#ReturnOurCPF: 12 July 2014 | 4.00pm | Hong Lim Park. See You There!

#ReturnOurCPF Poster@roy ngerng final

This coming Saturday is the #ReturnOurCPF event. I will be speaking at the event.

Over the past few weeks, I wondered if I should speak again. Does speaking up change things? Will we be able to have more transparency and accountability from the government on how they are using our CPF?

But it has. Up until May this year, the government has never admitted that they use our CPF to invest in the GIC. But as I lost my job in early June, for the first time ever, the government suddenly admitted that they do take our CPF to invest in the GIC.

Previously on the GIC’s website, they also said that they did not know how whether they are using our CPF to invest, even though the Board of Directors on the GIC are also the Singapore prime minister, the two deputy prime ministers and two other ministers, or the government itself.

But in June this year, the GIC also suddenly admitted that they know that they are using our CPF.

In fact, I’ve traced evidence on how our CPF is invested in the GIC and Temasek Holdings from the government websites and had written about this in 2012 and 2013. By May this year, the government has erased all the evidence and edited them away.

But in June this year, they suddenly admitted that the CPF was indeed invested in the GIC.

Temasek Holdings then claimed that they do not invest our CPF, but in a book written by an ex-director from the Ministry of Finance, it was revealed that since the 1970s, the CPF was invested in the Temasek Holdings! So, when did the government suddenly stopped it?

All the changes and admissions from the government suddenly happened in June this year. The government had previously not wanted to admit to this knowledge, even though many Singaporeans had speculated about this, and asked the government to clarify. But for many years, the government had never wanted to do so.

Suddenly in June this year, they government was forced to admit. Why did they do so?

GIC manages reserves but not made explicit to us 1@The Heart Truths ROC

The last #ReturnOurCPF protest was held on 7 June 2014. 6,000 Singaporeans attended the protest to demand to the government for transparency and accountability on how they are using our CPF.

In early June, the government admitted to everything. They had previously not wanted to.

In early June, they had no choice but to admit to the truth.

More information was then admitted to by the Ministry of Manpower and several other ministers.

For the first time, Parliament debated on the CPF at the last sitting, after all the government’s admissions, and will again debate on this issue at the sitting which will commence today.

However, the numerous questions on Singaporeans’ minds are still not answered.

Why are we getting such low interest rates on our CPF, and the lowest in the world?

Why are so many Singaporeans unable to save enough in our CPF to be able to retire?

Why do so many older Singaporeans still have to work as cleaners, security guards and odd-job labourers because their CPF did not grow?

I mean, does the government have the integrity to let our older Singaporeans work until their old age, and some, until their deaths? It makes one wonder, is this how a government should treat the very citizens it should protect?

Today, the GIC and Temasek Holdings are one of the largest sovereign wealth funds in the world – the 8th and 10th largest. However, Singaporeans have one of the least adequate retirement funds in the world.

The government says that because our CPF is not “directly” invested in the GIC and Temasek Holdings, they don’t have to return the interest earned back to Singaporeans. Then the government made the GIC and Temasek Holdings private limited companies, so now there’s no way we can have complete information on what they are doing with our CPF, because they are no longer required to let Singaporeans know in full.

But, without our CPF, will the government even have this money to invest in the GIC and Temasek Holdings? They wouldn’t. At all.

Then, can the government even say that they do not need to return to Singaporeans the interest earned by the GIC and Temasek Holdings? In fact, can the government decide on their own to not return the interest to Singaporeans, when this is in fact our money?

Today, Singaporeans not only earn the lowest interest rates in the world, we also earn the lowest interest rates in the history of Singapore since independent.

Since the mid-1970s, the interest earned on our CPF has been dropping, and dropping.

Today, if Singaporeans cannot retire, is it because we did not work hard enough or is it because the government did not return us our money?

CPF Interest Rates Over the Decades @ The Heart Truths ROC

As such, I’ve decided to speak at this Saturday’s event. The greatest revelation and admission by the government all happened in June this year.

Before that, they have never wanted to tell us the truth.

