In 1984, founding PAP member, Dr Toh Chin Chye, spoke out against a report recommending that the PAP government increase the withdrawal age limit for Singaporeans from 60 to 65 years old.
In an impassioned 25 min speech that drew loud applause when he concluded, he asked for an assurance from the Ministry of Health that they would not pass a law that CPF savings could not be withdrawn until the account holder died.
Dr Toh added that the Howe report, as the recommendations were called, had caused uneasiness in the minds of the people.
30 years later, we are all seeing the effects of the people’s blind trust in the PAP government. Withdrawal age is up, and the amount that people can withdraw is so little that it can barely feed many Singaporeans, forcing them to work by collecting used card boards.
When I first joined the workforce, I subscribe to the scheme and agreed with the plan that I will get ALL my CPF monies when I turn 55, not part of it… all of it.
Neither do I agree to set aside a portion of it into “medical insurance scheme” or what not.
The CPF that I subscribe to before has morphed into something different that is unrecognisable … I didn’t subscribe to part CPF withdrawal and CPF minimum sum.. that was not the plan when I join the workforce.