Hello everyone, yesterday I wrote an article which highlights the loopholes in the government’s explanation on how they are using our CPF.
In the past, it has been discussed among Singaporeans that our CPF is invested in the GIC and Temasek Holdings. However, the government has never confirmed on this.
It is only early last month (June) that the government finally came out to reveal that our CPF is invested in the GIC. It is also early last month that the Temasek Holdings claim that they do not use our CPF to invest.
Why did the government resisted letting Singaporeans know that our CPF is invested in the GIC and Temasek Holdings for so many years, but did a flip flop and finally let Singaporeans know only this year?
Also, I had previously found information last year that traced how our CPF is invested in the GIC and Temasek Holdings, which the government then erased from their websites.
But now, they did the about turn and admitted that they do use our CPF to invest in the GIC. So the question is, why the flip flop and why the about turn?
Also, why did the Temasek Holdings tell Singaporeans that they do not invest our CPF, when I had found evidence that previously, they did?
What prompted the government to finally let Singaporeans know the truth?
However, these answers are still not answered fully. There is still no full transparency and accountability from the government as to how our CPF is being used by them. If the government has been using our CPF to invest in the GIC and Temasek Holdings for several decades now, then it is several decades of answers that Singaporeans do not have.
Until now, we still don’t know how the government routes our CPF into the GIC and Temasek Holdings, how much our CPF is (and was) earning in the GIC and Temasek Holdings, and how much interest has not been returned to Singaporeans.
As long as this information is not revealed to Singaporeans, Singaporeans will keep having difficulties saving enough in our CPF and will not be able to retire. We need the transparent information, so that Singaporeans can tell the government what to do with our CPF, and not the other way round.
Prime Minister Lee Hsien Loong has said in a conversation with the Council on Foreign Relations in the United States that, ” if it’s politic, you expose it, and if they can’t stand the embarrassment, they will have to change“. I am in agreement that change for the better, and for greater transparency and accountability is what is needed for Singapore and what will allow our country to grow towards the next stage of our development.
For my court case, the pre-trial conference was initially set for 4 July. It has been rescheduled for 17 July at 2.30pm. The pre-trial conference is a “pro-active case management process” to “ascertain the status of the action and fix the date(s) of the trial”. It will be a session to determine whether and when the court case should be held.
My intention has always been to ask the government what they are doing with our CPF.
My intention has always been to ask the government to be transparent to Singaporeans on how they are using our CPF and be accountable and return to Singaporeans our CPF. As of today, the above questions I’ve raised have still not been answered.
At the end of the day, my hopes are simple and clear – right from the start, I had wanted to ask what the government is doing with our CPF. As long as the government is able to answer to this, all will be resolved. It was and still remains to be a simple matter.
I await the government’s willingness to respond to Singaporeans. This is a matter of public interest, which I hope the government will not side-track on, but will respond accordingly and responsibly.
Also, the President’s role is to safeguard our reserves, which our CPF is put into. President Ong Teng Cheong had tried to fulfil his duty by asking the government to let him know how much reserves Singapore had in 1996, but they had told him that it would take 56-man years for them to be able to let him know, so he was never told.
I hope that the current President Tony Tan will carry on in President Ong’s mission and help Singaporeans find out how exactly our CPF is being used by the government and where exactly it is going.
The government has yet been unwilling to respond to the questions of public interests on the CPF. I hope that the President, who is supposed to safeguard our reserves, will stand up for Singaporeans and ask the government these questions. Only then can Singaporeans trust that the President is on our side.
Meanwhile, the Special Select Committee will meet this month to discuss and consider the candidates for the Nominated Members of Parliament (NMPs) positions.
The two referees I have put in the nomination form have not yet been contacted by the committee on their views of me.
I look forward to a fair selection to be considered for the NMP position, so that I can continue to do my part as an ordinary Singaporean to voice out our concerns to the government, and allow Singaporeans’ voices to be heard, and also so that good policies that will protect the lives of Singaporeans can be put to good debate and passed for the well-being of our people and the long-term future of our nation.
Like the prime minister has said, how can we create an “identity that Singapore is a place which is special and where the human spirit flourishes”, so that, ” Our people are comfortable wherever they go, and they go many places, and we want them to go, but we also what them to know where home is.”
This is what I believe in as well. Let’s work together to create a Singapore that will benefit and protect all its inhabitants in Singapore, and one where we will feel cared for, and a nation that we will want to strive for.
Only when we have a nation where our people feel safe and secure in our land, knowing that we have a government that will truly protect our interests and our livelihoods will we be able to create a society that is fairer and more equal, and where everyone will be able to go on in our lives with dignity and magnanimity.
An opportunity presents itself to us today. We can put aside our differences and work towards a future for all Singaporeans. Let’s all Singaporeans make it happen.
It is clear that something is amiss in the management of our CPF by the government, the GIC and Temasek Holdings. There are still loopholes and discrepancies which the government has not addressed. This are important loopholes that the government has to acknowledge and speak up on, especially so since this concerns the retirement funds of Singaporeans.
What exactly is going on with Singaporeans’ CPF!
On 12 July 2014, an event will be held to discuss the CPF issues and the lack of transparency and accountability from the government and for Singaporeans to demand to the government to #ReturnOurCPF.
You can join the Facebook event page here.