- Joined
- Apr 28, 2009
- Messages
- 418
- Points
- 0
Actually they should thank the Singapore gahment. They are far-sighted and know that many Singaporeans have the tendency to risk or squander off their own lifesaving because they are greedy and always thinking of making more money, or lavishing on spendings like MPVs, IT gadgets, big TVs, better sofa, or long overseas holiday, or support "girlfriends" from Thailand to Indonesia to the Philippines etc - and then when broke or jobless, seek help from gahment.
As any kid will tell you, the gahment must get their money from somewhere to help these poor fellows. So other more prudent and hardworking people have to pay more personal income tax, more value-added tax or GST to support these people. Europe is now facing problems with money because they just cannot keep up with the increasingly welfare state expenditure.
So the gahment came up with the brilliant idea of CPF - which can be used to pay for your child education, buy your home or life and medical insurance. Isn't this better?
Malaysia of course copycat the idea in 1991 and they call it EPF. In Bahasa Melayu it is called Kumpulan Wang Simpanan Pekerja - KWSP). But EPF sounds better - and if English soccer were popular at that time, they might even call it EPL!).
you conveniently omit the part where the Gahment change the withdrawal age from 55 to 62 to god knows when, eh??