CPF Scheme
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Originally posted by seyKai:
do you still have money left after paying for your hdb falt?
In practise or in theory?In theory no.
In practise yes.
Its about learning and utilising what you learnt to get a asset/liability of a half million hdb flat and still have $$$ in the CPF a/c to play with.
And you can't bring those $$$ to the grave, but you can leave a legacy to your children.
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Originally posted by elinda:
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
Some of these aunties and Uncles go home at nite in Mercede Benz driven by their CEO sons and daughters, so dun get them wrong, some are damn rich, but just cannot sit at home and wanted to carry on their past work here.
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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.
Then you go terminate your citizenship, leave this country, take all your CPF and then invest with temasek as a foreign investor, got more perks in it
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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.
I think can invest the cpf money to earn more?
provided that you don't end up losing the money
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Originally posted by trashbag:
I think can invest the cpf money to earn more?
provided that you don't end up losing the money
You can invest if your funds above a certain minimum sum, they have already obtained quite a lot of funds from the minimum sum requirement.
The average returns since DJIA began is at least 15% per year. CPF is like a life insurance, that pays below life insurance rates, the difference between the two ends up in the government coffers, not in the hands of citizens.
IMHO, they should up the rates of CPF instead of exploiting members and profiteering from them.
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Originally posted by viciouskitty74:
In practise or in theory?In theory no.
In practise yes.
Its about learning and utilising what you learnt to get a asset/liability of a half million hdb flat and still have $$$ in the CPF a/c to play with.
And you can't bring those $$$ to the grave, but you can leave a legacy to your children.
meaning - your 1/2 m hdb flat not paid up and using the wats left to speculate?
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Originally posted by seyKai:
meaning - your 1/2 m hdb flat not paid up and using the wats left to speculate?
Somewhere along that line.But errrr........up to you to speculate since I don't think fellas here are really able to understand that.
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Originally posted by deepak.c:
You can invest if your funds above a certain minimum sum, they have already obtained quite a lot of funds from the minimum sum requirement.
The average returns since DJIA began is at least 15% per year. CPF is like a life insurance, that pays below life insurance rates, the difference between the two ends up in the government coffers, not in the hands of citizens.
IMHO, they should up the rates of CPF instead of exploiting members and profiteering from them.
erm they won't up the rates of cpf because they will claim that the interest is higher than what banks are providing
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that portion about transferring your OA to special a/c.
Really wasnt much help.
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honestly speaking,i dun support the scheme.thats all.
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Originally posted by trashbag:
erm they won't up the rates of cpf because they will claim that the interest is higher than what banks are providing
CPF is not a savings account, it behaves more like an insurance account, because it's not liquid and you will only receive payments 50-60 years down the road.
It should pay rates equivalent to insurance schemes and not savings interest rate, the CPF is one of the main reasons why bank interest rates are so low.
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Originally posted by deepak.c:
CPF is not a savings account, it behaves more like an insurance account, because it's not liquid and you will only receive payments 50-60 years down the road.
It should pay rates equivalent to insurance schemes and not savings interest rate, the CPF is one of the main reasons why bank interest rates are so low.
who dunno CPF is not a saving account, you understand what is stand for or not??? Central Provident Funds...look at the word "Fund", it is a Fund ok.And what does bank interest got to do with CPF interest??? this is hilarious...
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I feel that CPF is not a bad scheme and it especially useful for those who don't have the habit of saving money. However, they should let us withdraw part of the money at the age of around 45 and withdraw the total balance amount at the age of 60. 62 years old to start withdrawing is a bit too late. I wonder will I ever live long enough to get my money back.
Not only that, other factors like foreigns talents invading, recession, retrechment will increase the higher chances of us being jobless at a younger age. Maybe at around 45 years old we may need a sum of money to overcome such crisis..
Anyway, think bout the reason why gov actually increase the age of withdrawing from 55 to 62. U think it because of the increasing life span, encouraging employers to hire old folks? It defintely more than meets the eye... 7 years can make a great difference in government investments..
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Originally posted by angel7030:
who dunno CPF is not a saving account, you understand what is stand for or not??? Central Provident Funds...look at the word "Fund", it is a Fund ok.And what does bank interest got to do with CPF interest??? this is hilarious...
You are clueless as usual, better stick to fellatios at your sleazy bar.
CPF interest rate is tied to the bank's interest rate.
Yah, this is really hilarious as you have no idea where does the relationship start.
It's a good thing or kui po like you don't end up in politics, else................
