It’s with amazement and disbelief that I keep hearing the argument that those who don’t have enough CPF to make up the required minimum sum, let alone enough CPF for retirement, be allowed to take out a portion to go round the world, go on pilgrimage, have unused-to large amounts of money in their hands! In short allow this financially challenged group to splurge!!!
What sort of upside down logic is this — especially coming from the NTUC which is supposed to look after the welfare of the hoi polloi workers.
As one financial expert interviewed on TV news just now said, if there is so much flexibility in the minimum scheme, then why bother with the minimum sum at all?
But wait a minute.
Whatever complaints one may have about the PAP G, irrationality isn’t one of its major weaknesses.
So could this be an orchestrated strategy to pave the way to a universal pension scheme, very much like Medishield Life?
It could work like this.
Dump the minimum sum scheme.
Instead from each member’s CPF, starting from day one of starting work, take a small sum regularly and pool it into a pension scheme that will pay the equivalent of whatever public assistance pays when the member reaches the official retirement age.
Meanwhile, whatever’s left in the member’s CPF account (after home buying, education, Medisave, Medishield) can then be left to each member’s volition — to blow it at the casino in one night or buy an annuity that will last till death or anything in between.
If this is the case, then our Prime Minister, instead of suing that twerp of a Roy Ngnerg should recommend him to the President for a pingat award at the next National Day investiture.
By making so much noise Roy Boy has given the Government a right old reason to shake the CPF to its foundations and probably for the better, provided the tweakings make for a relevant system for the future, not creating a route for everyone to go the way of the poor widow from Skudai. For more of which read here.