In a secret CPF policy change unreported by the state media, Prime Minister Lee Hsien Loong has given the authority to increase CPF Retirement Sum to S$181,000 by 2020. The Manpower Ministry and Ministry of Finance which are supposed to be in-charge of CPF matters kept the news from Singaporeans, only to be discovered by States Times Review today.
Singaporeans will not be allowed to withdraw their CPF if they cannot meet the Minimum Sum amount. An estimated 90% of the citizen population who have bought a HDB rental housing will be affected.
Previously known as Minimum Sum (name change due to negative connotation), the Retirement Sum for 2017 was supposed to be stopped at S$166,000. Earlier this week, CPF increased the amount by another S$15,000, or 9%.
CPF Minimum Sum from CPF website
The move will further devastate retirement of younger Singaporeans, who are already seeing their elderly struggling for a living collecting cardboard or working as cleaners in Singapore.
Singapore’s CPF money has been used as cheap funds for Temasek Holdings and GIC to make lucrative investments overseas. Heading the two sovereign wealth fund companies are Prime Minister Lee Hsien Loong, who sits as the Chairman of GIC, and his wife Ho Ching, who is the CEO of Temasek Holdings.
The corrupted dictator Prime Minister controls the Monetary Authority of Singapore under his Prime Minister’s Office portfolio, and also control the Ministry of Finance. Since Lee Hsien Loong became Prime Minister in 2004, CPF Minimum Sum have more than doubled from S$80,000. Withdrawal Age has also increased from 55 to 65 years old, while interest rate has been kept flat at 2.5% since 2003.