Has government fulfilled or reneged on its CPF promise?

• robertteh

  31 Aug 07, 00:55

  42 years ago, government started the CPF to provide for peopleÂ’s retirement.
  
  So people worked towards saving to plan for retirement making sacrifices etc in recession to forgo wage increases or taking cuts on CPF.
  
  Now 42 years later government said CPF scheme is no longer enough and it has failed as a retirement scheme for it cannot provide interest enough to support people's retirement.
  
  So it said that it is now time to postpone retirement or it is planning to take away whatever CPF people have and give them to the bank to earn more profits for themselves and return miserable paltry annuities when by that time many people would have died and missed their retirements.
  
  What is this kind of government is this ? Has it fulfilled its promise to provide people with a means to retire (since it does not provide welfare or medical assistance)?
  
  Is it a government which has been honorable in fulfilling a major promise made to the people?
  
  Or is it becoming dishonourable now by changing the retirement game plan midstream and says that because people are living longer so there is not enough monies for retirements.
  
  So now it wants to confound the problem by taking away citizensÂ’ CPF at 55 and later and stash them to grow again for retirements while keeping all the peopleÂ’s taxes and surpluses for hatching against huge losses incurred by the government due to extravagant spending on their own salaries etc and investments fiasco by Temasek or GIC.
  
  Which is the case now ? Please tell people the truth whether taking CPF away from people at 55 was to help them again or to take their monies to hatch against their own extravagance or reckless investments overseas.
  
• qlqq9

  31 Aug 07, 01:01

  They have never been credible as far as I can see. I have never fully put my trust in them.
• reddressman

  31 Aug 07, 12:41

  Well cpf worked or not, the people have accepted it leh.
  
  So, next time, another party rule, they do the same and everyone also accept it leh.
  
  The salaries are the most attractive in the world.
  
  I hope more ambitious people will fight for the power to rule singapore.
  
  Of course , I mean more competition better for singapore.
  
  Imagine, possible to rule for 50 years and whole family of talents can contribute to singapore as rulers.
  
  thanks to the Majority. We now have a role model.
• de_middle

  31 Aug 07, 12:54

  they will say nothing is full proofed & so we just move on & rectify the problems