According to a “longitudinal study” conducted by the Central Provident Fund (CPF), 40% of Singaporeans at aged 55 left their money in the CPF. In its propaganda fake news, the retirement fund statutory board cherry-picked its comparison and praised itself for having “higher interest rates” when compared to bank savings instead of the returns of other superannuation funds:
“A sizeable proportion did not make withdrawals after turning 55 years old, hence allowing their funds to continue earning higher CPF interest rates compared to bank savings deposit rates.”
At age 55, Singaporeans are able to withdraw a minimum of S$5,000 – a huge reduction compared to the original CPF system where the full retirement sum is returned upon reaching retirement age.
The CPF Board also revealed that 40% of those who withdrew are in financial hardships, and needed the money for debts and expenses. The government commented that this group are usually those with more children or poorer health:
“A relatively higher proportion of members in this group also reported poorer health status, with some indicating that the funds withdrawn had been used to pay for medical expenses.”
The other 51% majority of those who withdrew left their money in the bank, and refuse to place their money with CPF.
Singapore’s CPF retirement funds are directly managed by Prime Minister Lee Hsien Loong, through his “double-hat” as the Chairman of sovereign wealth fund company GIC. Since he inherited his premiership from his father in 2004, the dictator PM depressed CPF interest rates at 2.5% to gather more liquidity for his overseas investments. The corrupted Prime Minister draws an undisclosed salaries as Chairman of GIC, on top of his world’s highest S$2.2 million-a-year premiership salary.