CPF minimum sum to be revised upwards to S$131,000

[dankos]

They rise it by a grand total of 6.1 percent in 8 years!!!! Wow that's SOOOOOoooooooo high. Assuming it somehow manage to reach 250K by the time U and I retire, that's a whopping $275 in your special account every month.

CPF MS raised from 80k in 2003 to 131k in 2011. what 6.1% your CCB fat ass :oIo::oIo:

 

[Char_Azn]

I was trying not to reply your post since U dun seem to like me doing so. Since U asked, I've already calculated the possibility of reaching minimum sum as well as given my estimate of what will happen in 20 years. Go read the previous posts

 

[karmabear]

@Char From now to 30 years time, what is the anticipated minimum sum? If it is 250K, does that imply a $3,000/mth average?

 

[dankos]

I was trying not to reply your post since U dun seem to like me doing so. Since U asked, I've already calculated the possibility of reaching minimum sum as well as given my estimate of what will happen in 20 years. Go read the previous posts

CPF MS raised from 80k in 2003 to 131k in 2011. what 6.1% your CCB fat ass


fat ass,

u have not answer this question!! CB. wrong just admit ok. fuck u. :oIo:

 

[Char_Azn]

@Char From now to 30 years time, what is the anticipated minimum sum? If it is 250K, does that imply a $3,000/mth average?

My own estimates is yes 250-300K. If we use a realistic model of 2% increment(with no bonus), yes the average 3K/month pay still remains(the one that I started out at $2500). With increment of 2% over 30 years, the final figure should be around $280K. Personally I believe the most realistic model we should be using is something like 2% increment(which is still below the average increment) and 1 month annual bonus. If we use that it will be way above the minimum sum

 

[dankos]

55th birthday on or after Minimum Sum
(in 2003 dollars)
Minimum Sum
(after adjustment for inflation)


1 July 2003 $80,000 $80,000
1 July 2004 $84,000 $84,500
1 July 2005 $88,000 $90,000
1 July 2006 $92,000 $94,600
1 July 2007 $96,000 $99,600
1 July 2008 $100,000 $106,000
1 July 2009 $104,000 $117,000
1 July 2010 $108,000 $123,000
1 July 2011 $112,000 $131,000
1 July 2012 $116,000 } To be
1 July 2013 $120,000 } announced


fat ass,

try to explain how the fuck you get 6.1% increase over the whole fucking 8 years from 2003 to 2011. actual increase is 63.75%. CCB fat ass. stupid like fuck.

 

[dankos]

They rise it by a grand total of 6.1 percent in 8 years!!!! Wow that's SOOOOOoooooooo high. Assuming it somehow manage to reach 250K by the time U and I retire, that's a whopping $275 in your special account every month.

fat ass,

i am waiting. faster try to explain your cock and bull story ok?? what 6.1% over 8 years. wrong say wrong ok. fuck u.

 

[Bigfuck]

fat ass,

i am waiting. faster try to explain your cock and bull story ok?? what 6.1% over 8 years. wrong say wrong ok. fuck u.

Dankos, cut him a little slack. I want the CPF issue to be talked about, not buried by mudslinging. PAP propaganda cannot survive analysis based on their own empirical data - they know it.

 

[dankos]

Dankos, cut him a little slack. I want the CPF issue to be talked about, not buried by mudslinging. PAP propaganda cannot survive analysis based on their own empirical data - they know it.

i just want that fat ass to admit he made a mistake. that CB ah pui always like to talk until damn yaya as if he knows a lot.

 

[Char_Azn]

i just want that fat ass to admit he made a mistake. that CB ah pui always like to talk until damn yaya as if he knows a lot.

If that's all you want, why didn't you just say so. I made a mistake. Let's move on

 

[dankos]

If that's all you want, why don't you just say so. I made a mistake. Let's move on

fat ass

before move on. fuck u first. :oIo::oIo::oIo:

stupid fuck.

