It is the truth, you can see it in their financial statements under transfers. Regarding your questions on staffing, that is also in the annual report. The HDB group has a staff of 4679. Their total salary/bonuses/CPF contribution is $424 million a year. That works out to a whopping average of $90K per year salary for each HDB staff. As I have said, there is a lot of deadwood. The top 4 guys alone make almost $6 million in salary and bonuses. The breakdown is even scarier. Of the 4679 staff, almost 2000 are "management support" staff. These are your office girls, secretaries, personal assistants, etc. Their pay is not high, usually $2-3K a month, so their combined salary is maybe around $60 million out of this $424 million. No where near the average of $90k per year. On top of this, IT and Tech support staff is 1,260, and they also don't earn that much either, especially if they are apunehs from India. If you say $3000 is the average monthly pay for this group, than than collectively, they earn $45 million per year. The management staff is 1503, and yes you guess it, their average pay is 6 figures for this group. $424 million -$60 million-$45 million divide by 1503 = approx. $200K per person annually. That's a lot.