MPs offer ideas to improve CPF

[kagemusha]

I think the root of the issue is the government do not trust its people to be able to build retirement fund by themselves.
To a certain extent, this is true. How many times do we see in the news, old uncles and old aunties kena con into giving up their monies for crooks.
What happen to these folks after that? They may not have retirement fund to tide them through the rest of their life.

Many of us will have to be considered savvy enough to build our own nest eggs. But for every single one of us, there could be thousands out there who don't.
Taking care of the masses is what government do. So while I know I am able to make better use of my own money, unfortunately, I don't belong to the majority.

While that being said, the demographics in Singapore is changing. More people are now savvy enough to manage their own money, but bear in mind, even savvy folks can lose money.
Do we then want to pay higher taxes for higher social security safety net? in anticipation for more needy folks?
The money has to come from somewhere, you know.

I do not ask for much, just an increase in interest rate to counter inflation.
And do not keep increasing the minimum amount.
If really not enough money, just move our asses out of Sg to other countries with lower cost of living as per our dear Mr KBW said, with our small change....