Leong Sze Hian: What are Roy Ngerng’s Questions about the CPF?

CPF GIC Temasek Holdings Transparency and Accountability

By Leong Sze Hian

I refer to the article “Singapore Blogger Faces ‘Financial Ruin’” (Forbes, Jun 24).

It states that “The blogger now fears the court will deal him a financial punishment from which he may not be able to recover, according to a statement by Committee to Protect Journalists.”

I understand that Roy Ngerng’s court hearing for the assessment of damages on the defamation suit against him (already decided by summary judgement) shall be from 1 to 3 July.

As I have written a few hundred articles, letters published in the newspapers’ forum pages, gave presentations and talks (some of which are on YouTube), etc, in the last decade or so – I thought that it may be interesting and in the public interest, to try to summarise some of the questions on CPF that Roy Ngerng and others have been asking.

  • What is the historical weighted average interest rate per annum of all the different CPF accounts, namely the Ordinary, Special, Medisave and Retirement accounts?
  • What is the GIC’s annualised return from its inception in S$ terms?
  • Is there any other country in the world that keeps so much of the returns from the national pension fund – from the people?
  • Is it true that since 1999, the CPF had the lowest real rate of return amongst all national pension schemes in the world?

If we assume the weighted average CPF interest rate to be 3.5%, and the GIC’s annualised returns from its inception to be 6.5% – it has been calculated that a Singaporean earning $1,000 at age 21 at the current 37% CPF contribution rate, and his salary increasing at 4% per annum – may have lost more than $1 million by age 65, because of the difference in the interest rate. How do Singaporeans feel about this?

Low Thia Kiang Ng Eng Hen GIC CPF

The Finance Minister in a Parliamentary reply in May said that only the GIC managed CPF funds. So, why is that that In 2007, when MP Low Thia Kiang asked, “I would like to seek clarifications from the Minister. Does the GIC use money derived from CPF to invest?” –

Then Manpower Minister Ng Eng Hen said, “The answer is no”?

Screenshot (45)

And also why did former prime minister Lee Kuan Yew say in 2001, when he was the chairman of GIC, that “I want to clarify that there is no direct link between the GIC and the CPF.”. The Straits Times carried an article headlined, “GIC does not use CPF funds: SM Lee”?

Then Minister for Labour and Communications Ong Teng Cheong said in 1982 that, “CPF savings form a large portion of Singapore’s savings. These savings are used for capital formation which means the construction of new factories, installation of new plant and equipment, expansion of infrastructure such as roads,’ ports and telecommunications, the building of houses and so on”. Temasek has an annualised return of 16% per annum. Since state companies like SingTel were built with CPF funds and were transferred to Temasek – how can the Finance Minister say that “No. It (Temasek) has never managed CPF funds”?

According to the article “Singapore’s GIC Suffers $41.6 Billion Loss” (The Wall Street Journal, 30 Sep, 2009) – “Government of Singapore Investment Corp. suffered a loss of about 59 billion Singapore dollars (US$41.60 billion) in the fiscal year ended March 31, making it one of the worst years for the sovereign wealth fund since it was started in 1981, people familiar with the situation said Tuesday.

One person said GIC’s portfolio currently stands at around S$265 billion after drops in equity investments and property valuations. GIC, which doesn’t disclose the value of its portfolio or amounts of yearly gains or losses, said in its annual report that its portfolio lost more than 20% in value in the latest fiscal year.”

So, if we add Temasek’s “negative Annual Wealth Added of $68.1 billion in 2009″ to GIC’s estimated loss of $59 billion in 2008/2009 – does it mean that we may have lost about $127 billion?

To put this amount in perspective, does it mean that we may have lost more than double our total Government spending in a year (2008) or about 84 per cent of our total CPF funds then of $151.3 billion in 2008 (CPF Trends, October 2013) in just one year?

