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Written Answer by Mr Tan Chuan-Jin, Minister for Manpower, to Parliamentary Question on Retirement Adequacy Education for Entrants to Job Market

Notice Paper No. 344 Of 2014 For The Sitting On Or After 3 November 2014 Question No. 335 For Written Answer

MP: Mr Zaqy Mohamad

To ask the Minister for Manpower (a) how does the Ministry plan to educate new entrants to the job market on the benefits of their CPF and how their savings and retirement schemes can be used and maximised throughout the course of their working life; (b) whether the Ministry has surveyed the level of understanding of workers at various levels on CPF and the three Ms and how it impacts their life choices in affordable housing and healthcare; and (c) how can the Ministry improve citizens' understanding of CPF to help with their life and retirement needs.

Answer

  1. CPF Board has a comprehensive slew of outreach programmes to educate Singaporeans on the CPF system. To better connect with Singaporeans at different stages of their lives, the CPF Board packages relevant information by life events that Singaporeans can identify with, such as “Starting Work”, “Buying a Home”, “Providing for Your Healthcare Needs” and “Managing Your Retirement”. This approach is carried out consistently across the Board’s various outreach platforms, including its social media pages, website, videos, infographics and regular talks.
  2. CPF Board also customises the way the information is communicated, and adopts suitable outreach platforms with the target group of CPF members in mind. For example, talks targeted at new entrants to the workforce have game elements built in to better engage them and convey the information in a more informal setting. The Board also reaches out to younger CPF members through its social media platforms. From next year, the Board will roll out more programmes to connect with these new entrants, including lunch time talks to reach out to working adults. The Board will also seek to improve and simplify the presentation and communication of CPF information on its website and in its correspondences with members.
  3. The CPF Board engages a significant number of Singaporeans through its outreach efforts. Over the last three years, the Board has reached out directly to more than 110,000 members through more than 450 talks and events, while its monthly email blasts reach more than 800,000 members. In addition, CPF Board works closely with partners such as MoneySense, the Institute of Financial Literacy, the Financial Planning Association of Singapore, and other government agencies, to extend its reach and ensure CPF-related information is accurately communicated to members.
  4. A poll commissioned by REACH in June 2014, found that there was good general awareness of CPF schemes relating to retirement planning. 8 in 10 Singaporeans have heard of the Minimum Sum and more than 6 in 10 have heard of CPF LIFE. However, awareness of policy specifics was relatively lower. CPF Board will continue to enhance its member education efforts to help Singaporeans better understand the CPF system and in the process help them better plan for their housing, medical and retirement needs. For example, an educational series on the CPF was recently published on all major local newspapers to explain the basics of the CPF system in an easy to understand manner.
  5. Similarly, more could be done to improve the public’s understanding of the details of the healthcare schemes. However, with recent initiatives such as MediShield Life and the Pioneer Generation Package, public awareness of healthcare schemes has indeed gone up. Polls by the Ministry of Communications and Information earlier this year found that awareness of MediShield Life had increased from 54% in May to 86% in July after the Parliamentary debate on MediShield Life.
  6. To step up public education on the three Ms (Medisave, MediShield and Medifund) and the Pioneer Generation Package, a series of videos, radio and print ads have been produced for television and radio in all four languages. MOH has also held some 30 engagement sessions since July this year to enhance public awareness of our healthcare financing framework, in particular on the changes to our healthcare system such as MediShield Life and the Pioneer Generation Package. MOH will continue to work closely with partners, such as grassroots and non-government organisations, to educate the public on the healthcare financing schemes.
  7. While much has been done, there is room to do more. We will endeavour to enhance our outreach to Singaporeans, and explore more ways to raise and maintain awareness and understanding of the CPF and healthcare schemes. I would also like to call on Members of the House to help clarify any queries on the CPF and healthcare schemes that your constituents might have and refer those who need more information and assistance to the CPF Board or MOH.