Roy left shiny head high and dry

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An honorable member of the Coffee Shop Has Just Posted the Following:

http://therealsingapore.com/content/...hat-he-replied

I asked Deputy Prime Minister and Finance Minister Tharman the following questions at the Forum on CPF and Retirement Adequacy today.

(1) What is GIC's interest earned in SGD terms since inception (1981)?

(2) Has the Temasek Holdings invest in GIC before?

(3) How much did the government earned in absolute monetary terms, from the excess returns on the CPF, and will the government consider returning some of it back to Singaporeans?

(4) The GIC said before June this year that they do not know if they invest our CPF as it is not made explicit to them, but in June this year, they admitted that they do. Why did the government made an about turn? And this might perhaps be intriguing since the government is also on the board of directors of the GIC.

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Here are the responses (if replied to):

(1) Minister half-replied this question. He said the GIC returns in the last 5 years is 0.5%, 5% in the last 10 years and 5% in the last 20 years. He did not reveal the returns for the past 33 years, since GIC's inception.

(2) Minister replied that Temasek Holdings has never managed the CPF. He said that prior to the amendment to the constitution in 1992, CPF was used to finance infrastructure. After 1992, the constitution was amended to invest the CPF in the SGS which disallows the government to use the SGS for infrastructure and can be used only for investment.

(3) This question was not answered.

(4) This question was not answered. Minister said that the government did not make an about turn.



Roy Ngerng


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