 

[karmabear]

My own estimates is yes 250-300K. If we use a realistic model of 2% increment(with no bonus), yes the average 3K/month pay still remains(the one that I started out at $2500). With increment of 2% over 30 years, the final figure should be around $280K. Personally I believe the most realistic model we should be using is something like 2% increment(which is still below the average increment) and 1 month annual bonus. If we use that it will be way above the minimum sum

Actually, i think you should factor in retrenchment and lower wages as one gets older (ie post 45). Your initial case is more realistic. In a nutshell, getting the "expected" minimum sum is not that easy... for those 20% earning less than $1,200...impossible.

Actually, $250K minimum sum in 30 years time might be under-estimating. I have always felt our SGD peg to the USD is indirectly eating into our savings. If we pegged to RMB, i think close one eye, everyone can reach

 

[Char_Azn]

Dankos, cut him a little slack. I want the CPF issue to be talked about, not buried by mudslinging. PAP propaganda cannot survive analysis based on their own empirical data - they know it.

Just ignore him. Pple like him only talk big and complain, never actually bother to use their brains to see if things are right or wrong

I redid the figure with a 2% increment and 1 month annual bonus.

The logic behind a 1 month bonus is many pple have AWS and probably at least another 1/2 - 1 month bonus on top of that. So short term unemployment or no bonus should be addressed

On a more personal note, I have never worked for any company that has AWS, at the same time the worst bonus I've ever gotten was 1 month and the worst increment I've ever got is 2.5% which is why I said the above should be good for the average person

 

[Silencer]

The CPF minimum sum and criteria should be set to a more realistic amount & time frame which cater to the lower wage earners so that they could not only see but fully utilize their retirement fund.

If the magic age of 55 is deemed too "young" then 60 would be apt.
Hence. AWHL could also be adjusted accordingly to see the rising cost of housing.

Now although retirement age is set at 62 the AWHL remains at 55 with a lesser Valuation Limit of 120% which many aged are caught.

Then at age 60 after setting a minimum sum they are allowed to draw down from the minimum sum of their retirement account.
The minimum sum should see them through from age 60 to 75.

1. Not forgetting some will still be in the labour force and contributing and growing their own Retirement account.

2. Those that exceed 75 without any dependant and cash, the state should burden the duty to care for them. The state should not treat this as welfare and in most likelihood the figure would not be large.

Those that live well above 75 would either be blessed with filial family members or gain wealth and health to live beyond that age as Singapore life expectancy is around 80.1 years old. (Male shorter at 77 years of age)

3. Medisave

Should be allowed to fully pay all instead of the current part or restrictions.

a. Insurances to cover the co-payment portion.
b. Dental implants and surgeries.
c. Full yearly health screening cost. (e.g. after the age of 50)

The CPF must be seen to be hoarding the money and distancing the state from it's responsibilities to the aged if there is a need.
The state must also not be seen to be pushing it's responsibilities entirely to family members and charity organizations.

 

[Char_Azn]

The whole point of the minimum sum is to ensure that the money put inside would be enough for retirement. If U suka suka stretch here and there, even if a person makes the minimum sum by making concessions for them, in the end the money still won't be enough for retirement which totally defeats the purpose. The current scheme according to the article is aim at providing $1100 a month during retirement which I think is a fair amt by current standards.

However I do agree with the age factor. If someone is able to reach the minimum sum and at the same time have enough money to get payout of $1100 by at the time he chooses to retire e.g. 55, he should be allowed to start drawing the monthly payout and whatever remaining in the account instead of just getting 1 lump sum and have to wait for the rest to come in when it kicks in at 62 which by the time I retire will be revised to 65.

The point should be whether the person have accumulated enough to get payouts to the targeted age of 85 instead of limiting the person to only start getting payout after retirement age. I understand that they want to keep pple in the workforce but we should also be given a choice in the matter

 

[dankos]

Just ignore him. Pple like him only talk big and complain, never actually bother to use their brains to see if things are right or wrong

I redid the figure with a 2% increment and 1 month annual bonus.

