20140818 PM Lee tells CPF members to rely on ourselves, government not responsible for CPF failure

I refer to PM Lee’s NDR speech with regard to CPF issues.

1 – PM LEE: “The typical retiree household in a 3-room flat has $300,000 savings in his flat, or $400,000 for a 4-room flat. These are valuable savings to draw on if needed.”
Leaders in any truly democratic country would have offered state assistance but our highest-paid PM has suggested to use our homes to aid ourselves. Tens of billions continue to be channeled into Temasek and GIC.
Contribution from government – ZERO

2 – PM LEE: “The more you work, the more you have in retirement.” CPF members are expected to work longer. Somehow PM Lee thinks we are not aware of this fact in his motherhood statement.
Contribution from the government – ZERO

3 – “CPF Life will pay you a stream of income as long as you live.” The money in CPF Life is members’ savings and not from the government.
Contribution from the government – ZERO

PM Lee also said:
“Your children may help support you” (children have families and are also struggling with our high cost of living)
“You can draw on your personal savings” (if savings are sufficient, then elderly Singaporeans would not be forced into menial work)
“You can get some money out of your house” (sell house then stay in Hong Lim Park or Istana?)
“You do this by renting out a room or the whole flat” (does this resolve CPF’s underlying issues)
“right-sizing (downgrading) your flat and collecting the Silver Housing Bonus” (should citizens be downgrading because CPF system has failed?)
Contribution from the government: ZERO

Where is the government’s contribution?

The PAP singlehandedly caused the failure of our CPF pension system. Instead of taking responsibility, PM Lee continues to punish citizens for its failure.

PS
If we really have hundreds of billions in our reserves, why is the PAP unable to use even an insignificant percentage from GIC to help retirees? Is GIC solvent?

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3 Responses to 20140818 PM Lee tells CPF members to rely on ourselves, government not responsible for CPF failure

  1. Anonymous says:

    Contribution from Government is NOT just zero, it it MINUS zero……..

  2. Isupportyou says:

    This is a good one

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