Finally, today, only when Singaporeans show the government that we will not bend and we will not buckle, did the government finally had no choice but to admit to the truth.

Still, they’ve not apologised. This is a huge matter. For decades, the government has taken our CPF to invest in the GIC and Temasek Holdings and they’ve taken the earnings away from Singaporeans. Leong Sze Hian calculated that the average Singaporean has lost $1.5 million. This is not a laughing matter.

Leong Sze Hian said Singaporeans have been “robbed”.

This is not something the government can just walk into, admit to the information and walk away.

Singaporeans have not been told the truth for decades now. For decades, we’ve not been able to know. For decades, we’ve been losing money to the government.

Today, Singaporeans cannot retire because we have lost the money which is not returned, because the government has taken our money.

In June, we held the #ReturnOurCPF protest. 6,000 Singaporeans turned up for the largest protest in Singapore’s history since independence.

In June, the government finally admitted to the truth.

But still, they did not apologise. Still, the government did not return the money to Singaporeans.

This Saturday, another #ReturnOurCPF event will be held. Show up, come down, and let the government know you mean business and Singaporeans should no longer be played around with or made a fool.

I will be speaking at this Saturday’s event. If we want to know the truth about what the government is really doing with our CPF and we want justice done, for our government to return our CPF to Singaporeans, then we have to stand up. We have to rise up.

You have to let the government know you mean business.

This Saturday, I will be speaking. We will see you there. It is the right of Singaporeans to speak up and to claim our rightful citizenship.

For our freedom, and our rights, and our children’s and theirs, we have to stand up and fight for it.

You can join the Facebook event page here.

#ReturnOurCPF Poster@pink final


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  2. Jack

    Singapore Public Debt as 2013 is accounted for $390 billion ,that ‘s the Government borrowing numbers .Its a matter of just few years in time we can achieve the magical $1 trillion Public Debt .What an achievement as Singaporean !…..Hooray !!.We can sell the whole Singapore to highest International bidders to redeems our DEBT and that’s what we trying to do now ,in-fact ,we did it slowly and surely.
    at Yahoo search Type Gross DEBT Net DEBT scroll through till you meet
    gov dot sg : Factually Singapore Government Online
    below there is blue wording, bottom you’ll see of MOF website , READ IT until where you’ll find :: more gov borrowing in PDF .
    Singaporean ain’t Stupid ,Even in MOF statement said From time to time ,the Government injected Temasek with Fund .
    Really Singapore do have CASH SAVING in reserve ?Why MUST USE CPF? As we all know only in Foreign Cash Reserve yes as in the MOF statement,OTC will find easy not hard to accounted for ,NOT an excuse of 56 years man hours of just LAND OF ASSETS,that used to be our grandfathers land.
    Why must Locked the financial Reserve of CASH with NO Interest gains ,What Singapore means of RESERVE is Singapore ISLAND ,that used to be grand father land,as the ASSET plus Equity of Foreign building and portfolio ,now with Jurong Rock tunnel for OIL tankerage storage.
    Why MUST USE THE PEOPLE MONEY OF CPF and paying low interest? USE the Reserve lah instead,CPF is Not belong to Singaporean is it? Or NOT theirs as their final say? failing to give them back as promise at 55 but only by 65 or 67 onward by paying installment as what long term Bond paying?
    With The DEBT increasing more and more ,Now seems the CPF of Saving of Singaporean has turned into their liability of DEBT !!!!!

    • The Oracle

      Jack, posting the same rubbish again and again won’t make it true. Singapore government has issued bonds to create a liquid local debt market and for special bonds for CPF. This money is then invested. Other countries have huge debts but Singapore is not one of them.

