No reason to doubt CPF's intentions

I KNOW for a fact that many of us do not really understand our CPF (Central Provident Fund) well. To many, it is just one of the many ways our government "hoards" our assets. Over the past two weeks, online postings and discussions have brought this mistrust to a higher level.

To understand the CPF, we must understand that its primary purpose is to help us meet our basic retirement needs. It is on this premise that the scheme was built upon and it is from this perspective that we must look from. All other uses of CPF monies are meant to support this purpose. Therefore, rules are set such that if you use your CPF monies for housing, children's education, insurance, paying medical expenses and investments, they must either help you in your retirement or not affect your retirement.

An example would be if you use your Ordinary Account (OA) monies to fund your children's education at one of the local universities or polytechnics. One year after they leave the course, your children have the obligation to pay back the money plus interest not earned by their parents in their OA. Another example will be, if you want to top up say, your parents' CPF account using your own CPF monies, you can't do it unless you have met your own minimum sum as CPF is meant for your own retirement, not your kids' education, nor someone else's retirement.