Among the prioritized key activities is the drafting of the HCF rules and regulations. The regulations are currently being drafted and will be reviewed in August by a joint mission of two experts, Mr. Jean-Claude Hennicot and Mr. Chay Yee.
Mr. Hennicot is the Consulting Actuary for the Asian Development Bank (ADB) and provided actuarial analysis on the original bill. His returning to Palau is a result of the additional assistance provided by ADB, as coordinated with Mr. Tony Gill, ADB Country Specialist. Joining him is Mr. Chay Yee, former Deputy General Manager of Singapore’s Central Provident Fund (CPF). The CPF provides Singapore citizens with programs similar to the Palau Social Security Administration, such as retirement and medical savings plans. In fact, one of CPF’s healthcare financing programs called “Medisave” has been highly successful since its introduction in 1984.
The HCF committee is thankful to Minister of State Dr. Victor Yano, in seeking and coordinating assistance with the Government of Singapore, as well as to ADB for their continued support. The extensive experience and knowledge that Mr. Hennicot and Mr. Chay Yee provide are valuable contributions to the review of the draft regulations, and by following this carefully set timeline and implementation plan, the HCF committee ensures that the draft regulations released for public comments are as practical and comprehensive as possible.
Meanwhile, other implementation activities are also being carried out simultaneously. For instance, the HCF working group has been actively involved in educating the community regarding the program, through meetings with private and governments sectors, as well as distribution of printed material in both English and Palauan. Attention is also being given to administrative procedures, as well as the collection and processing of contributions. One of the first steps that have been taken in ensuring that the collections process remains uncomplicated is the revision of the SS Quarterly Tax Report form, which will be used to pay both SS and HCF contributions.
