Govt to consult stakeholders CPF for older workers: Tharman
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Govt to consult stakeholders on CPF for older workers: DPM Tharman
By Tan QiuyiSINGAPORE: Deputy Prime Minister Tharman Shanmugaratnam said the government will consult stakeholders and understand the ground feel when it looks into the labour movement's decision to review the CPF contribution rate of older workers.
Mr Tharman said the issue will have to be considered carefully to ensure that older workers are able to find work and stay in the job.
He said the government will monitor how the wage system changes over time and whether it will move away from a seniority-based structure to one that's more performance-based.
Mr Tharman said this in response to questions from reporters on the sidelines of a school event.
He was asked about the labour movement's decision to take a closer look at the current practice whereby the Central Provident Fund (CPF) contribution rates of workers are cut when they reach 50 years old, and cut further when they turn 65.
Unionists have suggested a review to enable older workers to save enough for housing, medical and retirement needs and to continue working.
Mr Tharman said: "So this is something we have to study over time, but let's not make changes in haste. Let's study this carefully, consult employers, consult the unions, find out the realities on the ground. And do the right thing for our older workers. That's what we're concerned about."
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After consulting, they say minimum sum and drawdown age will be raised again.
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What's up their sleeve this time? Did they not do it? They have already reduce the CPF contribution from the employers to the older workers. Don't tell me they are planning to remove employers' CPF contribution to older workers.
Please don't give us the crap about caring about the ground. You people are just wayanging.
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Originally posted by shanfan:
What's up their sleeve this time? Did they not do it? They have already reduce the CPF contribution from the employers to the older workers. Don't tell me they are planning to remove employers' CPF contribution to older workers.
Please don't give us the crap about caring about the ground. You people are just wayanging.
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I think they are going to increase employer's CPF contribution for older workers, last time, they said they reduce so that employer will employ or keep the existing older workers, now if the increase, employers like me is sure to make noise lor, it is a cost to us leh, then I employ foreigners better.
On the other hand, whenever they talk about CPF, I hve a strong feeling that GIC or Temasek need some funds to recuperate their losses or wanted to invest on something without hurting their shareholders.
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Originally posted by angel7030:
I think they are going to increase employer's CPF contribution for older workers, last time, they said they reduce so that employer will employ or keep the existing older workers, now if the increase, employers like me is sure to make noise lor, it is a cost to us leh, then I employ foreigners better.
On the other hand, whenever they talk about CPF, I hve a strong feeling that GIC or Temasek need some funds to recuperate their losses or wanted to invest on something without hurting their shareholders.
Possibly.
After all, money in CPF cannot be touched by the commoners.
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Originally posted by charlize:
After consulting, they say minimum sum and drawdown age will be raised again.
No retirement age. Minimum sum to draw out more than before. -
Originally posted by angel7030:
I think they are going to increase employer's CPF contribution for older workers, last time, they said they reduce so that employer will employ or keep the existing older workers, now if the increase, employers like me is sure to make noise lor, it is a cost to us leh, then I employ foreigners better.
On the other hand, whenever they talk about CPF, I hve a strong feeling that GIC or Temasek need some funds to recuperate their losses or wanted to invest on something without hurting their shareholders.
I think government use our CPF to invest leh. They give our CPF interests more than banks. 2 percent plus interest rates. -
Originally posted by angel7030:
I think they are going to increase employer's CPF contribution for older workers, last time, they said they reduce so that employer will employ or keep the existing older workers, now if the increase, employers like me is sure to make noise lor, it is a cost to us leh, then I employ foreigners better.
On the other hand, whenever they talk about CPF, I hve a strong feeling that GIC or Temasek need some funds to recuperate their losses or wanted to invest on something without hurting their shareholders.
I think government use our CPF to invest leh. They give our CPF interests more than banks. 2 percent plus interest rates. -
neah, just release the cpf money
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Originally posted by lce:
neah, just release the cpf money
When you are 90 and almost about to kick the bucket, then maybe they might consider releasing it to you.
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Originally posted by Almond Cookies:
I think government use our CPF to invest leh. They give our CPF interests more than banks. 2 percent plus interest rates.
Then why not give us to invest?? I can get 8% return with good dividends too, I did not appoint CPF to be my broker leh?? -
Can ask them to lower the withdrawal age back to 55 ?
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Originally posted by charlize:
Can ask them to lower the withdrawal age back to 55 ?
gud idea -
http://news.asiaone.com/News/AsiaOne%2BNews/Singapore/Story/A1Story20110715-289391.html
Can CPF do this?
Any CPF experts can advise?
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Can suka suka transfer money from different accounts without person's persmission?