| Simple
ideas that matter much |
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A snip here. A tuck there. When two groups
of Central Provident Fund (CPF) Board officers started
four simple, related initiatives, no one would have
imagined they could eventually help the Board to
save a whopping $1.68 million every year!
In mid-2003, two groups of CPF Board officers tried
to find ways
to save costs by reducing the frequency of posting
two statements to CPF members — the CPF Statement
of Account and the
CPF Investment Scheme (CPFIS) statement.
At that time, the two statements were already available
online and more and more CPF members were viewing
them via the Internet.
By reducing the frequency of posting the CPFIS statement
from monthly to half-yearly, the Board saved $464,000
per year. Implementing both initiatives saved the
Board in excess of $1 million per year.
After successfully introducing the initiatives,
the two groups of officers did not rest on their
laurels. They worked together to put the two statements
in the same mailer so as to save on postage and
envelope costs. They also proposed reducing the
frequency of both statements to yearly.
Said Mr Soh Chin Heng, Director of the Retirement
and Investment Division: “The beauty of these four-in-one
initiatives lies in their simplicity. They were
implemented without fanfare and at minimal cost.
Importantly, they do not affect customer satisfaction,
yet managed to help the Board achieve significant
cost savings.” |
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