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Appointment of Mr Chiang Chie Foo as Chairman, Central Provident Fund (CPF) Board

27 June 2013 

  1. Mr Chiang Chie Foo, Permanent Secretary, Ministry of Defence, will succeed Mr Koh Yong Guan as Chairman of the CPF Board from 1 July 2013.
  2. Mr Chiang has held numerous leadership positions within the civil service, including in the Ministry of Home Affairs, Ministry of Education, Prime Minister's Office and Ministry of Defence. With his extensive experience in the public service, Mr Chiang is well placed to lead the CPF Board.

    Appreciation for Mr Koh Yong Guan's Contributions
  3. Mr Koh Yong Guan will step down as Chairman of the Board when his term expires on 30 June 2013, after serving the Board for the past 8 years.
  4. The Ministry of Manpower (MOM) would like to place on record its deep appreciation for the distinctive contributions Mr Koh has made to the CPF Board since his appointment as Chairman in July 2005. During his term as Chairman, Mr Koh provided strategic leadership to the Board and improved its organizational performance and capabilities. The CPF Board remains at the forefront of service excellence within the public sector and in Singapore. Through the provision of a wide range of quality services in a cost-effective manner, the CPF Board has been able to serve the needs of Singaporeans effectively.
  5. Of notable mention is Mr Koh's active role in the development and implementation of the CPF LIFE annuity scheme. The successful rollout of CPF LIFE enables Singaporeans to enjoy a monthly retirement income for as long as they live, thus providing greater security in their old age. Mr Koh also led the CPF Board in implementing the 2008 CPF Reforms to help older Singaporeans enhance their retirement adequacy and work longer. As part of the reforms, the returns on CPF savings were improved through the provision of an extra interest of 1% on the first $60,000 of members' CPF balances. Mr Koh has also contributed to the retirement adequacy of lower-income Singaporeans through the Workfare Income Supplement scheme. The scheme helps to supplement the wages and retirement savings of older lower-wage workers and encourages them to stay employed.