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From Fabrications About The PAP:
Joe Augustine interviewed Prof Chia Ngee Choon on the misrepresentation of her lecture on CPF by StatesTimesReview & A.S.S. :
Something didn't smell right about this extensively shared article, so I tracked down the economist referred to in this article - to clarify if this was indeed what has been opined. And guess what? As far as she's concerned it is a complete misrepresentation - not only taken out of context, but placed into a new wholly made-up context.
In response, she wrote, "Just want to place on record that I did not slam, lash out and criticise as the article suggested". In fact, the gist of her presentation is completely the OPPOSITE of what is portrayed here. (The word "SLAM" was used in another headline to promote this story on the A.S.S. and their FB page - which was quoting this article).
This is what she DID say. "Young entrant workers they can look forward to achieving an income replacement rate (an indicator of retirement adequacy) that is comparable to OECD countries as long as they work consistently and made prudent choice on housing purchase ie buying a home within their means."
Also, she said that she "highlighted that the CPF has tried to enhance adequacy of older workers by increasing contribution rates for workers age 50 and above and giving higher return - 6 percent for the first 30k of CPF monies for those age 55 and above."
"Then I presented a simulation study on the viability and fiscal sustainability of giving basic pension support to the bottom 20 to 30 percent of the elderly, subject to means testing. The results show that having a robust economic growth is key to sustain such a system."
I don't know if you find it necessary to share THIS post with your friends - but I DO hope more people will take a moment before they become inadvertent propagators of untruths.
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