Making a statement

Katsy Teo, Assistant Director,
Member Accounts

More than just an auto-generated product, the newly revamped CPF Yearly Statement of Account is the result of months of hard work from Katsy Teo and her teammates. She shares with us what the team does for this annual exercise and how her love for yoga contributed to the success as well.

Tell us more about your duties and responsibilities of your role.

I’m part of the implementation team for the CPF Yearly Statement of Account. We’re the team that prepares and delivers the statement to you around January or February every year. There’s a lot of work that goes into these statements, and a big part of it is working with the various stakeholders and understanding what is needed to move the project forward.

What is a typical day like at your job?

I start my day by checking the progress of projects under my care, and meeting with colleagues and key stakeholders to make sure that deadlines can be met. We also discuss how to assist members with their queries, which may involve reviewing our processes and services so that they remain relevant to our members.

What is the usual process of launching the CPF statement?

The whole exercise generally takes about a year. The first six months are spent gathering requirements from all departments and for the IT-side to start developing features based on them. This is followed by four months of extensive system checks and testing to ensure there are no hiccups in the statement-generation process. This is a critical part of our process as we want to make sure every member receives an accurate copy of their statement.

We then notify members via email if they have subscribed to the online version of our statement. Delivering the statements in batches through mail takes about two weeks. Another month is spent gathering feedback from the public.


Top row (from left): Adeline, Jeniffer, Desmond, Alvin, Jaysen
Bottom row (from left): Jiemei, Jonathan, Katsy
Not in picture: Budi, Gay Min, Nai Noi

When the exercise is over, what does your team shift its focus towards?

We don’t have much time to rest! After the statements go out, we have to answer enquiries from members and also start preparing for the next exercise!

What is the biggest challenge about this annual exercise?

I would say the biggest challenge is managing the multitude of stakeholders. The exercise requires close collaboration with every line of businesses within the Board as well as seamless support from IT to ensure that the whole process goes smoothly. We had a common goal in wanting to bring the new statement to members, and this helped the team work together.

What were your initial thoughts when you heard about the new illustrated summary?

To be honest, we didn’t know if members would welcome the change. We were particularly worried about the elderly members who may be unacquainted with the illustrated format. So we were encouraged when colleagues and members who participated in our focus groups welcomed the idea!

Was any input gathered from members during the revamp?

Yes, we gathered feedback from members through focus group discussions and made refinements to the statement accordingly.

What is the key takeaway CPF Board wants members to get from the new illustrated summary?

We hope that the new illustrated summary encourages members to be more proactive in managing their CPF savings, and to also give more thought on how to make the best use of it.

What did you feel was your greatest learning from the revamp experience?

It’s good to step out of our comfort zone and embrace new challenges. It can be very satisfying to experience the unknown sometimes!

What is life like for you outside of work?

I practice yoga regularly! It’s my way of de-stressing after a busy day at work. It has also taught me the importance of having a strong foundation and a sense of balance. I also apply this principle to my work and life.