20160112 Academic suggests nonsensical option to trap more CPF

I refer to BT’s “Use GIC returns as component in calculating CPF OA returns: academic”.

Instead of not stating the obvious which has been stated countless times but rejected by PAP, Prof Chia Ngee Choon would do well to think out of the box.

Most CPF members are well aware we have been given the short end of the stick: PAP has been redistributing the returns from OUR retirement savings at its whim for decades.

Is it still unclear to the learned professor that pegging long-term retirement savings rates to short-term bank rates is as good as daylight robbery?

Why complicate the issue with another tweak to allow CPF OA balances to be transferred to the Special Account? And perhaps an administrative fee or penalty for reversal?

As it is, the CPF system has been complicated beyond recognition and we should just go back to the basics.

It’s also strange that transparency and accountability are non issues to Prof Chia. Makes one wonder if she is part of the wayang troupe out to sow more confusion instead of tackling the issue.

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