It's official!!! Sgporeans have the highest contribution....

• Rock^Star

  25 Apr 10, 12:36

  Singaporeans have the highest pension contribution rate in the world at 34.5% for the CPF scheme but one of the lowest net balance among developed nations.

  Why? Because of high HDB prices. We contribute so much into CPF so that the govt may use our money. On paper, we have an asset which is worth a lot but it's pretty useless unless you cash it out.

  Refer to this article by Theonlinecitizen: http://theonlinecitizen.com/2010/04/cpf-has-worked-well-for-singaporeans%E2%80%99-retirement/

• we sacrifice

  25 Apr 10, 14:23

  Greed and convenience . . .. .. . . .. . .. ..     they can have access to the monies of members of CPF as and when   . . . . . .. . . . . . . ..     they want money  ..... .. . .   from the citizens.      Citizens CPF account   . . . . .     equivalent to  . . . . . .. . . .     govt PAP's monies   . .. . ..     . ..   ?

• Ctan9818

  25 Apr 10, 15:41

  I think you should be thankful as SIngaporean as your government really take care of you. AT least you have paper showing that you have asset. I am ex Singaporean now living in Canada. Do you know that we have to pay income tax every month? So, our Canadian government get our income tax monthly as compared to Singapore government deducting your CPF so that you can pay your HDB or whatever condo... Here we pay real cash on monthly basis for mortgage inaddition to monthly tax. Which is better? At least PAP scheme allows you to have a house to call your own. Though i am not a fan of PAP, but this CPF scheme is really a good one. Be thankful :)

• skythewood

  25 Apr 10, 15:42

  I pay 20%, got free 14.5%...

• Hound297

  25 Apr 10, 16:01

  Sian they take our CPF money go do stupid investment. When investment fails, they increase the age required to withdraw the money so as to buy time for them to earn back the money that they lost. If investment success (wont happen one) - they earn lor they happy . If fail, they tell citizen "wait ar, I later than pay back u wait first."

  Got alot of money in CPF no use. It its as good as the government write you a piece of paper saying "I own you S$XXX. You will get Y amount of money every month when you reach Z years of age." KNN after I reached Z years of age I wont live long enough to completely take out my money!

• charlize

  25 Apr 10, 16:45

  Originally posted by skythewood:

  I pay 20%, got free 14.5%...

  So you think the 14.5 % is free?

• I-like-flings(m)

  25 Apr 10, 16:52

  errrr... u forgot something leh..... it's the highest contribution yet lowest payout in the world lah..

• Vote PAP OUT to Save SG

  25 Apr 10, 16:58

  Originally posted by I-like-flings(m):

  errrr... u forgot something leh..... it's the highest contribution yet lowest payout in the world lah..

  PAP minister salary highest in world, Singapore citizens CPF contribution highest in world payout lowest in world.

  Something is extremely wrong here.

  Something is seriously, insanely wrong here.

  It feels like a con job and we are the morons being conned by PAP.

• Hitman+

  25 Apr 10, 17:03

  ctan,

  what u mean be thankful...that cpf employer and employee cpf contribution is actually part of the salary just made to look and sound different.if u arent allowed to plan  yer own salary...thespore gov will plan for u.its not free $$$ that gov puts into cpf mysteriously out of thin air. time ago.

  what u earn is what that will determine your house u stay in.

  spore is same except gov will channel the money b4 u get a chance to channel it yerself.

  theres no difference between yer canadian  and spore way in which u buy a house....pay for taxes...etc.

  so thankful should not be needed in any case.

• Hitman+

  25 Apr 10, 17:06

  rockstar>>>

  define net balance in detail!!!me  and everyone is vague on that term!

• skythewood

  25 Apr 10, 17:09

  Originally posted by charlize:

  So you think the 14.5 % is free?

  so you think your company will give you the 14.5% if CPF abolished tomorrow? :)

• Rock^Star

  25 Apr 10, 17:12

  Originally posted by Ctan9818:

  I think you should be thankful as SIngaporean as your government really take care of you. AT least you have paper showing that you have asset. I am ex Singaporean now living in Canada. Do you know that we have to pay income tax every month? So, our Canadian government get our income tax monthly as compared to Singapore government deducting your CPF so that you can pay your HDB or whatever condo... Here we pay real cash on monthly basis for mortgage inaddition to monthly tax. Which is better? At least PAP scheme allows you to have a house to call your own. Though i am not a fan of PAP, but this CPF scheme is really a good one. Be thankful :)

  Govt really takes care of us? lol. Your houses are much cheaper in relativity to your incomes, even after deducting for tax which ensures that you have intensive health benefits when you retire.

  So how long have you been an ex-Singaporean? And any idea how much our HDB flats cost now?

• Rock^Star

  25 Apr 10, 17:14

  Originally posted by Hitman+:

  rockstar>>>

  define net balance in detail!!!me  and everyone is vague on that term!

  hmm, perhaps I shd have put it as net balance in the CPF after retirement.

• Rock^Star

  25 Apr 10, 17:17

  Originally posted by skythewood:

  so you think your company will give you the 14.5% if CPF abolished tomorrow? :)

  Laws can make it possible.

• charlize

  25 Apr 10, 17:26

  Originally posted by Ctan9818:

  I think you should be thankful as SIngaporean as your government really take care of you. AT least you have paper showing that you have asset. I am ex Singaporean now living in Canada. Do you know that we have to pay income tax every month? So, our Canadian government get our income tax monthly as compared to Singapore government deducting your CPF so that you can pay your HDB or whatever condo... Here we pay real cash on monthly basis for mortgage inaddition to monthly tax. Which is better? At least PAP scheme allows you to have a house to call your own. Though i am not a fan of PAP, but this CPF scheme is really a good one. Be thankful :)

  If Canada is that bad, why are you living there?

