The age old tale that has been told to us by our ah gong is that the CPF is OUR money. But is it really? One Facebook user Valerie Chin took to Facebook after being bugged by the CPF board to pay back her "loan" with interest. She paid her polytechnic school fees through her own CPF account.
This is what she said:
I'd like to share my experience with cpf board:
Some years back I took out education scheme to fund my full time poly studies.
It's my own cpf account paying for my own studies.
Things didn't go so well and after that I was in some trouble and had financial problems so did not pay back this education "loan".
So they have been sending letters demanding for payment + interest.
Recently I received a letter demanding for payment and threatened with legal action for, I reiterate, a "loan" I taken out of MY cpf for MY education.
So make no mistake about it, cpf is never our money. If it is and it's supposed to be our retirement fund, why can't I have free use of my money for self enrichment?
If CPF IS our money, why do we have to pay it back with INTEREST? Furthermore, she was just using it for her own studies. Weren't they also encouraging people to further their education as well? If they aren't allowed to use their OWN money for their OWN education, how are they supposed to find more money for themselves?
https://www.facebook.com/photo.php?fbid=859396611081709&set=a.859396637748373&type=3&__xts__%5B0%5D=68.ARC4vkADPt4oLi7phTUlQZ0y8LpIUIxQuhuh5Towr9jmZ2eoYmLhP26vOmoQ4waXNKZ73gPLOdBvedbytJB91QgkuQeebNjxMIxkXEi_CPg8WldARFUAPuvO4iQRv86CkuX4lqqw5Z8bLo0mgTuVqWDiicuhWsEmhzMfL69RlEdufZ1zh-sQ8L1bxFZQwzsyCcxOzCVDoFN5XIJc9zqii3rtTC75m-2zgGstQWWG6Rq9GvZ-jnNP2rpl4o6DXP8-goR3G2JMqMS-xKHeCyU8ol3RhQ6ozp6FokYZ5aZuln2zFlT7Fo2sOvzwq74rQYJu8QvgHmOZ-9Hvi1tcMRdNeDWarey7&__tn__=H-R
