What You Should Ask the PAP Government about Singaporeans’ CPF

By Kenneth Jeyaretnam and Roy Ngerng

The PAP has sent out its activists to give out flyers in the Aljunied GRC to ask residents to question the Worker’s Party on its finances.


But even as the PAP claims that there are “serious problems” with the Worker’s Party financial management, the PAP government’s management of the CPF funds of Singaporeans is equally questionable. We wrote up some questions in the design of a flyer.

Please feel free to print out and distribute this flyer to ask Singaporeans to question the PAP government on its management of our CPF and why the PAP has not been transparent. 



Dear Singaporeans,

The PAP government has refused to come clean on some serious problems that will affect you.

1) Improper Governance

  • The PAP government has given $275 billion of our CPF pension funds to the GIC and Temasek Holdings to invest. The PAP government said that it does not interfere in the GIC’s investment decisions and the GIC up until last year said that it does not know if it uses our CPF because it said that this is not made explicit to them by the PAP government. However, the GIC is chaired by the Singapore prime minister and the board of directors are also made up of the two deputy prime ministers, several ministers and ex-ministers. Temasek Holdings is also managed by the prime minister’s wife. It is not known how much she is paid and how her salary is determined. The PAP government and GIC certify their own work and pay themselves, with little checks and would not release transparent and full reports.

2) Overcharging by the PAP Government

  • From 1974 to 1986, we were earning 6.5% on our CPF. The PAP government then said that it would peg the CPF interest rates to the banks’ interest rates to give us higher returns but since 1986, the CPF interest rates have instead been dropping and dropping until it has reached the lowest at 2.5% (on the Ordinary Account).
  • Compared to the other countries, the PAP government charges the highest investment costs to manage Singaporeans’ CPF and gives the lowest returns. This is our “lost money”. It means we have less money to retire on and to pay for our housing, healthcare and education.


Sources: Sweden, Switzerland, India, AustraliaMalaysia, Hong Kong, Singapore

3) GIC and Temasek Lost More than $100 Billion in 2008

  • In 2008, GIC and Temasek Holdings lost $117 billion, which was nearly 80% of the value of our CPF at that time. In 2008, the PAP government then suddenly increased the CPF Minimum Sum. We do not know if our CPF has been used to paid for these losses because the PAP government has never submitted transparent and full reports.

The PAP government deliberately remained silent to important queries posed by Singaporeans.

You deserve immediate answers to the following questions:

  1. Why did the PAP government say that it does not interfere in the GIC when it sits on the board of directors of the GIC?
  2. How much did the PAP government, GIC and Temasek Holdings earn from our CPF and how much are Singaporeans losing?
  3. Why did the PAP government charge higher investment costs than other countries to manage our CPF?
  4. Why did the PAP government take our CPF to earn 6% to 16% in the GIC and Temasek Holdings but return only 2.5% to 4%?
  5. What is the latest financial situation at the CPF, GIC and Temasek Holdings and will the PAP submit full reports?

You can print out and distribute this flyer to ask Singaporeans to question the PAP on its management of our CPF and why the PAP has not been transparent. 


  1. shapykhan@yahoo.com.sg

    Sent from my BlackBerry 10 smartphone. From: The Heart TruthsSent: Monday, 16 March 2015 17:55To: shapykhan@yahoo.com.sgReply To: The Heart TruthsSubject: [New post] What You Should Ask the PAP Government about Singaporeans’ CPF

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    /* @media only screen and (max-device-width: 480px) { .post { min-width: 700px !important; } } */ WordPress.com

    Roy Ngerng posted: “By Kenneth Jeyaretnam and Roy Ngerng

    The PAP has sent out its activists to give out flyers in the Aljunied GRC to ask residents to question the Worker’s Party on its finances.

    But even as the PAP claims that there are “serious problems” with the Wor”


    Well done Guys. Hope Singaporeans wake up and NOT presume the PAP is looking after their financial future which for a long time the PAP has not done > Just make sure your house is in sound order and don’t assume that everyone in your camp is being 110 % honest. Make sure there is no carless accounting or loose management of funds because the PAP will Exaggerate and make mountains out of mole hills. You’ve just got to\ mind your Ps & Qs. Let Mr KARMA do his job and get on with yours. Best wishes………Foreign observer .


