[redbean]

so many amendments have been passed in parliament authorising the govt to do anything they want with the people's money in the cpf. these monies are the hard earned monies of the people, their own money. why is it that the people allowed the govt to dictate how and when the money will be returned to them? why is it that the people are so quiet when their hard earned money are legislated away, beyond their reach?

other than being the govt and being able to legislate laws, is there any sound basis or justification for the govt to keep the people's money at will? the claim that all these are done to protect the people and provide for old age is not a good reason to lock up the people's money. if such a basis is deemed good enough to justify the current cpf rulings to retain the people's money, then the same reasoning will be good enough to justify keeping the people's money to 100 years, 120 years, and the minimum sum can be increased to any amount that the govt claimed to be necessary.

technically, many people may not live to see or use their hard earned monies. or realistically, a certain percentage of the people will definitely die before touching their cpf monies
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what i posted is just my personal view. feel free to disagree.

[redbean]

redbean said...
singaporeans used to be cash rich in their cpf savings. that was only a few years back. then some wise men had better ideas. all the historical data and charts showed that investment in stocks will in the long run outperformed the miserable interests from bank deposits. everyone was so sure of this sure win formula. and cpf rulings were liberalised. all the monies poured into stocks.

then came the financial crisis and the stockmarket crash. the bubble burst and all the cpf accounts also burst. money wiped away overnight.

the wise men got more cautious. still must find some secure investments with good returns and low risk. ha, unit trusts managed by professionals. unfortunately unit trusts also lost money.

what else is there. insurance, annuities, very safe. so all the old men who are deemed incapable of looking after their cpf monies are encouraged to buy annuities. cannot go wrong one. no third time unlucky. all the recommendations have been thoroughly thought through with statistics and historical evidences to back them up, just like investing in stocks and unit trusts.

can insurance companies go bust? what if one big one got into a mess with a staff like nick leeson? banks also went bust. whatever can happen will happen. mr murphy is always right.
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what i posted is just my personal view. feel free to disagree.

[redbean]

everyone who is reading this and want his/her cpf money back, please just at a simple comment, 'cpf is our money. we want it back.'

no one has the right to keep our money and tell us when they are going to return to us and how much to return to us. we want our cpf money back when we reach 55.

no go to the minimum sum.
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what i posted is just my personal view. feel free to disagree.

[redbean]

raising cpf withdrawal age

what has raising retirement age got to do with raising cpf withdrawal age? keeping the people gainfully employed is the job of the govt and good for the nation. raising retirement age means we can retain more workers in the pool and be less dependent on foreign workers. keeping the cpf money is a totally different thing.

the cpf money is the worker's money and there is an agreement between the govt and the people when this money is to be returned. by changing the rules and date for returning this money to the people is a breach of good faith and the written agreement provided in the cpf acts. amending the cpf acts does not reflect well on the sincerity of the govt. the people is beginning to lose their trust on the govt on this matter. the govt has no right to keep the people's money at their whims and fancy.

the thoughts of changing the cpf acts again, and the union thinking of championing this movement will see a repeat of the time when howe yoon choong tried to raise the withdrawal age. the repercussion is grave. if the govt and ntuc think it is wise to try it again, only time will tell whether the people will go along with it. the ntuc, at the higher level, will try to push it for its own reasons. union leaders will have to go along. but are they really sold on the idea or deep inside they are strongly against it? they have to carry the people and the union members with them. will their members go along? will the people go along. we will see how far this top down, shafting into the people's throat policy will go.

we will continue to hear that the ground is sweet and the people will support such policies. just wait for the straw that breaks the camel's back.
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what i posted is just my personal view. feel free to disagree.

[redbean]

redbean said...
with all the new conditions attached to cpf withdrawals, the minimum sum, medisave and the raising of withdrawal age, are the malaysians with cpf affected? are they still allowed to take all their money at age 55?

or are singaporeans again getting a worst deal than foreigners on this?

November 11, 2005 9:51 AM
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what i posted is just my personal view. feel free to disagree.

