PM Lee: If you sell the house, the money goes to CPF
-
Originally posted by Dondontan:
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
Are you sure? Only pay until 85 years old? What if those ah mahs / gongs later become 110 years old lady / man and no sign of dying yet? I meant, no offense, what if people who lived more than 85, and being single throughout the life (Bad choice, unless LGBT lol!) / or impotent or with unfilial child (Damn Sway, Some Swee Sway also sway man) . Who to depend then? Isnt CPF Life means pay until one die meh, even if one managed to live up to 120 or more years old?
-
That's why I said we must take TR articles with a barrel of salt. Yes CPFLife is supposed to pay until one dies though the amount pay out is not guaranteed.
-
Thanks to our World's most capable leaders managing the SWFs, making so much gains and money for the people.
Thanks also for allowing us the citizens to put our money earned from selling our hdb into the CPF. This is an honor given to us by our People-Elected leader.
Yes, you heard it, its you the People who voted for them. They could never have voted themselves in by themselves alone. Its you.
More good years, one and all. You deserve every bit of it. enjoy!
-
yeah won't be surprise SG continue to vote for them....another glories 40 years....
-
Originally posted by Arapahoe:
yeah won't be surprise SG continue to vote for them....another glories 40 years....
Yeah, give me 5! Agree!
They have no idea that voting a govt in is to make sure the govt listen and acting on the people's needs and treat the people as their bosses. They have been so use to obedience with blindness. The govt here is earning easy money.
-
WTF THIS PROPOSED RULING IS?
THAT'S OUR MONEY!
-
Originally posted by Samuel Lee:
Are you sure? Only pay until 85 years old? What if those ah mahs / gongs later become 110 years old lady / man and no sign of dying yet? I meant, no offense, what if people who lived more than 85, and being single throughout the life (Bad choice, unless LGBT lol!) / or impotent or with unfilial child (Damn Sway, Some Swee Sway also sway man) . Who to depend then? Isnt CPF Life means pay until one die meh, even if one managed to live up to 120 or more years old?
No worry for now. Our good govt changes policy as and when they deem fit. -
Originally posted by Dondontan:
No worry for now. Our good govt changes policy as and when they deem fit.yeah, like playing football with ever-shifting goal posts.
-
Originally posted by Man!x:
yeah, like playing football with ever-shifting goal posts.
That is interesting.
-
Originally posted by likedatosocan:
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.
Now then mind finalised? :)
I'm ready. No need for them to campaign also...
-
Hope this is just another like what GCT talked about Singapore going for World Cup in 2010. May it not materialises.
-
Originally posted by likedatosocan:
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.
LOL... Cooling off. I say it's high time we let our ruling leaders cool off their brain for coming up with so many ingenious plans that "benefited" us especially during the tough times.
-
Originally posted by Dondontan:
Yeah, give me 5! Agree!They have no idea that voting a govt in is to make sure the govt listen and acting on the people's needs and treat the people as their bosses. They have been so use to obedience with blindness. The govt here is earning easy money.
na! throw the 5 cents on your can.. -
Originally posted by likedatosocan:
Thanks to our World's most capable leaders managing the SWFs, making so much gains and money for the people.
Thanks also for allowing us the citizens to put our money earned from selling our hdb into the CPF. This is an honor given to us by our People-Elected leader.
Yes, you heard it, its you the People who voted for them. They could never have voted themselves in by themselves alone. Its you.
More good years, one and all. You deserve every bit of it. enjoy!
Ya thanks to the govt, afterall, only about 3 to 4 of you are complaining here, that is 0.000000001% of the problematic people here, govt must had done good job in containing peoples in Singapore, and the more good news is as the time goes by, these complaining and grumbling peoples will cease to exist anymore...Hurray!! -
How wonderful is our Government! Planning everything for us.
-
since when out old Lee ever have problem having no $$$ to buy bread ???
Lee born in the rich family , study overseas , make sure his sons earn as much as him or more
never have any problem buying peanuts for himself to eat.
Since when he ever experiance those poor and old suffering in the streets
he have no ideal of ppl / singaporeans that dont even have enough $$$ to eat of to stay alive.
that Y all $$$ must be in the banks or CPF like himself.
-
Oh!! singapore got people not enuf to eat meh??? i see many obese Uncles and aunties...and in singapore, where got people suffer in the street leh? Unless those stubborn old peoples who never want to live with their rich sons or daughter in laws, then that is not a govt issue ya
-
Just wondering out loud.
IF the govt wants to implement this system where 100% of the amount received from the sale of a HDB flat goes back to CPF, then wouldn't that cause certain implications to the private housing segment?
I would speculate that even more people will attempt to speculate in the private market in order to get their hands on those profits, in which case, will cause prices to rise.
I would think that they would have to tweak the CPF system for housing for both segments, given that both HDB and private segments have access to the same pot of $$$
-
i sometime wonder if he truly think before he speak...........
-
Originally posted by Arapahoe:
i sometime wonder if he truly think before he speak...........
Not to mention that this probably will only be a bane to the citizen ONLY.For PRs, am pretty sure they can withdraw the $$$ the day they decide to leave this godforsaken land behind to go back to their country.
Given that 20% of people in the market are PRs (probably higher in my opinion), this isn't going to do much for curbing price increases.
Sometimes, I wonder if he truly thinks as well. I have long doubted his ability when he made stupid remarks as the Finance Minister
-
And how about those who use their own cash to pay for the flat?
After sale of flat, his cash has to go into CPF as well?
Really, I think our PM has no brains. He needs to get rid of the 3 old stooges sitting on top of him in order for him to learn to be a leader.
-
i gave up this guy a long time ago............
-
The way this dickhead is fixing everything - it is time for Singaporeans to call it quits - so as to enable every account holder to draw out their entire CPF sum.
-
i wonder how much they will charge u for admin fee when u do that......... they can even charge u 3 dollar for ur mthly withdrawal when u are old enough to handle ur own money..... knn....
-
Originally posted by Arapahoe:
i gave up this guy a long time ago............
He's hopeless.