Originally posted by Rock^Star:the CPF and HDB thing is a classic way on how the govt can transfer $$ from left pocket to right pocket.
How to secure the CPF pocket? Delay the payout age, make it compulsory to put $$ in annuity and then a sweeping imply that Singaporeans can't take care of themselves when they're old LOL.
How to secure the HDB pocket? Keep raising HDB prices and tell us that we are all sitting on an "asset" (when we actually lease from the govt for 99 years).
Yap! CPF if you look at ownership and control perspective it is the largerest con I have ever seemed....
A govt source of feeder fund.
Originally posted by Rock^Star:the CPF and HDB thing is a classic way on how the govt can transfer $$ from left pocket to right pocket.
How to secure the CPF pocket? Delay the payout age, make it compulsory to put $$ in annuity and then a sweeping imply that Singaporeans can't take care of themselves when they're old LOL.
How to secure the HDB pocket? Keep raising HDB prices and tell us that we are all sitting on an "asset" (when we actually lease from the govt for 99 years).
Yap! CPF if you look at ownership and control perspective it is the largerest con I have ever seemed....
A govt source of feeder fund.
Originally posted by Rock^Star:the CPF and HDB thing is a classic way on how the govt can transfer $$ from left pocket to right pocket.
How to secure the CPF pocket? Delay the payout age, make it compulsory to put $$ in annuity and then a sweeping imply that Singaporeans can't take care of themselves when they're old LOL.
How to secure the HDB pocket? Keep raising HDB prices and tell us that we are all sitting on an "asset" (when we actually lease from the govt for 99 years).
Yap! CPF if you look at ownership and control perspective it is the largerest con I have ever seemed....
A govt source of feeder fund.
But seriously, do you want to see people misused the retirement money and lost everything, which the ending is likely to jump off a building or MRT tracks. I still think that CPF is the way to go, in long term prospect. It is just the method and reality (High price of everything) must change.
Since when these reports seemed to bash PAP as much as possible, without a little logical thinking.
Afterall, CPF is introduced by UK's colonial master.Thus, not the Lee's fault.
PS: That does not equate me to a PAP supporter. I just want to see things objectively.
Originally posted by Samuel Lee:But seriously, do you want to see people misused the retirement money and lost everything, which the ending is likely to jump off a building or MRT tracks. I still think that CPF is the way to go, in long term prospect. It is just the method and reality (High price of everything) must change.
Since when these reports seemed to bash PAP as much as possible, without a little logical thinking.
Afterall, CPF is introduced by UK's colonial master.Thus, not the Lee's fault.
PS: That does not equate me to a PAP supporter. I just want to see things objectively.
CPF started as a force saving so that it helps to put down roots for singaporean, further it allows retirement saving and medical saving and continue evolved to insurance and unit trust....these are all part of long term financial planning....this model looks fine so long as rate of low inflation and incremental wage increase is faster than inflation because you need to make payment for all financial commitment.
Than it comes to the characteristics of ownership where withdrawer age and amount was witheld in both Age and minimum sum amount.
But the landscape of singapore economies has changed the old model no longer can substantiate this model of force saving to pay for affordable housing, affordable retirement and cover hospital bills. No More can these tools for financial planning can be applied.
Depressed wage and demand push on housing thru liberal immigration policies are crowding out Singaporean.....it is impossible to regroup unless you can come up with newer model to replace the old ones.
Originally posted by Arapahoe:CPF started as a force saving so that it helps to put down roots for singaporean, further it allows retirement saving and medical saving and continue evolved to insurance and unit trust....these are all part of long term financial planning....this model looks fine so long as rate of low inflation and incremental wage increase is faster than inflation because you need to make payment for all financial commitment.
Than it comes to the characteristics of ownership where withdrawer age and amount was witheld in both Age and minimum sum amount.
But the landscape of singapore economies has changed the old model no longer can substantiate this model of force saving to pay for affordable housing, affordable retirement and cover hospital bills. No More can these tools for financial planning can be applied.
Depressed wage and demand push on housing thru liberal immigration policies are crowding out Singaporean.....it is impossible to regroup unless you can come up with newer model to replace the old ones.
