CPF Board trying to conceal embarrassing information

PAP has again engaged in propaganda to mask the true state of our CPF. Success is success but failure can also be turned into ‘success’ by our self-checking government.

And so we continue to hear more positive news from MSM in “More CPF investors beat guaranteed risk-free returns in fiscal 2016. BT  Perhaps DPM Tharman is right after all to claim that Singaporeans are not fools.

CPF Board (CPFB) has managed to achieve a “better result” by tweaking “the way it measures the performance of investments”. (Tweaking data has always been one of PAP’s favourite tools)

CPFB claims that this is “more aligned with the industry practice of fund managers”.

Why then was CPFB’s practice not aligned with industry practice for decades?  Were Singaporeans misled?

According to CPFB:

At 58%, CPFB would of course have been forced to address this issue. Perhaps 38% was acceptable? What about earlier years, say in 2009 or 2010 post GFC?

Only CPFB has the statistics and it will of course use a methodology to achieve any desired outcome. 

CPFB: “But given the resource constraints for industry players to re-compute the data using the new methodology for past years, the CPF Board could only go as far back as fiscal 2015”.

Perhaps we are expected to believe industry players are still using manual calculation?

CPFB: “It has excluded CPFIS account holders with no investments, and factored in unrealised gains or losses for investments held during the reporting period from Oct 1 to Sept 30″.

Would this have happened if we are in a bear market?

Perhaps we should consult (not my) President Halimah:

When global stock markets enter a bear market – as they will – expect CPFB to come up with a lagi new methodology to reflect whatever it wants.

CPFB has never attempted to resolve the issue of retirement funding shortfall but constantly trying to paint a positive image of itself to mask its failure.

 

Phillip Ang

* The author blogs at LikeDatOsoCanMeh.

 

 

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10 Responses to “CPF Board trying to conceal embarrassing information”

  • oxygen:

    SIMPLE QUESTION TO PAPpy asking and needing simple BINARY answer of “Yes” or “No” – Will CPFB release ALL THE FUNDS of ALL those members (no question asked) to self-invest if their demonstrated record of achieved return EXCEEDS 5% per annum – that is AT LEAST TWICE the so-called guaranteed risk-free return – over the investment period of his/her committed capital?

    If not, shut your fiacking mouth since you can’t do better than us yet imprisoned our money.

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  • Jaga jaga!:

    Jaga! who jaga who?

    Harlimau you can become jaga? How?

    Pinky is jaga you to jaga him? Now you live in URA black n White House………where Holland Rd……next to teochew teo!

    Why don’t live in the real palace in orchard where queens stay?

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  • BMW - Bluff Malay Woman:

    Wait, what does CPFB stands for?

    Cunning People Forever Bluffing?

    And what does that BMW – Bluff Malay Woman knows about stock markets or bear market? Rather, ask her about wet markets and supermarkets, she can tell you plenty.

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  • opposition dude:

    Sounds like how some minister also used some lame MRT has improved reliability metric to make the train disruptions seem like nothing hasn’t it?

    Or how the same guy said HDB lost a cool $1 billion and then $2 billion without any breakdown of the figures and just expects us all to believe him? Wah, still in the 80s and 90s I see.

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  • C'est la vie:

    *****
    When it suits them, when they need to, when they have to ……… they align with the industry practice. As I’ve mentioned previously, they are all ……. a bunch of highly self-paid misfits whom answer to no one but the King of all bloody mega-misfits …….. the one they call Lee, the King of concealments and shady moves.

    Whilst you are at, how’s about aligning with conventional human rights practices, free speech, transparency in Governments, etc.
    ***
    *****

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  • Kimberley Kim:

    CPF cannot meet its primary objective to secure a steady provision for retirement. So, it should be scrapped.

    Many will say, no CPF how to pay for HDB. Hearing this, I don’t know what to say. No hope.

    If no CPF, our take home pay will be higher. Why can’t we use cash to pay?

    The employment portion can go into a special account to accumulate for pension.

    It will be good if this pension fund can use to pay for income tax, child care, elderly care, compulsory national health care premium.

    SG will have more disposal income. It takes a lot of discipline to save for retirement and kids education.

    Ownself save ownself

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  • Roti Parata:

    The way the indian old man responded to sylvia on the counting has led me to totally give up hope on the entire system.

    Any person having sufficient IQ will know what the whole system is about from analyzing the way they use rule of law to get their things done.

    They are all complicit.

    There is really no karma.

    Did they do their annual health checks yet?

    Really no health issue?

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  • President Is Clueless!:

    No experience in financial management. At most can only manage earnings of a nasi lemak stall.

    No offence, but it remains a true fact!

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  • asd:

    Was in the their manifesto that they will use other people’s $ to invest or even to gamble ? Wow liao ai . . su ka su ka . ..

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  • Original Cum:

    Roti Parata:
    The way the indian old man responded to sylvia on the counting has led me to totally give up hope on the entire system.

    Any person having sufficient IQ will know what the whole system is about from analyzing the way they use rule of law to get their things done.

    They are all complicit.

    There is really no karma.

    Did they do their annual health checks yet?

    Really no health issue?

    Every human dies.
    Every human rich or poor that dies of natural causes die of diseases.

    Rule of Law against Mama nature’s Rule of Law of mortality.

    Thanks for allpwing me to masturbate.

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