    In the past 10 years, Prime Minister LHL has not been in the working states, he confuse the country , who is the Prime Minister ? only a few bitch gangs inside the OFFICe . He has long been abandoned as a Prime Minister’s responsibility.

    He file a lawsuit , But he never appear in the Court ? The Constitution did not allow he had the privilege before the law than others, look at here: http://therealsingapore.com/content/president-tony-tan-related-supreme-leader-lee-kuan-yew

    Why Singapore judge have to report to PM ? Because Singapore judges are appointed by the President of Singapore, And current Singapore President Tony Tan is current Singapore Prime Minister Lee mother sister’s nephew.

    therefore the PM LEE has private ties with President Tony Tan, thus it confidence of seize Singaporeans pension back to PM office bitch team, they are above the law, Never being true sense of justice happened in Singapore.

    LEE hand over his private lawsuit to a few bitch gangs who work in his office , push them join the saliva war. he authorised the bitch gangs misleading local medias. He engaged in a gangsta’s way through the guise of a few office cats .

    what a dirty work they full time engaged ?

    They fancy at selling the privacy of citizens, they in charge of publish citizens private bank accounts, they special engaging in dig dried booger ‘s job and threaten people’s safety

    As an result or consequence of this, He must resign .No sympathy !

    • lolz

      1. TRS is not a reliable source of information because it’s user-submitted, and not even run by Singaporeans, just some Australians looking to make a quick buck off people like you. I don’t think you should so readily believe in the things written on that website, since it is mostly unverified information.

      2. Do you know English? There’s no point trying to use big words when you can’t use them properly and it is difficult to understand what you are trying to say.

      3. Before you start spouting off nonsense about ‘office cats’ or ‘bitch team’, you may want to consider this: you’re very active on this website, always commenting hateful remarks about LHL or other politicians or the government in general. If the government is really as autocratic as you seem to think they are, don’t you think they would have hauled you up for libel as well? The very fact that you’re safe behind your computer screen even after saying all these things means that you are wrong about him. And LHL isn’t as powerless as you seem to think he is.

      4. How many private bank accounts have been published? Has yours? No, because no one cares. His treatment of Ngerng may have been very harsh, but that is because Ngerng really defamed him and damaged his reputation, as seen by people like you who keep harping on the CPF matter even after it has been resolved.

      5. Why do you believe everything that Ngerng says so readily? It is so easy for you to accept that the government has their own agendas and motives in doing what they do, what makes you think Ngerng is so altruistic and innocent, then? The man organized a fund-raising to pay his lawsuit — don’t you think that is taking advantage of his own supporters? How then, is this different from what you accuse the PM of?

      • @ The Oracle

        Stooge – lolz – The Oracle , pls come in :

        1. Undoubtedly, all Singapore accent opinion, is absolutely true. TRS represent the general opinion is true.

        2.So ? even you are none “English” face, but talking Singlish , Malay, Tamil…you have no advantageous. you angry ? who cares !

        3. you are the male favor the ‘office cats’ . nothing benefit with the nationals. people Judging PM should look at his office woman’s behavior, from the record their demeanor with the bitch and terrorist no difference.

        ” hateful ” ?

        — while you threatened to bomb the people ‘s house , while the ” PM office ” threatened to cut off the people’s head. while you civil servant scold your people are losers…. while you gangs plot to humiliate the nationals ….

        seems you are running an “hateful” factory, you produced the ” hateful ” – that is your only product , and you get profit from that .

        — You improve yourself is not obtained by sue for defamation. only if you are a primary level, an explaining will be given.

        — LHL ? Frankly, he did not have great wisdom, he used the wrong person, such as you – slayer , The Oracle, Viper, Jim , QQ, Jg… those gossip level…. those bad team misled him. destroy him everything . if he change these gangs, he will be an healthy person .

        4. Mr. Ngerng’s case is a typical example that gangs control the law and above the law. you narrow sense of thinking, unworthy be the ruler.

        5. Actually, LHL and Mr.Ngerng both did nothing big wrong thing , the mistake party are the middle agent – the gangs, included you.

      • THE SIXTEN

        @ lolz
        You f#cking stink! with mouthful singlish asking me do you know English, goose bumps shitting in your pants. dork !

