Making the annuity bullshit real

There are so many things that the people are gasping in disbelief. The small payout and the payout age at 85. Both seem so unreal and irrelevant. What the govt should do is to address this bullshit seriously and come out with something that is real. The $300 is definitely not going to be enough and either you provide for a reasonable sum, or might as well don't provide at all. With inflation and the depreciation of money, in 30 years time, the minimum for subsistence existence could be $1000 pm. Then at that age, you need life supporting equipment, weekly or monthly medical checkup, annual checkup or overhaul. Other than the subsistence allowance, the medical part could easily be another few hundred thousands. How much then is enough? Half a million or one million? If this problem is real and we need to address it as a real problem, then the bullshiting must be realistic. And the 85 years payout age. This is a joke.


Anonymous said...

dont worry, we'll get it in hm$

Elfred said...

We got a problem lah...

redbean said...


what are you trying to say?

matilah_singapura said...

Another proof—a "reality check"—that CPF was never designed to "work" in the first place. How can it? It wasn't designed by the private sector, it was designed by a coterie of arrogant govt bureaucrats.

The real purpose of CPF was never made clear, so now matilah_singapura will tell you:

CPF was part of the great "Orwellian state thought control" mechanism by a govt and its leader LKY who is a gifted statesman. In order to motivate the population to be productive and obedient to the state and its masters, you need to get them to "believe" and "trust" in something. CPF is just part of The Big Lie.

And so, it came to pass... the people, worked hard and at one time up to 40% of THEIR PRODUCTIVITY was taken as a "contribution" toward their retirement. They were told that they would "contribute", and their employer would "contribute", but actually it is from their productivity which was taken.

A forced contribution is a euphemism for TAX. If the people were told that 40% of their productivity was to be TAX, there would have been blood in the streets.

The government used the money to "advance" Singapore, and Singapore did advance right into a first world country, but the country's advancement was OUTPACED by the growth in size and power of The State.

It came to a point where The State got so powerful, it usurped the Country (which belongs to The People) from The People. From henceforth, The State no longer functioned to serve The People, The People now were the ones who not only served The State, but were periodically bled to feed the voracious monster.

All this time of course, The People were under Thought Control and continued to believe that The State was serving their interests. The were being bled by the CPF Pyramid Scheme, believing that 40% of their productivity was actually "saved".

The govt of course used this money to advance Singapore and to self-aggrandise. The governors morphed into a true ruling class. Gone was the central tenet of republicanism—"Governance By The People, For The People", instead Singapore was now a plutocracy.

To reinforce The Big Lie of CPF, the people were entertained by a grand show of economic smoke and mirrors.

Firstly, their income taxes were cut and a SMALL 3% GST introduced. They could use "their" CPF to buy housing—from the government. Later on, the purchase of private dwellings were allowed. BUT, when you have all that available money for people to spend, what happens to the prices? They go through the roof. And so there was a period in the 1980's and 1990's when asset values skyrocketed and The People thought that they were now finally—RICH! (HDBs being traded for over $500k? Outrageous!) **Note: See how Big Lies have consequences, to the degree that a whole civilisation could be built upon them.

They praised CPF! "Wonderful!" "Singaporeans are #1 in the world when it comes to 'home ownership'". Big Fucking Lie.

Public housing—HDB—is LEASED to home dwellers. And the leases are "bought" through the CPF Pyramid Scheme. This is the govt doing fancy accounting tricks shuffling money from here to there. The nexus of CPF and HDB, I'll admit, is a class act. No con man in human history has been able to pull a scam of as elaborate as this one.


Yes, but whose wealth and savings are we talking about, and who is doing the investing? CPF members were paid paltry piecemeal interest, way below market rates whilst the State used the money in that pool for its agenda. And there were embarrassing debacles. Billions (no one will say exactly how much) were lost in China, for instance.

When the world's financial press were in awe of S'pore's "wealth", some sceptics—locals mainly—were warning of a "cash crisis" in CPF in the future. And guess what, the govt knows this too. In fact, I hazard to guess that they knew this ALL ALONG. There is NO WAY you can run a Pyramid Scheme forever—especially if you are dipping into it to pay for housing, medical, state aggrandisement, lose billions in bad investments, and then have to reduce the "contribution" rate by employers to "stay competitive", and the clinker—reality checker: PAY OUT when people reach age 55.

Eventually, the truth comes out—regardless of how Big the Lie was to begin with. When the truth comes out, all that is built upon The Big Lie, will begin to unravel.

But, the govt won't quit. It tinkers with the rules for CPF. Concepts like "minimum sum" and "medi save", and "compulsory annuities" have entered the scene—all put in to avoid a cash crisis and total collapse of the sham.

And so the Pyramid Game continues... and the people continue to pay, to play...

redbean said...

anyone wants to counter argue against matilah's view? i think many singaporeans will agree to his interpretation of the cpf situation.

but of course who knows what is tooth or truth? over time the tooth will fall out. overtime truth will prevail.

Anonymous said...

CPF is a good scheme for Singaporean but when the gahment starts to abuse it, it become bad for Singaporean.

GRC ensure minority interest is protected whoever parties come to power. But when gahment enlarge it to five or seven MPs, it become bad for Singaporean.

redbean said...

the problem of cpf started when someone saw so much money available and lying around. then some bright spark started the idea of affordability between what is available in the cpf savings and the price of hdb flats.

and the rest is history. the savings were as good as gone and will never be enough.

the crisis we are facing has a beginning. and this was the beginning of the crisis...affordability.

Alan Wong said...

I beg to differ from the following statement :-

"GRC ensure minority interest is protected whoever parties come to power"

It's all a smokescreen.

When has it ever occurred that the respective GRC MPs have ever spoken on behalf of the minorities that they are supposed to represent?

And likewise does it imply that a single seat MP CANNOT & WILL NOT have spoken on behalf of these minorities as their interests will be ONLY be taken cared of by their respective GRC MPs.

redbean said...

hi alan,

welcome to the blog. your comments are valid. it is the substance that matters, not the form. any mp can represent all the races if he wants to. if an mp does not have that kind of interest, it is like putting a horse in front of a bucket of water and it won't drink,

GRC has its own value in terms of head counts. to the minorities, i think it is important that they are represent by a certain numbers. this the grc can do.

but you are right to say that an mp of one race can equally represent the interest of another race if his heart is in the right place.

Matilah_Singapura said...

Fucking hell, are we ever going to get past "representing RACE" and begin "representing HUMANS" instead?

Categorising human beings into races, and making that part of a political process is like categorising different breeds of cattle.

Anonymous said...

Mr Huang,
of course it is bullshit !
The gov want to accept the plan first, and then gradually increase the annuity payment. By the time, I have reach 85, I might already pay few thousand per month for annuity !!! to help feel the PR FT !

Election has teach us that the gov will tell you one thing and do the another because they tell you no choice !!!

People, stop giving the PAP the right for crap and our money !!!!!!!!!!!!!!!!!!!!!!!!!!!

Turaikiller said...

Tell them go & fuck spikers, sleep with shake don't able come to talk cock sing song as they like exist their are ready "extra-ordinary "people, can't deliver as they promised, hopeless lot millionair shit.

MC_Matilah_U_MoFo's_Get_On_Down said...


"Cannot give U 2early wait U anyhow spen,
It's for yur own good,
Garmen is your best fren!"


redbean said...

i think everyone knows that the compulsory annuity scheme is just a red herring. put a straw poll and ask how many would believe that the scheme is what it is claimed to be, planning for the people's future?

plan my foot!

yah, i agree. tell them to fuck off and stop scheming to take my hard earned money.