Singapore’s total sum of foreign reserves is secret. Some of the reasons given as to why Singapore’s foreign reserves cannot be transparent were:

  • Singapore’s Minister of State for Finance: “You asked how much reserves we have. I’m sorry – I am not able to give you that answer. There are many, many people who are interested in how much we have. It has nothing to do with not wanting Singaporeans to know. It’s only if we go public with you, a lot of other people will know”. (March 15, 2008)
  • Singapore’s finance minister: “People do want to know, there is curiosity, it is a matter of public interest. That is not sufficient reason that there is curiosity and interest that you want to disclose information” ( August 18, 2009).
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45 comments

  1. @ lolz

    @ lolz,
    @ The Oracle = lolz = suck PM’ pocket gangs pls coming in :

    Your life fortune solely rely on the lawsuit case for Lee family .
    you got more wealth if they sued more Singaporeans .

    Youasked in last page , what’s wrong of PM ?
    here have more detaild to satisfy you :

    1) PM hired you here used “Tinkerbell” & “The Oracle ” , ” Slayer”, ” lolz” …… as PM’s adviser. in charge the persecution campaign .he used you such crafty knave . that was first wrong, and caused his political life to the end .

    2) normally a 60 yeas old man may suffer menopause, may sick , but you and PM office woman did not sick, each of you much more sober , what were you doing since last year ? deprived Roy’s right to work, brought him to Court for extorting 20 thousand , tailor Hong Lim Park conspiracy, announced to intimidate him ……

    that time, you knew the 91 years old founder father at home and sick , you don’t care founder father ? he had gaven you so much forever endless fortune, but you return just no stop persecuting , such as this year to the 16 years old boy and, last 360 days persecuting Roy & other 5 Singaporeans , that was second wrong, PM used the bad adviser. you lead the people seen his impotent and selfish, he broken the harmony since he not accept the firts 5000 cash offer .

    3) you “The Oracle ” and “Prince” = ” jackfruit “ = ” Viper ” , and ” Question ” = ” Jim “, ” Royisloser “, ” Jg ” , and ” james ” formed the gangs 4 , you in charge the ” law contact “, logo ” Jim ” in charge betray, leaking and grammar correction, that rest are secondary .

    4) you are the real gangs work for PM, responsible for tattler, and manufacturing fake news, took advantage of high position, leaking the nationals private account , In order to further threats and intimidation against nationals .

    that was third wrong of PM, his authority become clown office , blockade the truth , even PAP ministers have been deceived by you.

    5) you praised extorting money from the poor or no income resources Singaporeans ,

    even they owe you zero, motionless except you ike to ask ” do you know English ? ” , you are very good to use a rotten trick .

    Although I did not go to english school ……, it is not big deal , but I can recognize you and the gangs who work inside the PM office , you need PM issue money to you and your family more than anyone of us . so your job is bring the pains to the people which is irreparable.

    of course , great majority Singaporeans want to stop your job — I bet that ,

    and , on 06 Feb 2015, what were you doing ? still torture people, gave people false charges , keen on add false sin to the people . you sit in air-conditioned room, playing the so-called singlish grammar, dare to challenge the rules of heaven . just one and half months,

    that was the 4th wrong of PM, he did not aware that you gangs 4 led Lee Kuan Yew hasty departure.

    6) you are isolated with the times, from your previous records, you are an opportunist. you gangs 4 together used PM work for your own agenda . you think soon you gangs will be the senior benefits

    PM LHL ever said : ” we are paying correct salaries to morally upright and trustworthy civil servant ” ——– even in your office ill deeds cannot honour , Singaporeans see a great talker is a great liar.

    that was the 5th wrong of PM, LKY’s elite is not to be found in the market.

    7) MARCH 21, 2015 – 5:29 PM, you said ” no… just a record of ineptitude and populist policies which only serve the vocal minority, and only in the short term at that. ” no… just a record of ineptitude and populist policies which only serve the vocal minority, and only in the short term at that. ”

    clearly, you misled PM too much , but why you are here dying struggle ? you gangs 4 first lit the fire, PM become your firetruck may not successful . at moment 40% want LHL step down .

