CPF do 10 year study cost 10s of millions. WTF is Happening with the FAP Traitors?

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An honorable member of the Coffee Shop Has Just Posted the Following:

CPF do 10 year study cost 10s of millions?

August 2nd, 2014 | Author: Contributions

I refer to the article “CPF launches study to quiz 25,000 residents on health and retirement needs” (Straits Times, Jul 30).
Considering study since early last year?

It states that “The study’s launch comes after much recent discussion about whether CPF funds are enough for people’s retirement needs, prompted in part by blogger Roy Ngerng’s May 15 post, which alleged that the Government “misappropriated” CPF savings.

But The Straits Times understands that the authorities had been considering having such a study from as early as last year.”

- Why did it take more than one and a half years to say for the first time that there is such a study, since “the authorities had been considering having such a study from as early as last year”?

First time do study?

According to the CPF web site – “Many developed and developing countries have implemented similar longitudinal studies on retirement and health.”
- Is this the first time in 49 years that the CPF Board is conducting a study? If so, why did it take so long, since “Many developed and developing countries have implemented similar longitudinal studies on retirement and health”?

$75 vouchers per respondent?

As to “Market research firm The Nielsen Company will conduct face-to-face interviews and ask respondents to fill up a questionnaire, which takes 1½ to two hours to complete.
Respondents stand to receive supermarket vouchers worth $50 when they complete an interview, and even their spouses can get vouchers worth $25.”
- Does it mean that the costs of the vouchers alone may be about $1,875,000 (25,000 times $75 vouchers)?

Study cost tens of millions?

The costs of employing the interviewers and travel to and from the homes of the respondents may be in the millions, as well as the costs of engaging the private survey research firm.
With regard to “And it is a longitudinal study: A participant will be polled once every two years over 10 years”

- the costs may be repeated 5 times over 10 years.
So, what is the total costs of the study? Tens of millions? Will this be paid by CPF members or taxpayers, since the CPF Board is doing the study?

Still no transparency and accountability?

Arguably, what’s the point of doing such an expensive and very long study (10 years), when there is still no transparency and accountability on our CPF – when the following remain unanswered or un-addressed?:
1) Why is it that whilst it was only recently disclosed that our CPF funds have been managed by the GIC – but a former Manpower Minister replied in Parliament in 2007 that the GIC does not manage CPF funds, and a former Prime Minister also said that there is no link between the GIC and CPF funds?
2) What is the GIC’s returns from inception, since we now know that CPF funds have always been managed by the GIC?
3) What is the average weighted interest on all CPF accounts, yearly, since the extra 1% on the first $60,000 was only effected on 1 January 2008?
4) What is the average weighted interest on the Ordinary and Special Accounts (excluding the Medisave Account) since Medisave cannot be used as retirement funds?
5) What is the cumulative excess returns (GIC’s rate minus CPF average weighted interest) in absolute dollars that CPF members have lost over the years?
6) What is the percentage of all Singaporeans (active and inactive CPF members, self-employed) who reached age 55 last year, who were able to meet the combined CPF and Medisave Minimum Sums of $198,500, since both minimum sums must now (effective 1 January 2013) be met before CPF members can withdraw the excess in their accounts?
7) What is the cumulative surplus (including accrued interest) on MediShield since its inception – now that it was recently disclosed that the excess of premiums to claims in the last 5 years alone, was $2.3 billion?
8) Since it was recently disclosed that Singaporeans have used 55% of their CPF for housing – What is the percentage of their CPF (including accrued interest) that Singaporeans have used in buying the most expensive public housing in the world?
The right study?
Perhaps it may be more useful to conduct a study as to why there is still no transparency and accountability on our CPF?

Leong Sze Hian

P.S. Come with your family and friends to the National Day protest on 9 August 12 pm to 6.00 pm at Speakers’ Corner https://www.facebook.com/events/271583499702725/
Leong Sze Hian
Leong is the Past President of the Society of Financial Service Professionals, an alumnus of Harvard University, has authored 4 books, quoted over 1500 times in the media , has been host of a money radio show, a daily newspaper column, Wharton Fellow, SEACeM Fellow, columnist for Malaysiakini, executive producer of the movie Ilo Ilo (26 international awards). He has served as Honorary Consul of Jamaica and founding advisor to the Financial Planning Associations of Brunei and Indonesia. He has 3 Masters, 2 Bachelors and 13 professional qualifications. He blogs at www.leongszehian.com


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