WP: Govt should strengthen CPF fund

Workers' Party (WP) candidate Chen Show Mao suggested yesterday that the government should strengthen the Central Provident Fund (CPF) model and grow the people's money, as recommended by the World Bank.

Mr. Chen, who was speaking at a rally for Moulmein-Kallang Group Representation Constituency (GRC), near Kallang Avenue, said that the government should look into a pension fund model.

“Inflation is close to five percent. Does a 2.5 percent interest rate on CPF represent a good return?” he said. “After you use CPF for housing and other needs, will you have enough to retire when you reach 62 (years old)?”

“We suggest Singapore follow international best practices recommended by the World Bank and study the feasibility of a pension fund model to enhance the returns on our CPF monies,” said Mr. Chen.

Meanwhile, Mr. Koh Choong Yong, WP’s candidate for the Sengkang West single-member ward, repeated WP’s call for the GRC system to be abolished, saying the PAP candidates are riding on the coattails of civil servants.