Is CPF turning into a robber?
What is the basic reason for the existence of the CPF? Is it there to hoard people's money on whatever excuses that it can cook up? Or is it there to ensure that the members would have some money to tie them over during their old age, that they don't become destitutes and having to bleed the govt of public fund? I may not be a supertalent. And it does not need anyone to be a supertalent to know that the CPF main objective is to make sure that the retirees have a sum of money to live through their lives. As long as anyone can make his own provisions with cash, savings or properties or any assets that exceeds the value of what CPF declared as the Minimum Sum needed, such people have more than adequately provided for themselves. Actually many don't need so much money to live through their golden years. A Goh Mui Sim wrote to the ST forum saying that at 53, she had already bought a $100k annuity to provide her a $500 payout from $62 till her death. And she has pledged this to the CPF When she turned 55, CPF took $99,600 from her Ordinary Account to put into her Retirement Account. She argued that she had a $100k annuity that is more than the $99,600. But CPF said her annuity is short of the $790 by $290 and she could apply for a partial exception. Why can't the CPF take only the amount that is short? Why take the whole $99,600? The CPF could not understand that this lady has planned her own retirement well ahead of the govt's thinking, even more than the Minimum Sum requirement. She has covered a period past the Minimum Sum to her death, with her annuity. All these are not enough. All CPF is concerned is the $99,600 that it wants to grab hold on. And of course, another $30k in the Medisave and more in annuity insurance. Ok, this last one the CPF definitely cannot find anymore excuse to touch this lady. This Goh Mui Sim, like many, is a responsible and thinking Singaporean. She has planned her retirement well ahead. But this is not acceptable because her plan is not what the CPF planned for her and all Singaporeans. What utter rubbish! Why must every Singaporean need $99,600k and $30k in Medisave? Why must they still need an annuity plan when they have made their own plans? What is the CPF for? What is the CPF for? Has the CPF turned itself into a robber, putting a knife on the member's throat to demand more money to be held by CPF, totally disregarding the interests of the people? And its interest is to grab the people's money, as much as possible, and hold it as long as possible? No matter what reasons or explanations, this is the impression that the people is getting.