With such generous HPS rebate, questions surface about the profitability of the scheme

It was reported that 760,000 CPF members will be getting a HPS “rebate” of about $500. CPF Board said that; “The rebates arise from better than expected investment gains and lower than projected claims experience.”

The rebate will total some $640,000,000.

The last such rebate was 5 years ago in November 2015, where some 949,000 CPF members received about $400 “rebate”. The exact same reasons were given: “The rebates arise from better than expected investment gains and lower than projected claims experience.” (Exact words from 2015 CPF Board press release.)

The “rebate” before 2015 was 9 years before that – in 2006. In the last 2 “rebate” exercises, the total was more than $1 billion given back to members.

What is missing are questions from the media:

1. How much did CPF collect in HPS premiums?

2. How much was paid out in claims? How many claims were successfully made?

3. What was the CPF Board’s “projected claims experience”?

4. How much was made in investment?

5. Is the CPF Board collecting too much from premiums?

*Back in 2018, there were also questions raised about the huge disparity of Medishield Life premiums being collected, and the amount paid out.


Andrew Loh

 

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16 Responses to “With such generous HPS rebate, questions surface about the profitability of the scheme”

  • CPF: what no govt. must do:

    There are worse things in life than death. Have you ever spent an entire evening with an insurance salesman? Anyway we have a great insurance policy at work. Have you read it? The benefit is that if we die, our families no longer have to pay the premiums….

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  • Eddie:

    Surprisingly the rebates by CPF coincidentally happen when GE is forthcoming!? The same happens with CNA propaganda of the days of yore being broadcast to advertise for the ruling party. The expected Budget on 18 Feb will be giving money to buy your VTO?? As in the latest Malaysian GE: when the govt gives you money – take but you can VTO!!

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  • “The rebates arise from better than expected investment gains and lower than projected claims experience.”

    The God of No Mercy did not call Singaporeans daft for nothing.

    CPF probably has been making money year in and year out, but these so-called returns are always announced only whenever a certain GE is near the corner, you need not a PhD to figure out why, dio bo?

    AFTER the March GE, then all these goodies will be taken back multiple folds in GSTs, Transport, utilities, etc etc etc.

    No believe me, lets wait and see?

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  • Harder Truths:

    FFS – a rebate is a subsidy – you pay for it from the back pocket – not the front. It is taken out of the taxes and other fees taken from you elsewhere.

    If you are still paying the FULL FEE then what is all the fuss about? Just another magic trick to keep you from focusing on the real problems.

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  • Realistically:

    @ Andrew Loh

    Let me begin by saying I hv no clue as to what HPS is all about.

    However as to the CPF Board’s claim of “better investment gains”, the reality is that as of December 2019, there was around US$12 Trillion in negative interest rates.

    See what GIC CEO Lim Chow Kiat had said about the investment climate of world wide low interest rates and how this has knocked out GIC/TH/MAS expected “investment returns”.

    It is just GE handout lah, in my opinion, after the PAPies have been found out of its policy failures necessitating increased water rates, etc etc , and akan datang GST.

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  • Dr. Chan:

    PAP uses same trick and tactic every GE cycle. Singaporeans (at least 70% of them last GE) are proven to be stupid.
    Let’s see if the percentage increase or decrease this coming GE.

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  • Please, not generous rebate:

    This is simply returning premiums that we have been overcharged.
    This cannot be called generous.

    The CPF Board, as trustee of our CPF money, is simply returning some of our own money.

    If I take $10 from your pocket and return $5 to you, are you going to call me generous?

    The most important follow-up questions are:
    1)When are the medi-premiums going to be “rebated”?
    2)When are we going to get our fair investment returns instead of a suppressed 2.5%? There are billions and billions of our returns that need to be “rebated”?

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  • Bapak:

    And the story continue….the thief (you invited to your house) who told you he will give you 5 cent if you give him one dollar, suddenly tell you he will give you $5 & you dont have to give him a single cent this month.

    He knows, because you are planning to kick him out. If you continue to accept him, dont blame him lah…blame yourself stupid.

    There is a Chinese saying……where got such a big frog jumping on the road?

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  • Bapak:

    Suddenly, there are so many jobs for Singaporeans, 5 to 1 PR on 2019 investment. So many good news to feel good. So many good things they have done. So concern & care for Sinkies welfare. And lifts in every floor to be built. So good & caring government we have. Foreigners are so impressed, very envy. They also want PAP. (Pls go ahead take them home.)

    What statistics before 2019?

    Now you understand why they need the “best” mind to tibu you to their advantage. GE is coming lah!

    After GE, Sinkies are lazy, choosy, without skillset whereas PRs are pre-selected. The bs continue. Then, they are already back in government to screw Sinkies further.

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  • pap S$m folks all very lazy:

    Please, not generous rebate:
    This is simply returning premiums that we have been overcharged.
    This cannot be called generous.

    The CPF Board, as trustee of our CPF money, is simply returning some of our own money.

    If I take $10 from your pocket and return $5 to you, are you going to call me generous?

    The most important follow-up questions are:
    1)When are the medi-premiums going to be “rebated”?
    2)When are we going to get our fair investment returns instead of a suppressed 2.5%? There are billions and billions of our returns that need to be “rebated”?

    very well said, bro.

    agree.

    it is not given by pap. it is a refund of what has been taken from us, a portion of what has been taken from us.

    where does the pap S$m they pay each other come from? from us.

    since it is GE2020 soon, pap folks figure why not give the sheep some crumbs and make then sheep more so that pap folks can pay each other S$m for 5 more years.

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  • REGIME CHANGE is the solution:

    Isn’t this “vote-buying” using the voters’ own money? Another compelling case for REGIME CHANGE.

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  • Sinkie:

    We’ve been overcharged everywhere . . .

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  • Steven Tan:

    I would love to have our opposition members raise the questions highlighted by Andrew Loh in parliament.

    Those are really good questions from Andrew

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  • NotMyProblem:

    “Rebate”, “subsidy”, “voucher” are some of PAP’s hypnotizing words used on Singaporeans.

    Once anyone of these words is used, Singaporeans forget about GST, levy, fee, tariffs, charges.

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  • No use:

    As usual its “see no touch” kind of “gift’ from gahmen.
    Dont we love it!

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  • TruBlu:

    Ah,HDB SELLS OVER-PRICED FLATS IN PRIMARY MARKET.
    LET PRIVATE BE PRIVATE N PUBLIC BE PUBLIC.

    NO MORE CRAPPY rea$ons!

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