CPF is in deep shit and CPF members should not continue to live in denial. If not, why should the government be afraid of transparency?
The reason why Roy was sued by PM Lee has little to do with defamation: if a PM could be defamed so easily by a blogpost, then he had no reputation to begin with.
Truth is, if Roy had continued to dig up more dirt on the CPF issue, the government would be hard put to provide answers to the public.
Many CPF members should have realised something is amiss when the government keeps shifting the withdrawal goal posts. This is because the issue of huge retirement shortfalls has remained an issue despite 2 decades of goal posts shifting ie, CPF withdrawal tweaks.
Well, we can remain silent and screw up not only our retirement but our children’s as well. Or we can speak up. Bear in mind the PAP will never come clean so long as it wields absolute power.
Most Singaporeans are under the impression that the CPF Board invests our CPF in Special Singapore Government Securities (SSGS). But was our CPF really invested all the time?
According to the MAS (table above), CPF members’ balances increased by $10 billion from 1989 to 1991. However, SSGS holdings was unchanged at $32.12 billion during the same period, ie $10 billion was not invested.
If the additional $10 billion CPF was not invested in SSGS and therefore did not earn any investment return, how were CPF members paid?
Did the government use our reserves to pay CPF members interest?
Were CPF members earning miserably low returns of 2.5% to 4% because 20% of CPF balances was not invested?
The table above also confirms a difference of up to $22 billion between CPF balances and SSGS holdings from 1995 to 1997. With about 27% to 32% of CPF balances not invested, is this the real reason why CPF members earned returns below the 12-month FD rate in 9 out of 10 years from 1989 to 1998?
What’s more strange – SSGS holdings decreased by $1 billion in 1994 while CPF balances actually increased by $5 billion!
CPF members don’t really know where GIC invests our CPF for decades and it does not help with a Parliament full of Yes- and useless MPs.
CPF members have now been given another chance to know the true state of our CPF investments but will Bukit Batok SMC voters support Dr Chee or simply continue to deny there are serious issues with the management of $300 billion in CPF funds?
I am only seeking honest answers from the government. My understanding, as a layman, is that my CPF has been invested in SSGS. But when it is abundantly clear that it was not invested for extended periods, I begin to lose trust in the government.
The government would do well to clarify the issue without resorting to threats of lawsuits. If it is unable to be upfront, I can only conclude the government has lied and tens of billions in CPF funds were sitting idly, uninvested.