PAP MP Gan and MOM Minister Teo continue with wayang to conceal failure of CPF scheme

Fact: CPF scheme is a complete failure because the majority of Singaporean members are unable to meet the FRS sum in cash at age 55.

In the written answer by MOM Minister Teo on 10 July, she disclosed that only “about 53% of active members met their Full Retirement Sum in cash and pledge at age 55 in 2016″.

Josephine did not disclose the number of Singaporean CPF members because she wasn’t asked to; PAP MP Gan Thiam Poh had started the wayang by asking “how many Singaporeans and PRs*” instead.

Nevertheless, one is still able to conclude that the CPF scheme has failed by simply scrutinizing the ‘irrelevant’ statistics.

The percentage of Singaporean members who meet the FRS sum in cash at 55 can be estimated.

Active members comprise PRs and Singaporeans.  Excluding PRs who form more than 10% of the population in the 50 to 54 age group, ‘53%’ is likely shaved to 43%.1josephineteo
Taking into account low-waged older workers/majority who have used CPF to fund housing, Singaporeans who did not meet the FRS sum in cash in 2016 must have fallen way below 40% of active members.

But that’s not all because this does not take into account inactive members who form about 48% of total members.

With thousands of inactive members, eg housewives who had left the workforce, the percentage of all Singaporean CPF members who met the FRS sum at age 55 is likely to have fallen below 30%!

Whether it’s  30% or 40% does not really matter because this would have confirmed CPF scheme’s failure.

Understandably, PAP will not shoot itself in the foot by disclosing such embarrassing statistics.

 

*  Why should Gan be concerned about PRs when about 14,000 of them leave Singapore permanently every year since 2010?

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Temasek should disclose hundreds of million$/billion$ paid out in ‘Wealth Added’ bonus from Alibaba investment

Temasek’s FY2018 annual report disclosed in footnotes Wealth Added (WA) bonuses paid for a single investment: Alibaba.

With a market value of US$6.7 billion in Q2, Alibaba is Temasek’s biggest US-listed investment.

Temasek was reported to have made US$300 million after divesting 7.3 million shares in Q4 2014.  Subsequently, it has been trading off Alibaba shares and probably realised more profits.

As at end of Q1 2018, Temasek owned more than 35 million ADRs, up from 10 million in 2015.  Will Temasek executives return their bonuses should new investments in Alibaba suffer massive losses?

For Temasek to mention WA accrued from Alibaba investment in footnotes, the amount has to be significant. (TR2018, see Highlights pg 13)1temasekwaalibaba1Temasek has many other billion-dollar investments but WA bonuses accruing from them are not found in footnotes.

Since Temasek’s net wealth added is NEGATIVE from 2008 to 2018, there appears to be a special provision to pay WA bonus for Alibaba investment. 

Am not sure if we have a different version of 1MDB. 😉

Over to you Temasek.

 

 

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Temasek added negative wealth of $51 billion since 2008 but paid Wealth Added bonuses in 5 years?

There is an error in an earlier post, “Temasek cannot disclose management cost, billions paid out in remuneration since Ho Ching became CEO“.  Temasek had paid out ‘Wealth Added’ bonuses in 5 years since 2008, not 3 years.

WA bonuses were in fact paid out in 2009, 2010, 2011, 2016 and 2018.

1temasekwa2018aaa
According to Temasek, wealth added was net negative $51 billion since 2008**.1temasek33aa(WA bonus in 2009 earned for prior year)

Why are Temasek executives paid billions in WA bonuses for creating negative wealth?

** Wealth Added figures and details can be found in section under ‘Wealth Added’ in Temasek AR.

Wealth Added bonus was introduced in 2003, a year before Ho Ching became CEO.

 

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Questions on Temasek’s additional ‘Wealth Added’ bonus

(Images posted on FB)

Something is amiss at Temasek.  It does not help when elected MPs fail to scrutinize or ask relevant questions about Temasek’s poor governance.  😦1temasekwa2012cresized1

 

1temasek2012vs2018a

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Why did GIC conceal its cash position since FY2014?

GIC made ‘cash’ disappear by combining it with a different asset class.

Former President KFC and current President Milo Gao/Kosong have pretended there are no issues despite such ‘funny’ business. 😦

(Image below posted on FB)

1giccashnomore1a

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