Edward Chia on Central Provident Fund (Amendment) Bill

The Central Provident Fund scheme has always served the interests of Singaporeans in meeting their needs, and the move to amend it is a timely response to evolving times, said MP Edward Chia. Speaking in Parliament on Monday (Oct 14), he said this is especially true in areas such as the expansion of the Home Protection Scheme (HPS) to make it more dynamic, inclusive and equitable, especially for those with pre-existing health conditions. He suggested exploring how advances in medical technology can further enhance the scope of the scheme. One way is to incorporate medical advancements into HPS premiums and adopt a more dynamic review process to ensure that individuals receiving such treatments pay HPS premiums that reflect their health outlook. He wanted to know what mechanisms are in place to regularly review the HPS and whether there are plans to include advancements in medical treatments and revise premiums in such reviews. Mr Chia also suggested tiered coverage options for greater flexibility, which is especially beneficial for high-risk individuals who may struggle to afford full coverage. He wanted to know if the Government would introduce tiered coverage options within the HPS to allow individuals with serious pre-existing conditions to opt for lower coverage levels at more manageable premiums.