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10/01/2007

Myth 162 - A myth waiting to become truth

A myth waiting to become truth Everyone is asking if the CPF is our money. Many in cyberspace have angrily decried that it is not our money. And the Govt refuses to be involved in this discussion to say either this or that. And the people cry. There are many reasons to say that the money is no longer our money with a few exceptions. The people can use it to buy properties, stocks and some other uses. This is as far as it goes. But the usage is determined by the Govt. It can change the usage, the amount to be used and what it can be used anytime it wishes. This is best proven by what Josephine Teo said. If the Govt thinks fit, it will intervene to decide how to use the CPF money in whatever way it deems fit even against the wishes of the owners. Now, let's ask a few questions. Can the CPF member use it anyway it wants? No. Can they use any amount they want? No. Can they use it any time they want? No. Do they have any say as to what and how it is to be used? No. And not the Govt is saying that they must compulsorily buy a product called annuity which many do not need or want. This is serious. What is evident here is that the members have no control over the money. The Govt has the final say and can always change the law to keep the money from the members. Theoretically the Govt can decide, in its own interpretation of what is good for the members, to pay the money after their death. So is the money the member's money? Or it is just a myth?

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