CPF members have been shortchanged big time with the help of our jiak liow bee PAP MPs who were mostly acting dumb in Parliament.
Based on MAS data from 1989 to 1997 (table below, pg 119), CPF OA interest rates fell below the 12-month FD rate in 9 out of 10 years. It was even lower than the 3-month FD rate in 5 out of 10 years!
* 1998 12-month rate 4.94%
When CPF investments were supposed to be earning 30-year rates but had been earning below 3-month FD rates, was this not one of the contributing factors to our huge retirement shortfall?
But of course this cannot be defined as daylight robbery because it is legal, approved by the highest-paid useless lawmakers in the world.
It seems the government has been given the green light to continue dipping into the people’s retirement savings after 70% of voters have agreed to continue being fleeced.