An honorable member of the Coffee Shop Has Just Posted the Following:
30 years ago, in March 1984, then Minister of Health released the Report of the Committee on the Aged. It recommended that the withdrawal age be pushed from 55 to 60. The Howe report was done with good intentions and the research did show that there was an issue with the CPF then. In view of the cacophony of protest including amongst PAP supporters, the govt chose to introduce the minimum sum retention at 55.
The PAP knew 30 years ago that this was ticking time bomb. What did it do?
Instead of looking into it, the CPF funds were used to make the Prime Minister's wife look good. She was brought into the State Sovereign Fund Temasek in 2002, 18 years later when the bomb began ticking.
CPF funds forms close to 2/3rd of total government investment pool that goes into MAS and GIC. From these returns they are then used to build state assets which are then passed at interesting values to Temasek. Yes, the CPF funds do have a part to play where Temasek's success is concerned.
One family ruled this country or influenced its rule for 49 years including the last 30 years. Should they answer to this level of neglect. Mind you in the intervening years they took great pains instead to carve out an impassive compensation scheme for the political leaders and the top hierarchy of the civil service. While nothing was done to diffuse the ticking bomb.
Click here to view the whole thread at www.sammyboy.com.
08-06-2014, 02:30 AM
The CPF Time bomb that began ticking in 1984
