Mr Augustin Lee is the Chief Executive Officer of the Central Provident Fund Board (CPFB). As the nation’s social security organisation, CPFB manages more than S$450 billion in assets, serving 4 million members. Annually, CPFB pays out more than S$20 billion for members’ retirement, housing and healthcare needs. CPFB also operates retirement annuity, healthcare, long-term care and home mortgage insurance totalling about S$3 billion in annual premiums.
Prior to his current role in CPFB, Mr Lee was the Deputy Secretary in the Ministry of Manpower. Among other things, he led policies to strengthen retirement adequacy including the introduction of Silver Support, a means-tested and state-funded pension payout for older Singaporeans. Mr Lee also chaired a Tripartite Working Group on Self-Employed Persons (SEPs) comprising Government, National Trades Union Congress (NTUC) and Singapore National Employers Federation (SNEF) which recommended the Contribute-As-You-Earn (CAYE) scheme to help SEPs make regular CPF contributions.
Through a career spanning more than 25 years, he has held senior appointments at the Ministry of Trade and Industry, the National Healthcare Group and the Ministry of Health (MOH).
Mr Lee also devotes his time as the Chairman of the Movement for the INtellectually Disabled in Singapore (MINDS), one of the largest charities in Singapore with more than 750 employees. He serves as a Council member of the Agency for Care Effectiveness. He was formerly the Founding Chairman of the Tripartite Alliance for Dispute Management, an Exco member on the Board of Singapore LNG Corp, and a Council member of the MediShield Life Council.
A Sloan Fellow of the Stanford Graduate School of Business, Mr Lee also holds a Bachelor of Engineering (Honours First Class) and a Master’s Degree in Engineering from the National University of Singapore.
Presentation Synopsis
CPF Board’s Transformation Journey: Delivering Today, Reinventing Tomorrow
CPF Board turned 65 last year. How does CPF Board remain youthful and nimble? Like healthcare institutions, CPF Board has to respond to higher customer expectations and navigate an increasingly volatile and complex operating landscape. New technologies and spread of misinformation through social media are disruptive and demand a robust response. Against this backdrop of rapid change and uncertainty, CPF Board has to continue delivering today and reinventing tomorrow. Mr Augustin Lee would be sharing tips from a practitioner’s viewpoint, on how the CPF Board tackles some of the common issues that organisations undergoing transformation face.