PM Lee: If you sell the house, the money goes to CPF
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PM Lee: If you sell the house, the money goes back into the CPF
Written by Our Correspondent
The PAP government has come up with a most ingenious way to stop Singaporeans from selling their HDB flats to make a quick buck: by tying a person’s CPF to the purchase and sale of a HDB flat.
Right now, flat sellers are able to obtain profits made from the sale in cash so long they have repaid their CPF loans, but if the PAP were to get their way, this may mean that all the profits must be returned to the CPF board.
During a speech made at a forum organized by REACH, the PAP’s “feedback” unit, Prime Minister Lee revealed that the government is concerned that “home-owners selling HDB flats to pay off debts, only then to ask their MP for help in getting a rental unit.”
“When we help people to own a home, it’s really for you for life……When you’re not so old, and you’ve bought the house, and now you see that the pot of gold is down there and you ignore the ‘please don’t break the glass sign’ and you break the glass and take the money out straightaway, then what happens to you? Or more importantly, your children and your dependents? Where do they go?,” he said.
He added that’s a key reason why the government wants to strengthen the CPF route in the buying and selling of flats
“Like what we’ve been doing with the Additional Housing Grant – that grant we give you into your CPF, you can use it to buy a house….If you sell the house, the money goes back into the CPF. So if you’re buying another house, you can use that for another house. If you’re not buying another house, the money is there for your old age,” he was quoted as saying in Channel News Asia.
In the past, Singaporeans are able to withdraw their CPF savings in one lump sum when they reach the age of 55.
In 2003, the Minimum Sum scheme was introduced which stipulates that Singaporeans must keep a minimum sum (MS) of money in their CPF accounts. From July 1 2009, the CPF MS was revised from $106,000 to $117,000.
Now all Singaporeans are ”automatically” included in the CPF Life scheme if they turn 55 from 2013 and have at least $40,000 balance in their CPF Retirement Account or their CPF savings increase to $60,000 by the time they reach 65 years of age.
The CPF Life is an extension of the MS scheme to provide “lifelong” income for Singapore elderly in their retirement. It has four different schemes which provide varying amount of monthly payouts to Singaporeans till they reach 85 years of age.
It is not known exactly to this very day how the CPF monies of Singaporeans are being used by the PAP.
If the PAP gets its way (which is likely to be the case) and enforces a rule stipulating that the profits made from the sale of HDB flats are channelled back to CPF, many Singaporeans will never be able to see their CPF monies in the lifetime.
Related articles:
>> Singaporeans with $60,000 in CPF account automatically included in CPF Life
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Coming soon.
Not bad an idea to have the profit of selling the HDB flats in our CPF account (for making up the losses by GIC and Temasick?)
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Originally posted by Dondontan:
Coming soon.
Not bad an idea to have the profit of selling the HDB flats in our CPF account (for making up the losses by GIC and Temasick?)
well officially socialist....state no more ownership..... -
I bought an item from you. Then i decide to sell the item away & my money goes back to you for "safe keeping" till i'm old & weak before i can use it? =.=
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goes to to the "you " to gamble in worldwide wall street casinos and invest in more loser shares.
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then everyone will stop using cpf to buy flat lor
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if they wanna do it for the good of sporeans then...........gov should monitor the profits....the next housing to be bought....and when there is a sizeable profit involved then there should not be a go ahead on sale of property.
if that profit margin is monitored....it will drive housing price low and affordable to everyone.but gov isnt interested in number crunching figures as u have observed from billions of $$$lost in overseas investment.
maybe the gov simply arent interested if u lived even!
face it the spore do not care for their citizens.its all an act.the world is a stage to them.its just an acting job by spore government.
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Originally posted by I-like-flings(m):
then everyone will stop using cpf to buy flat lor
i think they wanna keep it, whatever means you take to buy the house
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Originally posted by laurence82:
i think they wanna keep it, whatever means you take to buy the house
wah lau.. really? ask them go rob the bank easier right? knn
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pretty obvious,....no rockert science involved
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I don't think they can keep the profits we make from selling our HDB flats in the CPF cos that is as good as robbing us!
