When news broke last night that the Government is reviewing the CPF interest rates, the initial reaction was that voices from people like NMP Laurence Lien were finally being heard. Lien thinks that the Singapore Government should share more with Singaporeans if it is able to make more in its investments using CPF members’ monies. ("Joint responsibility for old age income security", ST 21 July).
Instead, Deputy Prime Minister Tharman Shanmugaratnam is thinking of providing options for CPF members to undertake higher risks to earn higher returns than that afforded by the CPF Investment Scheme system. Maybe a free pass to the casinos is in the works. He said, "The Government is not a commercial entity that needs to be profitable and obtain compensation in return for taking risks," without referencing the double digit returns claimed by its investment arms and where those juicy commercial returns are parked.
One blogger pointed out that the GIC website FAQ clearly states that they (before June) do not know if they invest our CPF because it is not made explicit to them. Now (after June) Tharman is saying GIC knows it is managing Government assets, including sources from the Singapore Government Securities (SGS) mechanism which is the official conduit to the CPF cookie jar. The similarity to SIA's honesty about flying over Donetsk, before and after 17 July, is unmistakable.
"We can't let McDonald's or Yum China know that we add (chicken skin)," the same China worker said about their unsavoury practices. "They won't let us do that. Otherwise, we would lose the contracts. Who wants to do business with you if you break your promise?" It remains to be seen if the people will continue to do business with the ruling clique after all the broken promises.