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I REFER to last Friday's reply by Mr Lo Tak Wah of the Central Provident Fund (CPF) Board, 'Options available for earlier CPF returns', in response to my query last Wednesday ('CPF investment funds: Move them more quickly').
Mr Lo's reply does not clarify how CPF members benefit from their funds sitting in low-interest earning CPF investment accounts for two months before they are transferred back to their CPF ordinary accounts. The reply restates what was in my earlier letter.
Yes, CPF members may instruct the transfer to be done immediately. But why should they be put through that trouble?
Secondly, what about those who are not aware of this two-month delay or simply forget or are unable to carry out the transfer? Why should they suffer the loss of interest?
It seems the delayed transfer can only benefit banks at the expense of CPF members.
Thomas Mathew Koshy
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