Boot out PAP or kiss our CPF goodbye

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An honorable member of the Coffee Shop Has Just Posted the Following:

http://www.tremeritus.com/2015/08/23...r-cpf-goodbye/

Boot out PAP or kiss our CPF goodbye


August 23rd, 2015 |
Author: Contributions



Before the year is up, CPF members will have a chance to demand every
cent of OUR CPF back at 55. We will also be able to deny PAP’s
arbitrary rewriting of CPF rules to continue increasing and channeling our CPF
into GIC until we die.

Since GIC’s inception in 1981, PAP has hidden all material
information with regard to CPF. Should anyone even trust PAP to manage
hundreds of billions when we don’t even know where our CPF is invested?

PAP should come clean with CPF members and by that I don’t mean cleaning out
some CPF annual reports with a revamp of CPF website. Fact: PAP is unable to return
members all CPF monies at 55; if it could, it would not have delayed
the withdrawal age in the first place.

The amount of CPF monies trapped by PAP is not peanuts. From the table below,
total CPF balances of members above age 55 and above amounted to $79
BILLION last year. It is obvious PAP does not have $79 BILLION
to return to us. Or even part of it.

Members
aged between 50 and 55 will likely contribute more than $30 billion to GIC by
2020. In 5 years time, PAP would have trapped more than $110
billion of CPF belonging to senior citizens.

When CPF members highlighted the need for OUR money at 55, PAP appointed its
own CPF Wayang Panel which dictated to us 3 options to RETAIN
our money, ie Basic, Full and Enhanced Payout. PAP is not even
bothered to listen.

PAP is trying to buy time by agreeing to a partial withdrawal at 65. If PAP
majority in parliament is not removed, expect CPF rules to be tweaked.

The CPF Wayang Panel has further complicated an already unstable CPF scheme
by introducing unnecessary changes. After all the wayang, the problem of
retirement inadequacy is still not resolved.

Retirement shortfall is caused by PAP’s flawed policies such as depressing
wages by forcing locals to compete with ‘FTs’ for third world wages, preventing
CPF from being invested by channeling all contributions into housing during the
initial years, channeling CPF into Medisave account and severely
limiting its use, etc.

A PAP majority in parliament has proven it can’t be trusted
as it will legislate changes against our interest. Although book smart PAP MPs
could articulate better than SDA’s Desmond Lim , none of them highlighted CPF
concerns until Roy and Hong Lim Park woke them up from their slumber. Even after
the wake-up call, their ‘solution’ is to tackle CPF issues …. with even more
tweaks.


CPF members must be wary about supporting PAP because it never
intended to return OUR CPF. Its plans have all been laid out,
ie more than $110 billion of senior citizens’ CPF will be trapped by
2020. A PAP parliamentary majority will also cook up more
‘justifications’ to increase GIC’s funds by raising the legislated minimum
(retirement) sum.

Laws are not cast in stone and must serve a purpose. When the retention of
retirement funds hurt hundreds of thousands of ordinary citizens, our laws have
to be amended.

When a government abuses its power by allowing CPF returns to be
creamed off, money which rightly belongs to members, it is morally
bankrupt and is in no position to lead the people.

GE 2015 is an opportunity for ordinary citizens to get back OUR CPF. We must
learn to ignore all propaganda and make the right decision as to which party
could be trusted to serve our interest.

On the CPF issue, we’re left with an easy choice to either boot PAP out or
kiss our CPF goodbye.

Phillip
Ang

* Phillip blogs at likedatosocanmeh.


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