    8) it doesn’t matter that ability of opposition party, that matter is the 51% of voter want them take over the leadership , This is your credit. you remind people to rethink about PAP, indeed you gangs 4 destroy PM and PAP . that was 6th wrong of PM, he depend on you gangs 4 too much, and you double tongue , seems got his permission to show the public that gangs control the law and above the law.

    9)

    any human will mistake or do something wrong, about forgiveness ? my personal view is, if he sued for 250,000 .00 SGD, no forgive !

    if he compromise,
    completely forgive

    you gangs much know a fact that is LHL wants to be the PM
    no people forced him, thus, he have to pay PM’s responsibility,
    instead of asked huge money again through the lawsuit.

    10 )

    in any time I have position to judge about you gangs , i am not only the witness, I am also the employer for 10 years i have done my contribution to Singapore by sending cheque paid each of my employees CPF . this is a deal .

    once again, we talk to LHL’s Authority ,but how come his Authority transfer our feedback into the second hand market ?
    who knows you gangs take over ? your persecuting deal reall no market .

    we said many times in this blog, no same channel, no same destination, no point of intersection,

    if we passed on the mall, you don’t deserve our glance, but when surely gangs stay inside the PM’s authority, we must shout loudly :

    that is him !
    catch him !

    Until the authorities eradicate them !

      • @ james

        what !
        you yellow Singlish face want english ? Wheres walaoooooo . all of the very colorful Hokkien language when expressing, surprise, rage, contempt, and other emotions. I will spare the audience! I still curse in Hokkien even though I live in Texas

        Why so kiasu? Jialat !

      • @ lolz

        singlish is not everything, we don’t use that , but French, German, Spanish, no problems. if you want more people understand, i try to rewrite it again in Chinese . ( 70% )

        here nobody interested in your Singlish, maybe only interest to see you gangs , expose you gangs

      • lolz

        that’s their plan you see… if we can’t even understand what they’re trying to convey how can we come up with a logical rebuttal? #sneaky

      • @ lolz

        lolz = The Oracle ,
        here is Roy’s blog, if you want singlish copy, you have to pay first , because you are so special , so here no free for you…..
        you earned so much from PM, your each of income was made from broken other’s life . very sad, why PM did not aware this ?

    • lolz

      also your figures wrt polling for next elections seem very dodgy and unreliable… who did this survey to get these figures? prove plz. in any case Singapore utilises a first-past-the-post system, which means that PAP doesn’t need to get at least 50% of votes to gain its majority. And 40% wanting LHL to step down doesn’t mean that 51% want to vote opposition.

      wrt gangs… well… believe what you want. If it suits your delusions of grandeur to think that someone who works in the Istana would lower themselves to talking to the likes of you, then more power to you I suppose. Congrats on your self-esteem.

      • @ lolz

        lolz = The Oracle ,

        i have already rewrite Chinese copy for you .

        I forgot to see this you has another reminder to us yesterday , this old villains girlfriend is one part of this ‘office bitch gangs’….. smelly shoes can lead to annoyance, embarrassment, and can prove to be a huge social hurdle that can alienate …

        ugly looking face, don’t close here, go away

  2. R

    Roy, what is the paper loss with regards to investment? Investor always invest over long term right. Yr guru know his stuff?

  3. Norman Wee

    Unlike Roy, Leong is smarter and has not draw any conclusion. Leong claims to have written hundreds of such articles but apparently without conclusions and let people like Roy taking Leong’s cue and draw conclusions but fall into a pit.
    I went into Forbes but couldn’t find leongs piece but one by a ex Singapore police officer who has migrated with his whole family.
    His contention is that now that he has migrated and looking from afar, he could see all the flaws and worms in Singapore. He said he was full of admiration for Singapore when he was serving in the Singapore police force. Now from far away he could only see flaws. I thought one would only feel the heat when inside a kettle. My contention is that he and his family migrated because their children though smart could not qualify for places in singapore u.

