CPF monies are state reserves managed by GIC primarily to benefit the government, not CPF members.
This was confirmed by GIC in 2015: (link)
Questions which thinking CPF members should ask the PAP government:
1. Why is the PAP government using our CPF as “a key defence of Singapore in times of crisis”, ie to “mount a decisive and effective response”?
2. Why is the PAP government using our CPF to generate a “valuable stream of income for the Government Budget” to benefit “current as well as future generations”?
CPF monies belong to members and their investment returns should only benefit members, not for PAP government to use or spend as it wishes.