sent on Fri, 19 May 2006 to TODAY Newspaper

To The Editor
TODAY, Voices


I would like to give my feedback on the CPF issue. I am surprised that NTUC is agreeable to CPF being sustained as it is. Please be informed that this will be injustice to a lot of workers who are in firms that do not termed themselves to NWC recommendations. The onus will be on NTUC to have the NWC guidelines be mandatory to all companies, firms or businesses, unless they substantiate their losses.
Please note that although this may be a small percentage of the working force, we do not want to marginalize the workers. Many of us have bought flats based on the 40 per cent CPF contributions and took loans for 25 years. Now we are short of contributions to cover the monthly installments.
The employers pay only 13 per cent. If the real intention of the union is to have employees carry more cash than the contributions should be reversed. In other words the employee should be paying 13 per cent and the employer 20 per cent, instead.
I would also like to reiterate, unless we may have forgotten, the CPF is for sole to ensure we have enough funds to see us through and not for the purpose of buying flats. We end up using that bulk of the CPF for purchasing a house and having none minimal from the CPF for food, medical, transportation, bills in later years. I hope that the intention of the NTUC is not for us to sell our flats as collateral. This will only be done on a last resort. Trust me this amount would diminish in a very short time, too and than what.
I would seriously urge NTUC to check with CPF board on the numbers of its members who are in arrears and have no or minimum contributions in their ordinary account. Although the percentage may be small please note that we wish not to be marginalized. We need to be represented and our plights heard.
I also believe that the CPF Board could have invested our special account savings on insurance that will yield better revenue upon retirement.
In view of the above I feel it is unfair to have the CPF not reinstated to its original 50 or 40 per cent in good times. It would be appropriate to have it reinstated and than implement that it would not be “touched” than “touch” it and have it implemented later. I have been looking forward to an increase this year and this is a big let down.