The CPF system used to be the pride of Singapore. It was a good and fair system. It was popular. It helped to build up the economic backbone of Singapore during our early years.
However, the CPF system has become quite unpopular in recent years. Some of the complaints are:
a) Low interest rate paid on the savings
b) Frequent changes in the rules on the use of the CPF savings
c) Delay in withdrawal of the savings at and beyond 55.
d) In spite of the high contribution to CPF, many people find the retirement income from CPF to be inadequate.
Many people have started to distrust the CPF system. They consider it another scheme by the government to take away their savings.
We need to revise our approach towards CPF. We need to rebuild the trust in the CPF and let the citizens know that they are getting a fair deal.
Here are my suggestions:
https://tklcloud.com/Feedback/feedback2.aspx?id=1171
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