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CPF scheme offers security, unworthy of Opposition’s enmity

Political parties should not harp on the Central Provident Fund (CPF) issue, as no other investment is safer than the CPF.

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Teh Oh Kian

Political parties should not harp on the Central Provident Fund (CPF) issue, as no other investment is safer than the CPF.

Nonetheless, a coin has two sides: There are bound to be stakeholders who support the system and some CPF contributors who are against it, because they wish to have full control of their money.

Thoughtful CPF contributors would look to the unexpected rainy days as we age.

If we have more than the Basic Retirement Sum and have monthly withdrawals to cater for our simple daily expenses, we can stand upright and live honourably.

If we do not have any secured CPF sum, the burden on either our family members or the country would be great.

The probability of our living long after the retirement age is high, since Singapore has been able to offer one of the best medical facilities and services in the world.

If we do not have any CPF savings, I would not be surprised if our grandchildren may have to support three generations: Their children, our children, who will be old by then, and us. Eventually, the family may become divided.

Some would inevitably be neglected and become a liability to the community in particular and the nation in general.

I would not be surprised if a big percentage of retirees use up all their withdrawn CPF savings within a few years should they not know how to manage their money wisely.

It is not uncommon to hear of retirees who had been wowed into high-risk investments by financial planners and lost all their savings.

How is this not a lesson to others, especially the “spenders”?

Rather than spend more than S$5 for a cup of coffee, we seniors enjoy a cup of nice Hainanese coffee for just S$1.

It may be harsh to say that spenders are not worth helping if they face poverty in old age because of their extravagance previously, but let us be fair to taxpayers.

Finally, with the amendments to enhance the different CPF structures, these issues should not surface again.

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