According to the latest propaganda fake news published by Straits Times, the CPF is both a fixed deposit and ATM. Speaking at a ST event, titled “What You Need To Know About CPF”, held at the national library last Friday (Mar 31), The Sunday Times Invest editor Lorna Tan told over 250 attendees:
“Before age 55, my game plan is to treat my CPF like a fixed deposit. After 55, it will become an ATM.”
The event was said to help Singaporeans “learn more about CPF” despite its deliberate spreading of misinformation on the mandatory retirement fund.
CPF is, in essence, a tax where CPF account holders have only limited access and control over the usage of the funds. The CPF Withdrawal Age, Minimum Sum (now known as the Retirement Sum, name change due to negative connotations), interest rates and other new direct-CPF taxes like CPF Life and Medishield Life Insurance, have also been repeatedly introduced and changed to suit the government’s political agenda.
It has been widely speculated that Temasek Holdings and GIC have lost tens of billions and are unable to return the CPF monies in cash especially for the baby boomer generation, and hence the record number of new laws and changes in the recent decade.
Controlling the CPF funds is Prime Minister Lee Hsien Loong, who controls the Monetary Authority of Singapore directly under his Prime Minister’s Office, and also the GIC where he is chairman – a position he inherited from his father. His wife is the CEO of Temasek Holdings and the Singapore President is a puppet appointed and endorsed by him during the presidential election.