S’POREANS SOON MAY NOT BE ABLE TO USE CPF FOR INVESTMENTS

The Central Provident Fund Investment Scheme (CPFIS) may be reviewed, Tharman Shanmugaratanm said yesterday at the Economic Society of Singapore’s annual dinner.

He says that although the CPFIS was set up to allow CPF members to earn higher returns on their savings, it has not produced the desire effect.

Data over the last 10 years shows that 80% of Singaporeans who put their CPF in an investment product lost money, and would have been better off just leaving their money in the Ordinary Account. 45% of these people made losses over the same period.

He says the government will be taking up a recommendation proposed by an advisory panel early last month.

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