How the PAP Government Tried to Hide the Truth about the CPF
In 2012 and 2013, I wrote two articles that traced on different government websites how the CPF is invested in GIC and Temasek Holdings. I had to look at different websites because the information could not be found on one single website.
In 2014, the PAP-run government then either deleted or changed the information on its websites to prevent Singaporeans from finding out that the CPF is invested in GIC and Temasek Holdings.
It was only later on that the PAP finally admitted, for the first time in many years, that the CPF is indeed invested in the GIC.
However, the CPF is our money. Is it up to the PAP to hide, delete or change the information about how they are taking away our CPF to use?
Until now, the PAP still has not explained why they tried to hide, delete or change the information. They have also refused to let Singaporeans know how and where our CPF is invested in the GIC and Temasek Holdings, and what it is earning.
- Read more: 10 Things The Government Has To Be Transparent About How They Use Singaporeans’ CPF (Part 1)
In 2001, 2006 and 2007, the PAP-run government denied on several occasions that the CPF of Singaporeans is invested in GIC.
It was only last year that the PAP admitted for the first time in many years that the CPF is indeed invested in GIC.
However, this is after more than 15 years of hiding from Singaporeans that the CPF is invested in GIC.
Even so, the PAP still refuses to let Singaporeans know how our CPF is invested in GIC and how much it is earning. The PAP takes our money to earn an estimated 6% in GIC but returns only 2.5% to 4% while it keeps the rest to earn from itself.
The PAP-run government and Temasek Holdings continue to insist that Temasek Holdings does not invest or manage the CPF.
However, the PAP has admitted that when the government set up Temasek Holdings in 1974, it transferred a set of companies to Temasek to run. In 1982, then Labour and Communications Minister Ong Teng Cheong also revealed that these companies were built using the CPF of Singaporeans.
As such, it is clear that Temasek Holdings was set up with companies built with our CPF and where more companies built with our CPF were transferred later on to Temasek as well.
However, the PAP has never accounted to Singaporeans on what happened with our CPF that was transferred to Temasek and whether our monies were returned?
The PAP-run government claimed that it plays no role in the investment decisions in the GIC. The GIC also claims that the government does not interfere in the GIC’s investment decisions.
The GIC also at one time said that it did not know if it uses our CPF to invest because it is not made explicit to them.
However, the prime minister, two deputy prime minister, several ministers and ex-ministers also sit on the GIC’s board of directors.
Clearly, the PAP cannot claim that it does not interfere with the GIC nor can the GIC feign ignorance and pretend that it does not know if it is using our CPF to invest.
It was only later on that the PAP and GIC finally admitted, for the first time in many years, that the GIC takes our CPF to use.
Why did the PAP pretend that it does not interfere in the GIC? When the GIC takes our CPF to use and earn from it, is there not a clear conflict of interest when the PAP government who is supposed to take care of our CPF also runs the GIC, and want to make money off our CPF?
- Read more: 10 Things The Government Has To Be Transparent About How They Use Singaporeans’ CPF (Part 2)
Today, low-income Singaporeans earn the lowest wages among the highest-income countries. However, the PAP-run government also makes Singaporeans pay the highest social security contribution in the world into our CPF.
On top of not already earning enough to spend even on basic necessities, Singaporeans are made to sacrifice the most of our wages into CPF, leaving very little purchasing power for Singaporeans.
Indeed, it is estimated that 30% of Singaporeans live in poverty and that Singaporeans have the lowest purchasing power among the developed countries.
However, the PAP takes Singaporeans’ CPF to earn in GIC and Temasek Holdings and return little back to Singaporeans.
Chart: Eurostat Minimum wage statistics, Comparative Wages in Selected Countries, European Minimum Wage: A Nordic Outlook, Social Security Programs Throughout the World
Do you know that Singaporeans have one of the least adequate pension funds among the OECD and Asia-Pacific countries but the PAP-run government takes our CPF to earn in GIC and Temasek Holdings. As a result, they have become two of the world’s richest sovereign wealth funds.
Singaporeans are made to sacrifice the largest proportion of our wages in the world to pay into the CPF. The PAP then takes our CPF to earn very high returns in GIC and Temasek Holdings, but return very low returns to Singaporeans – the lowest in the world.
As such, many elderly Singaporeans are unable to retire today and have to work as cleaners, labourers and cardboard collectors simply because they cannot save enough inside their CPF to retire on. Also, it is estimated that nearly 90% of Singaporeans are also not able to meet the CPF Minimum Sum or now known as the Full Retirement Sum. As such, most Singaporeans would never be able to retire and would need to work until our deaths.
However, GIC and Temasek Holdings have taken our CPF to become one of the richest sovereign wealth funds in the world and the PAP government also pays themselves the highest salaries in the world.
Chart: OECD Pensions at a Glance Asia/Pacific 2013, Sovereign Wealth Fund Institute Fund Rankings
When Mr Ong Teng Cheong was Singapore’s President, he asked the PAP-run government to let him know what are in the reserves so that he can protect it for Singaporeans.
