14 Aug '11, 9am

Citizens' CPF money \\"safe\\", says MOF

SINGAPORE: The Ministry of Finance said Central Provident Fund (CPF) money of citizens is safe, and that it has the full backing of the government. The ministry was responding to concerns expressed by the public over CPF monies, which are usually invested in bonds guaranteed by the Singapore government. The ministry said CPF monies are safe, because the government is in a strong reserve position with assets exceeding liabilities. The ministry's website said the strong reserve position can be seen from the investment returns made available for spending on the Government Budget or Net Investment Returns Contribution (NIRC). The NIRC is currently about seven billion dollars each year. The NIRC of about S$7 billion is drawn from returns on assets in excess of the liabilities, not gross assets. This means after deducting all the governments liabilities, including CPF monies, th...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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