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Originally posted by HUY84:
I feel that CPF is not a bad scheme and it especially useful for those who don't have the habit of saving money. However, they should let us withdraw part of the money at the age of around 45 and withdraw the total balance amount at the age of 60. 62 years old to start withdrawing is a bit too late. I wonder will I ever live long enough to get my money back.
Not only that, other factors like foreigns talents invading, recession, retrechment will increase the higher chances of us being jobless at a younger age. Maybe at around 45 years old we may need a sum of money to overcome such crisis..
Anyway, think bout the reason why gov actually increase the age of withdrawing from 55 to 62. U think it because of the increasing life span, encouraging employers to hire old folks? It defintely more than meets the eye... 7 years can make a great difference in government investments..
for many singapore uncles and aunties alike, 45 yo to them is a golden age for spending, CPF is a welfare of Singaporeans, basically from the middle class to the lower income class, the rich dun even bother about it. Since the 90s, i think CPF have become so flexible that it can be use to buy AAA class shares and bonds and also personal insurance, i think at that time, any profit gain from share can be withdraw out, that was what my Dad told me. But due to people using up their whole CPF on share, lost badly and even gain, spent lavishly end up CPF their CPF got nothing in it, so govt tightened the flexibility by not allowing profit gain to be withdraw.
Basically, today is unlike our ancestor yesterday, our average age of death is at 60 to 65, today, with better hygience, good healthcare, good life and education on health, our life span had increased to average 76 yo. Couple with an aging population that needs to work if not will die at the void deck, and a economy that needs both experiences and manpower, the official retirement was moved from 55 to 60 then to 62yo. You can withdraw your CPF at 55 partially and another time at 62yo if you meet the criteria of having enough self saving and assets.
CPF have never failed to pay any one who have meet it critieria to withdraw his/her CPF, it had alway fulfil it trust to all. Whatever the govt used it or not is not an issue, but for 7 extra years of providing the funds, you also gain tremendously.
To think that you will die before 65yo will be sad. Still young ya
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Moral of the story, girls who sucks too much cock in bar end up talking cock in forum.
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Originally posted by deepak.c:
Moral of the story, girls who sucks too much cock in bar end up talking cock in forum.
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when they cannot reply a gal, they said bad about her..as usual, mother never take care them about manner.
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Originally posted by angel7030:
when they cannot reply a gal, they said bad about her..as usual, mother never take care them about manner.
Huh?
I thought I replied you about the bank interest rates.
Geez.....I think your mouth did extra work at the bar last night, you are not yourself today, ooops, I mean you are not yourself everyday. Go rest your mouth, you still have lots of johns to handle tonight.
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I feel pity for you, you were born into an "or kui tao" family, therefore you have no choice but to walk in your parent's footstep and be an "or kui po".
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Originally posted by the Bear:
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...
When a ‘Drama Queen’ performs it is done with so much emotion that the essence of the drama gets lost with all the language of shock and awe for effects.
Somehow it seems to be lost amongst Singaporeans that the Employer's portion of the CPF contribution is part of the Employee's Monthly Wage.
Is it generosity on the part of the Employer to contribute his share into the Employee's CPF - as the Employee already has 20 percent lopped off from the monthly wage ?
The Singapore’s Central Provident Fund scheme was started by the British Colonial Government in early 1955, and was not depended as a source of funding for national economic growth until the PAP took over the reins of Self-Government in 1957 - (from Chief Minister Lim Yew Hock, who left behind an empty State Treasury).
The PAP had since then seen the CPF as a source of cheap funding for the many infrastructural development in Singapore, and the amounts collected monthly was increased even as more Singaporeans entered the workforce and had their payroll properly accounted.
The original CPF in 1955 had the contribution amount fixed at 5 per cent by each party - the Employer and the Employee; and over the decades, the amount was gradually increased to save for the retirement age of 55 years.
Even as the amount of contribution was being increased through the years - the PAP Government in 1984 had commissioned a study headed by a retired PAP Minister Howe Yoon Chong to look into the future prosp of the CPF.
Following this study, the withdrawal age was recommended to be delayed in two stages, from age 55 years to a later age 60 and the next to be paid out by age 65.
Subsequently, more features were added to the CPF in which the Account is divided with funds held back into different accounts and in order of priority - the Special Account (SA), Ordinary Account (OA), and Medisave Account (MA).
Today, we have also included Medishield, Medisave-Approved Integrated Shield Plans, Medifund and CPF Investment Scheme - in which the monthly or annual premiums are deducted from the approved CPF account portions.
How has the CPF scheme affected Singaporeans and their retirement ?
Have we not been hearing that Singaporeans are ‘asset rich but cash poor’ ?
