What is happening to our CPF savings

Roy Ngerng got into trouble with Hsien Loong over the issue of CPF savings. Though the pertinent point in his trespass was about an allegation of corruption, the origin came from the heated arguments on why the Govt is adamant to hold back the people’s saving for an ever and ever longer period. There is a perception, rightly or wrongly, that the Govt is unable to return the people’s saving when they hit 55, now not even that, but at 62, 65 or even later.

This return of the people’s saving to their owners has never been an issue up to some time in year 2000. The older generations have no problem getting their money back and thus it was a non issue. It started to become an issue after that with the problem and irritation increasing in momentum. For those in their 60s, not all were able to withdraw all their savings when they reached 55. But the sum retained by the CPF under all the new minimum sums and medisave schemes were bearable. They grudgingly took whatever they could and saw a small chunk of their money becoming untouchable. Some have no issues with the retention as they will get higher interest rate of 4%. Some were against the retention on grounds of principle that no govt should be allowed to use legislation to keep the people’s saving against their will. Compulsion is unacceptable and unethical even if the intention was good and the interest rate was higher.

Today, with the combined minimum sums hitting $200,000, this is no small change, the anger mounted. It is just too much to bear. And for the younger generations, they could expect the sum to go even higher with some projecting the sums to hit $500,000 in years to come, or more. Eventually, the net effect is that there is no pot of gold at the end of the rainbow after a life time of intense savings.

The other troubling thought is that the Govt has mismanaged the funds and is now caught in a situation that it is unable to return the money to the people. Some even imagined that the CPF vault is empty. These are just perceptions of the people who have money in the CPF. The truth may be the reverse, that the CPF is full of money, safe and sound and could return all the money when due and there is really nothing to worry about. All the sleepless nights are unnecessary and a waste of time.

How then could the Govt convince the people that the money is safe and well? All the schemes to retain the people’s money, the shifting of the goal posts, are telling the people all is not well. You cannot blame the people from thinking so. Can the Govt come out and assure the people, with clear and unquestionable facts and figures to prove beyond doubt that the money is there? The Govt has to do something about this to quell the suspicion and loss of confidence by the people on this matter. Not explaining and clearing the doubts of the people will not do and will only increase the simmering unease of the people. Roy Ngerng and Han Hui Hui and all the speakers will have a lot of things to say and a lot of questions to ask at Hong Lim Park on 7 June.

If, ‘sway sway’, the suspicion is true, that because of the huge long term investments, the assets cannot be easily liquidated to repay the CPF members, or if what the people feared, that a lot of money had been wiped away by bad investments, and there is an urgent need to kick the can further down the road and hoping that the investment will turn good in the long run, it would be better to face the truth and tell the people about it. Living in denial when there is a big hole to patch is a bad idea. It is worse if, trying to live with a lie, the Govt continues to put on a false front that all is well, and can still afford to throw money around like a rich philanthropist. The Govt is very rich and can give and give and give, to the NSmen’s CPF, more subsidies, more funds to international organisations, more overseas investments like there is unlimited supply of funds in the Govt’s treasury.

If, I say, if, the situation is dire, it is better to start on a belt tightening policy and cut waste, cut wasteful spending on the unnecessary, throwing parties costing millions all over the world, non stop celebrations on every excuse to show that we have the money to spend, we are very rich but cannot repay the CPF members when due.

Until the Govt stop devising more schemes to keep the people’s CPF savings for as long as the Govt needs to, the people is going to see these schemes in a different light. The Govt needs a confidence building measure exercise to assure the masses that all is really fine. And one thing it can do is to stop all these schemes and start to return the money to the people. If it cannot do so, it is better to stop spending furiously on parties and to give generously when the people are asking for their money back.

What is the truth? Who knows? The people can only postulate, imagine or guess from the actions of the Govt and its policies on the CPF money. The ball is now in the Govt’s court. There is a lot of explanations and proof to convince the people not to worry. And it is not just about how good and well is the communication or the way it is said. It is about the hard truth and facts and figures, and nothing less. No PR exercise is good enough to avoid from telling the truth.

Kopi Level - Green

An easy solution to appease the unhappiness of NSmen

Front page news today on a slew of incentives to make NSmen feel appreciated short of a ‘love letter’ when love is in the air. Actually the solution is so simple and no need to have so many complicated schemes that mean really nothing. Money into CPF to be used to pay for what, no need to guess. One hand gives and another takes.
 
Everyone, especially NSmen and their families, knows how big the sacrifices are from an NSman to the country. It is a life time commitment and a life time irritation and disruption to their lives and the lives of their loved ones, provided nothing bad happens to them when performing their NS duties. No need to think about those being incapacitated or died in NS. No amount of money can compensate them and their families for the loss.
 
Can these sacrifices be equated to the sacrifices of ministers? Our ministers all claimed to have made big sacrifices like earning lesser than they should be earning, and all the bad publicities, no privacy, no time for family and children and so many other things. Like so ‘charm’ like that. The sacrifices of NSmen may not be more but definitely not lesser than the few years of great sacrifices of the ministers and their loss in multi million dollar incomes.
 
If this is noted and recognized, then the solution is very simple. There is no need to pay the NSmen millions as compensations like the ministers. Just pay them market rate like a hundred thousand will do, graduating with their level of contributions. Of course this is day dreaming and foolish talk. Cannot use money as an incentive lah! Joke only can? Money incentive is only useful to attract super talents to become politicians. But, but a simple solution like this can solve everything right? And it is so easy to administer and with one stroke of the pen, nearly all the problems will be solved, all the grievances will be passé.
 
Isn’t it all about money? If everyone is thinking about money, about millions, NSmen must also be thinking about money right? Tiok boh? You talk money, want more money, NSmen stupid or what?

