Quite ironic don't you think?
The CPF was conceived out of helping average Singaporeans plan
their retirement savings, since it is no longer a credible source
of retirement savings to rely on, shouldn't the government do
something to prop up this source of retirement funds.
Those elderly (60 y.o. born in 1948) who contributed their
salary since they started working in 1968 are retiring soon. But
the sum they have in their CPF, is not even sufficient for them to
live for 5 years without medical illness.
If the PAP government chooses not to prop up the retirement
savings of the average Singaporeans, shouldn't they scrap
the CPF scheme altogether. Afterall, why give the average
Singaporeans a false sense of security by making them think
that CPF would see them through their old age.
Or, they should consider raising the interest rates to a ceiling
to match the inflation rate and a floor equivalent to their current
calculation of 2.5% now.
All those multi-million dollar salaries and they can't even keep
their word of CPF as a source of funds for retirement. 
After 51 Years of LKY at the helm, and finding out the "double
speak" in most of his words documented - {read "a nation
cheated"} - can we believe that the CPF was all about helping
Singaporeans to save for retirement ?
When LKY stepped into the seat of a Self-Governing Singapore,
the British Colonial Government had already set up the Provident
Fund, while LKY, Toh Chin Chye and Goh Keng
Swee were toying with the idea of some form of Social
Welfare.
But with an empty State Treasury after Lim Yew Hock short rule
at the helm, the easiest route to create money for the PAP to rule
effectively was to expand aggressively on the Colonial
Government's Provident Fund scheme.
Over time, with the easy accessiblity to a cheap source of fund
for public projects that can be accumulated in such
geometrical proportions by legislations, the scheme
was popularly promoted as a scheme towards "Home
Ownership".
The CPF became a permanent feature in Singapore.
Sadly, the "Home Ownership" scheme was no better then borrowing
our money at below market interest rates, and selling the
homes to us with a huge profit, all of which resulted in the
"Singapore Government laughing all the way to their Bank".
Over time, realising that the accumulated funds from a large
population of Post-War Babies cannot be returned in full even at
such low interest rates paid to the CPF accounts, and with the CPF
not being supported by new accounts from an expanding
population to match the numbers of retiring "Post-War Babies" -
this Government began a series of measure that restrict the amounts
to be returned to the CPF Account Holders by holding
back initial sums paid out by instalments, then an
ingenious plan to transfer fractions from the Main CPF
Account into some new scheme separately named as
the Medi-Save and Medi-Shield.
The sophistication in designing
withdrawal restrictions on Singaporean CPF Accounts
have now reached the ultimate stage - with the imposition
of the minimum sum to be held until the median age of death
determined separately for Singaporean Males and Females.
Even the Colonial Government will not take as much from
Singaporeans to be locked into its Provident Fund scheme, as they
had realised at the early stage that too much taken will
remove the ability for Singaporeans to make alternative
arrangements for themselves - that included being enterprising.
With the large amounts removed from the control
of individual Singaporeans, and still expecting Singaporeans
to look after ourselves during crisis, has this Government placed
unnecessary burden on Singaporeans ?
‘Lessons of the
Singapore Central Provident Fund’
‘Central Provident Fund in Singapore’
‘Compulsory Savings in
Singapore : An Alternative to the Welfare State’