With 90 per cent of Singaporeans living in public housing properties - that are over-priced to start with, what will be the real value of these properties when these reach closer to the end of the 99-year lease period ?
How Singapore’s CPF fares in Social Security and Social Policy ?
An abstract from the above study is quite telling and done so with less drama:
Singapore's Central Provident Fund (CPF) has served well in the old economy as a macroeconomic stabilisation policy. It finessed the developmental state and created socio-political stability with home ownership extended to health, education and asset enhancement schemes. However, structural changes with globalisation, information communication technology (ICT) and the new knowledge-based economy (KBE), plus a series of crises and downturns since the Asian crisis have undermined full employment as the lynchpin of the triangulation and CPF model. Announcements made in August 2003 are germane to this paper's discussion of the reinvention of the CPF model. Profound and creative reinvention to balance between neo-liberal market-based solutions without losing the socio-political control enjoyed by the ruling regime, however, remains a political choice as in delinking the CPF–fiscal process, CPF serves members or state.
All in all, can the CPF scheme sustain itself in an environment when the birth rate is declining, and for the CPF to succeed - it will require either a growing entry of CPF contributors to make up the size of withdrawals from a growing number of retirees; or the management of the funds will have to supercede the amount that is expected to be withdrawn by the retirees at the approved ages.
Will the continuous plans to delay the withdrawal age, or new schemes to spend the CPF savings on dubious approved plans help Singaporeans in any ways ?
If at all the CPF is operating in an environment that track close to a Ponzi scheme - requiring more and more participants into the Provident Fund, that will require the ever increasing new migrants into Singapore to begin work, contribute their CPF payment and with sufficient numbers of immigrants to balance the books of the growing withdrawal amounts by retirees and Singaporean migrants going overseas.
Will it surprise anyone that the PAP Government will ignore the major parts of the recommendation - made by a Third Economic Review Committee – Sub-Committee on policies related to taxation, the CPF System, Wages and Land – 15 July 2002 - when two earlier ERC had submitted their reply after the Economic Crash in 1987 and the next in 1997 ?
What constructive contribution can the resident ‘Drama Queen’ in this Speaker's Corner offer except cynical venom dispensed with all the characteristic drama ?
Even a retired Civil Servant Ngiam Tong Dow has expressed his more potent views with less drama - does he have to take a hike too ?
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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.
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........???????
Jesus!!! where are u from?? dont be lost, boy.....looks like u need serious financial planning consultation instead of whining here.....the financial consultants are only too willing to help you reach your financial goals like retirement, education, health, property investment using your cpf....if u do need help...i can recommend some good consultants...just pm me...lol
So during these 30 years when we are working, the money in the CPF account is all up to the government to use........???????
wow, u mean u dont know that u can buy hdb flat using your cpf? are u really so blur? oh, u dont like government, so better not let them have your money back., so dont buy direct from hdb,..hmmmm...how about pte condo ?? pay your cpf to pte developers through the non govt banks. ....bingo, your problem solved!!
i suggest this only if u are capable enough to earn that much for a pte apt or else u going to whine again...hmm...but looking at your level of awareness...i seriously have doubts
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Originally posted by deepak.c:
Huh?
I thought I replied you about the bank interest rates.
Geez.....I think your mouth did extra work at the bar last night, you are not yourself today, ooops, I mean you are not yourself everyday. Go rest your mouth, you still have lots of johns to handle tonight.
you watch your mouth, tho i may be pain in your neck but i never said anything bad about you nor personal attack you. As opposition support, Please reserve some of your respect. It is not that i dun want to said you back, but I am sensible to see no affect in it.
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Originally posted by Bentsb05:
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........???????
Jesus!!! where are u from?? dont be lost, boy.....looks like u need serious financial planning consultation instead of whining here.....the financial consultants are only too willing to help you reach your financial goals like retirement, education, health, property investment using your cpf....if u do need help...i can recommend some good consultants...just pm me...lol
So during these 30 years when we are working, the money in the CPF account is all up to the government to use........???????
wow, u mean u dont know that u can buy hdb flat using your cpf? are u really so blur? oh, u dont like government, so better not let them have your money back., so dont buy direct from hdb,..hmmmm...how about pte condo ?? pay your cpf to pte developers through the non govt banks. ....bingo, your problem solved!!
i suggest this only if u are capable enough to earn that much for a pte apt or else u going to whine again...hmm...but looking at your level of awareness...i seriously have doubts
Are you a financial consultants?
don't use this as a opportunity to advertise your services
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Originally posted by trashbag:
Are you a financial consultants?
don't use this as a opportunity to advertise your services
There is a different btw Consultants and Conn sultants ya. Open your eyes big big hor