Still don’t understand why PAP cannot return all our CPF at 55?

All overseas investments by GIC – mostly using our CPF – are subjected to volatile exchange rate movements.  Some instances below.

Over 15 years from September 2003 to September 2018, 1 billion pounds invested in UK assets would have been reduced by 36% to only 640 million pounds. (Link)1cpffxOver the same period, an Indian investment would have suffered 50% exchange rate losses. (If the share price of an Indian company has increased by 50%, it means there is no capital gains after conversion to Singapore dollar)1cpffx2An Indonesian investment had it worse, losing 55%.
1cpffx1aThe Singapore dollar has appreciated against most currencies over past decades and this has led to massive exchange rate losses,should GIC divest its assets: GIC has billions in unrealized forex losses.

Due to negative forex movements, dividends paid by overseas companies have also been reduced significantly.

There was no way GIC could have returned CPF members’ retirement savings – as promised – at 55.  Today, GIC is not even able to return all CPF monies even at 65!

CPF rules will continue to be tweaked to trap increasing billions in CPF monies to prevent funds outflow.  The CPF scheme has now morphed into the mother of all Ponzis.

So long as PAP continues to control Parliament, the true state of GIC’s finances will be concealed.

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Public housing grants and subsidies benefit PAP more than HDB lessees, scams

Singaporeans should not continue to be fooled by PAP with regard to public housing grants and subsidies.

For example, many feel relieved that PAP has provided increasing amounts in CPF grants over the years.  But why should grants keep increasing if HDB flats were affordable in the first place?

The real objective of CPF housing grants: keep property at inflated prices.

This benefits PAP in many ways, eg higher stamp duty collection, higher transaction prices = higher GST revenue, higher income tax from increased earnings of property agents, etc.

Lower HDB resale prices will result in fewer HDB lessees upgrading to private property.  In fact, private property prices would have declined if housing ‘grants’ were not increased.

As for HDB Lift Upgrading Programme (LUP), lessees are not subsidized but in fact subsidizing the government.  This is because HDB lifts – unlike condos where owners jointly own all common property – are owned by the government, .

The HDB LUP is a … scam. Time for HDB to foot the entire bill if PAP still wants to have total control over public housing.

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PAP ministers lie about recycling land to provide affordable public housing

PAP ministers have repeatedly told Singaporeans that public land will be recycled after 99 years to construct affordable public housing.  Unfortunately, they are being economical with the truth. 😦

In reality, PAP has been taking back HDB flats – even before the end of the 99-year lease – but did not subsequently construct public housing: the land was sold to private property developers.

Some instances highlighted on social media:
In early 2000s, HDB flats in Alexandra were taken back with the land sitting empty for almost a decade.  On the same plot of land, these condos have now replaced public housing:
1) The Metropolitan (TOP 2009)
b) Ascentia Sky ( TOP 2014)
c) Echelon (TOP 2016)
d) Alex Residences (TOP 2017)
e) Artra (construction in progress)

HDB flats at Margaret Drive torn down, land left vacant for years.  New condo, Margaret Ville, akan datang.

Flats in Hillview estate were demolished in 1995, with the land left vacant and sold to private property developers after 15 years. Link

Hundreds of plots of public land meant for recycling to provide affordable housing have been sold to private developers.

PAP profited billions from this while HDB flat buyers suffered when property prices shot up and are now forced to move to as far as Jurong or Punggol instead of having a home in, say, Alexandra or Tiong Bahru.

HDB lessees are expected to continue trusting PAP and accept its definition of ‘affordable’ housing, ie move to flats in far flung corners of Singapore.

PAP has no intention of recycling land for the benefit of HDB lessees.  Likely, when HDB leases are up, the land will again be sold to private property developers.

After lying to HDB lessees for years, why wouldn’t PAP lie again in the future?

Correction: Hillview estate flats were not demolished but only SERSed in 1995.

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Thank you President Halimah for exceeding my expectations

Reserved President Halimah has in fact met – probably exceeded – Singaporeans’ expectations and we should not continue to deny this.

This depends on what was one’s expectations and for me it isn’t difficult to state positively that my expectations were exceeded.

After Halimah was selected as President, I expected her to not question PAP on the use of our reserves.  She was totally silent.

At the President’s Star Charity, Halimah also managed to convince Singaporeans that she was overworked despite many still believing that she’s overpaid.  She left me deeply impressed with her wayang.
Image result for halimah yawn
I had also expected her to shut her mouth on issues facing Singaporeans, such as cost-of-living issues, HDB lessee issue, etc.  Again, Halimah did not disappoint.

Nobody could have imagined you cared about our health, ie high sugar intake, so much to turn Milo promoter.  Supermarkets are now selling Milo Gao Kosong like hotcakes.

Singaporeans should give credit where it is due. Thank you reserved President Halimah for exceeding my expectations.

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No government will conceal information for 5 decades to serve the people, a transparent PAP will cease to exist

PAP’s existence depends on the concealment of much information which belongs in the public domain.

Most policies have failed abysmally but through propaganda and non disclosure of statistics, PAP has projected its ‘success’ to the world and managed to hoodwink the majority of propaganda-loving Singaporeans who fear to think.

For example, PAP refuses to disclose the number of Singaporean CPF members who are unable to meet the CPF Full Retirement Sum balance because doing so would reveal the extent of CPF policy failure, ie only a small percentage of members can retire comfortably on CPF savings despite having the highest contribution rate in the world.

Even the million-dollar salaries of stat board CEOs and army generals cannot be public knowledge as the obscene tax dollars, when disclosed, will cause public outrage.

Worst would of course be the unimaginable amount of tax dollars paid to Temasek CEO Ho Ching or chairman Lim Boon Heng.

The billions spent on educational grants and scholarships for foreigners of course has to be state secret.

Want to know the land cost of HDB flats?  Wait long long.

Do new citizens help to increase our low TFR?  Or have they contributed to further decline?  I have been informed by NPTD that, unbelievably, they do not keep track of policy outcomes and, strangely, no statistics are available.

Who are the relatives of PM Lee and ministers holding strategic positions in government or GLCs?

Non transparency is in PAP’s DNA and if it is forced to disclose embarrassing information, it will likely resort to telling half truths.  For example, PM Lee recently disclosed only the performance bonus of 4.1 months in 2017 instead of being upfront with the public: total bonuses of ministers exceeded 10 months.

Singaporeans should not engage in wishful thinking, hoping that PAP could miraculously become a transparent party.

Common sense:  Servants of the people do not conceal public information to serve.

The information which PAP has painstakingly concealed over decades is not done for no rhyme or reason: disclosure of all concealed information will cause its collapse.

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