Probably these people are in their sixties or older. They are probably 5 to 10
years older than me. Let go back to the 70s. Majority of these are not holding
a stable job and they are odd jobs workers. Around that time, not many
people believing in CPF, they would rather take full pay without cuts, than to
contributing. Expecially late 70s CPF cut was 25%. The average pay at that time was about $1000 for a manager. So how much CPF do they have when
they retired now when inflation have gone so much higher. I know a lot of employers under declared the employee's salary so as to reduce expenses.
For example, you are paid $800 for a supervisor post, your CPF based on $500 with CPF and $300 as allowances. This saved a lot of money for companies, Those were the days where there are loop holes.
So how many of us managed to get by all these years. Because of HDB, that
is where our money have grown. My father would be like them if not for the
HDB at Tg Pagar where he made at least $300K from a $29,800 flat. He bought a resale 3- rm. When he passed away, his 10 grand children each
getting $20K plus from his estate. My father was a PSA Supervisor, his last
drawn pay was about $1300 in 1983 when he retired.
Problems now is there is any money left.
