NSP’s Lim Tean calls for more freedom with CPF
Speaking at a rally in Sembawang GRC, the NSP’s Lim Tean (picture) took aim at the Central Provident Fund, comparing it with what he said were higher returns generated by Australia’s retirement fund schemes. Photo: Jaslin Goh
SINGAPORE — National Solidarity Party (NSP) acting secretary-general Lim Tean took aim at the Central Provident Fund (CPF) system at the party’s rally yesterday, questioning the “low returns” on savings and saying more freedom should be given to Singaporeans on its use.
Speaking at a rally in Sembawang Group Representation Constituency (GRC), Mr Lim compared the CPF to the superannuation funds in Australia — retirement fund schemes — that he said generates higher returns. Singaporeans, he said, should ask the Government why the CPF, which offers interest rates of up to 3.5 per cent per annum on the Ordinary account, is not offering more.
“If the Government is concerned about Singaporeans in retirement, and they want Singaporeans to lead a dignified life, a comfortable life, they should be returning you at least 15 per cent on the CPF,” he said, adding that the Government should better account for how CPF monies are invested and returns calculated.
Citing the example of a man he met on a walkabout who did not have money to perform the Muslim Haj, Mr Lim also said Singaporeans have “every right” to do whatever they want with their CPF monies.
“(The Government says) that some people, after they get their CPF monies, they go to places like Batam, they squander their money. They never give you figures to show you how many of these Singaporeans actually squander their money … But even if they are right, the CPF money is your money. You have every right to do whatever you want with that money,” he said.
Also taking the stage yesterday were the NSP’s Sembawang GRC candidates Ms Kevryn Lim, Mr Eugene Yeo and Mr Spencer Ng, who spoke on the issues facing ordinary Singaporeans such as the rising cost of living, housing prices and overcrowding.
Mr Ng also revisited the issue of foreigners causing stress and “unfair competition” in the job market in Singapore.
He also said it was “not fair” that Singaporeans be penalised for the mistakes of foreigners, citing the recently enacted liquor laws, which bans drinking in all public places from 10.30pm to 7am every day, which he blamed on the Little India riot in 2013.
“Just because of a riot in Little India, all the uncles in the whole (of) Singapore are unable to gather in their favourite coffee shop to chit-chat over a glass of beer?” Mr Ng questioned.
