When CPF Board announced recently that they will allow topping up of non-immediate family members' CPF account, there were lots of tongue in the cheek comments over the internet.
1) CPF is so desperate for fund that now we can top up our in-laws, great great grandparents ..etc a/c
2) Most prefer to give cash to their family members than top up their a/c. Money deposited into CPF may never see the light of day again. CPF is forever changing their policies to lock up our money.
3) It is more secure and comforting to keep the money in a biscuit tin than in CPF. At least we get to look at it and do what we want with it. Money in CPF is no longer ours, we have no control over it.
Those who has less than the minimum sum of $500 in POSB / DBS would be better off keeping their money in a biscuit tin too. Instead of earning interest, which is almost non existence since it is so low that it is close to zero, they are penalized and have to PAY the bank administrative charges. Even if the banks paid interest, (which they don't) the admin charges will be much more that the interest paid !
Sigh ! Why penalized the poor ? Their saving will be depleted faster. Instead of saving for a raining day, their saving are being sucked away by these heartless banks.