Great news rents up now wonder politicians and friends own them
Article says average $490, its more like $7-800
Maybe you should take the time to find out how all this work.
Both CPF and HDB are statutory boards, separate from the Government coffers.
CPF (Central Provident Fund) is a compulsory savings scheme for Singapore citizens and permanent residents with wages under a set limit.(It does not apply to self-eployed)
The money goes into each individual’s accounts, not a common pot.
The employers pay a set % into the account the employee’s account as a % of wages monthly basis. This is divided between X% deducted from the wages and Y% contributed by the employer (Presently 20% and 17% respectively):
The money in the individual accounts earn interest at a rate that is better then for savings account in the bank. (Presently: Ordinary Account:2.5%
Special, MediSave and Retirement Account: 4%
The money can also be used for down payment on a HDB flat, or to by private properties:
They can also be used to invest in approved schemes and funds (but not for risky speculations):
When you pass away the balance on your CPF account does NOT go to the Government, but to those you have nominated:
If and when you move permanently from Singapore you can withdraw the balance of your CPF account (as I did in 2016):
As far as I have experienced Singapore this last 60-odd years, I find that your scare stories and negative view on everything about Singapore, (the Singapore Government in particular) is just hogwash.
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Perhaps you should read more….
The money goes to the gov in a common pot, treasury gives an iou to the cpf board
Hoping they gov can earn a return on that to afford the interest that will be paid out when you start to withdrawl
As the public learnt with the last $500 billion of debt issued the gov said we need the cash for future CPF repayments hence admitting they are struggling to make that return.
Hence its no longer a secret from the public whether the cpf boards balance is up or down due to the govs return
A bit like they can never say if its an asset or a liability for the gov.
Added to issued debt would push Singapore to about $2 trillion dollars of debt.
Giant interest bill….
You get a statement just like a bank but there is no box with your money assuming you know how banking works?
Using your pension to fund your house, the gov swaps bricks at their value for your cash and you owe the money back to cpf board if you sell with the interest, if you dont sell you retire with that cash in your apartment for a reduced pension.
Just to scheme to ramp up the prices and make money for the gov.
all hogwash things are great here but your the only person that thinks so.
Yes I know how banking, insurance and pension funds work. CPF works a bit like all those + as medical insurance (Medisave) and investment account. (CPFIS)
PS> People are voluntary putting extra money into their CPF account because of the higher interest rate and the safety guarantee it offer over bank savings.
BTW; what is the sources of all that you claim to be facts about the dire strait of Singapore’s economy?
No, that somebody that claim to know told you is NOT verifiable facts.
The gov printed it in the newspaper, talked about in parliament
The pathetic throw away line, we have no net debt is a joke, unless your a bankrupt African country I bet there isnt a western country in the world with net debt.
USA $35 trillion debt but gov has nearly $300 trillion of assets.
Considering the GDP is a trading one ( artificially high) it makes debt to actual gdp huge.
Borrowing has increased and they said will need to top up cpf
GLC’s make no money any more ( quote from previous PM in his long youtube on reserves BUT they have edited out the graphs showing income sources where he explain why they cant dip into reserves as they dont earn the money to put it back) so the borrowing started in about 2000. Sure for 20-30 years prior SG did fantastically well.
The fundamental problem is for all the gov investments they make very low return over the long term and its certainly lower than what they repay on CPF investments.
Now that more and more as a percentage of people are retiring its becoming an issue.
Previously CPF was free cash for the gov as most were paying in, now with aging demographics payouts are increasing. payout up age upped from 65 to 66 in 2025.
Inflation means the locals need higher payouts to survive.
Goh Kengs Swee famous speech ( against gov policy at the time) on future problems have come home to roost as the gov took the cheap labour route rather than allow free thinking entrepreneurs as thats a threat to power. Low productivity and low skills base doesnt cut it when currency and cost go up, just like he predicted.
Imagine the Govs interest bill debt plus cpf?