However, the PAP told him that it would take 56-man years to let him know what are inside the reserves. In the end, President Ong had to ask for a list instead and even then, they would only give it to him after several months and still did not want to give him a complete list.
However, if the reserves are managed by GIC, Temasek Holdings and the Monetary Authority of Singapore, then shouldn’t they already have kept full records of the assets that they own and what is inside our reserves?
Why did the PAP not want to give President Ong the full information regarding our reserves? The CPF of Singaporeans is also invested in the reserves. If President Ong was not allowed to take care and look after our CPF, then who else would be allowed to do so, when even the PAP does not want to let Singaporeans know what they are doing with our CPF?
Chart: The Online Citizen Ong Teng Cheong: “I had a job to do”
Is this the way a government should manage our CPF?
We need to know what the government has been taking our CPF to do. We need transparency and accountability from the government. It is time to change the government to #ReturnOurCPF.
SAY NO TO PAP.
Topic getting repeated. I’m bored now. Got any other scandal to report?
Good morning, Roy… Are you in Malaysia? Well, it’s time to wake up and bail out Amos, he’s in remand again
Make scene out in the real world again. Then people will take notice and come in and read your post. It’s good for your marketing if you truly want people to read what you write after all. More poplularity means more cash for you. This is my advise to you to earn to pay the damages. But you got to balance and make sure the things you do don’t get into more paying of damages and •”Ravi” fees. Good Luck.
Keep talking kid…let it all out….keep stating the facts and back up what you say intelligently. .. let’s see how far the leaders of Singapore, and ITS people, will punish you. Will they dare to KILL you?
Bright future :). Not a product of Sin lol
Why don’t they beat up the oppositions? Scare ah? Fucking cowards lol
Go beat up low tk or chee sj lah. Go beat up ROY lah.lol
go on, spend all your time writing crap, or perhaps you don’t need to spend much time because the material were provided to you by someone, either from overseas (who want to see Singapore in chaos) or by some Dr (who has not been working for the past 25 years and wanting to con singaporeans to give him their vote, probably backed by the same foreign forces).
Bet you will think of something more sensational to write since your viewership has been so low of late. perhaps write about Amos Yee ? you guys have something in common anyway, always challenging the govt to sue you while intentionally doing stupid things.
hahaha !
harm set, harm get.
good work , i salute that person from my deep heart who wrote this.
Corruption is not a new phenomenon in Singapore. When the Lee family took control of the country, corruption reached new height. politician corruption in Singapore has become so common that simultaneously, depriving the genuinely deserving from their right or privilege is also a corrupt practice. Shrinking from PM’s duty or dereliction of duty are also forms of corruption. Besides, thefts, wastage of public property constitute varieties of corruption. Dishonesty, exploitation, malpractices, scams CPF and scandals are various manifestations of corruption.
Corruption is rampant in every segment and every section of LHL’s team, they used working time come to shit at this blog , etc,. to root out the evil of corruption team, we need to make a comprehensive code of conduct for politicians, legislatures, bureaucrats, and such code should be strictly enforced. Judiciary should be given more independence and initiatives on issues related to corruption. Law and order machinery should be allowed to work without political interference.
medias should come forward to create awareness against political corruption and educate people to combat this evil. Only then we would be able to save our country from being collapsed.
The only way to shut the boy’s mouth is to throw him into prison or shut down Internet/mobile services to him/family?
Legal murder may be an alternative to white hogs?
How far will they go to skin the boy alive for speaking his mind or telling the world about the bullies(including his parents) in his life?He who would not obey unjust laws(gag order allows his punisher to punish him and he has no right to expose them?)?
The video, beating up a boy for speaking up against PAP, must be played during election time. HAHAHAHAHAHAHA
Why don’t they go beat up the oppositions? Scare ah? Cowards lol
Beat up Low TK or Chee SJ lah. Go beat up Roy lah. lol.
They are people who approve of the boy being beating up. These people ought to be arrested. 🙂
Beating up one is tantamount to beating up ALL. Would they stand together?
Let’s watch and see what these jokers are made of? 🙂
This LKY country is a joke. Rule of law my foot lol
I tell you. .if this guy who used violence on an opposition will go scotch free…and not shamed publicly …it is a signal to the rests of the stupid sheep that it is alright to beat up an opposition …beat up those who oppose with no consequences. Who dare to speak up?
一直到现在， 总理还没有对Roy提出CPF被转移的问题做出回答，总理向Roy勒索钱财的行为，荒唐无耻。搞到至少有70%的国民死无葬身之地， 还要子孙回来谢他， 称他是“国父”， 这就是本事。
李光耀先把对手一一干掉，踢开绊脚石， 再肆无忌惮的挪用CPF为其家族多曾加一份红利， 他本身种了原罪， 经过被他家族控股的媒体掩盖，粉饰打扮以后， 野蛮人变成有功之臣。 但经不起推敲，和Hanhuihui等5位在芳林公园的国人被设计定罪一样，小孩把李光耀的贪欲和独裁描绘下来，并没有违法乱纪， 今天出自于李氏家族的黑帮残余之手，突然迎面打伤小孩， 再现了李氏家族种植的黑帮残余作恶多端 。
报馆是他们，媒体是他们，法官是他们， 群众甲乙丙都是他们自己扮演，新加坡的一切统统都是他们。
为什么不能再投PAP ？ 因为报馆，媒体，法庭都在黑帮的名下， 你再投给他们 ？ 新加坡完蛋啦 ！
Thank God there is the internet. Without it, regime would become corrupt and get away scot-free. Oppression and persecution would be prominent. Injustice would prevail. The ones who created it are the true warriors for justice, and provide a check and balance for this purpose.
