My position, no change
After hearing the full debate in the internet and Parliament, I am more convinced that there is no need for any drastic change to the present CPF system. The proposed changes are so flawed that the word flaw has taken the status of taboo. No one dares to say that the whole concept is flawed. It is flawed in principle and violated many rights of the people to their money. It starts on the premise that the govt has all the rights to legislate away the peoples money in whatever way it so decides on the ground that it is good for the people. It touches on a very sensitive part of the people's interest. $20k, $30k or $120k, that number may be small to many people, but it is the life long savings, the fortunes of the poor redbeans. There are many redbeans in this little red dot that never see such money in their lives. And they will be furious to think that anyone can just keep distancing them from their little fortunes. The pain, anger and frustration cannot be underestimated, no matter what reasons are being put forth. There are many other reasons and reservations and flawed premises that have been pointed out and became obvious over the last few days and no need to elaborate further here. Here are the few reasons why there is no need to change the current system. Grunt has rightly explained how several billion dollars could be set aside for the old and needy. Mind you, the number that is above 80 is small. And the number of old and needy will be even smaller. If the govt can cough out so many billions to support a flawed scheme, why not use the same money to set up a fund for the needy oldies, a simpler and no farce system? And with the push to extend retirement age to as old as possible, the need for a hefty retirement savings is much lesser. If a person is to work to 70 and die at 70, he does not need any savings. Not a cent! And lets not brush aside and refuse to see the elephant in the classroom. Most Singaporeans are not desperately poor. Many are asset rich and with the HDB lease back scheme, or even without, they can rent out their 3 rm flats to earn an income. And many have alternative support for their old age. The current problem faced by the aged is of a lost generation. It will come to past. The number of helpless cases will not be as bad as today. An old couple, even jobless, cannot die of poverty or live below the poverty line if they have an asset in the form of a 3 rm flat. And many Singaporeans will have more. Unless our flat ownership scheme has failed. Unless our education system has failed. Unless our CPF scheme has failed. I say it loudly here, there is an elephant in the classroom. Please look at the elephant and don't turn your head the other way.