Central Provident Fund
୬
Z.
Sir, I must now turn to the ever popular subject of
the CPF, which, like Alan Tam never seems to lose its
se
>
appeal.
S.cap.
s.cap.
ہوتا
I must confess that I could
could not always follow
the logic of the
put arguments
forward last week in
support of it. Mr. Hui urged us to think of the average
worker, who could not afford to save for a rainy day and
who therefore needed the CPF. But why should anyone who
cannot afford to save welcome a compulsory deduction
from his
confident,
Hui
was also
to
Mr. wage-packet?
despite recent events, that a CPF would not cause any
problems in the financial markets and would be sure
provide a positive real rate of return. He seems to me
to be over optimistic. Unless the fund were very
conservatively managed, a reduction
reduction in its capital value
seems unavoidable when ever there is a general downturn
in the financial sector.
со
Sc
Sc 14
Mr. Hu thought
the majority of
-
and I agree with him
-
that
workers want to be self-reliant.
However, I cannot see how forced savings lead to
self-reliance,
Mrs. Tam quite rightly pointed out that
but
a CRE would not provide a free lunch;
I suspect
that, behind many of the calls for a
calls for a CPF, there lurks
hope that somehow it would provide everyone with a real
but in fact Mr. TAM Yiu-chung and other supporters of the CPF ask suggestion on the scheme should be subsidised;