If CPF cheats your money....
If you realized they give you more interests than banks.
If you realized they give you more interests than banks.
If CPF cheats your money....
If you realized they give you more interests than banks.
If CPF cheats your money....
If you realized they give you more interests than banks.
AGE GROUP | ||
55 – 59 | 1300 | 8.0% |
60 – 64 | 1636 | 10.1% |
65 – 69 | 1704 | 10.5% |
70 – 74 | 2166 | 13.4% |
75 – 79 | 2461 | 15.2% |
80 – 84 | 2649 | 16.3% |
85 & over | 4297 | 26.5% |
TOTAL | 16213 | 100.0% |
<header class="entry-header" style="color: rgb(60, 61, 71); font-family: Georgia; background-color: rgb(231, 231, 231);">July 22, 2014 by phillip ang
</header>Is the CPF Life scheme for the living? According to ICA statistics, the answer is clearly ‘no’. Every year, almost 3000 Singapore residents will be dead before they can even receive one cent from theirmonthly payout at 65. (a negligible number in ICA statistics are non-residents)
(Table 39, page 59),
And out of the total of 16,213 aged 55 and above in 2013:
- 23% or 3,870 aged between 65 and 74 will only be able to spend their CPF installments between 1 day and 10 years.
AGE GROUP 55 – 59 1300 8.0% 60 – 64 1636 10.1% 65 – 69 1704 10.5% 70 – 74 2166 13.4% 75 – 79 2461 15.2% 80 – 84 2649 16.3% 85 & over 4297 26.5% TOTAL 16213 100.0%
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The 32% who die between the age of 75 to 84 may seem luckier. But think again – why are we unable to enjoy the fruits of our labour at an earlier age with friends and loved ones when we are in a better emotional, mental and physical state? How did we end up with the PAP trampling over our rights to OUR money?
Since the PAP has forced our CPF savings into the GIC and paying us non-guaranteed monthly installments, it has effectively dictated to us how/when our money should be spent. No deserved holiday/pilgrimage after slogging away for decades nor are we allowed to use OUR savingsfor children’s tertiary education or other NEEDS.
As for the remaining 27% octo/nonagenarians and centenarians, what can they use the monthly dribs and drabs for? Upgrading walking sticks or hearing aids?
Conclusion
Thousands of CPF members die every year before they could receive even a single payout from CPF Life at 65. A large number who receive their monthly installments may be frail by then and can only engage in limited activities. The PAP did not consult citizens on such a scheme and clearly it does not serve the living. Shouldn’t the scheme be renamed ‘CPFnoLIFE’?
actually bank interests are starting to increase quite alot nowadays....now its common to find 1.2% interest and sometimes special offers up to 3% interest.....cpf interest is truly garbage considering ur money is being locked up for 30 years.....u can even get 4 to 7% from Treasury inflation protected securities which is 100% guaranteed by US government and 100% secured against inflation.
i wonder which banks are you talking about. all i can see is 0.something%.
http://singapore.deposits.org/
<header class="entry-header" style="color: rgb(60, 61, 71); font-family: Georgia; background-color: rgb(231, 231, 231);">July 22, 2014 by phillip ang
</header>Is the CPF Life scheme for the living? According to ICA statistics, the answer is clearly ‘no’. Every year, almost 3000 Singapore residents will be dead before they can even receive one cent from theirmonthly payout at 65. (a negligible number in ICA statistics are non-residents)
(Table 39, page 59),
And out of the total of 16,213 aged 55 and above in 2013:
- 23% or 3,870 aged between 65 and 74 will only be able to spend their CPF installments between 1 day and 10 years.
AGE GROUP 55 – 59 1300 8.0% 60 – 64 1636 10.1% 65 – 69 1704 10.5% 70 – 74 2166 13.4% 75 – 79 2461 15.2% 80 – 84 2649 16.3% 85 & over 4297 26.5% TOTAL 16213 100.0%
<tbody>
</tbody>
The 32% who die between the age of 75 to 84 may seem luckier. But think again – why are we unable to enjoy the fruits of our labour at an earlier age with friends and loved ones when we are in a better emotional, mental and physical state? How did we end up with the PAP trampling over our rights to OUR money?
Since the PAP has forced our CPF savings into the GIC and paying us non-guaranteed monthly installments, it has effectively dictated to us how/when our money should be spent. No deserved holiday/pilgrimage after slogging away for decades nor are we allowed to use OUR savingsfor children’s tertiary education or other NEEDS.
As for the remaining 27% octo/nonagenarians and centenarians, what can they use the monthly dribs and drabs for? Upgrading walking sticks or hearing aids?
Conclusion
Thousands of CPF members die every year before they could receive even a single payout from CPF Life at 65. A large number who receive their monthly installments may be frail by then and can only engage in limited activities. The PAP did not consult citizens on such a scheme and clearly it does not serve the living. Shouldn’t the scheme be renamed ‘CPFnoLIFE’?
yes Sinkies dies before 65 is the fault of PAP lor. But when 55 they can get out some of the money after deducted the minimum sum hor.
Oh even when sinkies died, their CPF money will be given to their next of kin or whoever they nominated.
Wonder if you know what RETIREMENT means. CPF is a RETIREMENT fund.
you have to spend in order to get that 3%. CPF? dont need to.
you get back 2.5% and extra 1% for the 1st $20k for your OA account. 4% for the rest of the accounts with and extra 1% for the 1s $40k.
Tell me how much interest is that without even need to spend anything?
what if the next of kin also die before 65?like that money kena sucked by PAP ad infinitum?
you have to spend in order to get that 3%. CPF? dont need to.
you get back 2.5% and extra 1% for the 1st $20k for your OA account. 4% for the rest of the accounts with and extra 1% for the 1s $40k.
Tell me how much interest is that without even need to spend anything?
suck by PAP? why dont you call CPF and ask if the money goes to PAP or goes to their relatives or their children if they have. Government takes only when there is no one else to give to.
http://singaporelegaladvice.com/in-the-absence-of-a-will-how-is-the-deceased-estate-distributed/
If CPF cheats your money....
If you realized they give you more interests than banks.