organisation           START NOW
                                    ‬healthcare financing       Management            Structure              Our 3-Year Ambition
                                     and home financing
                                                                P12                   P14                    P16

                                          Vision
                                A trusted and respected         The ABCDs of our      CPF                    Building a Secure
                                                                Cultural Attributes   at a Glance            Foundation for
                               social security organisation,                                                 Retirement
                                  committed to enable           P18                   P20                    P22
                                  Singaporeans to have
                                   a secure retirement
                                                                Strengthening         Providing Healthcare   Enabling Home
                                                                Retirement            Protection for Life    Ownership
                                                                Income
                                   Public Service Values
                               Integrity, Service, Excellence   P24                   P26                    P28

                                                                Making a              Supporting             Achieving
                                                                Difference            Singaporeans           Excellence as
                                                                through Service       Beyond CPF             One Workforce

                                                                P30                   P38                    P39

2   AN N UAL R EP O RT 201 9                                                                                                       3
Central Provident Fund Board - CPF
CE NTR AL PROVIDE NT FU N D BOAR D

    Chairman’s Statement
                                                            Update on the Central Provident Fund              sector. Under the pilot, the Government, as        for CPF usage was also lowered from 30
                                                            and Insurance Funds                               a service buyer, helps SEPs directly transmit      years to 20 years. These changes cater to the
                                                                                                              their contributions to their MediSave Account      changing needs and higher life expectancy
                                                                                                              and pays the remaining service fees to the         of Singaporeans.
                                                            In 2019, the number of CPF members increased      SEPs. This will help SEPs better save for their
                                                            by 2% to 4.0 million, and total CPF balances      healthcare needs through smaller and more          The new Enhanced CPF Housing Grant (EHG)
                                                            grew by 9% to $425.1 billion. This excludes       regular MediSave contributions whenever they       was introduced on 11 September 2019 to
                                                            the net amount withdrawn for housing and          earn an income. To help SEPs who might also        replace the existing Additional CPF Housing
                                                            investments, which stood at $251.7 billion        be contributing to MediSave for past year’s        Grant (AHG) and Special CPF Housing Grant
                                                            as at end 2019. Members continued to earn         earnings, a dollar-for-dollar matching will be     (SHG). Previously, eligible first-timer families
                                                            an interest rate of up to 3.5% per annum on       provided for CAYE contributions made in 2020,      who bought a subsidised flat from HDB could
                                                            their Ordinary Account monies, and up to 5%       capped at $600.                                    enjoy the AHG and the SHG, while those who
                                                            per annum on their savings in the Special,                                                           bought resale flats could enjoy the CPF Housing
                                                            MediSave, and Retirement Accounts. These          Recognising members’ concern that the              Grant and the AHG. The new grant will benefit
                                                            interest rates included an extra 1% interest      Retirement Sum Scheme (RSS) payout                 first-timer home seekers as there are no
                                                            paid on the first $60,000 of a member’s           duration may be too long, the CPF Board            restrictions on flat buyers’ choice of flat type
                                                            combined balances. CPF members aged 55            reviewed the payout rules in 2019 such that        and location, and buyers are eligible for the
                                                            and above also earned an additional 1% extra      RSS payouts generally last up to between           same amount of grant regardless of whether
                                                            interest on the first $30,000 of their combined   ages 85 - 90, instead of 85 - 95. With the         they choose to purchase a new or resale flat.
                                                            balances, allowing them to earn up to 6%          implementation of the new payout rules from        With the EHG, first-timer families will be able
                 Mr Chiang Chie Foo                         interest per year on their retirement balances.   1 January 2020, almost 80,000 members now          to receive up to $80,000 when they buy a flat
                                                                                                              receive higher monthly payouts.                    that can cover them and their spouses to the
                                                            As at end 2019, about 600,000 members were                                                           age of 95.
                                                            insured under the Home Protection Scheme          The Lease Buyback Scheme (LBS) was extended
                                                            (HPS), and the Home Protection Fund stood at      to all HDB flat types from 1 January 2019. Prior
                                                            $1.3 billion. About 1,060 HPS claims amounting    to the change, the LBS was only available to       Providing Better Support for Members to
                                                            to $95.5 million were approved in the course      members age 65 and above who own 4-room            Meet their Healthcare Needs
                                                            of the year. The MediShield Life Fund stood       or smaller flat types. With the extension, those
                                                            at $1.9 billion as at end 2019. About 684,000     who own 5-room and larger flat types can           From July 2019, Singapore citizens eligible for
                                                            MediShield Life claims were approved in 2019,     now take up the LBS to monetise their flat.        the Merdeka Generation (MG) Package started
                                                            amounting to $1.0 billion.                                                                           receiving annual MediSave top-ups of $200,
                                                                                                                                                                 which will continue until 2023. MG members
                                                                                                              Providing More Flexibility for Members to          also received an additional subsidy of 5% for
                                                            Major Enhancements In 2019                        Meet Their Housing Needs                           their annual MediShield Life premiums, which
                                                                                                                                                                 will increase to 10% after they reach 75 years
                                                                                                              Since 10 May 2019, the rules on CPF usage for      of age.
                                                            Helping Members to Strengthen                     housing were updated to provide buyers with
                                                            Retirement Adequacy                               more flexibility when buying a home for life
                                                                                                              while safeguarding their retirement adequacy.      Improving Members’ Service Experience
                                                            The CPF Act was amended in 2019 to allow the      Under the new rules, the total amount of CPF
                                                            CPF Board to launch the Contribute-As-You-        savings that members can use for property          To help members better plan for their retirement,
                                                            Earn (CAYE) pilot from 1 January 2020 for Self    purchase will depend on the extent the             we expanded the CPF Retirement Planning
                                                            Employed Persons (SEPs) who provide services      remaining lease can cover the youngest buyer       Service to members reaching their payout
                                                            directly to the Government and the public         to age 95. The minimum lease requirement           eligibility age (CRPS@65) from January 2019.

4   AN N UAL R EP O RT 201 9 | C HAI R MAN ’ S STATEM ENT                                                                                                                                                            5
Central Provident Fund Board - CPF
CE NTR AL PROVIDE NT FU N D BOAR D

                                                            These personalised one-on-one sessions aim          1980 will have the option to join CareShield        Supporting Members in Retirement
                                                            to help members understand the CPF schemes          Life if they are not severely disabled. To ensure
                                                            and options available to them. More than            that no Singaporean will lose coverage due          From 1 January 2021, the Silver Support
                                                            600 members attended CRPS@65 in 2019. A             to financial difficulties, premiums can be fully    Scheme will be enhanced for Singaporeans
                                                            majority of the members found the session           paid using MediSave savings, and government         aged 65 and above. The eligibility criterion
                                                            useful in helping them understand what              subsidies and additional premium support will       on total CPF contributions will be increased
                                                            happens to their accounts at payout eligibility     be provided to eligible Singaporeans.               from $70,000 to $140,000. For self-employed
                                                            age and their top-up options, and would                                                                 members, the criterion on average annual
                                                            recommend their friends and family to attend.       From 1 January 2021, MediSave700 will               net trade income will be raised from $22,800
                                                                                                                be introduced as an enhancement to the              to $27,600. The household monthly income
                                                            Further Enhancements in 2020                        existing MediSave500 scheme. The MediSave           per person criterion will also be raised from
                                                            and Beyond                                          withdrawal limit will be raised from $500           $1,100 to $1,800. With these enhancements,
                                                                                                                to $700 for patients with complex chronic           we expect 100,000 more citizens to benefit
                                                                                                                conditions, to better support their medical         from the Silver Support Scheme. In addition,
                                                            Introduction of Matched Retirement
                                                                                                                needs. With a higher withdrawal limit for           eligible members whose household monthly
                                                            Savings Scheme
                                                                                                                these patients, the limit will also change from     income per person is below $1,300 will receive
                                                            The Matched Retirement Savings Scheme               the current per-account basis to a per-patient      a payout quantum which is 20% higher than
                                                            will be introduced from 2021 to 2025 to help        basis. The enhancements will help to defray         the current payout for the same flat type.
                                                            Singaporeans aged 55 to 70 who have yet to          out-of-pocket expenses for these patients,
                                                            meet the Basic Retirement Sum save more for         and are expected to benefit an estimated
                                                            retirement. Under the scheme, the Government        176,000 patients.                                   Conclusion And Appreciation
                                                            will match every dollar of cash top-up made
                                                            to the Retirement Account (RA) of eligible          From 1 April 2020, the eligibility criteria for     Over the years, the CPF Board has remained
                                                            members, up to an annual cap of $600. About         the Silver Housing Bonus (SHB) has been             steadfast in helping Singaporeans meet their
                                                            435,000 Singaporeans will be eligible for the       simplified. Members can qualify for the SHB         retirement, housing, and healthcare needs
                                                            scheme.                                             when they utilise part of the proceeds from         through the CPF system. I would like to take
                                                                                                                right-sizing their HDB flat to top up their RA      this opportunity to convey my gratitude and
                                                            Enhancements to Existing Schemes to                 via the Retirement Sum Topping-Up scheme.           appreciation to all Board members as well
                                                            Better Meet Members’ Needs                          Previously, in order to enjoy the full bonus,       as CPF Board staff for their dedication and
                                                                                                                members might be required to make a second          commitment to helping our members achieve
                                                            CareShield Life will soon be introduced to          top-up after making a first top-up of $60,000,      a secure retirement.
                                                            protect Singaporeans against long-term care         depending on their remaining proceeds and
                                                            costs. Compared to ElderShield, CareShield Life     RA balances. With the simplification, there is no   I would also like to extend my appreciation
                                                            will provide better protection through lifetime     second-tier top-up required. The requirement        and thanks to former Board members Mr Tung
                                                            payouts as long as one remains severely disabled.   that members must be selling a larger flat has      Siew Hoong and Mr Zahidi Bin Abdul Rahman
                                                            The starting payout of $600 per month is also       also been removed as long as they buy a 3-room      for their valued service and contributions to
                                                            significantly higher than the fixed payout of       or smaller flat. In addition, the maximum cash      the Board. Both Mr Tung and Mr Zahidi have
                                                            $300 or $400 under ElderShield, and payouts         bonus for members was increased from $20,000        retired from the Board at the end of their
                                                            will increase over time. CareShield Life further    to $30,000. The maximum bonus for the Lease         term at the end of June 2019. We welcome
                                                            provides universal coverage to all Singaporeans     Buyback Scheme (LBS) was also increased to          on-board Mr Shamir Rahim and Ms Liew Tzu
                                                            born in 1980 or after, including those with pre-    $30,000 to align with the revised SHB.              Mi as Board members, and look forward to
                                                            existing disabilities. Singaporeans born before
                                                                                                                                                                    their contributions.