      • jack

        World Top PUBLIC DEBT is USA,JAPAN,GREECE,SPAIN,SINGAPORE all above 100% of its GDP !!
        What rubbish you’re talking about ? Singapore PUBLIC DEBT is cause by government borrowing of cheap Singaporean CPF and Bond issuing by private investors

        Other Countries like USA,JAPAN,GREECE,SPAIN either has OIL and GAS or Agriculture products as Guarantee ,So its PEOPLE ASSETS as guarantee ? or Just Words ?Assets Land that they take Cheaply from our pioneers, our Grand fathers freehold land being force out under the compulsory requisition act.,

    • Passen

      Singapore has the MOST DOMESTIC DEBT in the World because Singapore can NEVER BORROW so CHEAPLY externally. That could be the reason WHY they say Singaporeans cannot manager their own money! If Singaporeans are SMART in MONEY MANAGEMENT, they would NEVER accept such low interest rates in Singapore and be locked in for life.

      • The Oracle

        WRONG. Singapore’s government can borrow more cheaply abroad than it pays to CPF. Look at the actual traded bond prices in the market. Singapore also is one of the most credit-worthy countries in the world because it is actually a net lender rather than borrower.

        Or would you prefer the system in other countries such as the UK where your pension “savings” actually are paid to existing pensioners – a true Ponzi scheme!

  3. Superathanli

    This is a serious proposal. Opposition leaders should support this or come up with something similar.
    First, compensate CPF members for loss interest. Every old CPF member gets $50,000 and younger ones get pro-rated.
    Second, restructure CPF Board to be a true investment board that seeks good returns for CPF members, not a one-item so called “investment” in Singapore bond.

    • Passen

      Convert CPF Board into CPF Cooperative Bank run by CPF members ! Buy NTUC FairPrice, NTUC Comfort, NTUC Income, SMRT, SIA, GIC, Temasek, Keppel, PSA, ION, SingTel, StarHub, M1, DBS, UOB, OCBC, Capital Group and all the Oligopoly and Monopoly businesses in Singapore. Sure to make money and earn high returns. Making Money this way is no brainer ! JUST Make sure it is monopoly or oligopoly ! JUST DO IT !

  4. The Oracle

    Rubbish and sensationalist numbers as usual.

    Roy quotes the “missing” (read “imaginary”) $1.5 million per average Singaporean according to Leong Sze Hian.

    LSH stated the average pension fund returned 4% globally so how does LSH justify pulling a 6% return for our funds out of thin air? Did GIC get this return? No, it got 4%. Also, CPF actually paid out over 5% per annum between 1963 and 1886 – I believe the average over the past 44 years that LSH “examined” is slightly over 4% (he claimed the missing money was the difference between 3% and 6% compounded over 44 years).

    So, we’ve received at or slightly over the global average pension returns (while enjoying below global average inflation over the same period). There is no missing money but don’t let that get in the way of the conspiracy theory.

    If you’re going to the show on July 12th, please remember it is a show and check the facts for yourself.

    • Passen

      Singapore REAL INFLATION is the HIGHEST in the WORLD! Otherwise, Singapore Cost of Living would not be Highest in the World ! Don’t be Deceived and do not help to deceive others ! How can lowest inflation lead to Highest Cost ! This is The BIGGEST JOKE in the World !

    • Deaf Frog's toothpick

      @ The Oracle

      if you think your are right, come with your calculations on 12th July and challenge Leong Sze Hian/Roy Ngerng face to face.

      • Deaf Frog's toothpick

        @ The Oracle

        may i correct you, i said, a hatchet, and a very sharp one.

        since you do not recognise the “hatchet in my bag” reference, it is safe to believe that you are noob when we talk about sg politics.

  5. jasmine

    Roy, keep asking questions. You are representing 40% Singaporeans who have not given their trust to PAP. We demand answers from the government and transparency on how our CPF funds are being used. Asking legitimate questions is our right. Ignore the naysayers who keep blocking us from asking these questions. Instead of upping the pay of ministers to prevent corruption, I propose a cheaper and more effective solution:

    1) All ministers must declare their assets.
    2) All SWFs must be fully audited.
    3) Ministers must not be allowed to hold directorships in other companies such as GIC.
    4) The CPIB must be moved out of PMO
    5) The Newspaper and Printing Press Act must be repealed.
    6) A PM can only hold his position for a maximum of two terms.

