Should CPF be scrapped?
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Personally, I think it should be. It reduces our disposal income, the interest rates refuse to go up despite inflationary pressures and considering our high HDB prices where some are not too far from a million dollars, we may never see our CPF even till the day we are six feet under.
Scrap the CPF thing so that employers can raise the wages of Singaporeans.
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Starting out as a social safety net, CPF was good initially, many peoples get their CPF return by 55yo, with 20% contribution from both side. But since the end of 90s, it start to deviate itself from it main objective of serving the people retirement nest. Instead, it become a funds to manipulated by govt, a very flexible funds that go from Medisave to cuts of employers contribution to creation of special funds, to CPFIS fund to annuity, to insurances, and finally to a state of non return and pathetic month by months collection.
Then when they, the govt, still cannot get enuf of it, they increase the essential housing prices like HDB to make you get nothing out of CPF without a minimum sum principles left behind, and this mini sum will increase as years goes by. I am just wondering, what are they, the govt, going to do next to take take on your medisave and special funds???
Question goes to the original, what is the objective of CPF??
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CPF is wat actually
Simple
CPF is Come Pass me your Fund!!
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i thot is should be Contribute to PAP First
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As long as you're singaporean, CPF and HDB are like bandits you know. One robs the left pocket while the other robs the right. Before aged 55, u sell ur HDB, ALL the money goes back into the CPF. And by 2013, onwards, there shall be no more lump sum withdrawal......just trickles of it every month when one hit retirement age of 62. And the best thing is, we have thousands of singaporeans in CPF board who will gladly vote yes when election comes.
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CPF will and can't be scrapped now................it's basically a govt-run ponzi game...............they don't have the money to pay out everyone............
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i always hate CPF.
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"the CPF savings may also be withdrawn if one should leave Singapore and West Malaysia permanently or become permanently incapacitated."
Is it a good idea to migrate to other country permanently so that one can withdraw all their CPF?
(note: I will remove this sentence tomorrow in case some P*P people saw this and change system! F*ck)
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then later come back as PR lah ? eh, good idea leh.................
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for those want to migrate years from now , then should dump Ordinary A/C into Special A/C to get higher interest then later take all out.
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My 2 cents worth is :
1. As long as CPF remains as rigit or min sum increase again and again, or some other rules they introduce later, such a scheme will not last long.
2. Unless CPF becomes so flexible that account holders who own the money can withdraw them easier at say age 55 years onwards, there is high chance the people will not accept this for long. The current PMETs will be those retirees. they are not the old generation. They are the new generation.
In short, I do not see this CPF scheme will last. sometime in future, it will become flexible as long as people wants it.
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At the going rate....I think Singtonian will find ways to pull out CPF that includes giving up Sington citizenship.....
The renewal of foreigners will backfire because they are just temporary citizen having the same ideas that they will pull out the funds once they made enough.
I would personnally halt the increase of CPF but look at establishing minimum wage for certain jobs in Singapore.
A halt in CPF will result in higher financing cost for HDB. Another tools for slowing down housing inflation cause by demand pull.
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Originally posted by likedatosocan:
My 2 cents worth is :
1. As long as CPF remains as rigit or min sum increase again and again, or some other rules they introduce later, such a scheme will not last long.
2. Unless CPF becomes so flexible that account holders who own the money can withdraw them easier at say age 55 years onwards, there is high chance the people will not accept this for long. The current PMETs will be those retirees. they are not the old generation. They are the new generation.
In short, I do not see this CPF scheme will last. sometime in future, it will become flexible as long as people wants it.
take the 2 cents and put inside my piggy banks, today professionals are going more toward contractual jobs that paid directly, CPF will in future become an option, and with an option, for certain, no one with the right mind will vote for it.
I urge CPF to align itself back to it main objectives, tho they may be old peoples spending all their CPF saving off to gals and leisure without a single knowledge of financial managements, the percentage is very minor, and that happen in every countries in this world, therefore the excuses govt give that we do not know how to handle our bulk of retirement CPF is totally nonsense. And when introduce policies to withheld the CPF mini sum and make it into a 3 options annuity slow payout, it affected 90% of people who knows how to handle their own financial aspect, is that fair???
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Why slaughter the golden goose?
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Originally posted by Moka:
"the CPF savings may also be withdrawn if one should leave Singapore and West Malaysia permanently or become permanently incapacitated."
Is it a good idea to migrate to other country permanently so that one can withdraw all their CPF?
(note: I will remove this sentence tomorrow in case some P*P people saw this and change system! F*ck)
Too bad, not going to let you.You can always have a doctor issue a death certificate so you can withdraw your CPF totally.
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ya, CPF works the same way as many other Govt billings and tax agencies.
Putting will never have problem, taking out or claiming it is a big big problem, that is why i said, dun take Giro, once overcharged, you may never get back the balance.
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Yes,the CPF should be scrapped off.But it can also stay,provided that the contribution from the employers n employees rate should be lowered,so that the employees can have more income to take home,rather then lock in the CPF board.
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if CPF is scrapped off
very soon we humans of Sg
will be scrapped off too when we are old
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Originally posted by noahnoah:
if CPF is scrapped off
very soon we humans of Sg
will be scrapped off too when we are old
Most ppl will know the important of savings when they are 30s or even 20s n grow mature.If some of them dont know,too bad.There are always some failures in life.
And besides,social welfare is much better than CPF system.Even now with CPF,many Singaporeans are also "scrapped off" when they are old.Look at the increasing beggars on the streets u will know.
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Originally posted by noahnoah:
if CPF is scrapped off
very soon we humans of Sg
will be scrapped off too when we are old
you will see more cardboard and plastic bags house along ECP and sungei road -
Originally posted by Howlheje:
Most ppl will know the important of savings when they are 30s or even 20s n grow mature.If some of them dont know,too bad.There are always some failures in life.
And besides,social welfare is much better than CPF system.Even now with CPF,many Singaporeans are also "scrapped off" when they are old.Look at the increasing beggars on the streets u will know.
Singapore got beggar meh?? -
actually not all beggars are poor
some v rich one also
just that they want to remain humble
or want to kill time
thats why act like one
Dun be suprise they might be ex CEO
also
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i have seen those ah peks and ah mas at fortune centre sit down and watch the day goes by, some collect cans and cardboards, then around 7 to 8 pm, Merc, BM and Audi with no HDB Decal will line up to pick them up...some refused to go home despite their son/daughter keep telling them go go home.
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i rem i saw tis beggar at fortune centre
also.. i gave some money to him
then i saw him again ..tis time with
a german shepherd dog!
he told me he brought it!!!
AFter that , he MIA !!!
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must hve gone to CHina with his PRC galfren liao