6   AN N UAL R EP O RT 201 9 | C HAI R MAN ’ S STATEM ENT                                                                                                                                                            7
Central Provident Fund Board - CPF
CE NTR AL PROVIDE NT FU N D BOAR D

    Board Members
    1   Mr Chiang Chie Foo                                 9    Ms Rachel Eng
        Chairman                                   1   2        Managing Partner                  9    10
                                                                Eng and Co. LLC

    2   Mr Augustin Lee                                    10   Ms Ho Hern Shin
        Chief Executive Officer                                 Assistant Managing Director
        Central Provident Fund Board                            (Banking & Insurance Group)
                                                                Monetary Authority
                                                                of Singapore

    3   Mr Chan Heng Kee                                   11   Professor Annie Koh
        Permanent Secretary                        3   4        Vice President                    11   12
        Ministry of Health                                      Office of Business Development
        (Government Representative)
                                                                Professor of Finance (Practice)
                                                                Singapore Management University
    4   Mr Lim Zhi Jian
        Director of Reserves and Investment
                                                           12   Ms Liew Tzu Mi
        Ministry of Finance
                                                                Chief Investment Officer
        (Government Representative)
                                                                Fixed Income
                                                                GIC Private Limited

    5   Mr Shamir Rahim                                    13   Mr Aje Kumar Saigal
                                                                                                  13   14
        Founder & Chief Executive Officer          5   6        Chief Executive Officer &
        VersaFleet Pte Ltd                                      Chief Investment Officer
        (Employer Representative)                               Nuvest Capital Singapore

    6   Mr Tan Hee Teck                                    14   Mr Tan Teck Huat
        Chairman &                                              Finance Director
        Chief Executive Officer                                 QAF Limited
        Resorts World at Sentosa Pte Ltd
        (Employer Representative)

    7   Ms Mary Liew
        President                                  7   8
        National Trades Union Congress
        General Secretary
        Singapore Maritime Officers’ Union
        (Employee Representative)

    8   Ms Cham Hui Fong
        Assistant Secretary-General
        National Trades Union Congress
        (Employee Representative)

8   AN N UAL R EP O RT 201 9 | BOAR D M EM B ERS                                                            9
Central Provident Fund Board - CPF
CE NTR AL PROVIDE NT FU N D BOAR D

 Corporate Governance
 Board’s Conduct of Affairs‭ ‬ ‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬‬   Board Committees                                    all cases are reported to the Audit Committee.       required to present its annual budget, including
                                                                                                                                                                                                          The programme is regularly communicated to           any supplementary budget, to the President
 The Board is the trustee of the Central Provident                                                                                                    In discharging its responsibilities, the Board is   all staff.                                           for approval, together with a declaration as to
 Fund and oversees the management of the                                                                                                              supported by five Board Committees, namely                                                               whether the budget is likely to draw on past
 Fund as prescribed under the Central Provident                                                                                                       the Audit Committee, Investment Committee,                                                               reserves. Likewise, under Article 22B(6) of the
                                                                                                                                                                                                          Internal Audit                                       Singapore Constitution, the Board must inform
 Fund Act (CPF Act). It is also responsible for                                                                                                       MediShield Life and Insurance Schemes
 reviewing and approving the annual budget                                                                                                            Committee, Risk Management Committee, and                                                                the President if any other proposed transaction
                                                                                                                                                                                                          Internal Audit reports to the Audit Committee        by the Board is likely to draw on past reserves.
 and financial statements. The Board monitors                                                                                                         Staff Committee, each commissioned with the
                                                                                                                                                                                                          and operates independently from the other            The Board is also required under Article 22B(1)
 organisational performance, ensures the                                                                                                              respective Terms of Reference approved by
                                                                                                                                                                                                          Groups of the CPF Board. The role of Internal        (c) of the Singapore Constitution to present to
 adequacy of risk management policies and                                                                                                             the Board. More information is available in
                                                                                                                                                                                                          Audit is to provide objective audit assurance        the President, within six months after the close
 systems, and provides advice to Management                                                                                                           Annex I.
                                                                                                                                                                                                          to the Management and Audit Committee on             of each financial year, the audited financial
 to ensure that the CPF Board functions
                                                                                                                                                                                                          the adequacy of governance, risk management          statements and a declaration as to whether the
 efficiently and effectively. The Board’s approval
                                                                                                                                                                                                          and controls processes within the CPF Board.
 is required for material transactions and                                                                                                            Risk Management And Internal Controls                                                                    statements show any draw on past reserves.
                                                                                                                                                                                                          It adheres to the Code of Ethics and the
 decisions, including but not limited to the sale
                                                                                                                                                                                                          International Standards for the Professional         The budget, when approved by the President,
 of property.                                                                                                                                         Risk Management
                                                                                                                                                                                                          Practice of Internal Auditing set by the Institute   is published in the Government Gazette.
                                                                                                                                                                                                          of Internal Auditors.                                The full year financial results of the
                                                                                                                                                      The CPF Board has established a structured
 Board Composition and Membership                                                                                                                     Boardwide risk management framework to                                                                   CPF Board are made available to CPF
                                                                                                                                                      assess the soundness of its financial reporting,                                                         members and the general public via the
 The CPF Act provides for the appointment of                                                                                                          and the efficiency and effectiveness of its         External Audit                                       CPF website.
 15 Board Members, comprising the Chairman,                                                                                                           risk management, internal controls and
 Deputy Chairman, Chief Executive Officer, two                                                                                                        compliance systems.                                 Under the Public Sector (Governance) Act
 representatives from Government, Employer                                                                                                                                                                2018, the accounts of the CPF Board are              Professional and Ethical Conduct
 and Employee groups, and up to six other                                                                                                             The framework is based on the ISO 31000             required to be audited at least once annually
 individuals. The Minister for Manpower, with                                                                                                         standard, and entails a rigorous and systematic     by the Auditor-General or any other auditor          Staff of the CPF Board are obliged to comply
 the President’s concurrence under Article                                                                                                            process for managing risks. Annual risk             appointed by the Minister in consultation            with practices that reflect the highest standards
 22A(1)(b) of the Constitution of the Republic                                                                                                        assessments are conducted by departments,           with the Auditor-General.                            of behaviour and professionalism. This includes
 of Singapore, appoints all the Board Members.                                                                                                        with   the    significant    risks   monitored                                                           safeguarding official information under Section
 Board Members, including the Chairman and                                                                                                            by Management and the Risk Management               From its audit, the appointed external auditor       59(1) of the CPF Act, the Statutory Bodies and
 Deputy Chairman, are appointed for a term                                                                                                            Committee.                                          expresses an opinion on CPF Board financial          Government Companies (Protection of Secrecy)
 of up to two years. The Board comprised 14                                                                                                                                                               statements, and an assessment of any risks           Act (Chapter 319) and the Official Secrets Act
 members as at 31 December 2019.                                                                                                                      The Board has sought assurances from                of material misstatement, whether due to             (Chapter 213). Staff of the CPF Board must
                                                                                                                                                      Management and is satisfied that internal           fraud or error. The external auditor report is       abide by the CPF Board’s Code of Conduct,
 All Board Members, with the exception of
                                                                                                                                                      controls relating to the financial, operational,    reviewed by both the Audit Committee and the         which includes guidelines on receiving gifts
 the Chief Executive Officer (“CEO”), are non-
                                                                                                                                                      IT and risk management systems are adequate         Board, before it is provided to the Auditor-         and entertainment from vendors and members
 executive members. The Board’s composition
                                                                                                                                                      and effective.                                      General Office.                                      of the public with whom staff are in contact
 takes into account relevant expertise and
 experience required for effective decision                                                                                                                                                                                                                    with during the course of official duties,
                                                                                                                                                                                                          For Financial Year 2019, KPMG LLP was                and the avoidance of situations where a conflict
 making and leadership. The Board consists of
                                                                                                                                                      Whistle-blowing Policy                              appointed as the CPF Board’s external auditor.       of interest may arise. Under the CPF Board’s
 members with core competencies in areas such
 as accounting, insurance and investment.                                                                                                                                                                                                                      whistle-blowing programme, staff and vendors
                                                                                                                                                      The CPF Board Whistle-blowing Programme                                                                  are encouraged to report any suspected
                                                                                                                                                      encourages the reporting of suspected               Accountability                                       wrongdoing.
                                                                                                                                                      wrongdoings. Both staff and vendors may
                                                                                                                                                      disclose concerns through secured channels          The CPF Board is a Statutory Board specified
                                                                                                                                                      manned by an independent external party to          in Part I of the Fifth Schedule of the Singapore
                                                                                                                                                      preserve anonymity. Information provided are        Constitution. Under Article 22B(1)(a) and (b)
                                                                                                                                                      handled with the strictest confidentiality and      of the Singapore Constitution, the Board is

