CPF Scheme
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I somehow have a feeling that the whole CPF scheme is part of the plot of the government to eat our money.
Every month we pay 20% of our salary and the company pays 13% of your salary to the CPF board aka government.
We can't use the money until we reach 55 and even than we can't withdraw all the money. So during these 30 years when we are working, the money in the CPF account is all up to the government to use.
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Originally posted by elinda:
I somehow have a feeling that the whole CPF scheme is part of the plot of the government to eat our money.
Every month we pay 20% of our salary and the company pays 13% of your salary to the CPF board aka government.
We can't use the money until we reach 55 and even than we can't withdraw all the money. So during these 30 years when we are working, the money in the CPF account is all up to the government to use.
It's 14.5% from employer, just to update you.
And its all based on a $4,500 ceiling (You put in 20% of $4500 even if you earn more than that per month)
Locking your $$$ is a way for the govt to have a pile of $$$ to sit on in case of a rainy day. That is where many governments are turning to in the economic crisis to pump extra cash into the markets.
And I think its 62 years old that you can draw upon your cash now (and even for special account, you can only withdraw a certain specified amount per month, not the entire sum)
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frankly, with stupids out there, it's a way to ensure that these stupids do not reach retirement age totally destitute...
i think if TS was given the full amount with no CPF, he'd be doomed to destitution when he reaches retirement...
actually, even with the CPF, he'll still be doomed to destitution...
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ya, i saw many old uncles who took their CPF enjoyed themselves in pubs with PRC aunties...you can see them changed, botak also highlighted their few hairs, wear jeans that they never wear before in their whole life, go facial when they never even wash their faces for most part of their life..travel to china to meet PRC babes when they dun even left singapore before..wow! within a few months, 30 years of CPF saving...gone..a total lack of financial control. Then they go back to collect plates and bottles.
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Originally posted by elinda:
I somehow have a feeling that the whole CPF scheme is part of the plot of the government to eat our money.
Every month we pay 20% of our salary and the company pays 13% of your salary to the CPF board aka government.
We can't use the money until we reach 55 and even than we can't withdraw all the money. So during these 30 years when we are working, the money in the CPF account is all up to the government to use.
Now, who provided the laws that employer have to contribute 14.5 percent?? Next, is this 14.5% your money? -
The CPF is alot like a life insurance scheme (can't take out anything till maturity, for like 45 years), but the interest payments per year is so unlike all insurance schemes, interest payout is like only 2-3%. MAS indirectly loans these funds to Temasek who makes like above 15% returns, the difference between the two is added to government coffers, none to the CPF members.
When they find that they don't have sufficient funds (without causing a higher level of inflation) to pay off all the CPF members, all the need do is raise the minimum sum and retirement age.
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Originally posted by the Bear:
frankly, with stupids out there, it's a way to ensure that these stupids do not reach retirement age totally destitute...
i think if TS was given the full amount with no CPF, he'd be doomed to destitution when he reaches retirement...
actually, even with the CPF, he'll still be doomed to destitution...
This thread is talking about CPF.
If you want to be a idiot that supports the PAP government that is doomed for destruction than kindly get out of here and go to other threads to show your support.
With brainless idiots like you supporting the PAP, it is on wonder that they can raise their own salary to be the highest in the world
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Originally posted by angel7030:
Now, who provided the laws that employer have to contribute 14.5 percent?? Next, is this 14.5% your money?The government. The 14.5% money is the company's money which is being eaten away by the government
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Originally posted by deepak.c:
The CPF is alot like a life insurance scheme (can't take out anything till maturity, for like 45 years), but the interest payments per year is so unlike all insurance schemes, interest payout is like only 2-3%. MAS indirectly loans these funds to Temasek who makes like above 15% returns, the difference between the two is added to government coffers, none to the CPF members.
When they find that they don't have sufficient funds (without causing a higher level of inflation) to pay off all the CPF members, all the need do is raise the minimum sum and retirement age.
Ya great that you make this known to idiots like "the bear" and that angel who has been brainwashed by the PAP propaganda
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Originally posted by elinda:
Ya great that you make this known to idiots like "the bear" and that angel who has been brainwashed by the PAP propaganda
No, we are the PAP -
Originally posted by elinda:
This thread is talking about CPF.
If you want to be a idiot that supports the PAP government that is doomed for destruction than kindly get out of here and go to other threads to show your support.
With brainless idiots like you supporting the PAP, it is on wonder that they can raise their own salary to be the highest in the world
it is not about the MIW, you moron...
you asked about it..
if you want to do without the CPF, your employer will be most happy to not pay you that extra amount he's dumping into your account...
you will get that amount you are also dumping in there too.. in all probability, you'd spend it immediately... good for the economy you know?
but when you're retired.. if you have any fruit of your loins, you'd become a burden to them...
anyway, whatever country you're in, you abide by the laws.. you don't like it, you can do a few things... go do them...
sitting here grumbling and trying to push your agenda with arguments which hold water as effectively as a sieve is not one of them...
