Thursday, October 04, 2007

CPF for SIngaporeans !!!!

Last Saturday's Straits Times was filled with articles telling us why 2.5% for CPF is "as good as it gets" and how GIC can borrow money cheaply by issuing treasuries and does not need our CPF money. Indeed, GIC is reluctantly using our money as a favor to us, it does not need our CPF money, so we should all be happy and not begrudge the GIC earning far higher returns with our money. ......

I read those articles in the Straits Times again and again. I finally understood that the GIC is making a painful sacrifice for Singaporeans..... since they have cheaper sources of money, the opportunity cost to them is enormous. It is so ridiculous so many Singaporeans don't appreciate what our govt has done for their CPF minimum sum and are clamoring for more options and transparency. Ordinary Singaporeans must be stupid....however, I found another group of people dumber than Singaporeans....

West Malaysians.

W. Malaysians working in Singapore get to enjoy the CPF scheme as much as Singaporeans. Yet, they fail to appreciate this wonderfully designed scheme constantly demanding their money be returned. This has been the cause of many diplomatic spats between us & Malaysia.
Since it is so expensive to pay the high interest on CPF, our govt should return this money to the Malaysians and raise this money issuing treasuries. Why are they so kind to Malaysians to pay them a return that is "as good as it gets" risk free and guaranteed? Why is our govt showing its kindness to these ungrateful West Malaysians with high returns, they must surely remember that they are to serve Singaporeans' interest first? Why hang on to this expensive CPF money of Malaysians when the GIC can borrow cheaper? The opportunity cost is so staggering not to mention what the cost to us in terms of relationship with Malaysia.
I know our govt is kind even towards W. Malaysians but it should give priority to Singaporeans. Give the W. Malaysians back their CPF money and deprive them of this wonderful 3.5% return, I'm sure many of these Malaysians will be begging to leave their money with CPF. Although the Malaysian EPF consistently earns higher returns compared with CPF, it does so by taking unacceptable risk. These Malaysians are not citizens of Singapore and should not be allowed to benefit from our wonderful CPF system!!!!


Anonymous said...

Hahaha, brilliant. Let's see how Baby Lee and his Tartman wriggle themselves out of their own illogic this time.

Anonymous said...

PAP looks set to push its plans through.

The proposed annuity premium might come to a several thousands of dollars per person, as some insurance co. worked it out in the papers.

NTUC former CEO Tan Kin Lian even proposed in ST a more ridiculous annuity policy that pays about $20 more a month by locking up $100,000, such that when you passed away you family will not get a cent from it.

All such schemes will just enrich PAP controlled insurance companies (remember how ElderShield was only open to them?) while diminishing PAP's liability to pay back CPF funds to the people.

CPF savings at interest rate of 2.5% now - and no better off in future when eventually pegged to govt bond rate - this ensures that the people will be improverished to enrich PAP ventures through Temasek.

MOF says in ST Forum it does not need cheap loans using CPF funds but can always raise cheap loans by selling govt bonds.

But is not MOF precisely doing this by mandating CPF to buy nothing but govt bonds???????

What the hack is MOF talking about??????????

Trying to confuse and mislead us, not so easy.

We talk of CPF, MOF, GIC and Temasek. But really it is more simple to call it just one PAP complex controlling and exploiting Singaporeans.

seer said...

Another well reasoned article, in your usual tongue-in-cheek style. Hit the nail on the head.

Anonymous said...

On a related note.. was just sent the link to this

Makes me a little more than worried!

Public debt:
100.6% of GDP (2006 est.)

Just for comparison, a mediocre government like Sweden's gets by with just 46% of GDP. Denmark's is just 28%. Norway is 44%.

Even our neighbour Malaysia keeps it around 46%. I am still curious how we incurred such a debt.

Anonymous said...

"Public debt:
100.6% of GDP (2006 est.)"

why, u ask?

HDB and Car, i say

Anonymous said...

Do u think sg gov fool enuf ?
Ever heard of Sg is a company, not a gov ?

All come with hidden pay.

Do u know how many of Msian convert to becum Singaporean ?

After 30 years ur mom raise u up, then u "married" to your wife's family and forgot what is ur surname. (due to ur wife's family has no son at all)

Luckily Msia is fool enuf to kick out the brilliant. Hopefully gov to absord as much brilliant enuf to strengthen sg.

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