10         AN N UAL R EP O RT 201 9 | CO R P O R ATE G OVER NAN C E                                                                                                                                                                                                                                                11
Central Provident Fund Board - CPF
CE NTR AL PROVIDE NT FU N D BOAR D

    Core Management
    As of March 2020
                                                                                                        1                       11                                 12                             13

                                     2                                 3                                4                      14                                  15                             16

                                     5                                 6                                7                      17                                  18                             19

                                     8                                 9                               10                      20                                  21                             22

1    Mr Augustin Lee               4 Mr Ng Hock Keong                7 Mr Chong Quey Lim              9 Mr Gregory Chia       11 Ms Peh Er Yan                    15 Mrs Tan Chui Leng           18 Ms Janice Lai                   21 Mr Wong Yan Jun
     Chief Executive Officer         Deputy Chief Executive            Group Director                   Group Director           Group Director                      Group Director                 Group Director                     Group Director
                                     (Infocomm Technology              Chief Technology Officer         (Policy, Statistics      (Housing)                           (Retirement Income)            (Customer Relations)               (Digital Services)
2 Mr Lo Tak Wah                      and Digital Services)             (Cybersecurity & Technology)     and Research)                                                                                                                  Chief Information Officer
  Deputy Chief Executive Officer                                                                                              12 Mr Low Pat Chin                  16 Mr Tang Lee Huat            19 Mr Tey Chee Keong
  (Employers and Finance)          5 Mr Eng Soon Khai                8 Mr Desmond Chew                10 Ms Irene Kang           Group Director                      Group Director                 Group Director                  22 Mr Yeap Thiam Meng
  Chief Investment Officer           Assistant Chief Executive         Group Director                    Group Director          (Member Accounts                    (Finance and Planning)         (Healthcare)                       Group Director
  Chief Financial Officer            Officer (Policy and Corporate     (Agency & Self-Employed)          (Communications)        and Investment)                     Chief Procurement Officer                                         (Agency, Healthcare
                                     Development)                                                                                                                    Chief Records Officer       20 Mr Winston Yean                    and Corporate Systems)
3 Mr Soh Chin Heng                   Chief Data Officer                                                                       13 Ms Naina D. Parwani                                                Group Director
  Deputy Chief Executive Officer                                                                                                 General Counsel                  17 Mr Tan Kok Heng                (Corporate Strategy and Risk)
  (Services)                       6 Ms Belinda Teoh                                                                             (Legal Services)                    Chief Human
                                     Group Director                                                                                                                  Resource Officer
                                     (Employer Collections                                                                    14 Mrs Pauline Lim
                                     and Enforcement)                                                                            Group Director
                                                                                                                                 (Business Application Systems)

12    AN N UAL R EP O RT 201 9 | CO R E MANAG EM ENT                                                                                                                                                                                                               13
Central Provident Fund Board - CPF
CE NTR AL PROVIDE NT FU N D BOAR D

 Organisation Structure
 As of March 2020

                                                                                                                                                 Chief Executive Officer
                                                                                                                                                     Augustin Lee
                                                                                                                                                                                                                                                                                                             Internal
                                                                                                                                                                                                                                                                                                             Audit (IA)
                                                                                                                                                                                                                                         Audit
                                                                                                                                                                                                                                       Committee                                                             Director
                                                                                                                                                                                                                                                                                                             Serene Tan

                       Employers & Finance (E&F)                                                                       Services (SVC)                                                   Infocomm Technology & Digital Services (IDS)                                            Policy & Corporate Development (PCD)

                                  Deputy CEO                                                                        Deputy CEO                                                                                Deputy CEO                                                                     Assistant CEO
                                  Lo Tak Wah                                                                       Soh Chin Heng                                                                             Ng Hock Keong                                                                   Eng Soon Khai

     Employer         Finance &         Investment    Legal Services     Agency &          Member           Housing           Healthcare         Retirement       Customer         Digital             Business         Cybersecurity      Agency &                Corporate          Communications   Human Capital      Policy,
     Collections &    Planning          Management    Group (LSG)        Self-Employed     Accounts         Group (HHG)*      Group (HCG)        Income Group     Relations        Services Group      Application      & Technology       Healthcare              Strategy &         Group (COM)      Management         Statistics
     Enforcement      Group (FPG)       Group (IMG)                      Group (ASG)       & Investment                                          (RIG)*           Group (CUG)      (DSG)               Systems          Group (CTG)        Systems Group           Risk Group                          Group (HCM)        & Research
     Group (ECE)                                                                           Group (MIG)                                                                                                 Group (BAS)                         (AHC)                   (SRG)                                                  Group (PSR)

                                                                                                                                                                                   Group Director/                      Group Director/
                                                                                                                                                                                   Chief Information                    Chief Technology
     Group Director   Group Director    Deputy CEO    General Counsel    Group Director    Group Director   Group Director    Group Director     Group Director   Group Director   Officer             Group Director   Officer            Group Director          Group Director     Group Director   Chief HR Officer   Group Director
     Belinda Teoh     Tang Lee Huat     Lo Tak Wah    Naina D. Parwani   Desmond Chew      Low Pat Chin     Peh Er Yan        Tey Chee Keong     Tan Chui Leng    Janice Lai       Wong Yan Jun        Pauline Lim      Chong Quey Lim     Yeap Thiam Meng         Winston Yean       Irene Kang       Tan Kok Heng       Gregory Chia

 Collection           Financial &       Fund                             Social            Member           Home              MediShield         Lifelong         Customer         Digital             Member           Technology         Agency &                Risk              Outreach &        Capability &       Policy Dept
 Business             Management        Operations                       Programmes        Accounts         Protection        Life Policy        Income                            Services            Application      Infrastructure     Workfare                Management        Partnerships      Organisation       (POD)
                                                                                                                                                                  Contact
                                                                                                                              Administration &                                                         Systems 1        Dept (TID)         Systems
 Dept (CBD)           Accounting        Dept (FDO)                       & Transfers       Services Dept    Scheme                               Dept (LID)       Centre (CCC)     Dept (DSD)                                                                      Dept (RMD)        Dept (OPD)        Development
                                                                                                                              Premium Recovery                                                         Dept (MS1)                          Dept (AWS)
                      Dept (FIN)                                         Dept (SPT)        (MAC)            Dept (HPS)        Dept (MPP)                                                                                                                                                               Dept (COD)
                                                      Deputy General                                                                                              Group Director
 Director             Director          Director      Counsel            Director          Director         Director                                                               Director            Director         Director           Director                Director          Director          Director           Director
                                                                                                                              Director           Director         Janice Lai
 Sally Koh            Woo Siew Cheong   Faith Lee     Lynne Loh          Sun Hui Yee       Sherry Lee       Soh Tse Min                                                            Dorcas Fong         Ang Leng Leng    Mary Wee           Tan Cheng Lee           Eileen Tay        Sharon Khoo       Linda Chan         Ong Eng Chin
                                                                                                                              Margaret Lim       Lyndis Kang      (covering)

 Collection           Finance           Fund                                                                                                                                       Member              Member           Technology         Healthcare              Strategy &        Media &           Human              Business
                                                                         Levies &          Withdrawal       Housing           MediShield Life    Retirement       Service Centre
 Services             Operations &      Management                                                                            Governance &                                         Digital             Application      Operations         Application             Planning Unit     Publicity         Resource           Intelligence
                                                                         Grants            Schemes          Schemes                              Schemes          Dept (SCD)       Applications        Systems 2        Dept (TOD)         Systems Dept
 Dept (CSD)           Treasury Dept     Dept (FDM)                                                                            Coverage Dept                                                                                                                        (SPU)             Dept (MPD)        Dept (HRD)         Dept (BID)
                                                                         Dept (LGD)        Dept (WSD)       Dept (HSD)        (MGC)
                                                                                                                                                 Dept (RSD)                        Dept (MDD)          Dept (MS2)                          (HCA)
                      (FOT)
                                                                         Director          Director         Director          Director           Director         Director         Director            Director         Director           Director                Director          Director          Director           Director
 Director             Director          Director                                                                                                                                                                                                                   Maple Chang       Kate Han          Caroline Loh       Chan Yoke Fong
                                                                         Sally Seah        Stephanie Ng     Jess Teo          Chan Mun Yee       Ong Woei Jiin    Ngiam Su Ying    Lee Shu Ping        Gan Keng Swee    Jacqueline Gian    Liew Chaw Ping
 Liu Lung Kwan        Lim Boon Leong    Thomas Koh

