i consider my CPF contribution (and employer contribution) as taxes - taxes paid today for future government benefits that i may enjoy ("pension", housing, medical, etc).

that's a 20% salary haircut already, on top of the bit of tax to pay Q1 every here. so to foreigners who complain of high taxes in their countries, we aren't so different i guess.

ways to use CPF monies, lock-up, rates of returns, etc. are subjected to the government's whims - an asset is no longer an asset if you have no control of it... thence my view of CPF as above.