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.
WHAT YOU SHOULD ASK THE PAP GOVERNMENT
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.
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:
- 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?
- How much did the PAP government, GIC and Temasek Holdings earn from our CPF and how much are Singaporeans losing?
- Why did the PAP government charge higher investment costs than other countries to manage our CPF?
- 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%?
- 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.