 Investigation        Property                                           Self-Employed     Investment                         Medisave &         Retirement       Service &        Employer            Member           Technology         Healthcare                                                                     Management
                                                                         Scheme &          Schemes                            Healthcare         Withdrawals      Learning         Digital             Application      Programme          Systems                                                                        Information
 & Compliance         Dept (PYD)                                                                                                                                                                       Systems 3        Office (TPO)       Development
 Dept (ICD)                                                              Workfare Dept     Dept (IVD)                         Claims             Dept (RWD)       Excellence       Applications                                                                                                                           Dept (MID)
                                                                                                                                                                                                       Dept (MS3)                          Office (HCD)
                                                                         (SWD)                                                Dept (MHC)                          Dept (SLD)       Dept (EDD)
                                                                                                                                                                                                                        Director                                                                                          Director
 Director             Director                                                                                                                                                                         Director                            Director
                                                                         Director          Director                           Director           Director         Director         Director                             Mary Wee                                                                                          Loo Sock Min
 Yeo Hwee Hwee        Peter Ang                                                                                                                                                                        Yong Boon Hoe                       Neo Bee Sim
                                                                         Ivy Ho            Wu Meei                            Lim Lin            Chua Hwee Leng   Jeffrey Png      Chia Swee Fong                       (covering)

 Recovery             Corporate                                                                                                                                                                                                                                                                                           Policy Research
 Dept (RYD)           Services                                           Agency Business                                      CareShield                                           Corporate Digital   Business         Security &                           IT Strategic                                                 Dept (PRD)
                      Dept (CVD)                                         Consulting Dept                                      Life Scheme                                          Applications        Applications     Network                              Services
                                                                         (ACD)                                                Dept (CLD)                                           Dept (CDD)          Modernisation    Operations                           Dept (ISS)
 Group Director                                                                                                                                                                                        Dept (BAM)       Dept (SNO)                                                                                        Director
 Belinda Teoh         Head                                                                                                                                                                                                                                                                                                Kenny Goh
                                                                         Director                                             Director                                             Director                                                                  Director
 (covering)           Tan Mui Leng                                                                                                                                                                     Director         Director
                                                                         Tang Woon Ee                                         Chee Sok Lin                                         Ang Moy Gek                                                               Wee Tee Chiang
                                                                                                                                                                                                       Tan Choon Swee   Chua Lam Fung
 Prosecution          Procurement                                                                                                                                                                                                                                                                                         Retirement &
 & Court              Management                                                                                                                                                                                                                                                                                          Health Study
                                                                                                                                                                                                                        IT Governance &                                                                                   Office (RHS)
 Proceedings          Dept (PCM)                                                                                                                                                                                        Security Dept
 Dept (PCP)                                                                                                                                                                                                             (IGS)
                                                                                                                                                                                                                                                                                                                          Senior Director
 Director             Director                                                                                                                                                                                          Director                                                                                          Chua Boon Loy
 Jack Tjia            Tan Chong Joo                                                                                                                                                                                     Jacqueline Gian
                                                                                                                                                                                                                        (covering)

 * The RIG ConOps (RCT) under RIG (not pictured above) reports directly to Group Director (RIG).
 * The HHG Sprint Office (HSO) under HHG (not pictured above) reports directly to Group Director (HHG).

14     AN N UAL R EP O RT 201 9 | O RGAN ISATIO N STRU C TU R E                                                                                                                                                                                                                                                                             15
Central Provident Fund Board - CPF
CE NTR AL PROVIDE NT FU N D BOAR D

 START NOW
     Our 3-year Ambition

 Committed to pushing the
                                                                                                                                                                                                       Online Services Menu

 boundaries of excellence in
 service, engagement and
 operations, the CPF Board
 has embarked on a 3-year                                             Solutions                           Tech              Assurance                        Retirement                                         Transactions
                                                                      without                        and apps at the          against                       without worry                                            without
 ambition, START NOW.                                                boundaries                       leading edge         dynamic risks                  about basic needs                                         hardcopies

 Solutions Without Boundaries                                        Assurance Against Dynamic Risks                                                                       Excel   Macros

                                                                                                                                                                                            Python

 If Whole-of-Government (WOG) is an organism,                        Providing assurance is integral to the Board’s                                                   UiPath

 CPF Board is like the “nerve endings” –                             mission as we are the trustee of CPF members’
 Singaporeans think about appealing to CPF                           CPF monies. It is imperative that our governance,
 Board when they experience financial pain,                          processes and operations are resilient and
 due to the comprehensiveness of CPF savings                         robust enough to ensure secure, uninterrupted,
 for retirement, housing, and healthcare.                            and error-free delivery of CPF services. In 2020
 However, there are in fact many government                          and beyond, our challenge is to pro-actively
 assistance schemes available which they may                         monitor and track fast-evolving risks and
                                                                     threats, especially in the area of cyber-security.
 not be aware of or may have issues navigating.
                                                                     We need to leverage better sensing capabilities,
                                                                                                                                        Notifications                          Operations                                      Workforce
 The Board recognises that we are well-placed                                                                                           without letters                    without                                            that achieves
                                                                     faster counter measures, and technology-driven                                                      mundane work                                           together
 to play a more active role in facilitating WOG
                                                                     interventions to safeguard our data and
 solutions even for issues that go beyond the
                                                                     operations to ensure that our members and
 CPF system. Hence, we have introduced the
                                                                     stakeholders continue to have full trust and
 Rejected Appeals Management Protocol                                                                                     Transactions Without Hardcopies                                     Workforce That Achieves Together
                                                                     confidence in CPF Board.
 (RAMP). Instead of stopping at rejecting the
 CPF members’ appeals for usage of CPF, we                                                                                                                                                    For START NOW to work, CPF Board will need
                                                                                                                          Notifications Without Letters
 would identify the relevant upstream agencies                       Retirement Without Worry About Basic Needs                                                                               a workforce that is motivated, trained and
 for assistance and work with them to provide                                                                                                                                                 which embraces the changes afoot. We plan
                                                                     Building on our strengths of securing the            Operations Without Mundane Work                                     to reshape our workforce profile to focus on
 the member with the help they need.
                                                                     retirement needs of active members, we will          Digitalisation is a key pillar of CPF Board’s                       higher value-added work. For example, to
                                                                     expand our focus to include CPF members              transformation efforts, helping us achieve the                      reduce unnecessary mundane work, we are
 Tech and Apps at the Leading Edge                                   who do not work consistently or earn a low                                                                               equipping staff with skillsets such as Lean Six
                                                                                                                          broader Smart Nation vision for Singapore.
                                                                     salary. Also, beyond sound policies, we need to                                                                          Sigma for process optimisation, and RPA for
 To live up to CPF members’ expectations in                                                                               CPF Board’s ambition for Transactions
                                                                     continue to provide CPF members with peace                                                                               automation of manual tasks. Furthermore,
 the digital age, CPF Board keeps abreast of                                                                              Without Hardcopies, Notifications Without
                                                                                                                                                                                              to enable our staff to work smarter by
                                                                     of mind by helping them appreciate how the           Letters, and Operations Without Mundane
 technological developments at the frontier                                                                                                                                                   leveraging technology and data-driven
                                                                     CPF system works for them.                           Work     crystallises  what     ‘digitalisation’
 and adopt relevant technologies rapidly.                                                                                                                                                     insights, we have instituted comprehensive
                                                                                                                          means for the Board. We will systematically                         training programmes to upskill staff to
 Consequently, our supporting IT systems and
                                                                     We will continue to implement policies well          automate all transactions to free up staff to                       varying degrees of mastery in data and digital
 practices must remain modern and fit-for-
                                                                     and in a timely manner. Key policies that            focus on value-added tasks. We will pursue                          literacy. Given the scale and speed of our
 purpose. On this front, we are modernising
                                                                     the Board will implement in 2020 include             interim solutions such as Robotic Process                           organisational transformation, CPF Board has
 our code base, exploiting cloud technologies,
                                                                     CareShield Life and Contribute-As-You-Earn           Automation (RPA) and macros, optimisation                           also set up a dedicated Change Management
 adopting agile software development, and
                                                                     (CAYE).                                              of inefficient processes, and outsourcing of                        Unit to provide change management support
 hyper-personalising our online service.
                                                                                                                          non-sensitive mundane work.                                         and train staff in change management skills.

