CPFIS system ‘hasn’t worked out’: DPM Tharman

SINGAPORE (Sept 14): The Central Provident Fund Investment Scheme (CPFIS) is set for a review by the Ministry of Manpower, according to Deputy Prime Minister Tharman Shanmugaratnam.

DPM Tharman was speaking at the Economic Society of Singapore's annual dinner on Tuesday when he noted that the CPFIS was not “fit for purpose” as it had not been able to deliver on its promise to help CPF members earn higher returns on their savings.

In the last decade, over 80% of members who invested through the scheme earned less than the guaranteed 2.5% interest per annum if they had left their money in the Ordinary Account, while 45% of them made losses.

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