I will be 55 in 4 years’ time, do not own any property and will need my CPF savings for retirement.
Since I am not able to meet the Minimum Sum, the PAP will lock up all my money until I turn 65 and I will receive only a token sum from MY own savings. This is ridiculous.
Although it has been mentioned the GIC invest our CPF money, this cannot be further from the truth. Our CPF money was never used for investments because all investments carry risks. Our CPF is guaranteed with fixed interest rates. So I think the government has been misleading us because our CPF is not invested at all!
It’s just a loan to the government in the form of a super long term fixed deposit. After they receive our CPF, GIC can then use it in whatever ways to invest they like. Make or lose money, not accountable to CPF members because our CPF is only a fixed deposit.
The PAP has insulted CPF members by assuming all 55 year olds do not know how to manage our money after working for 35 years. I will remember this insult at the next election. I hope all CPF members who feel betrayed by the PAP will remember that too.
I would like to thank TRS for publishing articles on CPF, especially by Roy who has exposed many half truths and misleading statements by GIC. I hope TRS will continue publishing such articles so there will be sufficient pressure on the PAP to reverse this stupid and harmful policy. I really need my CPF in 4 years time.
Stanley Sandosham