True, and I do not agree on Minimum Sum thingy, asking for $120,000 (As of 2003 value) by 2013 in Retirement Account? WTH!!?? After buying a HDB 3 ~ 4 rooms, how to get that much again without using them to invest / buy stocks etc (Just prudently put money in CPF and earn the 2.5 ~ 4% depending on accounts)?
But, that does not equate to one should support certain welfare policies, which often coupled by higher tax and tend to be easier abused by nasty people. (I myself, is not a rich student, is just a modest person who lives in a no bigger than 4 room HDB ever.)
Aiya, talk so much for what, until now, you guys still cannot ask and make the govt to restore back the employer's CPF contribution to original 20%, so shameful.
Last time since late 90s already cut off 10%, then slowly built back to 13%, now economy is deem good with forecast of 6.5 GDP by MTI, why not ask for restoration of CPF which the govt promised us when time are good, and i think it is the right time because of the following points
1. HDB is getting costier,
2. Medical is getting costier
3. Economy is good with a tight labour market
4. Election is on the horizon
5. Good for building up CPF to have sufficient Mini sum.
Learn to think wise, dun argue and waste time on stupid things
Pui !!! Entitle themselves to million dollars salaries but tell the poor people not to have entitlement mentality!
Ggraawwrrrf fPtui !!!
Originally posted by angel7030:Aiya, talk so much for what, until now, you guys still cannot ask and make the govt to restore back the employer's CPF contribution to original 20%, so shameful.
Last time since late 90s already cut off 10%, then slowly built back to 13%, now economy is deem good with forecast of 6.5 GDP by MTI, why not ask for restoration of CPF which the govt promised us when time are good, and i think it is the right time because of the following points
1. HDB is getting costier,
2. Medical is getting costier
3. Economy is good with a tight labour market
4. Election is on the horizon
5. Good for building up CPF to have sufficient Mini sum.
Learn to think wise, dun argue and waste time on stupid things
YOu boast you have connection and why did you not ask them yourself?
Originally posted by Dondontan:YOu boast you have connection and why did you not ask them yourself?
What connections does this person have, particularly when he/she posted a scam article on injection to chicken wings and tell us it is the truth?
Obviously none. Just full of hot air since this person is a total failure in real life.
Originally posted by soul_rage:
What connections does this person have, particularly when he/she posted a scam article on injection to chicken wings and tell us it is the truth?Obviously none. Just full of hot air since this person is a total failure in real life.
You said it, bravo! The only subject PIMP is good at is prostitution.
How do I be MP? I also wanna earn 2million a year =P
All u fools shall suffer!! HAHAHAHAH!
I am dissapointed that Vivian Balakrishnan bullied Lily Neo by saying "how much you want, hawker, food court, or restaurant?"
How can he say something like that.
Why is she getting bullied like this.
Last time also got a joker who made some comments about women going to salons.
This is really stupid.
Originally posted by Veggie Bao:I am dissapointed that Vivian Balakrishnan bullied Lily Neo by saying "how much you want, hawker, food court, or restaurant?"
How can he say something like that.
Why is she getting bullied like this.
Last time also got a joker who made some comments about women going to salons.
This is really stupid.
That joker is Lim Hing Kiang, the then Health Minister (Or sort, go Telok Blangah, under West Coast GRC and settle with him, if it is unsettled.)
Anyway, I think maybe Lily Neo is cute / adorable in the sense, and anyway, she is a lady, so can bully lor as they see them as "weak"??
Penang govt gives senior citizens RM100 each as appreciation as PAP leaders worry about “entitlement mentality” of Singaporeans
Originally posted by Samuel Lee:But seriously, do you want to see people misused the retirement money and lost everything, which the ending is likely to jump off a building or MRT tracks. I still think that CPF is the way to go, in long term prospect. It is just the method and reality (High price of everything) must change.
Since when these reports seemed to bash PAP as much as possible, without a little logical thinking.
Afterall, CPF is introduced by UK's colonial master.Thus, not the Lee's fault.
PS: That does not equate me to a PAP supporter. I just want to see things objectively.
When CPF was first started by the British Colonial Government in 1955 - it was intended to be an optional and voluntary retirement savings in addition to the pension scheme.
When LKY, Toh Chin Chye and Goh Keng Swee took over the Self-Rule Government in 1957 - the State Treasury was bankrupted by the previous Government led by the Chief Minister Lim Yew Hock.
