Monday, July 23, 2007

CPF Board has too much free time

I believe the CPF Board has too much free time on their hands. Do you know that Singaporean students can borrowed from their parents' CPF accounts to pay for higher/tertiary education? But do you know that the CPF Board have an enforcement department to make these students pay the money back into their parents accounts? Even when the parents did not asked them to?

Manpower Minister Dr. Ng Eng Hen says that 13 percent of these students have not been able to pay back the money despite the Board's enforcement efforts. I can guess why.
1) The parents did not ask their children to pay back the money. I mean would Dr. Ng Eng Hen asked his children to pay back all the school fees he spend on their education?
2) The parents were paid back in cash! As they can't take out their CPF, why would the parents asked the children to pay back the money to the CPF? I wouldn't!
3) They don't have the money to pay.

My main gripe is why is the CPF Board chasing after the money when no one is asking them to? If the parents involed are asking the CPF Board to help them recover the money, ok! But if the parents aren't asking for help...why is it involed? Parents pay for their children's eduaction, how many of them will ask for their money back from their children? Dr Ng say that only 40 percent of active CPF members turning 55 are able to meet their CPF minimum sum. But if the parents are happy about it and aren't asking the Board to chase their children for the money, so what? It's their account and their money. Why shoud the CPF chase students for money for their parents, who are NOT asking for any help?

Answer: They have too much free time on their hands.

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