  4. Karma

    KUALA LUMPUR — Ms Nurul Izzah Anwar’s lawyer has accused Inspector-General of Police (IGP) Khalid Abu Bakar of lying about her remand and urged him to quit.

    Mr R Sivarasa said Mr Khalid’s statement last night (March 17), which attempted to explain the Lembah Pantai lawmaker and Parti Keadilan Rakyat (PKR) vice-president’s arrest and overnight detention at the Jinjang police station, was malicious and illegal.

    “The IGP attempts to justify her remand in the Jinjang lock-up by saying she will be released once her statement has been recorded.”

    “He attempts to give the impression that the police were unable to record her statement yesterday, hence necessitating the remand.”

    “That impression he attempts to give is false and totally unbecoming of the head of the police force,” he said in a statement today. THE MALAYSIAN INSIDER

    • Lawless

      False accusation as weapons of terrorizing citizens? How shameful. All that useless education goes down the drain.Hmm… reminds me of some countries lol

  5. KillingYouSoftlyWithAsong

    Lee Kuan Yew said you don’t have friendly neighbors – better think twice investing huh? 🙂
    But he left out…you don’t have friendly countrymen/neighbors too. HAHAHA

  6. Viper

    Yes, Roy must be feeing proud. Proud of deceiving naive supporters like you even when he is lying through his teeth. No wonder no one takes him seriously except the looney tunes characters. Lol

      • jan

        Of course my dickhead has no brain and I won’t want to even it means more intelligence. You can go ahead if you can choose. I won’t want to be a freak. Imagine your other small brain going into the pussy or asshole in the case of Roy gay boy. Even intelligence becomes stupid. LOL.

  7. Kelly

    What happened to the duo who were arrested? I think they are still providing interesting news about Sin lol

  8. Pingback: Why the CPF Issues in 2014? | Askmelah.com
  9. PAPer Tiger

    LKY’s condition has deteriorated, now critically ill, (Shit Times reported). Are Singaporeans ready for a revolution to expose pappy scams and create a proper country?

  10. Lee Kwan Yew

    Can PM office stop wasting further tax payers’ money, by getting PM secretary to stand in front of his balless boss? Other countries are apalled at a PM who can’t stand on his 2 feet against young people with sound statistics and logical reasoning

  11. without accolades

    I would like for Harry Lee Kuan Yew to live a bit longer, just a little while more, old man. At least until the PAP loses its first general election, and there be a comprehensive audit of the reserves and the administration. I would like him to live long enough that the dirty little secrets, those backroom deal and morally compromised decisions dressed up as altruistic policies are torn down, and the truth, made clear. I want it to be known that this man is a racist, elitist, Sino-chauvanist, vindictive man; A man who practiced guilt by association, and was never above using the office and the resources of state, including legislative and judicial, to tear his enemies, perceived and real, down. He destroyed not only his legitimate opponents, but their families based on nothing more than arrogance and paranoia. I would like him to see the edifice of his personality cult comprehensively destroyed. Then and only then should he die. In ignominy, without accolades, in an unmarked grave littered with the detritus of society’s contempt.

    • jackfruit

      Tommy koh represents the pap since he is a pap member. When he says this, it means the pap is aware of the problem and is trying to solve it. So what is wrong ?


    the written more about the Finance Minister’s fondness for padding the Budget with allocations to new funds. These keep springing up like weeds. I have argued in “Smoke and Mirrors in the Government’s Accounts” and “How to Make A Surplus Disappear Without Anyone Noticing” that their purpose is to make current spending look higher than it is and prevent the Temasek and GIC having to actually pay out the Net Investment Returns Contributions (NIRC). They are part of a circular closed system that prevents Singaporeans knowing the true state of the reserves. Once money is allocated to a fund Parliamentary accountability disappears since only the Finance Minister scrutinises the Fund’s spending. The Finance Minister is supposed to lay the fund’s accounts before Parliament but there is no evidence that any time is allocated in Parliament to discuss the performance of the funds.