LKY, Toh Chin Chye and Goh Keng Swee saw the opportunities offered by the CPF, and developed the CPF further as a cheap source of funding for the Government plans to develop the infrastructure, which at the same time was made compulsory to enlarged the net to capture a wider section of the population.
The attraction offered to Singaporeans was that it was a guaranteed retirement savings plan - with interest of 2.5% per annum compounded annually, with the minimum sum draw down age tied to retirement at 55.
Regretably this withdrawal age of 55 was subsequently revised to a later date of 62 as recommended in the Howe Yoon Chong report - and was later revised to 63 to be implemented by 2012; and with further provisions for this to be changed again to 64 years by 2015, and then 65 by Year 2018.
In the late-1980s, new plans were introduced to deduct for compulsory subscription to Medisave; and subsequently in the 1990s when Medishield was also added - (with the deductions ranging from $30 to $705 depending on the insured person's age - Pg 30 of Annual Report 2007 - premium discounts of $33.50 TO $282 is given subject to past period of insurance).
Additonal deductions were introduced in the 1990s for old-age benefits.
All these deductions were in excess of the 2.5% interest payable per annum.
These deductions co-incided with population growth studies that showed a steady decline in the number of births.
This situation can only cause systematic dysfunction to the CPF balancing acts that had ensured revenue earning potentials to be greater - if not equal - to the amounts paid out with compounded interests.
For the CPF to succeed, the number of retiring Singaporeans should be very much less and there should be an increasing number of new workers contributing into the CPF scheme.
Those contributing must be more then those withdrawing, and this growth should be consistent every year.
The CPF is designed to be like a pyramid - with a wide base and a narrow apex.
With the birth rate decreasing, the new participants entering the CPF scheme every year is shrinking, compared to the numbers of older Singaporeans retiring.
The CPF pyramid base is getting smaller, even as the number of aged is getting bigger from the baby boom that began in the mid-1940s after WW2.
Slowly, the pyramid is being inverted - with the wider base now at the top to represent the larger number of retirees withdrawing their CPF savings, and the sharp pointed end now at the bottom reflecting the declining birth rates contributing into the CPF.
Under such circumstances, can there be sufficient monies left to payout to the growing number of Singaporeans retiring at about the same time ?
In the CPF Annual Report 2004 - the membership from Year 2000 to 31 Dec 2004 had shown slow growth:
2004 - 3,018,014 (+39,521)
2003 - 2,978,493 (+15,333) ???
2002 - 2,963,160 (+40,487)
2001 - 2,922,673 (+42,717)
2000 - 2,879,956
In the CPF Annual Report 2007 - the membership from Year 2003 to 31 Dec 2007 was:
2007 - 3,163,038 (+63,479) ??? FT contributions ?
2006 - 3,099,559 (+51,007) ???
2005 - 3,048,552 (+30,538)
2004 - 3,018,014 (+39,521)
2003 - 2,978,493
Members' Balance as at 31 December 2004 was $111,873.8 million
Members' Balance as at 31 December 2007 was $136,586.9 million
reflecting a growth of $24,713.1 million.
Contributions Received (including Government grants and dividends)
2007 - $18,185.0 million
2006 - $16,547.1 million
2005 - $16,105.1 million
2004 - $15,320.1 million
2003 - $15,870.0 million
Annual withdrawal
2007 - $11,561.9 million
2006 - $14,350.5 million
2005 - $11,776.1 million
2004 - $10,310.3 million
2003 - $11,816.5 million
New schemes were introduced that initially required S$25,000 to maintain the retiree till he reach 70. This age was further increased to 75 then 85.
Meanwhile, the Government continue to toy with the CPF monies that are designed to delay any payout.
And we have now the CPF-Life Scheme - that locks up a significant portion of our own money in the CPF - only to be used as premium payments for an insurance scheme to look after ourselves up till 85 years old.
As the matters stand today, can your statement - "Afterall, CPF is introduced by UK's colonial master.Thus, not the Lee's fault." - be any where then being further from the truth ?
