How much is the govt’s handout in this year’s budget? You think it is enough or can the govt afford to be more generous? Don’t panic, no one should be thinking of robbing the reserves. Keep the lid tight on the reserves. Tony Tan will be there to guard against touching the reserves. There will be more tons to weigh down and to look after the reserves if Tan Cheng Bock becomes the next President.
The govt has a lot of money from the last CPF Life and Medishield Life Schemes to throw back to the people. Just look at how much the govt is raking in from the people with a stroke of the pen from the Medishield Life Scheme. If each adult is to pay $500 a year for Medishield Life, and if there are 2m adults in the CPF, that is $1b of premium annually, every year going back to the govt. This one no pay back except for those who needed to claim for medical bills less co payments.
And don’t forget the $200k plus locked up in the two minimum sum schemes that would delay payback time by another 20 years. This means twenty years of free money to use, like the Americans enjoying free money selling the dollar as an international reserve currency, with no payback time. This $200k per head is like no payback time as another member will join the scheme for anyone leaving the scheme. The 20 year lockup time is the minimum as many would live to 80 or 90 and the money would still be out of their reach, till death do they part.
The $200k plus per CPF holder of 2m CPF members works out to be more than $400b free money to use for the next 20 years or more. Can the govt be more generous in throwing back a fraction of the money that rightly belonged to the people for the rightful owners to use?
What would a hundred million or a few hundred millions be to the govt when Medishield Life is taking $1b annually and the hundreds of billions locked up in the minimum sum schemes? The handouts thrown back at the people are directly/indirectly the people’s money?
Leong Sze Hian may want to work out this relationship between money kept or paid to the govt by the CPF members and the money used as handouts to be given to the people. Then the people can decide if the govt is generous and if they should say a big thank you to the govt or to themselves.