“Japan’s young are unhappy they have to pay for pensions and medical care for the old”
According to The Real Singapore editorial “PM LEE QUOTES JAPANESE ARTICLE TO SAY THE YOUNG DON’T WANT TO PAY FOR A PENSION SYSTEM” (Dec 29) – “”Japan’s young are unhappy they have to pay for pensions and medical care for the old, at the expense of their own financial security”".
Govt does not spend any money on CPF
- Such remarks are most inept because the Singapore Government does not spend a single cent in our CPF system, as all the contributions are from the people.
Govt makes money from our CPF
What little that the Government apparently spends in ad-hoc CPF top-ups to the Medisave accounts and Workfare to the Special and Medisave accounts, are a pittance compared to the humongous sums to the tune of hundreds of billions of dollars taken from Singaporeans by keeping an estimated three per cent of the annualised CPF returns over the years.
So, the young can’t possibly be unhappy about paying for the pensions of the old, because not a single cent of the taxes collected by the Government from the young goes to the old people’s CPF.
Govt does not spend any money on healthcare
Similarly, the Government from a cashflow perspective does not spend a single cent on medical care for the old, or for that matter on anybody – because the total annual contributions to Medisave exceed total annual public healthcare spending and all withdrawals from Medisave accounts.
We are over-taxed
In fact, the young should be unhappy that the Government is over-taxing them by way direct and indirect taxes, and the use of our CPF monies (highest contribution rate in the world) by paying us the lowest real rate of return of all national pension schemes in the world.
Win battles lose war
TRS Contributor