Business leaders call for CPF monies to be invested in Singapore shares to help 'moribund' market
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[SINGAPORE] Major business chambers and trade associations are calling for workers' Central Provident Fund monies to be used to help revive Singapore's lagging stock market.
"Currently, our CPF money is pooled with our other reserves and managed by GIC. Unlike other jurisdictions where their pension funds have provided strong support for their stock market, Singapore rides against the wave by specifically stating as a policy that the funds managed by GIC are to be invested abroad," wrote the Singapore Business Federation (SBF) in a new economic position paper released on Wednesday.
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