    However this ignores the fact that Temasek’s management, and in particular Ho Ching, the PM’s wife, are paid bonuses depending on Temasek achieving more than a hurdle rate of return, which is pegged to the cost of 10-year debt according to the Temasek annual report. The report discloses that staff may get co-investment grants in which they share directly in Temasek’s returns. Any huge windfall gain from the sale or flotation of CAG could then result in a massive bonus for Ho Ching. If she was to get even 1% of the value accretion from floating CAG this could potentially be worth up to $500 million at some point in the future.

    This is all pure speculation since Singaporeans are not told how much Ho Ching is paid or how her remuneration is calculated. No one in Parliament has asked about her remuneration. When questions were asked in Parliament about Chip Goodyear’s resignation and his leaving package Tharman was evasive and rebuffed questions with “People do want to know. There’s curiosity. But that is not sufficient reason to disclose information.” and “It will not be advisable, nor in the interest of Temasek or Mr. Goodyear, for us to comment further. It serves no strategic purpose.” It is incredible that the PAP Government were able to get away with this reply and with not disclosing Ho Ching’s remuneration given that Singaporeans own the assets and the managers who run them are public servants.

    Not only do Ho Ching and the senior management of Temasek stand to get huge bonuses if Singaporeans subsidise the construction of Terminal 5 through their taxes. There is another worry that I highlighted in the earlier article. At some future point the management of Temasek may decide to sell CAG or put in place a poison pill triggering its sale on a change of government, rather like the PAP did with AIM. The management could decide to form their own company and acquire the assets themselves at a significant undervaluation, particularly if no one in Parliament is aware of or prepared to question their true value. This is not only a theoretical possibility but what actually happened with state assets that were sold off after the collapse of the Soviet regime. Similarly Nomura’s private equity group in the UK were able to purchase the Ministry of Defence at a fraction of its true worth in the 1990s and make reported profits of US$1.9 billion.

    Hopefully our Parliamentarians will wake up and start asking more questions.

  13. Wenting

    so sad , our former director-general of public health Daniel Wang Nan Chee dies at age 71 , can not celebrate SG 50th birthday with all of us. he had also contributed to the cleaning up of the Singapore River from 1977 to 1987 .many Singaporeans passed away in their early life .

    they need CPF repay on time , not just lifespan .

  14. summarizing Lee Kuan Yew

    The condition of Singapore’s 91-year-old founding father, Lee Kuan Yew, has worsened as he remains at the hospital where …

    Look, what has he done for Singapore ?

    not only marvelous talk .

    He has successful defeated, arrested, tortured , bankrupted, exiled of all his opponents, he has Juggled Singaporeans hard earned saving into that tremendous wealth for his coterie, no more else.

    Lee Kuan Yew creates a beautiful shell, but inherent is barren no changes.

  15. LKY

    How many people have died in his hand? How many people has he politically prosecuted? How many people have he bankrupted? He acts like God, speaks like God, but he cant live like God. He is wicked in his deeds, prosecuting others and making others suffer while he gains economically. He showed little mercy to his opponents vowing to crush them at all costs. He is denied from receiving an unbiased trial as the judges are recruited by him and worked for him. He thinks he can get away scot-free, but alas, he will come face to face with the ultimate supreme creator who will judge him, with people like JB jeyeretnam and Ong Teng Cheong as prosecution witnesses. LKY should be buried along some live soldiers, like the emperor Qin Shi Wang, to protect him in his afterllfe.
    For the albino son of LHL, if you are reading this, you may wish to note that it is this grandpa of yours that pressured your mum to suicide for having you. Your dad is weak and cant save your mum from your grandpa’s evil deeds.

    • judgement

      well said, for many Singaporeans, his ( Lee Kuan Yew ) alive is a major sin .
      if his death will end the persecuting to the common Singaporeans. pls let him go.

  16. Someone

    Success is in our own hands. Not rely on others. If you r a failure in this society , take a good look at yourself in front of a mirror. What went wrong! Dun complaint n blame others for your failure. But I doubt those people here who keep complaining will. Dos they will always look at others, but not themselves. This separate the successful n the failure.

  17. Singapore Citizen Mr. Teo En Ming (Zhang Enming)

    Subtle Denial of Medical Treatment by the Singapore Government for Mr. Teo En Ming (Zhang Enming)

  18. frtgybhunijm

    In Singapore we can be unfilial, since our parents have to work till they die with a job and CPF to take care of themselves. What we still need to give them any more money?

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