Originally posted by soul_rage:
What connections does this person have, particularly when he/she posted a scam article on injection to chicken wings and tell us it is the truth?Obviously none. Just full of hot air since this person is a total failure in real life.
wha!!! still remember the chicken wings issue, alamak, you really dwell on the past...me already forgive and forget liao. Learn to do that, it can make yr life happier ya
Originally posted by Dondontan:YOu boast you have connection and why did you not ask them yourself?
I did ask them, they said, it is not the right time, the more important issue they have now is to restore Wages that had been cuts or freeze during the financial crisis last year, not on CPF yet. But i told them, if they can restore CPF, there will be a good chance of getting higher percentage in the coming election.
Originally posted by airgrinder:How do I be MP? I also wanna earn 2million a year =P
All u fools shall suffer!! HAHAHAHAH!
To be MP, simple, u go join the Military, then ask for police work, they will give u a MP (military police) post. Go,...the army needs you!!!
retirement age 65 by 2018? hahaha. Wat abt me? I'm 30 this year. So maybe retirement age 72 by 2052?? Hehe, fuck this kind of system. It's an outdated egalitarian kind of thinking.
Uncle, go drink and hve fun lah, then maybe by 60yo, u can kiss here goodbye liao...long live egalitarian!!
Originally posted by angel7030:Uncle, go drink and hve fun lah, then maybe by 60yo, u can kiss here goodbye liao...long live egalitarian!!
The agenda of the Taiwanese 'hum' is obvious to disrupt the SgForum with its low level frivolous idiocy.
It is obvious that the moderators have given Taiwanese 'hum' a "carte blanche" to disrupt as it pleases with its idiocy and without any intervention.
How did the Taiwanese 'hum' manage to post two replies at the same time when there is a 30 second bar between postings ?
S’poreans must not create an image that new immigrants are n - 04 Apr ’10 –10.53AM
Undersea nuke power plant in SG southern islands – 04 Apr ’10 – 10.53AM
It is not a surprise that the Taiwan 'hum' will continue to agitate by flapping its ‘Labia Majora’ and ‘Labia Minora’ to taunt in total idiocy - ‘hahaha..now u know who i am hor...the special one.’ (*1)
The agenda of a Taiwanese 'hum' in this SgForum was clearly stated by itself - ‘to make sure the audience moving/divert toward you’ (*2)
Is it any surprise to see that the efforts of the resident CBM here is obviously to sabotage the thread with its flippant and irrelevant replies, and get all attempts at serious discussion to be driven off track - simply to bring attention to its own stupidity ?
With its brain stuck between its ‘Labia Majora’ and ‘Labia Minora’ - and a brain no bigger then the size of its ‘clitoris’ - all it can do is to flap in rapturous idiocy to attract attention to itself as an 'Attention Seeking Whore' fitted with a world class CBM.
Originally posted by Veggie Bao:I am dissapointed that Vivian Balakrishnan bullied Lily Neo by saying "how much you want, hawker, food court, or restaurant?"
How can he say something like that.
Why is she getting bullied like this.
Last time also got a joker who made some comments about women going to salons.
This is really stupid.
told you already...he is just a recorder that replay the party message. the one quality he is good at this guy response faster with wits but you ask serious questions he offer nothing concrete but text book answer.
don't waste time listen to his speeches or Q&A waste folks time ....
Originally posted by Samuel Lee:True, and I do not agree on Minimum Sum thingy, asking for $120,000 (As of 2003 value) by 2013 in Retirement Account? WTH!!?? After buying a HDB 3 ~ 4 rooms, how to get that much again without using them to invest / buy stocks etc (Just prudently put money in CPF and earn the 2.5 ~ 4% depending on accounts)?
But, that does not equate to one should support certain welfare policies, which often coupled by higher tax and tend to be easier abused by nasty people. (I myself, is not a rich student, is just a modest person who lives in a no bigger than 4 room HDB ever.)
supposedly govt reinvested prudently on CPF thru Temasek.....to continue to yield positive equity return therefore to them it is not negative equity return on capital against inflation. Considered your 4% interest is profit after TAX.....
Originally posted by angel7030:
wha!!! still remember the chicken wings issue, alamak, you really dwell on the past...me already forgive and forget liao. Learn to do that, it can make yr life happier ya
Yes you must be a chicken for far too long and get confused over farm chicken vs your line of work.......