  4. Return Our CPF $$$ & Go Harakiri!

    Day Light Robbery:( National Tragedy, Betrayal, Mismanagement & Treason? Let’s Think About It.

  5. @ lolz

    應 james 的提示,特把上文再用華文寫一遍,

    致: 代號 甲骨文,

    lolz = The Oracle ,

    總是跟在我們的後面, 不斷提醒我們要多多關注他, 昨天竟然再次提示我們他的女朋友是總理的秘書之一,
    以為我們和他一樣臭味相投 ? 好吧, 下面為滿足你開專輯 .

    你的財富完全取決於李氏家族起訴案件的數量, 如果李氏家族起訴案件越多,你的獲利越大, 換言之,你靠賺別人苦命錢而發達。

    1)

    從去年開始, 你曾用 甲骨文,杀手,lolz 等 為化名, 以李總理顧問的身份負責迫害運動, 聘用狡猾的坏蛋為身邊的顧問,這是李總理的錯之一, 導致總理的名字被當局內部的坏人借用, 並拿出來傷害國民,每次國民有怨言的時候,你們就出來說 : 『 我們是李總理的人,國家是我們4個人掌控的,現在李總理非要你下半輩子坐牢,或者破產。。。。。』

    這樣一來,總理的形象被你們4個坏蛋聯手一搞, 徹底顛覆了。

    2)

    經過一年的觀察,害人團隊裡有4個人, 一個負責聯繫法律那邊打壓行動,一個 F 1 負責控制媒體發布命令,它的男人以 James 自稱在這裡負責詛咒, 恐嚇,自慰, 一個 F2 負責偷看, 洩密,爆料,最後一位 F4 爭搶第一個放出總理與法庭內情的線人 。

    以上是總理的工作團隊真實面目。

    3)一般而言,60歲男人出現忽略性的現象, 是更年期階段的正常反應, 內部4人非常清醒這一點,也利用這一點,表面上,新加坡由總理引路,實際上, 總理被這幾個狐狸精加 『害民高手』牽著鼻子走, 總理在被他們花言巧語俘虜後,立刻向從不認識的無業小民 鄞义林 提出告訴 。

    首先, 他們下令國家醫院24小時內立刻終止 對Roy 鄞义林 的僱用, 然後通過報館把 鄞义林修理一番, 警告全國記者沒有人敢採訪 鄞义林,迷失方向的總理為了獎勵他們, 高興得帶他們一起去土耳其玩了一週。讓他們享受在一人之下,萬人之上的特權.

    他們回來後一直沒有停止為鄞义林等5位新加坡平民量身訂作罪名,其中設計裁剪的芳林公園冤案也是一列。

    此刻, 91歲的國父病重在家, 你們每個從國父那裡獲得了裝滿財富的金飯碗,明明知道家裡有病人, 忌諱上法庭等兇多吉少之舉措 ,你沒有愛父至孝心,堅持得罪人拒絕5000元和解的和諧初衷,把Roy 推向極端,沒有商量的餘地。

    在你們內部4人迫害國民最緊鑼密鼓之時,你們不惜驚動老天爺發怒,不得不把國父提前帶走, 這是李總理的錯之二,他用錯了人。在大選年之前幾年,總理根本沒有興趣注意民意, 對明間的抗議浪潮毫不知情。彷彿總理府內部主人與保母有合作契約,即你總理翹二郎腿,我秘書當兒戲。

    4)你利用接近總理的工作便利,负责搬弄是非,拉幫結派,制造對手,泄漏国民私人账户,对国民的进一步威胁和恐吓,對PAP部長傳遞假信號, 縱容正在喪父期的總理向沒有收入來源的平民要錢, 結果錢進入了你的口袋 。總理再次被你利用。他得到了一堆負面收穫。

