- Joined
- Dec 30, 2010
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Written by Ng E-Jay
30 May 2014
(i) CPF savings have been depleted by rising property prices. The young working adults are saddled with lengthy mortgages and are left with less funds in their CPF accounts for retirement.
(ii) The CPF earns low returns compared to returns purportedly earned by GIC, Temasek, and MAS on their investment portfolios. The investment mandate, the rates of return, and the extent of borrowing and leverage employed by GIC, Temasek and MAS are not subject to public scrutiny.
(iii) CPF Medisave and Medishield are no longer adequate for healthcare expenses and healthcare insurance, which have soared in recent years. The government has pushed the large burden of healthcare expense back onto the individual, whilst spending the least on healthcare as percentage of GDP compared to other developed countries.
(iv) The CPF Minimum Sum keeps increasing rapidly and this is making it harder to retire because more and more money is locked up in the CPF Retirement Account. More than 50% of Singaporeans cannot meet the Minimum Sum requirement.
(v) CPF Life payouts are not indexed to inflation, so retirees will have their purchasing power eroded over time.
(vi) CPF Life payouts are also subject to change if mortality rates change, so retirees face uncertainty as to whether their payouts will be stable.
(vii) The govt can increase the drawdown age and change the rules as it fancies. CPF members thus face grave uncertainties and are unable to plan financially for their future and for their families.
http://www.sgpolitics.net/?p=8795
30 May 2014
(i) CPF savings have been depleted by rising property prices. The young working adults are saddled with lengthy mortgages and are left with less funds in their CPF accounts for retirement.
(ii) The CPF earns low returns compared to returns purportedly earned by GIC, Temasek, and MAS on their investment portfolios. The investment mandate, the rates of return, and the extent of borrowing and leverage employed by GIC, Temasek and MAS are not subject to public scrutiny.
(iii) CPF Medisave and Medishield are no longer adequate for healthcare expenses and healthcare insurance, which have soared in recent years. The government has pushed the large burden of healthcare expense back onto the individual, whilst spending the least on healthcare as percentage of GDP compared to other developed countries.
(iv) The CPF Minimum Sum keeps increasing rapidly and this is making it harder to retire because more and more money is locked up in the CPF Retirement Account. More than 50% of Singaporeans cannot meet the Minimum Sum requirement.
(v) CPF Life payouts are not indexed to inflation, so retirees will have their purchasing power eroded over time.
(vi) CPF Life payouts are also subject to change if mortality rates change, so retirees face uncertainty as to whether their payouts will be stable.
(vii) The govt can increase the drawdown age and change the rules as it fancies. CPF members thus face grave uncertainties and are unable to plan financially for their future and for their families.
http://www.sgpolitics.net/?p=8795