  6. Passen

    Please look into the SMRT train operations status. The Cabinet and Parliament have been deceived. A MRT system is designed with its full operational capacity Optimised for a Fixed (T) number of Trains running on all the original (M) tracks at the same time. Now than Additional (Y) number of Trains are added to run on all the trucks. Total (T) + (Y) Trains are Overloading on the (M) miles of tracks. With more trains on the same tracks means each train must run at Higher Speed. Instead the trains are running at lower speed. Even worse, each train stops and stops between to station more 1 to 3 times. WHY ???? Because the (C) current strength on the (M) tracks originally designed for (T) trains cannot pull (T) + (Y) trains to run at the same time at the same speed. Every MRT train must be operated to CRUISE between every two Stations and NOT to decelerate, stop start and accelerate in between. MRT Trains are run like cars. This operation damages the MRT tracks and the Trains and the whole MRT system. All the Transport Ministers must be Changed because they do not know how minister the MRT system !

    • Deaf Frog's toothpick

      @ Passen
      you have made a very interesting point, perhaps we need more experts to look into this.

      sometime ago i was told that the signalling system is the bottleneck and i was given the impression that it cannot be changed, i happily went on parroting this half-truth when i debated with my friends on public transport, i was greatly embarrassed when I found out that they are upgrading the signalling system recently.

      lesson learnt, never parrot official literature unless u know how the thing works.

  7. Passen

    Every Government in the world must learn form the Taiwan President MA Yin Jiu. President MA asked his wife and relative to resign from related entities to prove his Integrity, Transparency, Ethic, Fairness to the Citizens, Commitment to the Citizens as a President to serve his nation and not to make money ! KUDOS to President MA for his TRUE LOYALTY to his country as The President !

  8. Passen

    Everywhere good things must draw lots or must Compete or must BID. Where on earth that there is Good thing and Everyone is COMPULSORY !? Are Singaporeans that STUPID !? Why not issue Compulsory Temasek and GIC shares to All Singaporeans !?

  9. Passen

    NTUC Income cancelled the Annual Bonus Declaration without getting the Agreement of Everyone of its policy holder is a Breach of the Contracts Laws ! Please fight for this group of NTUC INCOME Policy Holders ! The CEO is taking the laws into his own hands !

  10. Passen

    Is there a World Body where you can file for Every Singaporean on this Fraud of S$1.5 Million on our CPF ? Or the Tell All The Governments of The World about this FACT revealed by Mr LEONG !? If Mr LEONG can be our NEXT PM, would he return this S$1.5 Million to every Qualifying Singapore CPF Account Holder !? With S$1.5 Million each, every CPF account holder can RETIRE IMMEDIATELY and stop working! I promise now to pay Mr LEONG 10% Professional Fee when i can get back my S$1.5 Million !

    • The Oracle

      No fact, just stupid calculations which are based on stupid assumptions. Don’t believe these rabble rousers folks. Go for the show if you want a bit of excitement, just don’t believe the rubbish they’ll quote as “fact”.

  11. Enjoy

    Randomly look at the a comics display on “CPF Interest Rates Over the Decades”. The way the data being compared made no sense, however I like the drawing, very well drawn. What is the purpose of showing different CPF interest rates over a period of time where these rates are not further adjust (adjustment should include the impact of e.g. Growth rates, inflation rates, economy conditions, employment rates, purchasing power, & income tax rates) to make sensible comparison with controlled environment?

    I like to read this as a fiction story, quite entertaining so far. 🙂

  12. landragon123

    We are very proud to be Singaporean in the days of Saint Lee Kuan Yew as he made us one of the most un-corrupted people, made our Little Red Dot warm and not HOT. Than the Sick and Cancel PM took over and been from the Army with a 3 STARS given for playing Computer Games at SAFTI he become PM by relationship, NOT ability and was choose because he is LKY eldest son.
    This is my story of how the Casinos were built. ‘Mum, dad and GCT have make all the monies we Singapore can make but I wanted to better than THEM, please tells me how to do it’. Simple, ‘start Casinos and we will be even be richer than any countries others counties on this EARTH.’
    So 2 casinos were born in 2010 and 2011 when MBS have it officially opened. 1st price was strike by LHL when his cancel got a RELASPE. That is payment for his Biggest Sin in Life for him and for Singapore when many goes to Bedok Reservior to kill themselves. Last reported were 11 and not more reports as it may be stopped? Why you will ask, now here is the answer. This reservoir is the only MAN make for the rest are either natural or blocked up rivers or streams. Please correct me as I may be wrong as I was wronged many times before for I write from memories which may failed me at 70/71.

