CPF Board (CPFB) has loaned $376.6 billion in members’ retirement savings to the PAP government.
This gargantuan amount is used by GIC to speculate in highly-risky foreign assets. Massive investment losses* have been covered up over decades and GIC is unable to return, say, even 20% of total CPF monies today.
This is the reason why PAP has been introducing new legislations to trap increasing amounts of CPF. (CPF effectively a Ponzi scheme)
CPF Board is insolvent.
It is really meaningless to have a President to ‘jaga’ our reserves when she was appointed – not elected – for the sole purpose of helping PAP to conceal the actual state of our reserves.
Even helping citizens means channeling funds to GIC. Examples:
– WIS: Helps low wage workers with 60% going to CPF (GIC).
– HDB Lease Buyback Scheme: Proceeds are first used to top up CPF Life of HDB lessees. With the current Retirement Sum at $171,000, low income lessees may have no cash remaining after selling back a portion of the lease back to HDB at lelong prices.
– NS Home Awards:
– CPF Enhanced Retirement Sum Scheme = Increase FRS to 150%
(Boggles the mind when this was introduced because the issue has always concerned CPF members with little savings: NOT those with excess for GIC to speculate with.)
There are of course other schemes where billion$ could easily find its way into GIC, eg CPF housing grant, etc.
Without all the above measures to keep CPFB afloat and maintain public confidence, PAP would have already been 6 ft under. 😉
* Losses that were disclosed were not voluntary and became public knowledge because these investments were high profile, eg UBS investment alone had lost more than US$4 billion after 10 years (including shares it was still holding in 2017).
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