去年11月，李显龙的旧秘书被派去做媒体主管， 他投桃报李把LKY的去世做了十全十美的悲情渲染电视成功。 之后，警察隔三岔五抓人，并拿国人养老金去购买催泪弹 。言下之意，投票给PAP， 催泪弹将会派用场，这样免不了一场血腥。
不投PAP， 会比较国泰民安。为了让PAP购买的催泪弹没有用处，为避免血腥或牢狱之灾, 国人要把宪法赋予的民主选举权利用起来，不PAP没有犯法, 投票是神圣的，投票也是秘密的。
在一个被群兽围堵的环境， 大人求生的本能是逃离危险区， 不理解为什么男孩子的父母不设法保护孩子，带孩子逃离虎口 ？或者向当地最英国或美国大使馆求助 ？ 为什么非要活在在这个麻木不仁的自杀岛上， 难道不知道其危害的后遗症将终身不治。
新加坡的 PAP首领， 你父亲曾在1999年承诺10年之内确保给新加坡人民一个幸福安定的瑞士国家水准，现在16年过去，你到底给孩子留下了什么 ？ b除了自己喂饱自己，拿走了本该属于国家的所有一切，什么都有没有 ！
Rule of Law means respecting the legal process. If everyone starts taking the law into his or her own hands, then we will no longer be a civilised society. ////
Yes, leave matters into the hands of elites hoor…. and let them punish you according to their laws hooor
Under their laws, Amos is as good as dead?
小孩子早熟， 大人非要扭断他的脖子 ， 法律扬言如拿钱出来可以摆平，50年来都这么搞定，法庭是黑帮会所，法官是绑匪， 人家耶稣基督都放过小孩，你们不罢休，要孩子们认识黑社会头目和”国父“到底是不是同样一个人，这一课不能缺席。
看到孩子在被抓的途中被被打，难以吞咽。 有一种手脚被砍断，皮肤被撕开的切肤之痛 ！
打人的那只手已经被摄影机拍摄下来，根据线索警方必须逮捕他， 将光天化日下打人者绳之以法。
要审判一个未成年孩子？先要审判一心要把一个孩子关在牢里的人，他滥用职权贪得无厌敲诈勒索 ， 买凶灭口。
PAP is losing control of the people. They cant even handle a 16 year old boy and have resort to despicable violence.
The intention to hurt is expressed by the person in the video. Should he be arrested and questioned too?
Meaning, someone who took delight in others being hurt or assaulted, should also be quilty by association?
LHL’s sons Lee Hong Yi and Lee Hao Yi attended top US universities. shameful and despicable scum PAP regime, a small island with millions of salary for PAP cronies from CPF fund and yet have many hottest issues? only people who receive some scum benefits from shameful and despicable PAP regime cronies would agree u lille eyes like beast LKY’ grandson. got blood on ur hands.u bastard knows the dirtiest dictator of Singapore has ever forced his previous daughter in-law to commit suicide.
do you know what happen to Lee Kuan Yew comrades who were supporting Lee Kuan Yew to purge his political opponents?
1) Yong Pung How
2) Chan Sek Keong
3) Goh Keng Swee
4) S Rajarathnam
what had happened to the above grand masters who supported Lee Kuan Yew to purge his political opponents?
He “approved” the assault. What if PAP had approved, or took delight in, the assault? If it is unacceptable, because the implication would be that it would be in support of a criminal act, hence, shouldn’t the chap in the video be equally judged on that basis?
You bastard scum, Drop dead
I wonder why PAP didn’t go after this gentleman? Why? Why? Why? He should be older and more accountable as a person than Amos right? Oh wait, , they tortured Amos and treated him like a criminal because he treaded on an imaginary figure? lol
Really, Singapore….come on lol
“The AGC has expressed that they will not be proceeding with the charges against Amos Yee in relation to Lee Kuan Yew and will, for the moment, only be proceeding with the charges related to his attack on Christians and Christianity and distributing obscene material for his cartoon of Lee Kuan Yew butt-f***ing Margaret Thatcher. ”
At the end of the day….it comes down to this – fucked by Christianity again?
Christian ministers,Christian judges,high ranking Christian civil servants and business leaders in a Christian court(judicial inherited from the British) and supported by a vast number of church going idol worshippers.
eh i’m actually quite pleased that its being invested leh. If it wasn’t I’d be quite pissed.
Subtle Denial of Medical Treatment by the Singapore Government for Mr. Teo En Ming (Zhang Enming)
Mr. Teo En Ming (Zhang Enming)
Singapore Citizen
3rd June 2015 Wed
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