The logic behind a 1 month bonus is many pple have AWS and probably at least another 1/2 - 1 month bonus on top of that. So short term unemployment or no bonus should be addressed

On a more personal note, I have never worked for any company that has AWS, at the same time the worst bonus I've ever gotten was 1 month and the worst increment I've ever got is 2.5% which is why I said the above should be good for the average person

CB fat ass,

u must be damn stupid to think that bigfuck is standing on your side.

fuck u.:oIo::oIo:

btw, i am going the mass email to your company next week. post more during your office hrs so that i can collect more evidence of u skiving.

 

[dankos]

The whole point of the minimum sum is to ensure that the money put inside would be enough for retirement. If U suka suka stretch here and there, even if a person makes the minimum sum by making concessions for them, in the end the money still won't be enough for retirement which totally defeats the purpose. The current scheme according to the article is aim at providing $1100 a month during retirement which I think is a fair amt by current standards.

However I do agree with the age factor. If someone is able to reach the minimum sum and at the same time have enough money to get payout of $1100 by at the time he chooses to retire e.g. 55, he should be allowed to start drawing the monthly payout and whatever remaining in the account instead of just getting 1 lump sum

fat ass

talk so much cock for fuck. u say cpf ms increase only 6.1% in 8 years what. where is the apology for making such irresponsible statements? what u say can be believe? u r full of shit and lancheow langauge :oIo::oIo::oIo:

 

[Silencer]

Char_Azn

I take offence if you are addressing me with your;

"If U suka suka stretch here and there, even if a person makes the minimum sum by making concessions for them"

Did I raised any suka suka concession with regards to the Special or Ordinary accounts ?
The request is to be more realistic in the minimum sum target to cater for the low wage earners.

As it stand in 2010 only 40.7% of people who reached 55 (active CPF members) meet the minimum sum.
What happen to the rest of the 60%, is it not their projection a little steep and unrealisitic.


http://mycpf.cpf.gov.sg/NR/rdonlyres/CD1DED5D-D69E-4180-B190-A78DEC1FCD77/0/CPFTrends_MSS.pdf

Is it not the current minimum sum not a realistic representation of the population able to meet that target ?

From early 1995 the MS was set at $30K till now 2011 it is $131K it has increased exponentially.
Do our salary in 1995 increased at such pace and proportion that is roughly 4.37 times for everyone across the board in 16 years ?

Do you expect an admin staff or technician that earns $1,000.00 in 1995 to earn $4,370 today ?

What I know is that HDB and medical cost have increase rather alarmingly as such one would see most of their funds being depleted by these 2 major items.

So in your opinion you would rather say "Yes its depleted lets increase further the minimum sum"
or acknowledged the system is squeezing blood out of a rock.

With regards to the Medisave, what is suggested is only natural and logical as Preventive measures is better than any
Maintenance/Repair works. You claimed to work in a mining company and should be very familiar with safety issues.

If you screen earlier you detect illnesses earlier and the cost is cheaper and treatment is easier.
Similarly to dental care, if the aged can eat better they will live a healthier life.
The co-payment part, why make the people suffer to source for the funding when they have the money in there to subscribed to the coverage and it is our money to begin with and it is not that much. But, to the poor it means 2 months of loan payment.

 

[Char_Azn]

CB fat ass,

u must be damn stupid to think that bigfuck is standing on your side.

fuck u.:oIo::oIo:

btw, i am going the mass email to your company next week. post more during your office hrs so that i can collect more evidence of u skiving.

I travel all the freaking time, U are assuming I am now in the same time zone as U are and what makes you think I'm not on leave right now. In any case, go ahead, I am VERY curious to see which MD you will be sending the email to since there isn't 1 in my company. BTW I am in IT Department, what makes you think the email will get through me in the first place

Ironically your actions proves that
1)You're nothing but a hypocrite who doesn't believe in free speech.
2)PAP was right, pple on the internet are assholes and should be control, restricted and censored

 

[Char_Azn]

Char_Azn

I take offence if you are addressing me with your;

Paiseh that statement was not directed at U, it was a general statement. I should have put that before the quote not after. My bad