CPF Minimum Sum Increase: netizens up in arms

Recent news that rocked the social media was the increase in the CPF Minimum Sum.

Without any debate in Parliament, CPF simply announced the increase like an edict from a dictator.

CPF’s rationale for the increase was couched in the customary bureaucratic ambiguity. It says it was to “cater to Singaporeans’ rising expectations of what is considered a basic standard of living in retirement”.

The immediate reactions among my senior citizen friends were telling.

Victor said, “How we manage our finances is none of the bloody government business.”

Another said, “The government just wants to lock up your money that’s all.”

When I revealed to them that Malaysia’s EPF has been paying consistently more interest than CPF they expressed surprise.

When it comes to squeezing every cent from citizens or finding an excuse to withhold payment, the ruling PAP is in a class of its own. Remember LTA’s refusal at one time to pay back the PARF value on your car in cash?

A Malaysian friend said,”At age 53 we can make partial withdrawal and all at age 55. EPF doesn’t split up your money into all sorts of accounts.”

To say many are unhappy over the latest increase in MS is an understatement. Nearer to the truth is that they are up in arms.

PM Lee has to rouse himself to reassure citizens that their CPF money is safe and to explain the rationale behind the MS increase. Burying his head in the sand is not befitting a PM.

And certainly not one who earns the highest salary in the world, putting even Obama, Merkel and Cameron combined in the shade.

To put it bluntly, PM Lee has to show leadership.

 

 

 

 

 

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