CPF is still a sore point amongst many ordinary Singaporeans and the PAP government. Many Singaporeans think that the government is taking an elitist mentality and loaded assumptions, when they decided that Singaporeans cannot be trusted with their own CPF money once they reached the age of 55. Thus, the full withdrawal age for their CPF keeps on increasing, with many lamenting they might not even see their full CPF money till the day they die.
It is the government’s narrative that Singaporeans will squander their own retirement money, thus they do not allow Singaporeans to withdraw their CPF by 55 years old. How do the government come to this conclusion? Is it because they themselves cannot be trusted with their millions in salary? Or is this rule unjustly penalising the average Singaporeans, while the very rich and elite do not need the CPF, because, after all, they are rich, and they have money to burn in their old age.
Therein lies the forgotten dimension of the debate, where the rich do not need the CPF monies to defray their living expenses, they can retire just fine. The CPF retention disproportionately punishes the poor, and these are the folks who will have to work until they die, because they are denied proportions of their lifelong earnings.
So, who was it to say that average Singaporeans are unable to manage their money well? Is this the government’s way of saying that the rich and elite can handle their own financial decisions just fine without any help from the government, while the average Singaporeans are not well versed on how to protect their financial interests?