I refer to Loh Keng Fatt’s article “Reward those keen to grow nest egg wit CPF”. While CPF members are demanding our money back, The Ass Tee tries to spin it the other way around.
From the article, Keng Fatt apparently thinks our CPF returns are fantastic so all CPF members who are KPKB-ing for the return of our CPF at 55 are not of sound mind.
CPF SA and MA are invested in GIC for decades but the CPF Board unilaterally pegged CPF interest rates to short term FD rates which make CPF returns above 2.5% look heaven-sent. While GIC has been investing CPF monies and making returns way above the CPF rates paid to members, Ah Fatt is more than contented with his low CPF returns.
Ah Fatt reveals these personal details in his article. He:
– has a bank relationship manager to advise him, which means he has hundreds of thousands in his bank account
– is retired and has CPF funds in excess of the Minimum Sum
– would like the government to increase the returns of the minority CPF members ie wealthy members.
In short, he is no ordinary Singaporean who need our CPF for retirement.
Ah Fatt: “And as at December last year, about 20% of the cohort who turned 55 that year and who had balances above the Minimum Sum did not withdraw the excess money”. According to some estimates, up to 90% of CPF members are not able to meet the MS. So 20% of the 10% who have excess CPF money is actually an insignificant figure, nothing for Ah Fatt to shout about.
The CPF Board has not disputed these figures by Roy
According to Ah Fatt, the number of CPF members who made cash top-ups last year, was 51,977. Like Ah Fatt, they are obviously all wealthy and do not need the excess cash! Birds of a feather, flock to the CPF Board together.
‘51,977’ may seem an impressive figure but as a percentage of the total number of CPF members, it is only 1.5%; as a percentage of active CPF members, it is only 2.8%!
Hmm…Ah Fatt somehow forgot to mention the 97.2% of active CPF members either distrust the CPF Board or do not have sufficient idle funds sitting in the bank.
Although CPF rates may look good, the government has also been shifting the CPF withdrawal goal posts. So long as Parliament is controlled by PAP, CPF goal posts will soon be shifted.
In January, ex minister with zero portfolio, Lim Boon Heng, called for the retirement age to be raised to 70. One should be very wary when PAP makes such a statement. PAP always plans ‘this kind of thing’ with 20/20 foresight but others of more importance like infrastructures, the PAP somehow “lacked that 20/20 foresight”. So when will PAP be tweaking the withdrawal age again? Does Ah Fatt think CPF members are stupid?
Ah Fatt is merely suggesting to the PAP government to increase CPF returns to benefit his wealthy group of CPF members while disregarding the fact that the majority of CPF members need OUR savings. Today. Ah Fatt has no inkling of our CPF issues. The Ass Tee seems only interested in propaganda which brings us no closer to a solution for our failed CPF pension system.