PS. So shiok to be talking cock.

Kopi Level - Green

When you think they are very nice

The Vietnamese revealed their true colour and started to kill Chinese workers and factories in their country. And Taiwan, Hong Kong and Singapore were not spared. They did not know the difference? Chinese are Chinese. They may be 3rd World but they are not daft and ignorant. They are just what they are, 3rd World nice people putting on a mask. Just give them a chance to turn into beasts.
 
The Chinese have been pumping real money into Vietnam to help grow their economy and providing jobs for the Vietnamese. When they decided to show their ugly self, they will transform themselves from the very nice people to hooligans, thugs, rioters and murderers and ingrates. Would China be so stupid to pour in more money into Vietnam? Don’t expect them to change.
 
This is applicable to the Pinoys. Look at how trigger happy they were against the Taiwanese and Hongkies. Look at how wild they are when they have guns in their hands. Very nice people? You are only seeing one side of the coin.
 
We have the same experience in Geylang and Little India. The 3rd World people are very nice only when they need to. Give them the slightest excuse and they will turn wild, like beasts. We gave them good jobs, good opportunities to make good money. But deep down, the 3rd World sick mentality is suppressed and you will not know when they will show their true self.
 
Integrate with them, go and reach out to them? You know how they behave in Sentosa Beach parties and all the big mass parties on the streets of Orchard Road? They are nice only up to a point. And they can be very wild and very ugly if you are not careful. And we are no match for them in brutality, primitiveness and viciousness.
 
Beware, be careful. We have come so far in civilizing ourselves, do not take personal safety and security for granted. We are different, at different stages of social and human development. Sinkies have been living a good life, have not been robbed, beaten except for the taxi drivers, have not been raped in big scale. Do not take personal or national safety and security for granted. Don’t ask for it, don’t invite trouble. Better be safe than be sorry.
 
What happens to the kiasi mentality? We let our guards down to theses strangers from the 3rd World, people we do not know, hardly know, and we open ourselves, our homes to them assuming that they are just as nice like one of us. My God, how daft Sinkies can be? Kindness does not always beget kindness to people you don’t have a clue who they are or what is in their mind.

Kopi Level - Green

American terrorism up another scale

The Americans unilaterally charged Chinese officials in China for cyberspying in American courts. And the Chinese officials have not even set foot in American soil but residing in China. China is understandably furious with such audacious act of terrorism against its state officials. It is lodging protest to the US Govt to drop the ridiculous charges. The Americans are unlikely to do so. What China can do is to declare all those parties involved in this scam, the prosecutors and the judges as terrorists and issue a warrant of arrest for them should they set foot in Chinese territories, Hong Kong and Macau included. That is the only way to deal with such international terrorists.
 
The Chinese have also retaliated by exposing the Americans as the biggest culprit in cyber espionage and attacking Chinese sites. The Americans have been so use to run roughshod over China and other countries for several decades in spying activities. They used to fly their spy planes over Chinese territories to take photographs of military and sensitive sites blatantly and with impunity knowing China could not bring down their spy planes. They only stopped this bullying when China started shooting them down.
 
This did not stop this international terrorist from stopping what they were doing to spy on China. They flew their spy planes up and down the coast of eastern China on espionage missions. They only scaled down such outrageous display of military might when a Chinese aircraft rammed into one such spy plane and forced it to land in Hainan for the Chinese to strip it clean of its espionage equipment.
 
The Americans are the biggest bullying and culprit as far as espionage and cyberspying are concerned. Edward Snowden had disclosed their nefarious activities and all the countries concerned should rightly charge those Americans for spying and intrusion into their privacy. The German Chancellor, the Malaysian and Indonesian leaders, and many world leaders are victims to such vile acts called spying by the Americans.
 
The victims of Americans spying should charge the Americans officials involved in their own courts and issue warrants of arrest when they set foot in their countries, and give the Americans a taste of their own medicine to stop such bullying. The directors of NSA, CIA, DIA and other American intelligence agencies should be charged in the same way the Chinese officials are charged. Both can play the same game.

Kopi Level - Green

Revamping the CPF?

I have seen some comments calling for a revamp of the CPF these few days. It is fat hope if anything meaningful is allowed to strangle this golden goose that lays the golden eggs. Yes, this public fund, the life time savings of the people for retirement has now been hijacked into something else. It is the nation’s reserves, I can’t believe it when I heard this. It is the biggest source of cheap loan to the govt. No, that is not accurate. It is the biggest source of cheap loan to the govt and with a flexi date for redemption. And to some people, they can commandeer it to make compulsory purchases of things that the owners of the money have no right of refusal.
 
Now who would want to change the CPF to its original form and design, to return the money to their rightful owners as contractually agreed upon? I know, many people would want it to be that way, the owners of the money. Unfortunately they have little say on this.
 
So, what do you think will be the so called changes to the CPF? More money to be kept in the CPF for the good of the CPF members. That must be the only way forward. It benefits everyone who needs the money to churn. The real owners of the money can only smile at the huge numbers in their monthly reports from the CPF and be glad that they have so much money in their savings.
 
The CPF was created at a time when people worked and then retired, at 55. Then the sum grew so big that the money could be put to other uses like the purchase of homes. And still there was so much money left and many schemes were hatched to utilize the money until we hit the current crisis. Not enough money for retirement.
 
But who is talking about retirement? If the people are to work till they die, with no retirement, why is there a need for CPF to provide for retirement? And why is the people’s savings become the nation’s reserves?
 
What do you think? Any human rights lawyer think there is no violation of human rights, the right to your own property/money? Can a govt be given full liberty to do as it pleases with the people’s life savings? This is the people’s life savings, not dole or handouts by the govt.

Kopi Level - Green