• In 1955, the British colonial government implemented the Central Provident Fund (CPF) system in Singapore. The Central Provident Fund Board, a statutory board, manages the retirement funds of the people.
• All employees are required to make regular contributions to their CPF, which is usually 10-20% of their salary. Employers are also required to make contributions on behalf of their employees.
• Members can utilise their CPF savings in matters relating to housing, insurance, investment, education and medical needs.
• In the 1970s, CPF introduced the “Special Account” to help members accumulate more savings as retirement funds. The Medisave Account was established in 1984 to prepare members for future medical expenses. In 1990, CPF introduced the Medishield scheme to help members cope with the financial costs incurred from chronic and critical illnesses.

The events co-organised by Chinese Development Assistance Council (CDAC) and CPF were meant to help the public understand policies that have a direct impact on them, including the Pioneer Generation (PG) packages, Lasting Power of Attorney (LPA) and Medishield Life. The talks were conducted in Mandarin, and volunteers were on hand after the talks to explain the policies in dialects to the elderly. (Lianhe Wanbao, 3/3/2017)