Undeniably, PAP is good at increasing our costs or confiscating money from our CPF. 😉
In recent years, GIC has been hinting at lower CPF Life payouts by constantly reminding Singaporeans that it was expecting lower returns.
In 2015, GIC was more certain that lower returns would persist for up to a decade despite its best performance since 2005:
In 2016, CEO Lim grew even more pessimistic and expected “sharply lower returns” up to 2 decades:(If GIC expects poor performance, why are senior executives paid tens of million in remuneration?)
In 2017, GIC expected only lower (not sharply) returns to stretch for more than only 1 (not 2) decade:
PAP usually trumpets to the world its achievements. So when GIC repeatedly warns Singaporeans that it has no confidence of generating even low returns, relative to risks, PAP could be setting the stage for another ripoff.Should PAP be returned to power post GE2020, it is likely to reduce government liabilities by billions every year – by reducing CPF Life payouts.
I anticipate this propaganda:
Retirees had better take note of PAP’s desperation for money.
While GIC – fund manager of CPF – has been blaming external factors for its past and future poor performance, it is a totally different story across the causeway for EPF members who are probably laughing at our stupidity. And all the way to the bank.
2014 – 6.75%
2015 – 6.4%
2016 – 5.7%
2017 – 6.9%