The CPF is our money. We pay nearly 40% of our wages into CPF. Today, we use our CPF for many things - for health, for housing, for education and most importantly, for retirement. As our CPF is used for many important areas in our life, it is important that we need to know what the government uses our CPF to do. For example, why is it that Singaporeans have put in $260 billion into CPF, but last year, we were only able to withdraw less than 6% of this out to use? In 2011, the median CPF Life payout was only $260 every month. Today, nearly 90% cannot retire adequately on our CPF. If there are $260 billion in the CPF, why is our money locked up inside but we cannot withdraw more? What prevents us from taking our CPF out to use? The CPF Minimum Sum, the Medisave withdrawal limit and the high housing prices which cleans out our CPF. Not forgetting, Singaporeans today earn the lowest wages among the high-income countries and we are now the most expensive place to live in the world, so its even harder to save. Yet, why do we have to use our CPF to pay for healthcare when we are already paying tax? Why are we made to use the CPF to pay for one of the most expensive university tuition fees in the world? Why are housing prices so expensive when to build the HDB flat, it would only cost 40% of what we are currently paying. How did the CPF lost the purpose it was made for in the first place - for our retirement? Today, Singaporeans should be able to retire. Does our medical costs, education and housing prices need to be so high? Does our CPF need to earn so little interest? Imagine if the government had protected our livelihoods as they had in the 1970s and 1980s, our elderly parents will be able to retire today, and we would be able to afford our homes and visit a doctor with a peace of mind today. But what changed? Over the past few days, many Singaporeans have thanked me for speaking up. The issue of CPF is something that affects Singaporeans deeply. Many Singaporeans have thanked me for themselves and their families because if we are able to improve the CPF, we will be able to live more secure lives. This is something I wish for as well. According to the media, Im have to offer to the prime minister how much to pay him in damages and costs tomorrow. I hope that we can find a respectable solution and way forward. The prime minister hasnt agreed to my invitation for an open dialogue about our CPF. But I hope that for the sake of Singaporeans, that we are able to have one, so that there is transparency and accountability as to how our CPF is actually being used by the government. I hope to be able to continue speaking up and advocating for a more secure CPF that would allow Singaporeans to be able to safely retire on. Singaporeans have worked very hard so that we are able to live better lives. As a government, there is a responsibility to make that happen. And as citizens, we have the right to speak up to protect our lives and our families.
Posted on: Sun, 25 May 2014 13:54:05 +0000
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