CPF due to members increased by 149x?

After writing “An unofficial history of the CPF?” (Apr 9) – my regular insider ES sent me some more historical information on CPF.

After some computational analysis – you may find the following statistics quite interesting:-

… in 2017 – contributions ($32.3 billion)  exceeded withdrawals ($19.9 billion) by $12.4 billion ($32.3 – 19.9 billion)

… contributions have increased by about 47 times, from $687 million in 1974 to $32.3 billion in 2017 ($32.3 billion divided by $687 million)

… in the last 43 years or so, from 1974 to 2017 – the excess of contributions to withdrawals has increased by about 23 times, from $533 million in 1974 to $12.4 billion in 2017 ($12.4 billion divided by $533 million)

… the amount due to members has increased by about 149 times, from $2.4 billion in 1974 to $360 billion in 2017 ($360 billion divided by $2.4 million)

To what extent has Singapore’s historical economic success been due to our unique CPF system, and arguably the financial woes of some Singaporeans?

The Singapore Democratic Party said (19 September 1984) “(CPF is) a PAP created Frankenstein which has come of age and is now getting out of control”.

 

Leong Sze Hian

 

 

 

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6 Responses to “CPF due to members increased by 149x?”

  • Bapak:

    That is a lot of money in the hands of few. A lot of carpets to buy.

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  • LHL's "solution":

    Did Mr Leong consider that the majority of Singaporeans use their CPF to pay for their HDB flat? This large amount is no longer a liability of CPF to its members. The latter is taking the risk of the local property market.
    Consequently, LHL’s “solution” (to reduce CPF liability to its members) is to sharply increase the price of HDB flats. (Price more than doubled since he became PM.) This has the other benefits for PAP. It greatly increased Government reserves which PAP can use to “buy votes”. Since it also depleted the CPF accounts of Singaporeans they are likely to be more dependent on PAP’s “generosity” and handouts. They will also likely “sell” votes for a much lower price. PAP wants Singaporean to continue to “toe-the-line”and not “rock-the-boat”.

    One thing that is increasing is in Singapore is the anger of Singaporeans as evidenced by the recent attack on a PAP MP. Singaporeans are getting desperate. PAP’s hype and bullshit is losing credibility. Its response is to control social media. Hence the Select Committee on Deliberate Online Falsehoods. PAP only wants its “spin” (aka LIES) on social media.

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  • Python 5:

    LHL's "solution": the majority of Singaporeans use their CPF to pay for their HDB flat? This large amount is no longer a liability of CPF to its members.

    the sharp rise in HDB prices is to inetntionally wipe out the govt’s CPF liability to the citizens. the liability is transferred from CPF to HDB. so HDB holds the hot potato.

    now it’s followed by the deflation of HDB flat values after 30-40 years.
    so after 30-40 years until 60-99 years, the HDB flat value becomes zero.
    so HDB effectively deflats their liability to the citizens gradually to zero.

    so nobody owes any citizen any more liability or money anymore.

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  • opposition dude:

    Not bad, after boosting the PR numbers to 500k there naturally would be loads more CPF money coming in.

    And since the PR population is maintained at 500k annually there is no cause for worry about a dip in PR application numbers. Smart eh?

    We all know we can kiss our CPF money goodbye since the minimum sum increases yearly. So whatever spare cash you have on hand better invest wisely and please do not add them to your CPF!

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  • INDIAN malay INDIAN president:

    Python 5: the sharp rise in HDB prices is to inetntionally wipe out the govt’s CPF liability to the citizens. the liability is transferred from CPF to HDB. so HDB holds the hot potato.

    now it’s followed by the deflation of HDB flat values after 30-40 years.
    so after 30-40 years until 60-99 years, the HDB flat value becomes zero.
    so HDB effectively deflats their liability to the citizens gradually to zero.

    so nobody owes any citizen any more liability or money anymore.

    median wage is S$3,500 pm thereabouts. CPF kosong means majority 70% sheep nothing to live on should there retire or be jobless at retirement age. it is sad 70% sheep thinks the current pap rot is okay.

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  • C'est la vie:

    *****
    CPF was a great idea, a great scheme and a real answer to retirement planning, for millions.

    Problem was, it never matched its proposed/planned direction nor destination, never mind, objectives !!!
    ***
    *****

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