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24-05-2014, 12:10 PM
An honorable member of the Coffee Shop Has Just Posted the Following:
Roy Ngerng got into trouble with Hsien Loong over the issue of CPF savings. Though the pertinent point in his trespass was about an allegation of corruption, the origin came from the heated arguments on why the Govt is adamant to hold back the people’s saving for an ever and ever longer period. There is a perception, rightly or wrongly, that the Govt is unable to return the people’s saving when they hit 55, now not even that, but at 62, 65 or even later.
This return of the people’s saving to their owners has never been an issue up to some time in year 2000. The older generations have no problem getting their money back and thus it was a non issue. It started to become an issue after that with the problem and irritation increasing in momentum. For those in their 60s, not all were able to withdraw all their savings when they reached 55. But the sum retained by the CPF under all the new minimum sums and medisave schemes were bearable. They grudgingly took whatever they could and saw a small chunk of their money becoming untouchable. Some have no issues with the retention as they will get higher interest rate of 4%. Some were against the retention on grounds of principle that no govt should be allowed to use legislation to keep the people’s saving against their will. Compulsion is unacceptable and unethical even if the intention was good and the interest rate was higher.
Today, with the combined minimum sums hitting $200,000, this is no small change, the anger mounted. It is just too much to bear. And for the younger generations, they could expect the sum to go even higher with some projecting the sums to hit $500,000 in years to come, or more. Eventually, the net effect is that there is no pot of gold at the end of the rainbow after a life time of intense savings.
The other troubling thought is that the Govt has mismanaged the funds and is now caught in a situation that it is unable to return the money to the people. Some even imagined that the CPF vault is empty. These are just perceptions of the people who have money in the CPF. The truth may be the reverse, that the CPF is full of money, safe and sound and could return all the money when due and there is really nothing to worry about. All the sleepless nights are unnecessary and a waste of time.
How then could the Govt convince the people that the money is safe and well? All the schemes to retain the people’s money, the shifting of the goal posts, are telling the people all is not well. You cannot blame the people from thinking so. Can the Govt come out and assure the people, with clear and unquestionable facts and figures to prove beyond doubt that the money is there? The Govt has to do something about this to quell the suspicion and loss of confidence by the people on this matter. Not explaining and clearing the doubts of the people will not do and will only increase the simmering unease of the people. Roy Ngerng and Han Hui Hui and all the speakers will have a lot of things to say and a lot of questions to ask at Hong Lim Park on 7 June.
If, ‘sway sway’, the suspicion is true, that because of the huge long term investments, the assets cannot be easily liquidated to repay the CPF members, or if what the people feared, that a lot of money had been wiped away by bad investments, and there is an urgent need to kick the can further down the road and hoping that the investment will turn good in the long run, it would be better to face the truth and tell the people about it. Living in denial when there is a big hole to patch is a bad idea. It is worse if, trying to live with a lie, the Govt continues to put on a false front that all is well, and can still afford to throw money around like a rich philanthropist. The Govt is very rich and can give and give and give, to the NSmen’s CPF, more subsidies, more funds to international organisations, more overseas investments like there is unlimited supply of funds in the Govt’s treasury.
If, I say, if, the situation is dire, it is better to start on a belt tightening policy and cut waste, cut wasteful spending on the unnecessary, throwing parties costing millions all over the world, non stop celebrations on every excuse to show that we have the money to spend, we are very rich but cannot repay the CPF members when due.
Until the Govt stop devising more schemes to keep the people’s CPF savings for as long as the Govt needs to, the people is going to see these schemes in a different light. The Govt needs a confidence building measure exercise to assure the money that all is really fine. And one thing it can do is to stop all these schemes and start to return the money to the people. If it cannot do so, it is better to stop spending furiously on parties and to give generously when the people are asking for their money back.
What is the truth? Who knows? The people can only postulate, imagine or guess from the actions of the Govt and its policies on the CPF money. The ball is now in the Govt’s court. There is a lot of explanations and proof to convince the people not to worry. And it is not just about how good and well is the communication or the way it is said. It is about the hard truth and facts and figures, and nothing less. No PR exercise is good enough to avoid from telling the truth.
http://mysingaporenews.blogspot.sg/2...ingapore+News) (http://mysingaporenews.blogspot.sg/2014/05/what-is-happening-to-our-cpf-savings.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+MySingaporeNews+(My+Singapore+N ews))
Click here to view the whole thread at www.sammyboy.com (http://sammyboy.com/showthread.php?182292-There-is-serious-need-for-govt-to-assure-citizens-that-CPF-is-really-okay&goto=newpost).