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Originally posted by pearlie27:
I don’t think they can keep the profits we make from selling our HDB flats in the CPF cos that is as good as robbing us!
Nothing is impossible for them. Do we have human right here? -
The profit is quite a big sum of money and nobody will let it be appropriated without putting up a big fight. If the gahmen bulldoze their way they must be prepared for the consequences!
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The profit is quite a big sum of money and nobody will let it be appropriated without putting up a big fight. If the gahmen bulldoze their way they must be prepared for the consequences!
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Originally posted by pearlie27:
The profit is quite a big sum of money and nobody will let it be appropriated without putting up a big fight. If the gahmen bulldoze their way they must be prepared for the consequences!
IT is not a worry with obedient Singaporeans there won't be any consequence. -
What a great idea by pm.
I constantly am amazed how they are able to transform a risk into an opportunity.
risk : people reselling to profit and cause flat price to skyrocket.
opportunity : use this as opportunity to solve the hdb skyrocket problem by putting into CPF.
That is it folks, my mind is finalised. No need Cooling off. now election also can.
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thats the idea...robbin the people again!
but its really a group effort...the foreigners coming in,the greedy $$$$ people jACKING PRICE UP WHENEVER THEY CAN SO ON AND SO FORTH.
IF THE PM LEE WANTED TO STOP THAT HOUSING PROBLEM...HE WOULD HAVE STOPPED IT AT THE ROOT AND NOT AT THE HARVESTED END RESULT AREA...HE MUST THINK SINGAPOREANS ARE BORN LOSERS OR GENETICALLY RETARDED OR SOMETHING!
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And your money goes from govt's right pocket (HDB) to the govt's left pocket (CPF)!
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TO LIEDOSCAN,
IF U WERE A MORON U WOULD ADMIRE IT AND CALL IT A GREAT IDEA.
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One never really owns anything in Singapore; everything ultimately belongs to the gabrament, your life included.
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Originally posted by Meia Gisborn:
One never really owns anything in Singapore; everything ultimately belongs to the gabrament, your life included.
What about corpses of Singaporeans?
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Originally posted by TERMINATOR3000:
TO LIEDOSCAN,
IF U WERE A MORON U WOULD ADMIRE IT AND CALL IT A GREAT IDEA.
the idea is wonderful!such careful calibration, if you will.
i believe they believe that singaporeans would not migrate just to get the profit$$$$.
People who are not contented here may migrate. Oh, but is that a problem? Long Queues waiting to replace , if you will.
Not everyone will migrate even if invited. singaporeans' comfort zone is here. Now, lets work extra hard to compete with foreigners who would do their best to earn the high currency and good life. Afterall, PR is not difficult to get. Once that is done, citizenship is a matter of application and approval.
I cents that singapore is on the Verge of Change. PAP rule for 10 decades more? Well, why we bother. Its the People who will decide. 99.999% i bet the people will still vote for the PAP. Like this is fair, its the PEOPLE who vote them in, not the other way round. True leaders and truely intelligent 1st world citizens.
What a great idea!! can you smell the money? ca-ching$!
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Singaporeans may be meek but if the gahmen were to hold on to their substantial amount of profits that could be the last straw! Anyway, let's not speculate before the details are out.
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likedscan,
not so.....spore will not go ahead.its actually now showing signs of cracks.....all those people in past who are there to reinforce spore industries all immigrated.their profits will get less n less before the mnc companies decide to relocate to malAYSIA OR TAIWAN. etc.its cheaper n raw materials are all there.
earn whatever little u can in spore....its pnuts as compared to those $$$ n overtime earned 15 years ago...pure pnut shells to put it exactly today.
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This is just another of the countless examples demonstrating how much Confidence the gonmin has and how much Understanding they have of the People.
Yes, some people may not happy at first. But they seem to be so confident that in the end, the people will ACCEPT in the end.
So, simply a wonderful master stroke by our esteemed and elected people's Leader. Not just any people but the citizens of Singapore.
He understands us too well and too confidently.