For a long time, Singaporeans did not know what the PAP has been taking our CPF to use. Finally, last year, the PAP admitted that they have been taking our CPF to give to GIC to invest and earn. Not only that, this was done without our permission and the excess returns are not given back to Singaporeans. The GIC keeps it for itself. Where did our money go?
Today, the GIC has an estimated $440 billion but Singaporeans only have $282 billion inside our CPF. Not only that, the GIC is ranked as one of the 15 richest sovereign wealth funds in the world but Singaporeans have one of the least adequate retirement funds among the Organisation for Economic Co-operation and Development (OECD) and Asia-Pacific countries. Why does the PAP let the government investment firm become so rich, but make Singaporeans so poor? Where did our money go?
In 1984, the PAP made Singaporeans pay part of our CPF into the Medisave. By 2013, Singaporeans had contributed more than $65 billion into the Medisave but Singaporeans were only allowed to withdraw $0.8 billion from Medisave for Direct Medical Expenses. This meant that Singaporeans were only allowed to use 1.2% of the total Medisave balance. Where did our money go?
In 1987, the PAP created the CPF Minimum Sum. Today, Singaporeans would need to have $161,000 inside our CPF, otherwise we would not be able to take out the excess CPF monies out at 55 years old. However, the PAP has depressed the wages of Singaporeans for the past 10 to 20 years, and they have also depressed the CPF interest rates to 2.5% to 4% since 1999, but they have increased the CPF Minimum Sum by as much as 10% in some years. Clearly, there is no way that our CPF will be able to grow fast enough to catch up with the CPF Minimum Sum (now known as the Full Retirement Sum). It is estimated that nearly 90% of Singaporeans are not able to take out our CPF and are unable to retire today. Why did the PAP lock up our CPF?
In 1990, the PAP made Singaporeans pay part of our Medisave into the MediShield. From 2001 to 2010, there was a surplus of $850 million inside the MediShield but in 2011, Singaporeans were only allowed to claim $282 million from MediShield. This meant that Singaporeans were only allowed to use a quarter of our MediShield (and this does not include the surplus from 1990 to 2000). This also means that more than 75% of the MediShield premiums that we have paid goes into surplus. Where did our money go?
The PAP has been making Singaporeans Pay And Pay since 1981 – for more than 30 years now. And the PAP keeps taking our money and our CPF to Earn And Earn. Where did our money go?
Today, the PAP is unwilling to be transparent and accountable to Singaporeans. The PAP continues to hide what it has been doing with our money and our CPF.
Do you want your money back? Do you want the government to return us our money?
Then there is only one way to do it. The PAP will not #ReturnOurCPF. The PAP will not be transparent to Singaporeans. The PAP will not be accountable to Singaporeans.
The only way is to kick out the PAP, so that Singaporeans will finally be able to know what is really going on, and where our money is.