16    AN N UAL R EP O RT 201 9 | START N OW— O U R 3 -Y E AR AM B ITIO N                                                                                                                                                                      17
Central Provident Fund Board - CPF
CE NTR AL PROVIDE NT FU N D BOAR D

 The ABCDs of                                                                                                         To get started on START NOW, we need to embody the cultural attributes
                                                                                                                      of being Agile, Bold, Customer-Obsessed and Data-Smart.
 Our Cultural Attributes

                            Agile                                                              Bold                       Customer-Obsessed                          Data-Smart

                                                                                                                                                                                      100%                                                                                 100%

                                                                                                                                                                                      75%                                                                                  75%

                                                                                                                                                                                      50%                                                                                  50%

                                                                                                                                                                                      25%                                                                                  25%

                                                                                                                                                                                       0%                                                                                  0%

                                                                                                                                                                                            10%

                                                                                                                                                                                                         20%

                                                                                                                                                                                                                     30%

                                                                                                                                                                                                                                 40%

                                                                                                                                                                                                                                                50%

                                                                                                                                                                                                                                                             60%

                                                                                                                                                                                                                                                                             10%

                                                                                                                                                                                                                                                                                   20%

                                                                                                                                                                                                                                                                                         30%

                                                                                                                                                                                                                                                                                               40%

                                                                                                                                                                                                                                                                                                     50%

                                                                                                                                                                                                                                                                                                           60%
                                                                                                                                                                                                                                                                                         %
                                                                                                                                                                                                                                                                             %

                                                                                                                                                                                                                                         100%

                                                                                                                                                                                                                                                      110%

                                                                                                                                                                                                                                                             120%

                                                                                                                                                                                                                                                                    130%
                                                                                                                                                                          10%

                                                                                                                                                                                20%

                                                                                                                                                                                      30%

                                                                                                                                                                                                  40%

                                                                                                                                                                                                        50%

                                                                                                                                                                                                               60%

                                                                                                                                                                                                                     70%

                                                                                                                                                                                                                           80%

                                                                                                                                                                                                                                   90%
        •    Anticipate change                                                •      Innovate, break new ground       •   Beyond customer-centric,          •   Drive policy and operational
        •    Bias for “Good enough but fast”                                  •      Undeterred by lack of 		             to having deep understanding          decisions with data insights
             instead of “Perfect but slow”                                           precedence                           of what customers value and       •   Equipped to visualise and
        •    Improvise, adapt to the                                          •      Explore, experiment,                 what motivates them                   exploit data
             unexpected                                                              learn in safe-fail environment   •   Meet customers’ needs in 		       •   Share data but with safeguards
                                                                                                                          advance (even unspoken ones)

18   AN N UAL R EP O RT 201 9 | TH E ABC Ds O F O U R C U LTU R AL AT TR I B UTE S                                                                                                                                                                                                                               19
CE NTR AL PROVIDE NT FU N D BOAR D

 CPF at a Glance
 Figures as at 31 December 2019, unless stated otherwise

 Interest Earned by CPF Members                                                                                            CPF Withdrawals                                 Self-Employed Contributions

                                                              $15.5
 Total interest credited                                                                               billion             Withdrawals from CPF                            Total CPF Contributions
 to CPF members’                                                                                                           members’ balances                               from Self-Employed

 accounts                                                                                                                  $21.4                                           Persons (SEPs)

                                                                                                                           billion                                         $739.2
                                                                                                                                                                           million

                                                         including            $1.6          billion

                                                         in extra interest1
                                                         1
                                                             To enhance the retirement savings of Singaporeans, the        CPF Contributions and Enforcement                                              Mandatory annual
                                                             Government pays extra interest on the first $ 60,000
                                                                                                                                                                                                      MediSave contributions
                                                             of a member’s combined balances (capped at $20,000
                                                             for Ordinary Account (OA)). Please refer to cpf.gov.sg/                                                                                  made by 221,483 SEPs

                                                                                                                                                                                                            $584.5
                                                             CPFInterestRates for details on extra interest.                                             Mandatory CPF
                                                                                                                                               contributions made by
                                                                                                                                               148,827 employers for                                                   million
                                                                                                                                                        their employees

                                                                                                                                                          $39.8
 CPF Membership

 4
                                                                                                                                                                billion
            million         Total                                                                                                                                          Mandatory      MediSave
                            membership2                                                                                                                                    contributions made by
                                                                                                                                                                           2,253 SEPs under the
                                                                                                                           Average default rate for                        pilot Contribute-As-You-
                                                                                                                           employers who failed to

 2
                                                         2
                                                             CPF member refers to a person (including self-employed) who                                                   Earn (CAYE) 4 scheme
            million         Active
                                                             has a positive balance in any of his CPF accounts.            pay CPF contributions                           (as of 31 March 2020)
                                                                                                                           on time
                            members3
                                                             Active CPF member refers to a person who has at least one
                                                                                                                                                                           $0.6
                                                         3

                                                             contribution paid for him for the current or any of the
                                                             preceding three months. The figure excludes Self-Employed
                                                             Persons (SEPs) who are not employees concurrently.
                                                                                                                           1.9%                                            million

 CPF Members’ Balances
                                                                                                                                              Total amount recovered
 Total CPF members’                                      CPF contributions                                                                    for employees in owed
 balances grew by 8.7% to                                collected and credited                                                               and late CPF contributions   4
                                                                                                                                                                               The Contribute-As-You-Earn (CAYE) launched on
                                          8.7%

 $425.1                                                  $39.8                                                                                     from their employers        1 January 2020 requires Government service
                                                                                                                                                                               buyers to deduct and transmit the MediSave
 billion                                                 billion                                                                                          $0.61                contribution to the SEP’s MediSave account
                                                                                                                                                                               whenever they pay the SEP.
                                                                                                                                                                billion

More information is available in Annexes C and J.

20   AN N UAL R EP O RT 201 9   | C PF AT A G L AN C E                                                                                                                                                                           21
CE NTR AL PROVIDE NT FU N D BOAR D

 Building a Secure Foundation
 for Retirement
 Figures as at 31 December 2019, unless stated otherwise

 In 2019, CPF Board was
                                                                   Strengthening                                       Providing                       Enabling
 recognised as Asia’s top
 retirement system and                                             Retirement                                          Healthcare                      Home
 ranked seventh out of 37                                          Income                                              Protection                      Ownership
 retirement systems globally                                       CPF Lifelong Income for the Elderly                 for Life
 in the Melbourne Mercer                                           (LIFE) Scheme
                                                                                                                                                       971,0561
 Global Pension Index.                                              More than                                                 $1.09 billion            CPF members

                                                                    176,000                       have joined since
                                                                                                  its launch in 2009
                                                                                                                               in direct medical
                                                                                                                               expenses paid for
                                                                                                                                                       used CPF savings
                                                                                                                                                       for housing needs
                                                                    CPF members
 The Board plays a key role in                                                                                                 via MediSave            amounting to

 enabling members to have a                                         About                                                                              $17.8          billion

 secure    foundation      for                                      $1.9          billion

 retirement through lifelong                                        monthly payouts
                                                                    received by more than
                                                                                                                               684,000                 Based on the number of CPF member s who
                                                                                                                                                       1

                                                                                                                                                       withdrew their CPF savings to pay for their
 income, healthcare protection                                                                                                 claims approved
                                                                    68,000
                                                                                                                                                       housing needs. Members who own both flats and
                                                                                                                               under MediShield        private property will be counted more than once.
 and home ownership.                                                                                                           Life, covering
                                                                    CPF members

                                                                                                                               $1.03         billion

                                                                    $5.31             billion     disbursed to CPF
                                                                                                  members reaching
                                                                                                                               in hospital bills
                                                                                                  55, and on medical
                                                                                                  grounds

22   AN N UAL R EP O RT 201 9   |   B U I LD I N G A S EC U R E FO U N DATIO N FO R R E TI R EM ENT                                                                                                       23
CE NTR AL PROVIDE NT FU N D BOAR D

 Strengthening                                                                                                                      From the first day they started working, CPF members have been saving
                                                                                                                                    for their retirement with CPF.

 Retirement Income
 Figures as at 31 December 2019, unless stated otherwise

 Saving for a Secure Retirement                                           Topping Up for More Retirement Savings                Receiving Lifelong Monthly Payouts                                    Additional Support for CPF Members

                                                                          CPF members can boost their own                       CPF LIFE provides CPF members with                                    Silver Support Scheme
                      2019                                                or loved ones’ retirement savings by                  monthly payouts starting any time from
                                                                                                                                                                                                      $340.2
                     61.4%
                                                                                                                                                                                                                             million
                                                                          making cash top-ups or CPF transfers                  age 65, for as long as they live. This is
 2018                                                                     to their own Special Account (SA) or                  crucial as Singaporeans are living longer.                            disbursed to more than 155,000 members aged
                                                                          RA, or that of their loved ones.                                                                                            65 and above to supplement their retirement
 59.2%                                                                                                                          Number of CPF LIFE                    More than                       income.
                     of 40,561 active CPF members                         In 2019, 231,395 top-ups2 were made,
                                                                          amounting to
                                                                                                                                members since its
                                                                                                                                launch in 2009
                                                                                                                                                                      176,000                         Workfare Income Supplement

                                                                          $2.15
 who turned 55 and were able to set                                                                                                                                                                   Scheme (WIS)
                                                                                                                                Total amount paid to                  About
                                                                                                                     billion
 aside their Cohort Full Retirement
 Sum (CFRS) fully in cash1, or set aside
                                                                                                                                more than 68,000
                                                                                                                                members                               $1.9           billion
                                                                                                                                                                                                      $646.2                 million

 at least their Cohort Basic Retirement                                                                                                                                                               in WIS payments made to around 402,000
 Sum (CBRS) while owning at least one                                                                                                                                                                 Singaporean employees and Self-Employed
                                                                                                                                                                                                      Persons (SEPs) for working in 2018.
 property.                                                                No. of top-ups2
                                                                                                                                CPF Withdrawals
 Retirement sums provide CPF members
 with monthly payouts under the CPF                                            18.5%                                            $7,265.1 million                       disbursed to CPF
                                                                                                                                                                                                      $563.8                 million

                                                                                                                                                                                                      paid to about 349,000 Singaporean employees
 LIFE Scheme or the Retirement Sum                                                                                                                                     members in 2019
                                                                                                                                                                                                      for working in 2019.
 Scheme (RSS). CPF LIFE provides
 payouts for life while RSS provides
                                                                                                                                                                                  $887.4              SEPs who worked in 2019 received their 2019 WIS payment
                                                                                                                                                                                                      from April 2020, upon income declaration and payment of the
                                                                                                                                                                                          million
                                                                                                                                                                                                      required MediSave contribution.
 monthly payouts that will stop when                                                        2018                 2019
 their Retirement Account (RA) savings                                                (195,301 top-ups2)   (231,395 top-ups2)                                                   $1,158.6
                                                                                                                                                                                          million
 are depleted.
                                                                                                                                                                                                      CPF Investment Scheme (CPFIS)
                                                                          This led to 9,000 more CPF members
                                                                          attaining at least the Basic Retirement Sum.                                                          $5,219.1
                                                                                                                                                                                         million
                                                                                                                                                                                                      CPFIS is intended for members who
                                                                          Top-up amount
                                                                                                                                Breakdown of members                                                  are willing to take risk and have the
                                                                                                                                                                                                      knowledge and time to invest their
                                                                                                                                         Reached the age of 55 and have set aside their               Ordinary Account (OA) and Special
                                                                               8.3%                                                      CFRS in their RA 3                                           Account (SA) savings in a wide range of
                                                                                                                                         Withdrawn on death and medical grounds                       financial instruments.

