10/05/2005

my cpf money is my money

so many amendments have been passed in parliament authorising the govt to do anything they want with the people's money in the cpf. these monies are the hard earned monies of the people, their own money. why is it that the people allowed the govt to dictate how and when the money will be returned to them? why is it that the people are so quiet when their hard earned money are legislated away, beyond their reach? other than being the govt and being able to legislate laws, is there any sound basis or justification for the govt to keep the people's money at will? the claim that all these are done to protect the people and provide for old age is not a good reason to lock up the people's money. if such a basis is deemed good enough to justify the current cpf rulings to retain the people's money, then the same reasoning will be good enough to justify keeping the people's money to 100 years, 120 years, and the minimum sum can be increased to any amount that the govt claimed to be necessary. technically, many people may not live to see or use their hard earned monies. or realistically, a certain percentage of the people will definitely die before touching their cpf monies.

3 comments:

redbean said...

singaporeans used to be cash rich in their cpf savings. that was only a few years back. then some wise men had better ideas. all the historical data and charts showed that investment in stocks will in the long run outperformed the miserable interests from bank deposits. everyone was so sure of this sure win formula. and cpf rulings were liberalised. all the monies poured into stocks.

then came the financial crisis and the stockmarket crash. the bubble burst and all the cpf accounts also burst. money wiped away overnight.

the wise men got more cautious. still must find some secure investments with good returns and low risk. ha, unit trusts managed by professionals. unfortunately unit trusts also lost money.

what else is there. insurance, annuities, very safe. so all the old men who are deemed incapable of looking after their cpf monies are encouraged to buy annuities. cannot go wrong one. no third time unlucky. all the recommendations have been thoroughly thought through with statistics and historical evidences to back them up, just like investing in stocks and unit trusts.

can insurance companies go bust? what if one big one got into a mess with a staff like nick leeson? banks also went bust. whatever can happen will happen. mr murphy is always right.

debt said...

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I have been doing hours of research on "Annuities" and it brought me to your blog on my cpf money is my money. Anyways, redbean I was reading your blog and I think it is really cool. It’s really a pleasure reading your posts! Keep up the great work.

Keep blogging away :-)

cash now said...

Hey this blog is not about lawsuit

I have been doing hours of research on "Annuities" and it brought me to your blog on my cpf money is my money. Anyways, redbean I was reading your blog and I think it is really cool. It’s really a pleasure reading your posts! Keep up the great work.

Keep blogging away :-)