CPF due to members increased by 149x?

Photo:STPhoto:ST

Is CPF an ever growing “hole” like HDB?

After writing “An unofficial history of the CPF?” (Apr 9) – my regular insider ES sent me some more historical information on CPF.

After some computational analysis – you may find the following statistics quite interesting:-

… in 2017 – contributions ($32.3 billion)¬† exceeded withdrawals ($19.9 billion) by $12.4 billion ($32.3 – 19.9 billion)

contributions have increased by about 47 times, from $687 million in 1974 to $32.3 billion in 2017 ($32.3 billion divided by $687 million)

… in the last 43 years or so, from 1974 to 2017 – the excess of contributions to withdrawals has increased by about 23 times, from $533 million in 1974 to $12.4 billion in 2017 ($12.4 billion divided by $533 million)

… the amount due to members has increased by about 149 times, from $2.4 billion in 1974 to $360 billion in 2017 ($360 billion divided by $2.4 million)

To what extent has Singapore’s historical economic success been due to our unique CPF system, and arguably the financial woes of some Singaporeans?

The Singapore Democratic Party said (19 September 1984) “(CPF is) a PAP created Frankenstein which has come of age and is now getting out of control”.

Leong Sze Hian

About the Author

Leong
Leong Sze Hian has served as president of 4 professional bodies, honorary consul of 2 countries, an alumnus of Harvard University, authored 4 books, quoted over 1500 times in the media , has been a radio talkshow host, a newspaper daily columnist, Wharton Fellow, SEACeM Fellow, columnist for theonlinecitizen and Malaysiakini, executive producer of Ilo Ilo (40 international awards), invited to speak more than 200 times in over 30 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of Indonesia and Brunei. He has 3 Masters, 2 Bachelors degrees and 13 professional  qualifications.