atans1

CPF: Answering TRE poster & supporters/ NMP on inconvenient CPF truths

In CPF, Economy, Political governance on 28/05/2014 at 4:09 am
Toast Bread:

Will LHL answer just one question please?
Did any Singaporean authorize or consent to CPF locking up our CPF retirement money at 55 ?

Rating: +34 (from 34 votes)

 (On TRE)
Person seems to have forgotten that ever since the PAP introduced the Minimum Sum, PAP keeps getting re-elected. Ever heard of implicit consent? Last election the PAP got 60% of the votes. Still some way to go.
Seriously, elected govts round the world run on their record and the promises they make. By re-electing a govt, the majority of voters accept the entire package.
 …..
Never tot much of this NMP who uses a lot of mascara, was a PAP member (expectations were that she would be a PaPpy MP. But she surprised with her frank remarks on inflation (domestic pressures) and CPF rates( lower than inflation will erode our CPF savings):

Nominated MP Tan Su Shan said that it was probable that Singaporeans had to factor in a higher rate of inflation when calculating their retirement adequacy.

This, given the fact that CPF members enjoy a risk-free interest rate of 2.5 per cent per annum on their Ordinary Account savings, but bearing in mind that inflation in Singapore has averaged 4.1 per cent over the last three years since the economic restructuring journey began.

“This is double the historic average inflation rate of about 2 per cent and will erode our CPF savings,” she said, adding that it would be “useful” for the government to provide a medium-term projection of the country’s inflation rate.

Ms Tan … noted that since the Monetary Authority of Singapore had chosen to maintain a strong and stable Singapore dollar, it was likely that most inflation costs could come from domestic pressures.

“Being able to project the growth rate of our cost of living expenses will help us make the right choices, outside of parking our surplus funds in cash deposits,” she said. (Yesterday’s BT)

Ms Tan is the head of private banking at DBS Bank and is considered to be a possible future CEO, by no less than the chairman. She is a S’porean birther, not a new citizen.

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  1. i think she speaks a “different language liu”
    PAPAYA must be regretting liu

  2. […] Growing your tree of prosperity: The Obligatory CPF post. – Thoughts of a Cynical Investor: CPF: Answering TRE poster & supporters/ NMP on inconvenient CPF truths – Everything Also Complain: PM Lee rejecting Roy Ngerng’s derisory $5000 offer – […]

  3. The banking & investment sector are salivating for a bigger action of the CPF monies. Unfortunately banks will be largely detrimental to oldies’ CPF accounts. Big fees will be one way from oldies to banksters. If left to private sector & market forces, regular monitoring and tactical asset allocation will be needed — more fees to banks as typical sinkie too dumb or lazy to learn & do it. And she suggest bond unit trusts?!?! Confirm if buy your typical bond fund here in S’pore, will lose money over next 3 years.

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