Investment returns to supplement revenue: A PAP left to right pocket transaction?

Since 2000, about $108 billion in returns on our reserves (NIRC) have been used to supplement government revenue (image below).1budget37

Although NIRC is supposed to benefit citizens, the reality is a high percentage of this ultimately find its way back to GIC via CPF contributions or funds set up by PAP under many different names.

Excluding Government Securities Fund, PAP has set aside $159 billion to meet future liabilities.  (Statement of Assets and Liabilities)
1budget31To a lay person like me, this appears to be a right to left pocket transaction.  Not 100% of course.

 

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2 Responses to Investment returns to supplement revenue: A PAP left to right pocket transaction?

  1. Confused says:

    For each of the different fund, Singaporeans should not be surprised that there is a full set of board there to leech on the tax monies or its return.

    Unless full facts are being laid on the table, it won’t stop people from speculating and be surprised and is likely that $billions are spent on feeding these boards year in year out and with many of them sitting on different board and drawing multiple pay.

  2. Phillip Ang says:

    These funds are mostly not transparent, ie full set of accounts not disclosed.

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