Oh my...if Lim Swee Say ever retires from his minister job, he will definitely be able to find a job as an RM selling interesting products at the bank. His Singlish is really an big advantage ...who ever listens to him can only trust that he knows what he is talking about.
"Every month when I get my CPF statement, I feel so rich...." - Lim Swee Say.
"Sir, you don't need your CPF to feel rich. All you need to do is peek into your bank account"- Lucky Tan.
CPF : -
Return : 2.5%.
Capital Guaranteed : Yes.
Early Withdrawal Penalty : Your Singapore citizenship
Reference Entity: GIC.
Maturity : 65 years of age and rising.
Your CPF money is loaned to GIC at an interest of 2.5%. GIC invests this money around the world and recently they took a liking to western banks. Your money is safe as long as GIC is safe. GIC is safe as long as its investments are safe. GIC's investments are safe as long as there is no once in a century global meltdown that causes securities to plunge in value. I guess Lim Swee Say is smiling because there is no such thing as a monthly CPF statement and he probably doesn't know how much he has in his CPF because it is pocket change for a person with his salary. He makes in 2 months ($300K?) what many Singaporeans take a lifetime to accumulate in their CPF.
Recession is here and Minister Lim who is also NTUC chief will soon be very busy telling workers that times are hard and sacrifices will be needed to keep our economy afloat. Cutting employers' CPF contribution is always an option to save the economy.....I hope when that time comes he remembers what he said about the CPF.