Parliament passes new CPF Life plan with aim of celebrating
-
Originally posted by Bangulzai:
i suppose that means ur neighbour haf opted out i tink?
I was told she no need buy anymore. -
i hope she still keeps an eye whether she kenna automatically opted-in by the system. that means hope she still should check from time to time.
-
Originally posted by Bangulzai:
i hope she still keeps an eye whether she kenna automatically opted-in by the system. that means hope she still should check from time to time.
Good suggestion. Will let her know.Thank you
-
you are a good neighbour. hope she appreciates ur advice
-
Originally posted by Bangulzai:
you are a good neighbour. hope she appreciates ur advice
Thank you. WE help each other -
wa so nice
-
Its the ultimate insult lar. Wake up lah and see how we have all unwittingly painted ourselves into a corner and now at the mercy of these goons.
-
I don't know how to put this, but something doesn't look right.
I use the calculator provided by CPF, with a $40,000 principal, they will be paying me average of $373 a month for 20 years (I assume it's 20 years because the graph is between 80 to 90).
$373 x 12 months x 20 years = $89,520
The annuity would need to be making 9.30% for it to pay that kind of money, so that at the end of 20 years, the initial $40,000 would be reduced to $0.
Seriously, it seems too good to be true, perhaps I made a wrong assumption somewhere.
Perhaps there is a catch somewhere.
-
Men in white use different type of calculators
-
Originally posted by Fantagf:
crap la, it is all about earning our money.
few months back saw lim boon heng on tv saying that if we buy from govt it is cheaper.
damn it, never stop earning money out of us, damn it PAP! KNN!
"Earning" our money ?It is more like another scheme to TAKE OUR MONEY - and there will be no opting out.
That US$100 Billion loss by GIC and TH would have gone a very long way to pay for the premiums of 3.5 Million Singaporeans for all the life time.
Every insurance company will kill each other to grab the entire sum of US$100 Billion - AIG will surely not have sunk.
-
Originally posted by deepak.c:
I don't know how to put this, but something doesn't look right.
I use the calculator provided by CPF, with a $40,000 principal, they will be paying me average of $373 a month for 20 years (I assume it's 20 years because the graph is between 80 to 90).
$373 x 12 months x 20 years = $89,520
The annuity would need to be making 9.30% for it to pay that kind of money, so that at the end of 20 years, the initial $40,000 would be reduced to $0.
Seriously, it seems too good to be true, perhaps I made a wrong assumption somewhere.
Perhaps there is a catch somewhere.
They were claiming that “Temasek reported in 2008 that profit exceeded the average 18 percent annual return on investment” - with that kind of results, it will be "peanuts" to pay the amount as claimed.
Then again, this 2008 achievements was due in part to the sale of Singapore Powers that resulted in an electrifying surge in Temasek's profits numbers. How many power asset sales can Temasek perform to make this an annual affair ?
It is all about ‘Risk vs Uncertainty’ - and all based on some mathematical model that allow Insurance Company to make the money, that they will find a way forwards by sharing the downside risks through sub-insurance.
How many Singaporeans will live beyond 82 years of age ?
Based on the insurance table of risks those who moved on at the age of 60 and younger, will lose out the most; while those who live till past 100 years of age - will out live the ability of the insurer's program to support.
This could well lead to the insurers to "roll over" the program that will be funded through some other creative ways that will allow the insurers to continue to tap the monetary source.
The biggest fear of the insurers is that the money flow will dry up.
As long as the money flow continue, the game will always be played according to custom tailored conditions for every different purpose.
-
of course they're celebrating they've found ways to hold on to our money!
-
Oh, gan boyong, gan boyong..
Two Members of Parliament, Madam Halimah Yacob (Jurong GRC) and Madam Ho Geok Choo (West Coast GRC), expressed concerns over the variability of premiums and payouts, as well as the solvency of the Lifelong Income Fund, which holds the money and is run by the CPF Board.
In response, Mr Gan said that a guaranteed monthly amount is not feasible and that it would be adjusted regularly to ensure the fund's solvency.
He added: "CPF Life members can rest assured that they will receive payouts for as long as they live."
-
Originally posted by googoomuck:
Oh, gan boyong, gan boyong..
Two Members of Parliament, Madam Halimah Yacob (Jurong GRC) and Madam Ho Geok Choo (West Coast GRC), expressed concerns over the variability of premiums and payouts, as well as the solvency of the Lifelong Income Fund, which holds the money and is run by the CPF Board.
In response, Mr Gan said that a guaranteed monthly amount is not feasible and that it would be adjusted regularly to ensure the fund's solvency.
He added: "CPF Life members can rest assured that they will receive payouts for as long as they live."
Wah, win already lor.
$1 is also a payout.
-
can opt out meh? that article i showed you say cannot opt out
-
Originally posted by Bangulzai:
can opt out meh? that article i showed you say cannot opt out
2 years back when they started this topic, i read some where that for those who bought from insurance companies are allowed to opt out.Any way, by implementing this as compulsory it benefits them in all ways.
-
i can see it benefits them (the ruling)
now the question is how does it benefit those under S$40,000
-
Originally posted by Bangulzai:
i can see it benefits them (the ruling)
now the question is how does it benefit those under S$40,000
I don't know.Our CPF account is as good as the bank account of Pay and Pay. Whenever they want to earn money, they just go there take it from us. We are their bankers besides paying them their salary.
-
Also can take employer 14.5%.
-
Originally posted by Bangulzai:
Also can take employer 14.5%.
14.5%???? Employers are contributing to employees -
all the money is mixed in our cpf accounts
-
Originally posted by Bangulzai:
all the money is mixed in our cpf accounts
The more $ we have in our CPF account, the more it benefits the greedy evils. -
Fantagf, other than CPF which u haf expressed disdain, wat abt tax?
-
Originally posted by Bangulzai:
Fantagf, other than CPF which u haf expressed disdain, wat abt tax?
This is the CPF thread. -
thks for reminding