    • Who Is The Oracle?

      Is The Oracle really the “Orifice In The Prime Minister’s Office”???
      What do you think?

      • Me

        It doesn’t matter who he is. I think he is a few people who still has a common sense and not to a blind follower.

      • Which Orifice in the PM's Orifice?

        Which Orifice in the Prime Minister’s Orifice are you referring to?
        There is the anal orifice.
        There is the penile orifice
        and etc.
        So many Millionaires in the PM Office.
        Please clarify which Minister you are referring to.

  13. landragon123

    Of course it is ok to pay for our needs but to pay more to the Government as there like without telling where is it is in fact a crime, BUT because PAP (Provide & Add Payments) for PAP to keep as there please and LOSS without telling US the citizens of Loyal Singaporeans.
    We or I should say ME as LKY is my idol and I met him only once in 1959 when he campaigned at the Singapore Island Club where I lived as a KID from age 6 to 29 when I moved to HDB. HOME for the DISABLE BROADER as when we grows old we have to continue. IF you don’t work, where can we go, to Batam, Tg Pinang, or those who can afford to CHINA, INDIA or Malaysia and joint the Bolah PM who is now called the Tah Bolah?

  14. Pingback: Daily SG: 8 Jul 2014 | The Singapore Daily
  15. Who Does Minister Lui Work For?

    “Regular fare increases will be needed to ensure the new bus contracting model”
    – Transport Millionaire Lui

    “What’s wrong with collecting more money?”
    Lee Kuan Yew
    As long as Singaporeans can continue to endure.
    The tax, I mean fare increases will keep coming.
    I get confused.
    In most democratic countries, the CEO has to justify the price increase.
    Not the Minister.
    So we pay Minister Lui’s salary so that he can fight for higher bus fares for us ??!!

  16. landragon123

    At a glance Mr. Lui was good as he went to ride the SMRT (S’pore Most Retarded Teams) to see 1st hand why are there complaints of Saddins. He went back and reported to his fellow Cabinet Members that the complains were TRUE.
    He solution is to increase BUSES by donating $1 Billion to buy buses. The buses company told him those buses needed drivers so he approved to pay those drivers as well. This anger the bus drivers and there strike. This just a story about the STRIKE which have not happened after LKY gets LIM BOON HENG to deals with the unionists. But LHL lost Lim Boon Heng to his deputy and the strike to show their anger for replacing Mr LIM.
    Stories are told by LHL to cover all the monies reports just like the old Minsterial Webnsites have all the Details of the minister with their birthday. Now there are taken out as Numerology like me use it to reads their life stories and that is why many now knows the problems face by the PM and that his is sick. Whether facts or not is not important, for it give us a guild line on the prefromances of all Ministries.

  17. Advertiser

    Here is so popular, can I advertise my products and services here? What will be the charge Roy? This may help you to increase your income for your court case and upheld your integrity by not accepting donation.

  18. TerryC

    What exactly are the Operating Costs of these companies????
    Forget “”TRANSPARENCY””

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  21. landragon123

    If you d not know what to write and do not knows what you are doing, why write, be a fence sitter and watch the show. It is more interesting. You must be old or young with too made worries. Wants to go to Casinos to made money or go to work to earn monies. Where is the best girls in town, Geylang, Joo Chiat, Orchard Towers or Chinatown…………….keep asking, no one knows the answers for YOU??? Tells you, I believe LHL does not know what is going on in Singapore or even at AMK where he goes too often.

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