Roy Ngerng got into trouble with Hsien Loong over the issue of CPF savings. Though the pertinent point in his trespass was about an allegation of corruption, the origin came from the heated arguments on why the Govt is adamant to hold back the people’s saving for an ever and ever longer period. There is a perception, rightly or wrongly, that the Govt is unable to return the people’s saving when they hit 55, now not even that, but at 62, 65 or even later.
This return of the people’s saving to their owners has never been an issue up to some time in year 2000. The older generations have no problem getting their money back and thus it was a non issue. It started to become an issue after that with the problem and irritation increasing in momentum. For those in their 60s, not all were able to withdraw all their savings when they reached 55. But the sum retained by the CPF under all the new minimum sums and medisave schemes were bearable. They grudgingly took whatever they could and saw a small chunk of their money becoming untouchable. Some have no issues with the retention as they will get higher interest rate of 4%. Some were against the retention on grounds of principle that no govt should be allowed to use legislation to keep the people’s saving against their will. Compulsion is unacceptable and unethical even if the intention was good and the interest rate was higher.
Today, with the combined minimum sums hitting $200,000, this is no small change, the anger mounted. It is just too much to bear. And for the younger generations, they could expect the sum to go even higher with some projecting the sums to hit $500,000 in years to come, or more. Eventually, the net effect is that there is no pot of gold at the end of the rainbow after a life time of intense savings.
The other troubling thought is that the Govt has mismanaged the funds and is now caught in a situation that it is unable to return the money to the people. Some even imagined that the CPF vault is empty. These are just perceptions of the people who have money in the CPF. The truth may be the reverse, that the CPF is full of money, safe and sound and could return all the money when due and there is really nothing to worry about. All the sleepless nights are unnecessary and a waste of time.
How then could the Govt convince the people that the money is safe and well? All the schemes to retain the people’s money, the shifting of the goal posts, are telling the people all is not well. You cannot blame the people from thinking so. Can the Govt come out and assure the people, with clear and unquestionable facts and figures to prove beyond doubt that the money is there? The Govt has to do something about this to quell the suspicion and loss of confidence by the people on this matter. Not explaining and clearing the doubts of the people will not do and will only increase the simmering unease of the people. Roy Ngerng and Han Hui Hui and all the speakers will have a lot of things to say and a lot of questions to ask at Hong Lim Park on 7 June.
If, ‘sway sway’, the suspicion is true, that because of the huge long term investments, the assets cannot be easily liquidated to repay the CPF members, or if what the people feared, that a lot of money had been wiped away by bad investments, and there is an urgent need to kick the can further down the road and hoping that the investment will turn good in the long run, it would be better to face the truth and tell the people about it. Living in denial when there is a big hole to patch is a bad idea. It is worse if, trying to live with a lie, the Govt continues to put on a false front that all is well, and can still afford to throw money around like a rich philanthropist. The Govt is very rich and can give and give and give, to the NSmen’s CPF, more subsidies, more funds to international organisations, more overseas investments like there is unlimited supply of funds in the Govt’s treasury.
If, I say, if, the situation is dire, it is better to start on a belt tightening policy and cut waste, cut wasteful spending on the unnecessary, throwing parties costing millions all over the world, non stop celebrations on every excuse to show that we have the money to spend, we are very rich but cannot repay the CPF members when due.
Until the Govt stop devising more schemes to keep the people’s CPF savings for as long as the Govt needs to, the people is going to see these schemes in a different light. The Govt needs a confidence building measure exercise to assure the money that all is really fine. And one thing it can do is to stop all these schemes and start to return the money to the people. If it cannot do so, it is better to stop spending furiously on parties and to give generously when the people are asking for their money back.
What is the truth? Who knows? The people can only postulate, imagine or guess from the actions of the Govt and its policies on the CPF money. The ball is now in the Govt’s court. There is a lot of explanations and proof to convince the people not to worry. And it is not just about how good and well is the communication or the way it is said. It is about the hard truth and facts and figures, and nothing less. No PR exercise is good enough to avoid from telling the truth.
http://mysingaporenews.blogspot.sg/2...ingapore+News) (http://mysingaporenews.blogspot.sg/2014/05/what-is-happening-to-our-cpf-savings.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:+MySingaporeNews+(My+Singapore+N ews))
Click here to view the whole thread at www.sammyboy.com (http://sammyboy.com/showthread.php?182292-There-is-serious-need-for-govt-to-assure-citizens-that-CPF-is-really-okay&goto=newpost).