If this isn’t a good indication that Singapore has been putting too much faith in the meritocracy system then I don’t know what is. If generals can turn investment banker maybe I can become a lawyer after reading Law for Dummies. Perhaps one day Wee Shu Min might become the chair at Temasek because she is certainly the type to take risks . I never got to vote but I cast my vote now. A vote of no confidence.

And why CPF cannot get into equity investment ? Malaysian EDF invested in equity.

Let’s just admit it, it is a failure this cpf retirement scheme because of government lack of insight and foresight over the way it has been put to use for various speculations.

Now it is too late as most people have lost their retirements on mortgaging their retirements on HDB purchases, share purchases and other speculation which government should have been wise to avoid.

Another mistake is now to be made because of top-down autocracy again this time – postpone receipt of their final CPF balance (at 55 they already deferred their collection) – depriving citizens of their wish to use their balance for whatever they need for retirement which they know best.

The few thousands of people who live beyond 85 should not result in a punishment on all the rest to give up receiving their final balance at a younger than dying time.

That is the proper meaning of retirement which PM Lee has failed to understand !!!

If there is a election now, PAP will lose 5 seats.

42 years ago, the government started the CPF to provide for people’s retirement.

So people worked towards CPF saving for their retirement making sacrifices etc in recession to forgo wage increases or taking cuts on CPF.

Now 42 years later government said CPF scheme is no longer enough to provide for retirement obviously because it cannot provide the same interest as previously to support people’s retirement.

So it said that it is now time to postpone retirement or it is planning to take away whatever CPF people have and give them to the banks to earn more profits for themselves and return miserable paltry annuities when by that time many people would have died and missed their retirements.

What is this kind of government is this ? Has it fulfilled its promise to provide people with a means to retire (since it does not provide welfare or medical assistance)?

Is it a government which has been honorable in fulfilling a major promise made to the people?

Or is it becoming dishonourable now by changing the retirement game plan midstream and says that because people are living longer so there is not enough monies for retirements.

So now it wants to confound the problem by taking away citizens’ CPF at 55 and later and stash them to grow again for retirements while keeping all the people’s taxes and surpluses for hatching against huge losses incurred by the government due to extravagant spending on their own salaries etc and investments fiasco by Temasek or GIC.

Which is the case now ? Please tell people the truth whether taking CPF away from people at 55 was to help them again or to take their monies to hatch against their own extravagance or reckless investments overseas.

I think the necessity of a national pension for the really old is inevitable. Setting the pension age at 85 is ludicrous. If the government is sincere about a pension, it should ensure that a portion of employer CPF contributions go towards setting up a pension fund and match it. Employers contribute to the CPF not for Singaporeans to buy a house, mind you. If employers wish to give employees more money for their performance or to get loyalty, it should not be contributed to the CPF.

I expect more from ministers that earn lifetime monetary incomes that exceed 10 million dollars, before the inclusion of other financial assets.