Recently, PAP state media has launched some propaganda on TV regarding the history of CPF, it's interesting to note that CPF scheme, according to Goh Keng Swee was never aimed at creating a welfare state in Singapore but for capital accumulation for government projects.
In retrospect it can be seen that the March 1962 debate marked the death of the proposal to replace the CPF with a social insurance scheme. The matter was simply not raised again.
The next indication that the CPF would continue was the announcement of an increase in the interest rates paid to CPF members on 5 May 1964.
Even the announcement on 25 August 1964, that the Malaysian Government was introducing a disability insurance scheme did not prompt a revival of the social insurance issue from either the opposition or the government.
New light has been cast on these events by Goh Keng Swee. In a recent interview with the author, Goh claimed that he had always intended to retain the CPF to use it as a tool of capital accumulation, and that he and Lee Kuan Yew never had any intention of introducing any kind of social insurance scheme:
MDB: When did you decide to keep the CPF as a permanent institution?
Gob: All along. I thought it was a very useful institution of savings, started by the British. And then I intended to raise contributions when the time came.
MDB: The whole question of the CPF and social insurance, was it tied up with the debate over whether to build a welfare state?
Goh: I don't think there was much of a debate on that. We never believed in the welfare state.
MDB: And that includes Mr Lee?
Gob: That includes Mr Lee. MDB: From his earliest days that you know of?
Goh: Yes.
MDB: So he was never really a conventional British Labour Party type socialist, was he?
Goh: (Guffaws of laughter.)Well, Singapore is a very small place. And a small country does not respondto what you expect a bigger country to react to. In a bigger country you have industries to protect it. But in a small country you can't.(39)
http://findarticles.com/p/articles/mi_go1877/is_1_46/ai_n28766099/pg_4/?tag=content;col1
die already then post about him, why not post earlier when he is alive, no evidences liao