                                                                                                                                         Left Singapore and West Malaysia permanently,
                                                                                                                                         and Malaysians who left Singapore to reside in
                                                                                                                                         West Malaysia
                                                                                                                                                                                                      $16,528.4               of OA savings invested
                                                                                                                                                                                                                  million     by 941,231 CPF members
                                                                                          2018                   2019           3
                                                                                                                                    CPF members who are unable to set aside their CFRS or at least
                                                                                      ($1.99 billion)        ($2.15 billion)
                                                                                                                                    CBRS with a property4, can still withdraw up to $5,000 of their

                                                                                                                                                                                                      $5,265.8
                                                                                                                                    savings. Those who are receiving lifelong monthly income                                  of SA savings invested
                                                                                                                                    from their own private annuities or pension may also withdraw
 1
     For those who do not own a property.                                 2
                                                                              Comprising cash top-ups and CPF transfers.            their RA savings, without the need to set aside the retirement                million     by 293,657 CPF members
                                                                                                                                    sum in their RA.
                                                                                                                                4
                                                                                                                                    For those who do not own a property.

24    AN N UAL R EP O RT 201 9   |   STR EN GTH EN I N G R E TI R EM ENT I N CO M E                                                                                                                                                                             25
CE NTR AL PROVIDE NT FU N D BOAR D

 Providing Healthcare                                                                                                              Beyond lifelong income, CPF Board helps members save for healthcare
                                                                                                                                   expenses, so they enjoy universal healthcare insurance and can afford the

 Protection for Life                                                                                                               basic medical care they need, well into retirement.

 Figures as at 31 December 2019, unless stated otherwise

 Helping Members with Healthcare Costs                                                                                             Honouring and Supporting Our Seniors

 More MediSave withdrawals for direct                                 More have benefitted from MediShield                         Pioneer Generation Package (PGP)                                     Merdeka Generation Package (MGP)
 medical expenses                                                     Life coverage
                                                                                                                                   • Introduced in 2014 for our Pioneers1                               • Introduced in 2019 for our Merdeka
                                                                                                                                                                                                          Generation2
 $1,033.8                                 $1,094.5                     2018                                 2019
                                                                                                                                   • Provides eligible Pioneers with assurance for
 million
                           5.9%           million                      $929                                 $1,037.8                 their healthcare costs for life                                    • Provides MG seniors greater assurance with
                                                                       million                              million                                                                                       healthcare costs in their silver years
     MA
                                              MA                       approved                             approved               • The Board administers three of the package’s
                                                                       for about                            for about                                                                                   • The Board administers three of the package’s
                                                                                                                                     five components3: MediSave top-ups, MediShield
     2018                                     2019
                                                                       603,000                              684,000                  Life premium subsidies and come 2021, the                            five components4: MediSave top-ups, MediShield
                                                                       claims                               claims                   CareShield Life participation incentive                              Life premium subsidies and come 2021, the
 Figures exclude MediSave withdrawals for payment of premiums under the Private Medical Insurance Scheme, ElderShield Scheme and                                                                          CareShield Life participation incentive
 MediShield Life Scheme.

 Enhanced MediShield Life Benefits                                                                                                 In 2019, CPF Board disbursed to each generation

 Through MediShield Life, all CPF members                              From 1 April 2019, MediShield Life benefits were                                                      $329.6                                                                 $109.1
 enjoy basic health insurance protection                               enhanced to cover:                                                                                                 million                                                             million
 against large hospital bills for life,
 regardless of age or health conditions.
                                                                                   Inpatient treatment for serious pregnancy       MediShield
                                                                                                                                   Life premium                                       $179.7                                                                 $12.3
                                                                                   and delivery-related complications              subsidies                                                million                                                             million
 CPF members can also use MediSave to
 pay for their own or approved dependants’
                                                                                   Continuation of autologous bone marrow                                                             $149.9                                                               $96.8
 medical expenses, including healthcare                                            transplant treatment for multiple myeloma       MediSave                                                 million                                                             million
                                                                                                                                   top-ups                Pioneer                                                             Merdeka
 insurance premiums.                                                               in the outpatient setting

 Additional Support for CPF Members                                                                                                1
                                                                                                                                       Pioneers are Singapore Citizens born on or before 31 December    2
                                                                                                                                                                                                            Merdeka Generation seniors are Singapore Citizens born on or
                                                                                                                                       1949 and had obtained Singapore Citizenship on or before             before 31 December 1959, had obtained Singapore citizenship
                                                                                                                                       31 December 1986.                                                    on or before 31 December 1996, and did not receive the
 The Government also provides financial assistance or grants to boost Singaporeans’                                                                                                                         Pioneer Generation Package.
                                                                                                                                   3
                                                                                                                                       The five PGP components are (1) outpatient care subsidies,
 MediSave savings.                                                                                                                     (2) annual MediSave top-ups, (3) special subsidies for           4
                                                                                                                                                                                                            The five MGP components are (1) outpatient care subsidies,
                                                                                                                                       MediShield Life premiums, (4) cash payments for Pioneers with        (2) annual MediSave top-ups from 2019 to 2023, (3) additional
 MediShield Life Premium Subsidies                                     MediSave Grant for Newborns                                     moderate to severe functional disabilities under the Pioneer         subsidies for MediShield Life premiums, (4) a one-off
                                                                                                                                       Generation Disability Assistance Scheme (PioneerDAS) and             PAssion Silver Card top-up, and (5) a higher CareShield Life

                $663 million                                                         $139.5 million
                                                                                                                                       (5) a higher CareShield Life participation incentive of $4,000       participation incentive of $4,000 when the scheme opens for
                                                                                                                                       when the scheme opens for applications from 2021.                    applications from 2021.

                provided in Government subsidies                                     credited into the MediSave
                                                                                     Accounts of newborns

 This went towards subsidising majority of the                         Parents could tap on this grant for their children’s
 cost of extending MediShield Life coverage to                         healthcare needs such as:
 those with pre-existing conditions and premium                        • MediShield Life premiums
 subsidies for lower- to middle-income Singapore                       • Recommended childhood vaccinations
 Residents.
                                                                       • Hospitalisations and approved outpatient
                                                                         treatments

26   AN N UAL R EP O RT 201 9   |   PROVI D I N G H E ALTH C AR E PROTEC TIO N FO R LI FE                                                                                                                                                                               27
CE NTR AL PROVIDE NT FU N D BOAR D

 Enabling                                                                                                                                                        A home is an important part of our members’ retirement nest egg in their
                                                                                                                                                                 golden years. CPF has been a key pillar in supporting home ownership in

 Home Ownership                                                                                                                                                  Singapore.

 Figures as at 31 December 2019, unless stated otherwise

 Home Financing                                                         Protecting Members and Their Homes

 In 2019, CPF members withdrew a total of                               Our commitment to members does                                                            HPS Premium Rebate                                                  Dependant’s Protection Scheme (DPS)

$17,817.4
                                                                        not end when they make their home
                                                 million                purchase. We have put in place these
                                                                                                                                                                 With better-than-expected investment gains                           DPS is an opt-out term insurance scheme
                                                                                                                                                                 and lower-than-projected claims, an HPS                              provided by the Great Eastern Life Assurance
                                                                        two schemes to protect them and their                                                    premium rebate exercise was carried out.                             Company Limited and NTUC INCOME Insurance
                                                                        loved ones in the event of unforeseen                                                                                                                         Co-operative Limited that provides eligible CPF
 to pay for their home purchase.
                                                                        circumstances.                                                                                                                                                members and their families with financial help
                                                                                                                                                                 More than                                                            in the event of the insured member’s death,

                                                                                                                                                                 760,000
                                                                                                                                                                                                                                      terminal illness1 or Total Permanent Disability
                                                                        Home Protection Scheme (HPS)                                                                                                                                  (TPD)2 before age 60.
 HDB Flats                                                              HPS is a mortgage-reducing insurance scheme                                              CPF members
                                                                        that protects CPF members and their families                                             received the

                                $11,005.2
                                                                        from losing their homes in the event of the
                                                                        insured member’s death, terminal illness1
                                                                                                                                                                 rebate in their OA
                                                                                                                                                                 in January 2020
                                                                                                                                                                                                                                                1,898,997                   CPF
                                                                                                                                                                                                                                                                            members
                                                    million             or Total Permanent Disability (TPD)2. It is                                                                                                                             covered for a total sum assured of

