SINGAPORE: A pilot scheme that started with 800 volunteers learning and promoting the benefits of the Central Provident Fund (CPF) is now officially live, with the launch of the Community Paying it Forward movement on Wednesday (Apr 28).
The movement utilises volunteers who "pay it forward by inspiring people around them to make the most of their CPF and be better prepared for retirement," said the CPF Board in a press release.
According to CPF Board Chief Executive Officer Augustin Lee, the idea for the movement came about due to "many fans of CPF" who discovered the benefits of CPF later in life and wished that they had known about them much earlier.
“The Community Paying it Forward movement is driven by a diverse group of Singaporeans, who have been sharing on the benefits of CPF with people around them," said Minister for Manpower Josephine Teo at the launch event on Wednesday.
"This is a good sign, as more Singaporeans will be able to plan, build up their retirement adequacy, and enjoy the full benefits of CPF. I encourage more individuals and organisations to join this movement, and pay it forward," she said.
Partners of the movement include National Trades Union Congress (NTUC), Resorts World Sentosa (RWS), Shopee, MoneySense, NTUC Income and MoneyOwl.
"A GAMIFIED EXPERIENCE"
The movement, accessed via the CPF Volunteering (CPFV) mobile application, was piloted in January 2021.
"Through a gamified experience, volunteers will earn experience points as they learn more about the CPF system," said the CPF Board.
Encouraging others to perform actions such as making a top-up and CPF nominations would earn users "fun digital badges".
Some of the ways volunteers can "pay it forward" include:
- Helping to debunk misinformation and untruths e.g. by sharing clarifications from official sources
- Sharing personal stories and experience to inspire other Singaporeans to kickstart their retirement planning journey
- Participating in focus group discussions, interviews and surveys to help improve CPF services
- Referring others to join the movement
Volunteers will be able to receive CPF updates, access onboarding and training resources on CPF including articles, videos and infographics, as well as view their personal achievements and impact of their pay-it-forward contributions.
According to the CPF Board, more than 350 CPF top-ups and CPF nominations have been recorded in the application to date, with "many more" taking place without being recorded.
"Over the longer-term, volunteers can look forward to engagement sessions such as get-together events and learning workshops to build a stronger community and improve their understanding of CPF," it said.
From Apr 28 to May 31, the app will feature a series of mini-challenges to spur volunteers to further deepen their knowledge about CPF and encourage them to "pay it forward" to those around them.
The first 100 volunteers who complete the mini-challenges during this period will win tickets to popular attractions and shopping vouchers, sponsored by RWS and Shopee.