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There are good and bad of CPF scheme. The good things are that members can use cpf funds to purchase HDB flat with small interest rate and some kind of force savings for those who do not know how to save. The bad things are the rules on minimum sum, medisave,etc. It should go back to basic when members were allowed to withdraw the full sum upon reaching the age of 55 years, many years ago. What they do with their money is their personal matter. Upon reaching that age (55), they should be matured enough to use their cpf funds wisely. Of course there are small minority who waste their cpf funds unnecessarily. I would urge the govt to go back to basic then people will stop accusing them of intentionally retaining their life savings.
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Originally posted by elinda:
The government. The 14.5% money is the company's money which is being eaten away by the government
by the govt imposed the laws for the boss to contribute into your welfare CPF...you earn more, they paid more. So at the end of the day, you got 1 million in your CPF, remember 14.5% of it is what the laws provided it. And the govt is not asking your to let go, they simply said, you required to have a minimium sum so to guarantee your gracious old age dun end up in some dark corner of Chinatown collecting plates. -
Originally posted by BJK:
There are good and bad of CPF scheme. The good things are that members can use cpf funds to purchase HDB flat with small interest rate and some kind of force savings for those who do not know how to save. The bad things are the rules on minimum sum, medisave,etc. It should go back to basic when members were allowed to withdraw the full sum upon reaching the age of 55 years, many years ago. What they do with their money is their personal matter. Upon reaching that age (55), they should be matured enough to use their cpf funds wisely. Of course there are small minority who waste their cpf funds unnecessarily. I would urge the govt to go back to basic then people will stop accusing them of intentionally retaining their life savings.
Its bad that the government have rules on minimun sum, medisave etc.
Its even worst and annoying when reading childish arguments by the bear who is the typical idiot who will tell you to migrate if you are not happy staying here lor dumb brainless freak
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Originally posted by elinda:
Its bad that the government have rules on minimun sum, medisave etc.
Its even worst and annoying when reading childish arguments by the bear who is the typical idiot who will tell you to migrate if you are not happy staying here lor dumb brainless freak
HaiyaJust go stick your head into the sand
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gahmen not capable of getting elsewhere so need to borrow from us, so using overpriced HDB flats to take possession of our money.
very clever plot
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Originally posted by angel7030:
by the govt imposed the laws for the boss to contribute into your welfare CPF...you earn more, they paid more. So at the end of the day, you got 1 million in your CPF, remember 14.5% of it is what the laws provided it. And the govt is not asking your to let go, they simply said, you required to have a minimium sum so to guarantee your gracious old age dun end up in some dark corner of Chinatown collecting plates.Ok. So there is this cpf contribution but I still see many old people in some dark corner of Chinatown collecting plates and worst stil collecting bardboxes and many of these people did not anyhow spend their cpf money.
Most of these people are old aunties and not the typical uncles who withdraw all their money to spend on PRCs prostitute that you mentioned
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Originally posted by seyKai:
gahmen not capable of getting elsewhere so need to borrow from us, so using overpriced HDB flats to take possession of our money.
very clever plot
Yup you sounds like an enlightened person unlike the dumb PAP supporters up there
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And only the ones with enough IQ to type name calls that others are dumb in Speaker's Corner.
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i think... if im nt wrong.(please do correct me if so)
if you revoke citizenship can withdraw all of your CPF $$$$ :D
hahahaa
KEWL -
Originally posted by OHSheet:
i think... if im nt wrong.(please do correct me if so)
if you revoke citizenship can withdraw all of your CPF $$$$ :D
hahahaa
KEWL
But if you want to come back to work you'd have to put the CPF back if i'm not wrong. -
In my opinion, the returns of 2-3% is too low for a long term investment portfolio, they should pay returns equivalent to what Temasek claimed to be making, because all the CPF funds was circumvented from CPF to MAS to Temasek.
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Originally posted by deepak.c:
In my opinion, the returns of 2-3% is too low for a long term investment portfolio, they should pay returns equivalent to what Temasek claimed to be making, because all the CPF funds was circumvented from CPF to MAS to Temasek.
They cant even make money out of cheap money wat else do you expect? -
If you got so much money in the CPF.
Use it wisely by learning about investiments, purchasing hdb flats & using it to acquire a master degree or something lor.
Complain so much, only shows how intelligient you really is.
Not as if money can bring to grave.
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Originally posted by viciouskitty74:
If you got so much money in the CPF.
Use it wisely by learning about investiments, purchasing hdb flats & using it to acquire a master degree or something lor.
Complain so much, only shows how intelligient you really is.
Not as if money can bring to grave.
do you still have money left after paying for your hdb falt?