Your CPF is *ahem*

December 27, 2005
Singapore Democrats

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The Rhetoric

“Our CPF system based on individual savings is sound. The CPF will provide a basic retirement pension for most Singaporeans.”

– PM Lee Hsien Loong, May 1, 2005

The Reality

 “As of last year, only about 40 per cent of active CPF members who turned 55 meet the CPF minimum sum of $84,500. Of these, slightly more than half had set aside no more than $40,000 and had to pledge their properties to make up for the shortfall. The CPF Board estimates that 10 economically active persons are supporting one elderly person. By 2030, only 3.5 persons will be supporting one elderly person.”

– Straits Times, Dec 18, 2004