When Singapore was hit by it's 1st major recession in the mid 80s since independence Tony Tan was it's minister of trade and industry. One day, he tabled an item for cabinet consideration - reducing the CPF - the sacred cow. No one in cabinet supported the move citing various reasons including loss of moral and political capital. The employers' and employees' had both reached 25%, making the account to add up to a handsome 50%.
Tony Tan then suggested that he would test the waters by presenting his paper to a gathering of the Elite Admin Service. Apparently no one objected at least openly and the cabinet caved in.
And the CPF was never to return to it's 50% high. It also in subsequent years fell short of it's intended goal of financing a citizen's well earned retirement. Many would never see a cent as the minimum sum came into place.
Now we he wants to be President to unify Singaporeans. What a joke. A man born with a silver spoon, never seen an empty rice bowl and was a millionaire when was born.
Tony Tan then suggested that he would test the waters by presenting his paper to a gathering of the Elite Admin Service. Apparently no one objected at least openly and the cabinet caved in.
And the CPF was never to return to it's 50% high. It also in subsequent years fell short of it's intended goal of financing a citizen's well earned retirement. Many would never see a cent as the minimum sum came into place.
Now we he wants to be President to unify Singaporeans. What a joke. A man born with a silver spoon, never seen an empty rice bowl and was a millionaire when was born.