   

  Why did you give up Singapore citizenship to become a Canadian?

• Hound297

  25 Apr 10, 19:57

  Originally posted by Rock^Star:

  Govt really takes care of us? lol. Your houses are much cheaper in relativity to your incomes, even after deducting for tax which ensures that you have intensive health benefits when you retire.

  So how long have you been an ex-Singaporean? And any idea how much our HDB flats cost now?

  Speaking of HDB, he said that the pap scheme let us have a home to call our own. But the problem is the home dont truely belong to us. The HDB leash it to us for 99 years. Not permanent one. After 99 years they can take back.

  If Canada is that bad, why are you living there?

   

  Why did you give up Singapore citizenship to become a Canadian?

   

  I think he is a troll from PAP la.

• 2cansam

  25 Apr 10, 22:05

  Originally posted by Hound297:

  Speaking of HDB, he said that the pap scheme let us have a home to call our own. But the problem is the home dont truely belong to us. The HDB leash it to us for 99 years. Not permanent one. After 99 years they can take back.

  our earliest HDB flats were erected since the 1960's, the isnt even half of 99 years yet, and we have since witnessed alot of people who lived in old estates moving into the newer ones.

   

  Still the homes are not permanent, because we need it for redevelopment, furthermore, if we have a freehold on HDB flats, who knows what may  happen to prices? do take note that singapore is land scarce,

• we sacrifice

  25 Apr 10, 23:01

  Originally posted by Ctan9818:

  I think you should be thankful as SIngaporean as your government really take care of you. AT least you have paper showing that you have asset. I am ex Singaporean now living in Canada. Do you know that we have to pay income tax every month? So, our Canadian government get our income tax monthly as compared to Singapore government deducting your CPF so that you can pay your HDB or whatever condo... Here we pay real cash on monthly basis for mortgage inaddition to monthly tax. Which is better? At least PAP scheme allows you to have a house to call your own. Though i am not a fan of PAP, but this CPF scheme is really a good one. Be thankful :)

  
  YOU are welcome back to Singapore, . . .. . .. . .  govt PAP loves and welcomes foreigner.

  You will be . . .    .. . . ..   treated much better than Singaporeans.

  Be thankful where you are . . . .. . .     you feel the   pinch .   .  . ..  .   to pay so much   .. . ..  now,    . . . . . . . . .   in your old age  . . . . .. .. . . .    you will be  ... take care of ... by the govt of Canada.     IN singapore,    people forced to pay .. . . .. . .    pay . . . .. .  pay.   

• troublemaker2005

  26 Apr 10, 01:04

  It is time to restore our CPF contribution. So many years cut back already. Please note that they should not tell us 'increase' our employee portion of CPF contribution. Its should not be an 'increase'. Its should be appropriately termed as 'restore'.

• Hound297

  26 Apr 10, 08:12

  Originally posted by we sacrifice:

  
  YOU are welcome back to Singapore, . . .. . .. . .  govt PAP loves and welcomes foreigner.

  You will be . . .    .. . . ..   treated much better than Singaporeans.

  Be thankful where you are . . . .. . .     you feel the   pinch .   .  . ..  .   to pay so much   .. . ..  now,    . . . . . . . . .   in your old age  . . . . .. .. . . .    you will be  ... take care of ... by the govt of Canada.     IN singapore,    people forced to pay .. . . .. . .    pay . . . .. .  pay.   

  Thats why its called PAP - PAY AND PAY

• Hitman+

  26 Apr 10, 08:41

  no need pay and pay if u demand answers and logic....no point u pay n pay fer stuff u can do by yerself for free.

• Calvin86

  26 Apr 10, 08:59

  Originally posted by skythewood:

  so you think your company will give you the 14.5% if CPF abolished tomorrow? :)

  Of course the comapny will have to pay us the 14.5% back in bonus and wage increment back. Those companies not doing so will lose employees. Singapore has a unique system of highest savings rate in the world but its a significant propotion citizens cannot retire.... All thanks to CPF paying "risk free rates" peg to 10 yr bonds for longterm funds.

• Kenashi

  26 Apr 10, 09:19

  machiam like a ponzi scheme that will not go burst unless we have a total change in government....lol....

• angel7030

  26 Apr 10, 09:45

  Originally posted by Rock^Star:

  Singaporeans have the highest pension contribution rate in the world at 34.5% for the CPF scheme but one of the lowest net balance among developed nations.

  Why? Because of high HDB prices. We contribute so much into CPF so that the govt may use our money. On paper, we have an asset which is worth a lot but it's pretty useless unless you cash it out.

  Refer to this article by Theonlinecitizen: http://theonlinecitizen.com/2010/04/cpf-has-worked-well-for-singaporeans%E2%80%99-retirement/

  
  On paper, yr pathetic HDB flat price also increased alot, and as a owner, you should be happy that you can use your CPF to live on a house worth more than what you paid. Stop grumbling.

  If you feel moody, look at your CPF statement and check with HDB about your flat prices, you will be very happy ya.

• charlize

  26 Apr 10, 11:05

  Originally posted by Hound297:

  Speaking of HDB, he said that the pap scheme let us have a home to call our own. But the problem is the home dont truely belong to us. The HDB leash it to us for 99 years. Not permanent one. After 99 years they can take back.

  Technically, if you flout HDB rules, they can take the HDB flat away from you.

   

  That is why HDB flats are not considered your own property. 

   

  Recall that when you buy a flat, new or resale, there are rules for minimum occupancy period before you can resell, rules for subletting etc.