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Opposition must say how it will support seniors who lose savings

Decades ago, many Singaporeans who were ill-informed about the Central Provident Fund (CPF) were sceptical about the scheme.

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Haj Mohamed

Decades ago, many Singaporeans who were ill-informed about the Central Provident Fund (CPF) were sceptical about the scheme.

Thus, some of them colluded with their bosses to contribute less to their CPF in the belief that their take-home pay would be higher.

Ironically, I have met a few of them who wished they could have contributed more to their CPF in their working life, seeing the huge lump sum they received when they retired.

Regrettably for some, their financial independence was short-lived when they lost their lump sum in business ventures, helping relatives or spending on entertainment. The reality is: A few of us may be money savvy, many of us are not.

Political parties who suggest, say, returning CPF savings earlier should also suggest how they would support those seniors who lose those savings in one way or another in a short span of time.

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