- Joined
- Dec 30, 2010
- Messages
- 12,730
- Points
- 113
https://likedatosocanmeh.wordpress....f-members-do-not-need-a-morally-bankrupt-pap/
5 Instead of guaranteeing high interest rates, we have been paid very low long-term rates for almost 3 decades. This is one of the causes of our retirement shortfall. PAP wants to continue with the current arrangement where our CPF belongs to the state and GIC can continue to cream off returns in excess of CPF rates.
Is PAP not devoid of morality and ethics?
6 Not all CPF balances is invested unless lending to HDB flat buyers count as investment! A high percentage of ‘HDB’ loans was provided by CPF members with surplus balances, without which owning a HDB flat would have been impossible for many Singaporeans. PAP has been using our retirement savings to ‘resolve’ the high cost of housing.
PAP is quite scheming and conceals the true identity of the lender by first converting CPF to state reserves. With the money in PAP’s hand, it lends to HDB to provide concessionary loans to flat buyers.
Such a convenient arrangement makes HDB flat buyers feel eternally grateful to the PAP government for charging concessionary loans at low interest rates. PAP gets all the credit without lifting a finger to raise the loan amount; it simply dips into other CPF members’ surplus balances.
But we should not ignore the downside to this – CPF members who provided the loans will be faced with the issue of retirement inadequacy. CPF members have therefore paid a high price for our public housing program.
7 HDB flat buyers pay 2.6% to HDB which then pays, indirectly, CPF members 2.5%. The 0.1% goes to admin costs, maybe even a profit for PAP. Since such an arrangement was conceived by PAP, it must shoulder the blame for our huge retirement shortfall.
Currently, the $36.6 billion HDB loan from the ‘government’ comes from other CPF members. This amount is effectively earning a guaranteed 2.5%, paid by flat buyers, and is not invested by GIC.
8 GIC’s books cannot be opened for the public because it will show a large portion of our CPF was never invested but loaned to HDB to provide concessionary loans at low rates to flat buyers. It is therefore a fact that our retirement plans have been screwed by PAP.
9 PAP says CPF monies die-die must commingle with our reserves in order to provide guaranteed low long-term returns. The real objective is to obfuscate and prevent public scrutiny. Of course few Singaporeans believe in such crap.
Singaporeans had better realise our CPF will never be returned by PAP so long as it is given a blank cheque in Parliament. The abuse of our CPF began decades ago when our retirement savings were not invested but used as ‘friendly loans’ among CPF members.
This has resulted in HDB flat buyers benefitting at the expense of CPF members who will experience a huge shortfall in retirement funds. PAP also uses CPF retirement savings to support exorbitant housing prices.
When CPF rules are tweaked to prevent and delay the withdrawal of citizens’ hard-earned retirement savings till we die, the morality and ethics of such a government must be called into question.
In 6 days’ time, CPF members will have to decide if our CPF belongs to us or a morally-bankrupt PAP.
5 Instead of guaranteeing high interest rates, we have been paid very low long-term rates for almost 3 decades. This is one of the causes of our retirement shortfall. PAP wants to continue with the current arrangement where our CPF belongs to the state and GIC can continue to cream off returns in excess of CPF rates.
Is PAP not devoid of morality and ethics?
6 Not all CPF balances is invested unless lending to HDB flat buyers count as investment! A high percentage of ‘HDB’ loans was provided by CPF members with surplus balances, without which owning a HDB flat would have been impossible for many Singaporeans. PAP has been using our retirement savings to ‘resolve’ the high cost of housing.
PAP is quite scheming and conceals the true identity of the lender by first converting CPF to state reserves. With the money in PAP’s hand, it lends to HDB to provide concessionary loans to flat buyers.
Such a convenient arrangement makes HDB flat buyers feel eternally grateful to the PAP government for charging concessionary loans at low interest rates. PAP gets all the credit without lifting a finger to raise the loan amount; it simply dips into other CPF members’ surplus balances.
But we should not ignore the downside to this – CPF members who provided the loans will be faced with the issue of retirement inadequacy. CPF members have therefore paid a high price for our public housing program.
7 HDB flat buyers pay 2.6% to HDB which then pays, indirectly, CPF members 2.5%. The 0.1% goes to admin costs, maybe even a profit for PAP. Since such an arrangement was conceived by PAP, it must shoulder the blame for our huge retirement shortfall.
Currently, the $36.6 billion HDB loan from the ‘government’ comes from other CPF members. This amount is effectively earning a guaranteed 2.5%, paid by flat buyers, and is not invested by GIC.
8 GIC’s books cannot be opened for the public because it will show a large portion of our CPF was never invested but loaned to HDB to provide concessionary loans at low rates to flat buyers. It is therefore a fact that our retirement plans have been screwed by PAP.
9 PAP says CPF monies die-die must commingle with our reserves in order to provide guaranteed low long-term returns. The real objective is to obfuscate and prevent public scrutiny. Of course few Singaporeans believe in such crap.
Singaporeans had better realise our CPF will never be returned by PAP so long as it is given a blank cheque in Parliament. The abuse of our CPF began decades ago when our retirement savings were not invested but used as ‘friendly loans’ among CPF members.
This has resulted in HDB flat buyers benefitting at the expense of CPF members who will experience a huge shortfall in retirement funds. PAP also uses CPF retirement savings to support exorbitant housing prices.
When CPF rules are tweaked to prevent and delay the withdrawal of citizens’ hard-earned retirement savings till we die, the morality and ethics of such a government must be called into question.
In 6 days’ time, CPF members will have to decide if our CPF belongs to us or a morally-bankrupt PAP.
