$21.9b – CPF savings used by 996,000 members for housing needs
Since about 80% live in HDB – how much money may eventually become worthless, when the lease expires?
416,000 members received monthly retirement payouts
$2.2b in monthly payouts disbursed in 2021
Does the above mean that the average monthly payout per member was about $441 ($2.2b divided by 416,000 members divided by 12 months)?
Is our CPF system, arguably, a success or failure, compared to other developed countries, in the light that we have the highest contribution rate and lowest interest (return) (2.5% Ordinary Account), in the world – and an average monthly payout of $441?
$7.4b Withdrawals ($5.3b Reached 55 & have set aside their CFRS in RA + $1.5b Death & reduced life expectancy + $0.6b Leaving S’pore permanently) + $1.12b Direct medical expenses + $1.2b for 775,000 Claims from MediShield Life coverage
$1.5b (est.) Private insurance premiums
$6.7b (est.) for Housing
(Inflows exceed outflows by $24.58b ($44.7 – $20.12b)
So, from a cashflow perspective – does it mean that we may not be spending any money in our CPF system?
$1.8b Extra % (9.8% ($1.8 divided by $18.3b)) out of $18.3b % credited to members, 3.6% ($18.3 divided by $505.7b) average % for the year)
2m of 4.1m Inactive CPF Members
$505.7b Members’ Balances
What is the difference between the returns derived from investing our CPF, from the inception of CPF, & the % paid to us?(estimate 6.0% – 3.6% x $505.7b = $12.1b?) (2021)