The Ministry of Finance (MoF) yesterday (June 12) announced that it will be paying elderly Pioneer Generation Singaporean up to S$800 each, in their CPF Medisave Account. Totaling S$180 million, the transaction will take place next month in July electronically to the untouchable Medisave Account.
Public responses to the government’s transfer is largely disappointing as most elderly Singaporeans expected cash handouts due to adverse poverty living in high cost Singapore. Poverty is common among elderly in Singapore with many public seen taking on manual labour jobs like cleaners and security guards earning less than S$1,200 a month.
Just earlier last week, Professor Lim Chong Yah criticised the CPF system saying that the payout is so low it is meaningless.
Singapore’s CPF is a broken retirement system largely due to its low interest rate returns and disadvantageous goal-post shifting tactics adopted by the Lee Hsien Loong administration. The current Retirement Sum (previously known as Minimum Sum, name changed due to negative connotation) is doubled to S$166,000, and retirement age has been extended from 55 to 65.
Prime Minister Lee Hsien Loong engage in open conflict of interests by sitting as the Chairman of GIC, while his wife as CEO of Temasek Holdings, where both companies invest CPF funds from the Monetary Authority of Singapore (MAS). The MAS is a non-independent government entity reporting to Lee Hsien Loong under the Prime Minister’s Office (PMO). Lee Hsien Loong also controls the elected puppet president, Tony Tan, and has recently also re-written the country’s Constitution to pave the ascension of a new puppet president.