    5)你們幾個100%華族背景的人, 慣用 “你知道什麼是英语吗? “這種烂招來調戲對手,真正講英文家庭的人是不會顯的, 那麼, 既然根本看不起自己的種族和方言, 就不配再做最多族群代理人, 有資格代表70%華族新加坡人的領袖應該是劉程強先生。這是李總理的錯之三,他寵壞了你們內部4人, 這麼多壞人的特徵與缺陷, 總理替你們買單。

    我没有學過英语, 和家人講德語也不講英文啊,这不值得你 糾結,反正不是寫給你看的。

    6)李總理曾经说过:“我们正在支付正确的薪水給正直和值得信赖的公务员”

    李總理的錯之四,就是允許你們證明他在說反話。國父對精英的紀律在李總理這裡全部取消了, 毫無紀戒。

    7)你在2015年3月21日 – 下午5点29分说:” 不……只少数人声,只有在短期内,那个无能和民粹 …… ”

    显然,你误导總理太多了,你把重要的民意說成無能的民粹, 你向總理做太多反方向的誤導,好比把陰天報告為豔陽天,說謊不扣工錢嗎 ? 但你为什么在这里?是你們首先點火,把總理當成你的消防隊,你這麼賭博,如果不会成功,李總理靠你了 ?

    8)反对党有沒有能力不重要,重要的是國民受夠了你們 gangs,这也是你的功劳。你時刻提醒人们重新思考PAP,希望反對黨接手,你摧毁了總理和PAP,你以為公众都是白痴,沒看人到你的F4早就發佈消息你們把法官都搞定了.

    9)

    任何人都会误或做错事,關於宽恕?我个人的看法是,無論什麼理由,如果總理向平民開口要25萬新加坡元,不會受到民眾的原谅!你不服氣是你的事,每個人可以選擇要不要原諒。

    反過來,如果李總理他做出妥协,則完全原谅。

    你越挑戰這個大是大非,你越無地自容。

    你必須知道一个事实,那就是李先生很想成为下一屆總理, 没有人强迫他,因此,他必须支付負擔總理的一切职责,開出女祕書.
    而不是通过诉讼要求巨额的錢財。

    10)

    在任何时候,我有立場發表我的見證,因為我也是連續10年為新加坡員工繳納公積金的雇主,也就是說,當總理秘書以當局口吻警告我們滾出去的時候,除了對李總理非常驚訝之外,就剩下非常氣憤, 因為你們的高樓大廈裡面有我們的一磚一瓦, 在你們衣冠楚楚裡面, 由我們的一針一線,在你們所謂精英高薪裡面,有我們的一分一毫。我們對新加坡做出了貢獻。總理派這個助手F 2 接手, 天理不容.

    我说过多次,我們不是同一個頻道的人,没有共同的目的地,没有交点,如果我们在商场擦肩而過,你不值得我瞄一眼,但当確認對方還留在总理的範圍内,我们必须大喊一聲:抓住他,, 直到当局處理他们.

    我們已經很給李總理面子了 !

  6. Norman Wee

    Leong’s letter was never given to Forbes but dangling in egocentric Leongs blog. As such as far as Forbes is concerned Leong is barking into the wilderness with Roy pulling it into his blog…

  7. R

    The PAP is no longer running the country. – According to Roy.
    CPF is not your money. – According to Roy

  8. About SG

    90年代初, 李光耀 的政府組團到美國各大學招聘華人進來,在當時國際上沒有人來的情形之下, 李光耀親自接見了第一批來自哈佛大學的兩位華人, 並提供5800 星幣的月薪在國大任助教 , 後來 到了21世紀 , 政府提供1 萬 新幣月薪 ,當時的新加坡很有秩序,非常文明, 人與人之間和睦友善。 國民普遍平均薪水足夠體面。

