Some Singaporeans refuse and fail to see a lot of things about the CPF system.
1. If the govt don’t lock it up, what happens when those people squanders all the money away? They come to govt for financial assistance. Who’s footing the bill? Tax payers, to fund those people who carelessly squander their windfall away. Then the tax rates will have to increase, will you be happy?
2. The govt is paying a certain sum monthly, not at 55, but at the retirement age. This monthly payment, by the way, has no relation to raising the minimum sum. So that’s that.
3. You want the govt to stop raising the minimum sum? Do you know what is inflation? Say they remained the min sum at $80k since 1980. Those folks who turn 62 this year will have only $80k of savings to spend for the rest of their lives. Does 80k then worth 80k now? Min sum needs to be raised to beat inflation. Even at the current min sum, assuming you meet them, you get $1.2k per month. That’s “average”.
4. CPF was enhanced to allow Singaporeans to use them for health, housing. Now you want to go back? What do you need for retirement? Being old, you need money for health needs. You need a house, so govt allow you to buy a house so that you don’t sleep on the streets when you retire. Aren’t these logical? Btw, the same fact that you use your CPF to purchase house, this minimum sum can be reduced up to 50% of your house valuation. Do you know that? Rationale behind that is you “save” on rental by owing the house, so govt reduces the min sum.
A failure, is someone who argues and complains, without even knowing how the CPF system works.