Quote:
Originally Posted by fallen11
1. it is not your money till you get it. i dont disagree with that
2. yes but you said they borrowed to pay the CPF payouts. Bascially they use your cpf money to make even more money and pocket the difference. Of course its also the same if they lose money
3. i just gonna say, you will get all your cpf money back. the only question is, what will be the true value of the money you got back.
4. Maybe you can manage your own money. But truth is, tons of people dont. So they spoiler for all of us lor.
once there is fewer contribution than withdrawals the entire scheme will collapse - i dont see how your understanding above gels with this outcome?
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2. They also invest in long term gov securities which cannot be liquidated anytime soon. Which also means they will have no choice but to lock in our money longer by rising withdrawal age
3. Sure we gonna get back our CPF. Question is when? First its 55 yesrs old. Now 67 years old. Next? 70 yesrs old?
4. Then give us an option to manage our own money for those who can and want to
once there is fewer contribution than withdrawals the entire scheme will collapse - there are lesser and lesser birth rates in Singapore and stricter and stricter PR admission rate for foreigners into SG while more and more elderly who are at the withdrawal age. Does not take a rocket scienctist to figure out this legal ponzi scheme cannot work and will collapse.
Btw i'm not saying SG gov is stupid or bad for incepting this CPF ponzi scheme thingy. At the time of inception, situation was different. In the 1960s we are a growing population with many young people and few elderly. In fact population growth in SG was so fast LKY had to come up with the "Stop at 2" campaign to discourage people from having too many children. Dynamics were different back then. Cpf can work. Fast forward today SG gov is begging citizens to have more children due to aging and declining population. Meanwhile importing too many foreigners to make up the numbers are met with disgust from existing population. So gov no choice but to lock up funds for longer as cpf is breaking at its seems