                                                                                                                                                                                                                                                $93,008
                                         withdrawn by                   compulsory for members who use CPF savings                                                                                                                                                          million
                                     743,560 members                    to pay for their HDB flats.
                                                                                                                                                                 About

                                                                                                                                                                 1 in 2
                                                                                         596,752                     CPF members
                                                                                                                                                                 received $500
                                                                                                                                                                 or more
                                                                                         covered for a total sum assured of                                                                                                           Claims in 2019          Death cases

                                                                                                                                                                                                                                                              1,688
 Private Properties
 & Executive                                                                            $97,560.5 million                                                                                                                            2,585                   Terminal illness & TPD cases
 Condominiums
                                                                                                                                                                                                                                                              897
                                    $6,812.2
                                                    million
                                         withdrawn by
                                                                        Claims in 2019                      Death cases
                                                                                                                                                                                                                                      Amount of
                                                                                                                                                                                                                                      claims approved         $132.5
                                                                                                            627
                                                                        1,059
                                                                                                                                                                                                                                                              million
                                     227,496 members
                                                                                                            Terminal illness & TPD cases

                                                                                                            432
                                                                        Amount of
                                                                        claims approved                     $95.5 million
                                                                        1
                                                                            Terminal illness refers to an illness that is likely to result in the death within 12 months. A claim can be made only if the terminal illness occurred
                                                                            on or after 1 May 2016.
                                                                        2
                                                                            Total Permanent Disability (TPD) refers to (i) the inability to take part in any employment permanently or (ii) the total permanent loss of
                                                                            physical function or both eyes, two limbs or one eye and one limb. A claim under (ii) can only be made from the total permanent loss of physical
                                                                            function that occurred on or after 1 May 2016.
More information is available in Annex J.

28   AN N UAL R EP O RT 201 9   |   ENAB LI N G H O M E OWN ERS H I P                                                                                                                                                                                                                    29
CE NTR AL PROVIDE NT FU N D BOAR D

 Making a Difference
 through Service
 Figures as at 31 December 2019, unless stated otherwise

 Members Come First

 This year, the Board made strides
 forward in service transformation. Key
 pages on our website were redesigned
                                                                                                                               CPF
 and features on the mobile app were                                                                                        Touchpoints                                     Engagement
 enhanced, to help members do more                                                                                                                                           Channels
 with ease while safeguarding their data.
                                                                                             Digital
 But whatever the touchpoint, members
                                                                                            Platforms
 remain at the heart of all these services.
                                                                                                                                                                                         BeReady Microsite

                                                                                                 CPF Website                                                                             Facebook

                                                                                                 myCPF Mobile App                                                                        Instagram

                                                                                                                                                                                         YouTube
 “I could feel that you                                                                          My Mailbox
                                                                                                                                                                                         Electronic Direct
 are serving me and                                                                              AXS Stations & SAMs
                                                                                                                                      Frontline                                          Mailers (eDMS)
 my enquiries deep                                                                                                                    Services
                                                                                                                                                                                         Community Outreach
 from your heart.”                                                                                                                                                                       (Roadshows, Talks and
                                                                                                                                                                                         Events)
                                                                                                                          CPF Service Centres
 — Mr A. Razak,                                                                                                                                                                          Student Outreach
 a member in his 60s on                                                                                                   Customer Contact Centre                                        Programme
 his experience at Tampines                                                                                                                                                              – CPF Game On!
 CPF Service Centre

                                                                         Over                                             About                                Over                       More than

                                                                         62
                                                                                       million   transactions performed
                                                                                                 on CPF website, myCPF
                                                                                                 Mobile App and island-
                                                                                                                            1     million   CPF members and
                                                                                                                                            employers served
                                                                                                                                                               10
                                                                                                                                                                             million
                                                                                                                                                                                          270,000
                                                                                                                                                                                          CPF members engaged
                                                                                                 wide kiosks                                110,000            engagements1               via community outreach
                                                                                                                                            correspondences    via digital and
                                                                                                                                            handled            social media
                                                                                                                                                               platforms
                                                                                                                                            640,000
                                                                                                                                            calls answered
                                                                                                                                                               1
                                                                                                                                                                   Engagement refers to interactions on CPFB’s Facebook and
                                                                                                                                                                   Instagram pages, views on CPF Board YouTube channel,
                                                                                                                                                                   total page views on AreYouReady and BeReady microsites.

30   AN N UAL R EP O RT 201 9   | MAK I N G A D I FFER EN C E TH RO U G H S ERVI C E                                                                                                                                      31
CE NTR AL PROVIDE NT FU N D BOAR D

 Digital Platforms                                                                                              Smart payment and collection technologies have allowed the Board
                                                                                                                to provide members with more convenient, efficient and near-instant
 Figures as at 31 December 2019, unless stated otherwise                                                        transactions. In 2019, over 62 million e-transactions were performed
                                                                                                                through the CPF website, myCPF Mobile App and kiosk platforms.
 “I rated CPF online service the best among others.
 Very user friendly, information is very comprehensive,
 useful details & easy to understand at a glance.”                                                              CPF Mobile App Services

                                                 — Anonymous compliment collected from CPF website
                                                                                                                          Dashboard                              Close to
                                                                                                                          Members can easily view their key
                                                                                                                          CPF accounts and transaction details   530,000
                                                                                                                          anytime, anywhere.                     users   of   myCPF
                                                                                                                                                                 Mobile App in 2019
                                                              Near-instant Crediting and Payments
     CPF Website Services (cpf.gov.sg)                        (PayNow)

                                                                                                                New myCPF Mobile App Features
 To create a better web experience, the                       CPF members can now enjoy the benefits
 Board invested in usability studies. With                    of PayNow when performing payment                           Easier Cash Refund
 a deeper understanding of members’                           transactions via the CPF website.
 needs, these insights guided the redesign
                                                                                                                          Members can make cash refunds
                                                                                                                          online for their CPF savings used
                                                                                                                                                                      “Easy to use, simple
 of the CPF website’s homepages, to                           With PayNow, they can top up their SA or RA and
                                                              enjoy real-time crediting into their accounts.
                                                                                                                          for property purchases. They no              interface with clear
 great effect.                                                                                                            longer need to submit hardcopy
                                                                                                                          applications.                           information. Great app!”
                                                                          Processing TIme
                          Over

                         27
                                                                                                                                                                  — Ms C. Tan, a member in her mid-20s
                                              million
                                              hits on
                                              redesigned

                                                              5
                                              homepages
                                                                     working                  Near-             E-Convenience for Employers
                                                                     days                    instant
 The CPF website continues to provide
                                                                                                                Employers can electronically submit their        In December 2019
 members a world of convenience in one

                                                                                                                                                                 90%
                                                              They can also use PayNow for payments such        employees’ CPF contribution details via:
 place. More than 2.8 million members                         as Housing Protection Scheme premiums and
 used it in 2019 to easily:                                   education loan repayments.

                          • check CPF account                                                                                                                    of all employers submitted their employees’
                            balances and statements           Close to                                                                                           CPF contribution details electronically

                                                              $293
                                                                                        million

                                                                                                                                                                 98.3%
                          • submit applications
                                                                                                                Mobile          CPF            AXS stations
                                                                                                                phones         website         island-wide
                          • check transaction status
                            and more…                         collected through
                                                              PayNow                                                                                             of all employees had their CPF contributions
                                                                                                                                                                 submitted electronically

32    AN N UAL R EP O RT 201 9   | D I G ITAL PL ATFO R M S                                                                                                                                                 33
CE NTR AL PROVIDE NT FU N D BOAR D

 Frontline Services
                                                                                                           From introducing CPF services at the Integrated Public Service Centre to
                                                                                                           playing a more active role in facilitating Whole-of-Government (WOG)
 Figures as at 31 December 2019, unless stated otherwise                                                   solutions, the Board’s frontline service transformation efforts go the extra
                                                                                                           mile in providing CPF members the support they need.

 CPF Service Centres                                                                                       Customer Contact Centre                         My Mailbox

     Close to                                               About                                          About                                           This SingPass 2FA-authenticated

     1                                                      660,000                                        640,000                                         platform was launched in 2019, so CPF
           million                                                                                                                                         members can securely:
                                                            were served over                               calls from CPF
                                                                                                                                                           •   submit enquiries
                                                            the counters                                   members and
                                                                                                                                                           •   receive personalised responses
                                                                            About

                                  5
                                                                                                           employers handled
                                                                              340,000
 CPF members                                   CPF                                                                                                         •   view letters and notifications online
 and employers                              service                                                                                                        •   receive SMS notifications
                                                                              used Self-Help lobbies to:
 served across                              centres                           • view and print CPF
                                                                                                                                                           Around
                                                                                statements
                                                                              • submit online requests
                                                                              • make payments
                                                                                                                                                           110,000
                                                                                                                                                           correspondences
                                                                                                                                                           made via My Mailbox
 CPF Retirement Planning Service (CRPS)

                           Seniors aged 54 and above can book an appointment at service
                           centres to receive personalised guidance from a team of multi-lingual
                           Customer Service Executives on how to enhance their retirement                  Call Authentication Service with SingPass 2FA
                           savings and payouts.
                                                            In 2019, CRPS was extended to                  Safeguarding CPF members’ confidential          The service:
 About                                                      CPF members reaching their                     data is of paramount importance to              • provides an extra layer of security to
 2,700                                                      Payout Eligibility Age (PEA).                  the Board. Since 2017, this impactful
                                                                                                           service transformation enables secure
                                                                                                                                                             protect members

