Why CPF failed in its mission
Singaporeans save a large part of their earnings in the Central Provident Fund, including the contribution from their employer. But they do not have adequate savings for their retirement needs. What happened? What cause this leakage? Here are my perspective. a) A large part of the savings is put aside in the Medisave account...
Our CPF Scheme Is The Worst Retirement Scheme In The World
Yesterday we highlighted the disgraceful situation of how 70% of our seniors aged 60 and above are not able to pay their monthly expenses. The PAP runs a broken system called the CPF which is a farce and does not provide for retirement adequacy. The average monthly payout under the CPF is a measly $355 per month. Something is...
Maintaining stable Singapore dollar not GIC’s function
GIC manages government reserves and CPF monies. Its aim is to generate long-term real returns above global inflation by investing 100% in overseas investments. Forex intervention and maintaining a stable Singapore dollar is done by MAS, not GIC. However, Singaporeans have been told that GIC is unable to disclose the size of...
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