If one does not pay attention - one would have thought our govt has introduced another new scheme. We have been calling it CPF for years since its introduction. Is using the 'new' reference name meant to down play the negative image of CPF ? Or perhaps it is to 'boost' international image that we have a 'pension' scheme rather than force saving which we the citizens has no control over ?
By using the word pension -it evokes the meaning of someone of retirement age claiming or receiving a sum of money regularly from the govt or private company.
We do NOT receive any pension from the state. Whatever money in the CPF is our own saving which the govt dictates what we can and cannot do with it - when we can draw it out, how much we can draw out,etc. The list of things we can and cannot do can go on...and on. That is how much restriction they imposed on money that does NOT belong to them. The CPF policies are forever changing with the ultimate aim to suck more money from us. Its image is getting from bad to worst over the years.