Actually not nice to call this a bird brain scheme. Dunno whose stupid idea was it. Ok not nice to say stupid idea also. When it was started, remember, the media was flooded with glowing reports about how such investments in equities would grow in the long term, 20%, 30% etc etc. Definitely, guaranteed, better returns than putting the money in fixed deposits. Sure make big profit one. And every CPF member was encouraged to dump their lifelong savings into stocks. If I am not mistaken, it started with 90% of CPF savings allowed to invest in stocks.
Some 20 years down the road, many CPF members got their fingers burnt until ‘chow tar’. Dunno how many billions were lost in the stock market by CPF members. Anyone dares to print the real figures on losses? It is frightening if you know the real numbers.
The damage control came in and the sum allowed to gamble in stocks, oops, invested in stocks, was drastically reduced, frantically. But too late, billions were washed away in the stock exchange longkangs. Many CPF members are still licking their wounds quietly.
Today the figure quoted by Tharman, ‘The DPM said that 45% of investors made losses while 85% of investors earned less than 2.5% on their OA, thus calling the CPFIS "not fit for purpose". 85% made profits, from when to when? This is only the tip of the iceberg. But it is frightening enough for Tharman to call for a review of this bird brain scheme that resulted in many CPF members losing a big chunk of their life savings. And now the govt is complaining that CPF members did not have enough savings for retirement. And mind you, does anyone know how much is wiped out by the silly asset enhancement scheme when HDB prices were marked and priced to market? And also the billions wiped out by the MedishieldLife plans.
Too late, too late, too bloody late! All the money lost is like water under the bridge. No more, habis leow. Now where is the joker that came out with this bird brain scheme? Cry also no tears left. Who was the pipe piper?