The Central a Provident Fund, which was once the pride of Singapore, is now in a mess. Many people felt strongly that they should be allowed to withdraw their savings at 55 in full or a significant part of it, while the government insist on locking up a substantial portion to be paid in monthly installments over a lifetime. Both sides have their reasons and each side feel strongly that its view is right. The solution, in my opinion, is to put this question to a referendum. There may be a majority who will support the government view that a large part of the savings should be taken out in monthly sums. On the other hand, the result may be in favor of the opposite camp. The government should be prepared to hear and respect the views of the people.
Posted on: Sat, 02 Aug 2014 01:05:56 +0000