    當時新加坡並沒有排名世界第一,不過人們對新加坡的好印象已經排滿第一了 , 李光耀本身對外來人是極為善意的,但李光耀沒有意識到一個要害,他栽培在團隊裡的人對國家發展的破壞程度 , 迫使外來人變成走馬燈, 先後放棄並離開了新加坡。

    上面兩位首批受到李光耀接見的博士後, 一個返回故鄉教書, 一個回到美國教書。 李光耀的投資在中途挫敗,沒有一個介於領袖與民眾之間的團隊來進行溝通。

    難道萬事都需要李光耀親自做策劃,又親自做督導嗎 ? 問題在 李光耀 , 或現今李顯龍內部這批人的不善意, 高層下面的執行層是一個空洞, 沒有做具體事情的人才 。 尤其在部分國民還沒有工作做的職場競爭下,他們的高薪待遇來的太快,太過容易,沒有成功處理平息國內事務的記錄, 他們習慣敷衍了事,專心等待摘取越來越多的現成果實。

    對比李光耀自始至终没有篡位的秘书, 李光耀凡事親力親為。 李光耀也沒有默許他的秘書做國內事務的家婆 , 當時的媒體還算公道, 也有給被告講話解釋的報導。

    如果說,李光耀曾把異己抓起來是為了確保建立一個瑞士那樣的新加坡, 那麼,現在他把瑞士新加坡建好了, 你們就不應該使用刑罰對待16歲少年 Amos Yee , 因為一直被新加坡學習的瑞士沒有政治犯。

    你說這是你的新加坡, 他們說是他們的新加坡,我們說這裡曾有我們的勞作…..納稅 ……炒粿條, 福建蝦麵,黑胡椒螃蟹……印尼Java的女傭….. 每次我到這裡來看, 因為新加坡是我們人生的一部分, 好比身體上的一隻腿,一隻手,會不顧一切。

    • About SG

      miss secretary ” Jim ” ,

      you have more easy way to bring the boy Amos and his family to become your ” pawn “,
      you still have time to do that ,
      at moment, you need a mental doctor more than this boy.

    • About SG

      To Jim ( Jg , PM’s secretary )
      因為你是次品, 所以只會把他們推出去。

      如果李總理僱用的你是一個真正有料的政治精英, 你將懂得如何全力把 Amos 和他的父母拉進來,成為你手上的棋子, 不僅如此, 也將全力把 Roy 以及其他5位新加坡人 拉進來,加入你們 。他們的成本不高, 但他們有他們的價值, 可以為新加坡增加凝聚力 。

      老實的他們再三被你們欺負的時候,你們4個在這裡的表現是非常得意忘形的, 你們很享受欺負自己同胞的過程。

      李總理私人秘書小姐,你用這個同樣的 logo, 以 Jim 為代號, 在去年讓我們領教 李總理的政府信箱被你偷覷,然後你首先開黃腔責令我們滾出去。就是你 !

      是你,把我們的心情從飯桌上搬回去新加坡,跨越大西洋,飛過太平洋, 去找真相 .

    • About SG

      miss secretary Jim,

      we did not want SG money, but you want , and you want it forever ,
      we and our children did not want SG job, but you want , until you 65 years old .
      we did not use our investment in CPF, but you did,
      we emptied our everything to SG before we leaving

      how do compare ?
      and, competition for nothing

      you jealous comes from your womb problem. how come PM LHL hired you as his private secretary ?
      he was sick ! he would even not shelter his son, how could he shelter you ?

      you have thick skinned, used the the same logo as last Oct ,
      still want on behalf of PM to threat ?

      PM still hand over his email to you ?
      pamper your ? spoil you ? allow you to steal other’s information to sale ? become second hand ?
      we have sent to SG President already , hope they will settle .