 CPF members attended CRPS                                                                                                                                 • eradicates the risk of scams and identity
                                                            About                                          verification of their identity with a             thefts
                                                                                                           Customer Service Executive without
                                                            650                                            having to reveal private identifying
                                                                                                                                                           • saves members a trip to the service centre
                                                                                                                                                           • frees up staff from paperwork to focus on
                                                                                                           information over the phone.
                                  98%                       CPF members attended CRPS-PEA                                                                    higher-value interactions

                                                                                                                                                                                Close to
                           would recommend
                           CRPS to others                                            95%                                                                                       57,000
                                                                                                                                                                               members trusted
                                                                             would recommend                                                                                   and used Call
                                                                             CRPS-PEA to others                                                                                Authentication

34   AN N UAL R EP O RT 201 9 | FRO NTLI N E S ERVI C E S                                                                                                                                                 35
CE NTR AL PROVIDE NT FU N D BOAR D

 Collaboration with Public Agencies:
                                                                                                     Engagement Channels
 Rejected Appeals Management Protocol                                                                Figures as at 31 December 2019, unless stated otherwise
 (RAMP)
                                                                                                     The Board continued to engage CPF members through mass, targeted and
                                                                                                     personalised communication channels. From sharing about scheme benefits
 CPF members facing temporary financial                                                              to the role of CPF in retirement planning, more members are being reached
 difficulties often turn to the CPF Board                                                            both offline and on.
 for assistance as they see their CPF
 savings as a potential source of relief.                                                            Online and Social Media Engagement
 Sometimes, the assistance they need
 lies with other agencies. But members                                                               Throughout the year, CPF Board reached                          Over                           Close to

 may not know who to approach or how.
 Recognising this, RAMP was established
                                                                                                     out regularly to members on digital and
                                                                                                     social media, and collaborated with
                                                                                                                                                                     10     million
                                                                                                                                                                                                    1.5    million

                                                                                                                                                                     engagements     via
                                                                                                                                                                                      1
                                                                                                                                                                                                    subscribers reached
 in May 2019.                                                                                        content partners to communicate CPF                             online and social              via electronic Direct
                                                                                                     schemes and policies.                                           media platforms                Mailers with an
                                                                                                                                                                                                    open rate of
 A collaborative, Whole-of-Government
 (WOG) solution driven by the CPF Board
                                                                                                     1
                                                                                                         Engagement refers to interactions on CPFB’s Facebook and                                   37%
                                                                                                         Instagram pages, views on our YouTube channel, total page
                                                                                                         views on AreYouReady and BeReady microsites.
 RAMP equips officers with knowledge of
 assistance schemes beyond the CPF system,
 so they can:
                                                                “I am really happy and               CPF Retirement Planning Campaign                                Community Outreach
 1. Identify the relevant scheme
 2. Proactively work with that agency
                                                               grateful. Because I feel
                                                                                                     Held    annually   to    reinforce  the                         CPF Board is always seeking deeper
 3. Offer alternative assistance to the CPF member            a weight has been lifted               importance of retirement planning and                           conversations with CPF members.

 Since then, the Board has piloted with partners
                                                                     off my shoulders.”              the role that CPF plays, the campaign’s                         Through CPF Retirement Planning
                                                                                                     theme for 2019 was Be Ready with CPF.                           roadshows, regular thematic talks and
 such as:                                                                                            It leveraged on salient factoids and                            events targeting them at different
 • Ministry of Social and Family Development                  — Mr SH Kay, a member in his mid-50s   provided tips to CPF members aged                               life stages, we seek to connect with
                                                                        who benefitted from RAMP     between 20 to 54, on how they can                               members of all ages and from all walks
 • Housing & Development Board
                                                                                                     make the most of their CPF for greater                          of life.
 • Ministry of Health
                                                                                                     peace of mind in retirement.
                                                                                                                                                                     More than
 • Public healthcare institutions
                                                                                                     Over                                                            270,000
 and assisted over
                                                                                                     8.6          million
                                                                                                                                                                     CPF members reached

 700                   CPF members with                                                              video views from August
                                                                                                                      2
                                                                                                                                                                     including
                       financial difficulties                                                        to November 2019
                                                                                                                                                                     39,000               students reached via new
                                                                                                                                                                                          outreach programme
                                                                                                     More than
                                                                                                                                                                                          “CPF Game On!”
                                                                                                     630,000
                                                                                                     sessions on the cpf.gov.sg/                                     “CPF Game On!” aims to seed financial literacy
                                                                                                     beready website                                                 at an early age. Targeted at secondary and
                                                                                                                                                                     tertiary students, it uses experiential learning
                                                                                                     2
                                                                                                         Views include those on YouTube, Toggle and
                                                                                                                                                                     activities and gamification techniques to bring
                                                                                                         Facebook platforms.                                         CPF concepts to life.

36   AN N UAL R EP O RT 201 9   | FRO NTLI N E S ERVI C E S                                          | EN GAG EM ENT C HAN N EL S                                                                                       37
CE NTR AL PROVIDE NT FU N D BOAR D

 Supporting Singaporeans                                                                                                    Achieving Excellence
 Beyond CPF                                                                                                                 as One Workforce
 Figures as at 31 December 2019, unless stated otherwise

 CPF Board also plays a vital role for the Government and other agencies in                                                 The Board was proud to have our efforts in service delivery, customer
 ensuring grants and social transfers are promptly and accurately disbursed                                                 engagement and creative communications recognised by the public sector
 to citizens and companies.                                                                                                 and beyond.

 GST Voucher Scheme                                                                5-Year MediSave Top-Up                   Accolades

                                                                                   $55.6                                    2019 Singapore Good Design Mark (SG Mark)                   2019 Marketing Excellence Awards
                                                 MA
                                                                                   million                                  by Design Business Chamber Singapore
                                                                                                                                                                                        • Excellence in Content Marketing (Silver)
                                                                                   received by 556,000 Singapore citizens   • The Digital Solution Award (Smart Design                    awarded to CPF Retirement Planning
                                                                                   aged 50 and above in their MediSave        Category) awarded to myCPF Mobile App                       Campaign 2018
                                                                                   Accounts, to support their healthcare    • SG Mark (Experience Design) awarded to CPF
 $801.6                                   $145.2                                   needs as they do not receive benefits
                                                                                   from the Pioneer Generation Package
                                                                                                                              Bishan Service Centre Transformation
                                                                                                                              • Top 9 of 81 award-winning projects to
                                                                                                                                                                                        2019 Marketing Events Awards
 million                                  million                                                                                                                                       • Best Community Event (Bronze) awarded to
                                                                                   and Merdeka Generation Package                 receive SG Mark with Special Mention
 in cash received by close                received by 498,000                                                                                                                             CPF Game On! Programme
 to 1.4 million Singapore                 Singapore citizens in
 citizens                                 their MediSave Accounts
                                                                                                                            2019 CCAS International Contact                             Public Service Transformation Awards
                                                                                                                            Centre Awards
 CPF Top-up Scheme (one-off)                                                                                                                                                            The following CPF project team and officers
 under the Bicentennial Bonus                                                                                               • Best Human Resource Support Specialist                    were among the recipients of the 70 awards
                                                                                   Workfare Bicentennial Bonus
                                                                                                                              (Gold) awarded to Ms Chor Swee San,                       given out to individuals and teams across the
                                                                                                                              Senior Deputy Director of Human Resource                  Public Service for excellence in service delivery,

                                          $210.3                                   $71                                        Department
                                                                                                                            • Best In-House Section (Silver) awarded to
                                                                                                                                                                                        innovation and best practices:
                                                                                                                                                                                        • Service Delivery Excellence awarded to CPF
                                          million                                  million                                    Ms Sarah Ang, Deputy Director of the
                                                                                                                                                                                          PayNow Journey – CPF Smart Payments &
                                          received by 269,300                                                                 Customer Contact Centre
                                                                                                                                                                                          Collections Workgroup
                                          Singapore citizens in                                                                                                                         • Exemplary SkillsFuture @ Public Service
                                          their CPF accounts to                    in payments made to around 395,000       2019 MARKies Awards                                           awarded to Hans Wahyudin
                                          commemorate Singapore’s                  Workfare      Income   Supplement                                                                    • Exemplary Service Excellence awarded to
                                          Bicentennial Year in 2019                recipients to help with their daily      • Most Effective Use – Social Media (Gold)
                                                                                                                                                                                          Zayden Ng Yew Seng
                                                                                   living expenses                            awarded to CPF Retirement Planning
                                                                                                                              Campaign 2018
 Government-Paid                          Special Employment                                                                • Most Creative – TV/Video Advertising
 Leave Schemes                            Credit Scheme                            Wage Credit Scheme                         (Bronze) awarded to CPF Retirement
                                                                                                                              Planning Campaign 2018

 $355.4                                   $432                                     $600
 million                                  million                                  million
 reimbursed for 253,000                   disbursed to 100,000                     disbursed to 90,000 companies
 applications to foster a                 employers to encourage                   to encourage employers to share
 pro-family environment in                the hiring of senior                     productivity   gains  with their
 Singapore                                Singaporeans and persons                 employees, our CPF members
                                          with disabilities

38   AN N UAL R EP O RT 201 9 | SU PP O RTI N G S I N GAP O R E AN S B E YO N D C PF                                        | AC H I E VI N G E XC ELLEN C E A S O N E WO R K FO RC E                                                    39
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