Exactly how much of public saving is CPF Board overseeing ? We know it is alot but how much do they actually have vs 'on paper' only ? We know lots of money from CPF is diverted to govt investment and 'spending' in terms of loan to other govt departments.
CPF Board seems desperate for our money. They raise minimum sum every year, come up with more and more schemes to lock up our CPF, keep encouraging us to top up our A/C and that of our family members.
When you call them up to clarify issue - the first thing they advised you is to top up the a/c. You have to repeat your request before they let you know there are other option available.
Many speculate with good reasons that CPF keeps changing its policies in order to lock up our money is because they could not pay up if they adhere to their original plan to let us withdraw at 55. It is a known fact that the 2 major investment funds lost billions of public money during the financial meltdown and they are perpetually in demand of huge funds for their investment overseas which carry high risk.
So no matter how much money CPF Board oversees - it is never enough due to the huge appetite of our govt under PAP.
In the recent budget, in one breath, it was announce that health care will be affordable and they are increasing the premium for Medishield. How can healthcare be affordable if health insurance premium increase ? One of the reasons insurance premium increase is due to high medical cost. If we have more CPF money suck up into Medishield, less is available in our Medisave account to meet our healthcare cost. Since claiming medical cost from Medishield is an uphill task as the excess clause is so high, it is money going down the drain for most of us. One is likely to be very sick and hospitalise when one is able to claim from Medishield. In such situation, Medishield and even with our Medisave is unlikely to be sufficient to see us through.
This is the reality and seems like our govt is turning a blind eyes to it. They are more interested in getting us pump more of our money into CPF giving the excuse it is for our own good. Really ?