Last week, I had written a two-part article which I had shown evidence of how our CPF is really being used which the government is not telling us. This is a very short version of the article, which you can read quickly through, to know what is going on.
(1) Why did the government previously not admitted to Singaporeans on whether our CPF is being invested in the GIC and the Temasek Holdings but finally only admitted in June this year that our CPF is invested in the GIC?
(2) Why did the GIC previously told Singaporeans that they do not know if they are managing Singaporeans’ CPF before June this year, as it is “not made explicit to them”,
(3) Why did the Temasek Holdings say that they do not invest our CPF,
When it was revealed that the Temasek Holdings had used our CPF to invest in the past (our CPF was “co-mingled” with the Temasek Holdings)?
(4) Why did the government and the GIC claim that the government does not interfere in the GIC’s decisions,
When the Singapore government is on the Board of Directors of the GIC and the Singapore prime minister is the GIC’s Chairman?
(5) Why does the government say that the President “safeguards” and is “entitled to all information” about our reserves and the CPF, but when President Ong Teng Cheong asked to know about our reserves in 1996, the government told him that it would take 56 man-years?
(6) Why does the government say that CPF is not a “cheap source of funds” for the government when in 1983, the government had admitted that the CPF is a “cheap source of finance for the government“?
(7) Why has the GIC admitted that, “Sustained balance of payments surpluses and accumulated national savings are the fundamental sources of the Singapore Government’s funds“,
But the Temasek Holdings claim that it “does not manage CPF savings (and) Government surpluses”? So, exactly does the Temasek Holdings invest or not invest our CPF?
(8) Why did the government initially admitted that our CPF is invested in government bonds which are invested “in reserves” but then deleted this information later on and hid this information?
(9) Why did the government initially admitted that our reserves (which our CPF is invested in) is managed by the Monetary Authority of Singapore (MAS), GIC and Temasek Holdings but then changed this information later on and hid this information?
But GIC and Temasek Holdings (which our CPF is and was invested in) are now ranked one of the largest sovereign wealth funds in the world, at 8th and 10th largest respectively?
Do you see the discrepancies?
Why did the government previously not want to admit that our CPF is invested in the GIC and Temasek Holdings but finally admitted this in June this year?
Why does the GIC previously not want to admit that they invest our CPF but finally admitted this in June this year?
Why does the Temasek Holdings tell us in June this year that they do not invest our CPF when they had used to invest our CPF?
Why does the government want to remove the information that our CPF is (a) invested in reserves and that (b) our reserves are managed by the MAS, GIC and Temasek Holdings and hid the information?
Why did the government not want to let President Ong Teng Cheong know how much there are in the reserves?
Why is the Singapore government so rich but Singaporeans so poor? Why are the GIC and Temasek Holdings one of the largest sovereign wealth funds in the world but Singaporeans have one of the least adequate retirement funds in the world?
Why did the government and GIC tell us that the government doesn’t interfere in the GIC’s decisions when the government is the GIC?
Why are Singaporeans allowing the government to bulldoze us with these discrepancies? Why isn’t the Singapore government transparent to Singaporeans?
Do you think something is terribly wrong with how our CPF is being managed by the government?
To read more and read the sources, you can read the two-part article on the 10 things the government needs to be transparent to Singaporeans about our CPF. Part 1 and Part 2 of the article can be read here.
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.