[redbean]

CPF Medisave Required Amount to be raised to $38,500
‘SINGAPORE: From January next year, the Medisave Required Amount (MRA) in the Central Provident Fund (CPF) will be raised to S$38,500 from the current S$32,000.

The MRA refers to the amount that must be set aside in the Medisave Account, after the CPF Minimum Sum requirement has been met.

The CPF Board said those who have met the CPF Minimum Sum and have an MRA shortfall at the point of withdrawal have to make a top-up to the Medisave Account....’
This is the latest. Does anyone want to ask the CPF Board who gives them the authority to raise the minimum sum? Who does the Board think they are?
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what i posted is just my personal view. feel free to disagree.

[redbean]

Simply said by ‘First Step’

This blogger posted a very simple but very effective explanation of the state of affair in the CPF scheme and how CPF account holders could kiss their savings good bye. And I quote,

‘First Step:
December 22, 2012 at 5:41 pm (Quote)
First Step – Increase Medisave. Second Step – Increase Medical Fees. Third Step-Increase Medisave Again. Fourth Step - Increase Medical cost again. Fifth Step – the cycle repeats itself, forget about seeing your CPF money again. Can just dream about it. Vote PAP out this Ponggol BE.’
This simplified statement says it all. And it can be duplicated for cost of living. The higher the cost of living the more needs to be kept in the minimum sum account. When cost of living increases, raised minimum sum. Keep raising the cost of living, the minimum sum will keep going higher in sync. It is like throwing money into a bottomless pit, never to be filled, and never to be seen.
Can Sinkies ever save enough for their retirement needs, for their medical fees and retirement? It is no longer how much the Sinkies are saving but how much they would have to pay for the high medical fees that they are expected to pay, like a guillotine knife over their heads. And the rapid and unstoppable high cost of living, starting with properties and car prices, will ensure that the minimum sum will be up and up and up.
Unfortunately daft Sinkies could not see the bigger picture and still clamouring to put more money into the CPF, a black hole.
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what i posted is just my personal view. feel free to disagree.

[redbean]

Sobering realities

There is no free lunch and nothing comes free. The extremely high cost of govt, and the extremely high cost to keep the yodas’ salary in the millions when they don’t need them, when they have abundance of them, but not time, is the biggest flaw in the distribution of wealth in this Sin City. And where is the money coming from for all the big paychecks, for good work, bad work and for doing sweet nothing?

The sobering realities that Sinkies have not come to terms with, are not thinking or did not want to think about, is the high cost to maintain this govt and the coterie of elite in high places and collecting humongous paychecks. If the super talented elite could generate and create incomes for their paychecks and their gregarious appetite for millions, it would be another issue that is less worrisome. The problem is when they are not creating the revenue and income to pay themselves, then the money must come from the people in all kinds of ways and schemes.

Paying the yodas and elite at the kind of salary and perks and whatever, is like throwing money into a black hole, and the demand is for more and more. And the poor and average Sinkies, many still did not know, will be the ultimate paymasters to make the rich richer and themselves poorer.

The Sinkies must wish that the two sovereign funds make more profits. The constant and regular reports of the SWFs losing hundreds of millions or billions at every sour deal must not be greeted with joy and celebration. The losses will need to be patched up, and where is the most convenient source of income to do that? Sinkies must pray and pray that the SWFs are doing well and could generate enough profits for the yodas and elite. In that way, the poor Sinkies could be spared from coughing out more and not deplete whatever little savings they have squirreled away in the CPF.

This is the sobering truth. The poor Sinkies are subsidising and paying for the well being of the rich elite. Sinkies must not wish any local GLCs to make big profits as the source of revenue is likely from them. When the big landlords and public services or privatised public services are trumpeting their huge profits, they are profits made from the Sinkies, unless the profits are from overseas investments.

Be aware of this sobering truth. It is the hard truth Sinkies are paying for.
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what i posted is just my personal view. feel free to disagree.