    • About SG

      To Jg ( Jim )

      我們都不拿新加坡的錢,
      不找新加坡的工,
      不用我們新加坡的公積金醫療戶口
      我的孩子也是一樣
      不拿新加坡的錢
      不用新加坡的公積金醫療部分
      沒有新加坡的政治 agenda
      不會與你搶飯碗

      和我們比 ?比什麼 ? 怎麼比 ?
      建議李總理的私人女秘書趕快去看精神科醫生。

    • About SG

      當我們求助時, 你絕路我們,
      當我們分享時, 你詛咒我們
      當我們同意Roy時,你罵我們,
      當我們說原諒總理時, 你挑戰我們
      當我們回憶LKY時, 你譏諷我們

      你有神經病嗎 ?

      李總理怎麼選一個娘胎裡帶出來有嚴重性格缺陷的神經病人進去做私人秘書呢 ?
      雖然我們有時想念新加坡的炒粿條, 福建蝦麵……, 這不意味著我們放棄對你的道德審判。

  9. Pingback: 14 Characteristics of Fascism | Singapore Politics :: Blog
  10. Singapore Citizen Mr. Teo En Ming (Zhang Enming)

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

  11. 土生土长的新加坡公民

    【话说公积金CPF】

    2千多亿的CPF,人民的血汗钱,要怎么处理呢?可不能收在枕头下什么都不做的。因为随着时间推进,年通膨率3%左右,你CPF的钱会变相的减值的,现在值$1, 10年后只值的7毛钱了。所以必须投资在有风险的资产上來赚取至少足以抵消年通膨率的回报,例如定期,国家债券,黄金等。这才能为你的CPF保值。这就是要通过GlC和淡马锡來管理投资风险的原因。

    在安全性上,其实最关键的是有政府提供的‘安全担保’。政府的担保让你的CPF绝缘于GlC和淡马锡的表现。亏损不影响你的CPF,营利多少也就与你的CPF没关系。你就拿那几巴仙,比商业银行高的年利息而已。

    简单的说,你是把CPF的钱存在政府的定期里而不是在商业银行里。因此你的CPF是相对的比存在商业银行还要來得安全得多。

    那政府的‘安全担保’的能力又是从那來呢?CPF的饯除外,就是国家的有形与无形的资产了!有形资产例如储备金,GlC和谈马锡,其他政联公司,和政府部门的资产。那无形资产呢?就是信用,声誉,政绩,清廉,高效,诚信,有能力,对未来能继续繁荣的确定性。总的来说就是一句话,无形资产就是‘你对政府的信任’!

    一旦‘意外变天’,无能无信的政府上台,你喜欢也好,不喜欢也罢!所有有形和无形资产将会大幅缩水,到时新政府的‘安全担保’你还能相信吗?你的CPF会变得很不安全!到时恐怕连讨论55㱑要提出多少钱?要有多少CPF才够养老的机会都没有了!看看希腊吧!政府的财政管理不当,造成今天的局面,人民的‘养老金’全泡汤了!没有诚信,连欧盟都不敢借它钱!所以你要CPF安全,人人就要确保有个好信用有能力的好政府!

    再者,反对派一向來非常不满的是GlC和淡马锡的投资的不透明。一旦’意外变天’,新政府必然公开所有投资去向以兑现竞选承诺。这一來就糟糕了。你想想,如果不友善的国家或人士知道你把国家的钱都投在A和B,要控制新加坡就只要控制A和B就行了,无须动用军队,这就是经济战爭。你可想象这对国家安全的威胁是有多大吗!到时不只我国储备金荡然无存,还很有可能会亡国,到时人民就要沦为难民了!

    笔者是土生土长的新加坡公民

  12. wongcheokwan

    Gentlemen,

    I have yet to read an economic thesis to cover the following questions:

    1) What is the total cost to mint 20,000 new citizens in terms of reserve dilution,education subsidy,housing subsidy?

    2) What is the interest lost per year as per cpf interest lost rates?

    3) How are these costs to be recovered ? We were taught nothing is free, n subsidy is bad, leading to economic

    ruin in some countries.

  13. Pingback: Lee Kuan Yew on CPF | Singapore Politics: Blog

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