[Your Letters]: Return my CPF, I also say!

Temasek Review
your letters


This morning I woke up with the raging urge to spill controversy on what is already a very tired bowl of social media wrangle: retirement funds.

I’ll say it – Let’s return the CPF already.

And why not? What started out as a simple (forced) savings program got modified into a fund-it-yourself loan for flat purchases (even private apartments).

And Mr. Roy isn’t the first one to lambast the CPF scheme. Many a Singaporean before him had lamented they would die before they see retirement money, because they couldn’t afford to pay the doctors. So Government thought maybe it is a good idea to let us take another dip and even offered to manage and undertake long term illness insurance (aka MediShield).

Then what? The next camp of CPF critics wants more freedom to invest their money, big G went all the way and made everyone shareholders of Singtel. (Honestly, it always is a bit of a conspiracy theory to me up to this day as the discounted Singtel share was the only bit that ever made money hmmm…)

Face it. Deep down we are all closet communists. We all want someone else to fund all our needs and wants. After all, we have the safe argument that we have worked all our life so big G should look after us, nevermind where the money comes from, as long as it is not from my pocket.

As for the logic of the CPF bashing camp, my inherently lazy mind tends to agree ministers earning millions should be able to create retirement funds out of thin air. But I’m not sure if this is a fair thing to do on the administration.

If we have had our money returned in one lump sum at 55, it would be a whole lot easier on the G. They outprocess your money and worry nothing about trying to pay 4% interest rates on your Retirement Account.

Who hurts the most after drawing out all the funds in the CPF? It is ourselves. The moment we allow more of the Minimum Sum to be withdraw, it just means you have less to use in your old age. Think about it: today, the minimum sum after pledging your property will provide for only $600 a month for the rest of your life. This is certainly not much bearing in mind inflation.

The fact is, very few people disagree we need a national pensions program. Worse, 4 in 10 Singaporeans not saving for retirement and this provides some sort of hint as to the outcome of the country should CPF be released early.

Anyway, I don’t care. By Roy’s logic and by the command of my pink IC, print more cash or tax more babies I care not, but carry me to my grave. For I am angry an angry Singaporean and I must be obliged.








  1. One reason given for having CPF is to take care of those people who don’t save and plan for their retirement. So government has to be a good parent and force them to save. At the same time, we also hear complaints that citizens have become so complacent and expect the government to take care of them instead of taking personal responsibility for their own lives.

    If you think your 55 year old child cannot learn to plan for their own retirement, then please don’t complain when they behave like a child on all other matters.

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