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“I have developed a deep aversion to welfarism and social security…What we have attempted in Singapore is asset enhancement, not subsidies. This has kept the people self-reliant, keen and strong…Most have hoarded their growing wealth and have lived better on the interests and dividends they earn.”
– SM Lee Kuan Yew, ‘The Man and His Ideas’, 1997
“I don’t even have enough money for the water bill. I’m very scared the PUB will cut the water next year.”
– Mdm Mathiah Rajamani, 48, on not having $50 to top up her CPF account to qualify for ERS cash handouts, Straits Times, Dec 14, 2002
“…The average Singaporean worker would have a staggering 75% of his assets locked in housing upon retirement, compared with only 20% in the U.S. By the age of 62, the average Singapore worker would be classically cash-poor and asset-rich. His CPF savings would generate a paltry income worth a quarter of his pre-retirement pay, barely enough to cover subsistence.”
– Straits Times, Feb 5, 2003