Endowus and foodpanda team up to provide financial literacy courses for riders

WHAT should be done if one’s Central Provident Fund’s (CPF) Ordinary Account runs out before he/she finishes paying off a housing loan? Is it better to pay the monthly mortgage with cash, or prioritise CPF contributions from his/her wages so that the loan can be paid out in instalments?

These were some questions posed by foodpanda’s riders at a webinar to Chiam Sheng Shi from Endowus. 

The personal finance lead of the independent wealth platform was conducting a financial literacy course on CPF and Supplementary Retirement Scheme investing to over 40 delivery partners on Wednesday (Jan 31).

It was the last of two courses that took place over a span of two quarters since last year and is part of Endowus’ initiative to provide delivery partners in Singapore with financial education resources, specifically tailored to their needs.

All in, the physical sessions and webinars have reached over 300 riders. 

Samuel Rhee, co-founder and chairman of Endowus, said: “We know that flexible work is fundamentally different from traditional employment, and platform workers are often in unique financial situations. With rising costs of living and the opportunity to tap into compulsory CPF contributions, delivery partners should be better supported through unbiased guidance, independent advice, and lower-cost access to appropriate financial tools and education.”

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Woon Ern Chong, a foodpanda delivery partner who attended the first course, said: “Platform work provides me with the flexibility to pursue my financial goals while studying part-time. However, this freedom also requires discipline in saving, investing, and planning for the future. Being proactive is key and having the right support and resources can make a significant difference in managing my assets well and working towards my life goals.”