horgaogan la PAP, thinking for more ways to fatten CPF is it?
I have posted this before. But since there's now a new thread on this CPF matter again, it would be useful for forummers to be informed again of what the PAP is actually trying to do with our CPF or perhaps "screwing with our CPF" is a more appropriate term. So here goes.
As with all these things in S'pore in the initial years, the PAP started the CPF scheme with a noble intention, which is to provide for the retirement needs of its people. Such a scheme is adopted by all countries and the people generally welcome it as that would be a provision for their old age.
So things went along fine till the early 80s. This was when the PAP realised two things. First, our CPF balances is a very cheap source of fund for the govt to enter into any investments they fancy - mainly through GIC and Temasek (or its predecessor). Second, that if the govt pays out the balances to its members at 55 years old, then there will be a hollowing out effect since there is a massive group of people reaching 55 years old at the same time (the baby boomers after WWII). In other words, what's left in the CPF fund would not be enough for the govt to play with.
Since then, the PAP has been thinking of and devising ways and means to delay as long as possible returning CPF monies due to us and at the same time, come out with various schemes for the people to put more monies into the CPF fund. So laws were passed in parliament (many atimes without even the people knowing it as there were no opposition for a very long time) to effect such changes to fatten up the CPF fund, the sole purpose of which is to provide funds for the PAP to gamble with.
So the PAP had been churning out various CPF schemes regularly to achieve this purpose. But then came the Lehman crisis and the global financial crisis. GIC and Temasek made mammoth losses running into billions. Its vaults were empty so to speak. There was nowhere else to turn to except to raid the CPF fund again. But the losses were too massive and the CPF fund would soon run out. Hence the PAP started coming out all sorts of schemes at a frantic pace to delay the CPF withdrawals and getting people to put in money to the CPF. Today's announcement by BG Tan is just another one of such devious scheme to fool us into giving more money to them, especially to Ho Ching to play with whatever she fancies (she was not made accountable for the epic losses in Temasek that even other countries talked about).
Since the govt is desperate. more of such schemes will be coming our way. But whatever what shapes and sizes such schemes may be, it would be wise for all S'poreans to ignore them if we want to safeguard themselves. Never fall for what they say. Always bear in mind, that the PAP never has our interest in mind. It's all about them, the PAP and their GLCs.
