Singapore's national development secretary Koh Yong Guan has been appointed chairman of the central provident fund (CPF) board with effect from Wednesday for a term of three years.
Guan will replace Ngiam Tong Dow, who became CPF chairman in 1998.
Dow has been a strong advocate in emphasising the need for CPF members to plan early and set aside more cash savings for their retirement needs, thereby moving away from the asset rich, cash poor phenomenon, raising of the Special Account (SA) allocation rate and the liberalisation of the CPF investment scheme to allow members to enhance their SA savings through investments in retirement-related products.
Guan, a Colombo Plan scholar, has held various senior positions in the civil service, including the commissioner of inland revenue, health secretary, second permanent secretary for finance and budget and revenue and managing director of the monetary authority.
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