Class action suit against the Govt on CPF savings

Philip Ang is proposing a class action suit against the Govt on accountability, transparency and the return of our CPF savings at 55. Below is his proposal posted in the TRE. I will definitely support this motion if it is finalized. Maybe Gilbert Goh should work with Philip Ang to hold a mass briefing at Hong Lim and collect signatures of CPF holders in support of this class action. Other forms of acceptance should be work out to make it easy for the rest of the CPF holders to accept this proposal, including house to house visit. The opposition parties could be roped in to help in this cause that affects the pocket of all Singaporeans.
 
While on this, the proposal should strictly be about Singaporeans and not about PRs and ‘locals’. Let them fight their own battles after all they could easily withdraw every cent they want when they decided to return to their home countries.
A class-action lawsuit against the government.
 
This will not be a mere request or begging the government for transparency and accountability in the management of hundreds of billions in CPF monies. CPF members will demand for a full set of accounts to be published.
 
On the assumption that GIC’s 6% rate of return claims are factual, we seek the return of the difference between the amount paid to CPF members and what GIC claims to have earned. Plus interest.
 
We also seek the return of our CPF savings at 55. Returning our CPF through monthly installments at 65 – till we die – is not acceptable.
 
Neither will we accept:
– Frequent tweaks of CPF rules which have impacted the well-being of hundreds of thousands of retirees.
– The appointment of unqualified CEOs such as former military personnel/civil servant with no prior fund management experience.
We are also opposed to government abuse of our retirement savings to:
– Conceal the size of our national reserves.
– Channel tens of billions to a single fund manager, government-linked GIC.
 
We seek a revamp of the failed CPF scheme which should be simplified. To increase retirement funding, a higher percentage of wages should be allocated to CPF SA with a corresponding reduction in CPF OA allocation.
 
The limits to the use of CPF MA – arbitrarily implemented by the government – for hospitalization, insurance premiums, etc must be removed. After all, this is our money.
The government should also appoint other non government-related fund managers to manage our CPF savings.
 
Besides the above, other factors will also be taken into consideration after CPF members have confirmed their support for the class-action lawsuit.
Costs
 
The lawsuit will be funded by CPF members through crowdfunding. Depending on the number of CPF members involved, the cost should not be prohibitive, eg 10,000 members X $100 = $1 million or 100,000 members X $10 = $1 million.
 
Transparency and accountability are of utmost importance and details could be worked out at a later date.