30,000 Conned into signing up for CPF Life

[Katana]

Nov 18, 2009

30,000 sign up for CPF Life

<!-- by line --> By Zakir Hussain
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Minister of State for Manpower Lee Yi Shyan told reporters on Tuesday that 30,000 is 'a significant number' when compared to only about 71,000 private-sector annuities bought by individuals. -- PHOTO: BT

MORE than 30,000 older CPF members have committed over $1.2 billion to a new annuity scheme since its launch two months ago. However, these opt-ins to the CPF Life scheme add up to less than 5 per cent of the more than 700,000 Singapore residents aged 55 and older who are eligible to sign up for it. Asked about the low proportion, Minister of State for Manpower Lee Yi Shyan told reporters on Tuesday that 30,000 is 'a significant number' when compared to only about 71,000 private-sector annuities bought by individuals. He also pointed out that in the pool of 700,000 older CPF members are some who had passed the age of 62. These folk would have started drawing on their CPF savings and may not want to switch to the new CPF Life. Also, some may have bought their own annuity schemes, he added. Other reasons he gave are: lack of savings, confidence that they can rely on family members and other sources of retirement income.

 

[ahleebabasingaporethief]

You actually believe the 30,000 figure?

they also tell you HDB flat lose money when the sell to you.

Tell you, maybe not even 3,000 sign up let alone 30,000.

Pian chiat u know?
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[nextinfidel]

put it simply its a failure.

was considering it for my father but decide against it in the end.
our CPF money in there should be outflowing into our hands.
you do not reverse that flow.

40 billion losses.......

 

[wizard]

Sign Up = die...

Dun sign up = also die....

Either way you dun get value money. How many percent of the population you know have the min sum in CPF after paying for HDB houses? ( AND live until 86 like LKY?) Does PAP dare to work out the number and reveal it during pre-election rally?

That is the life of SG. You get what you vote and what you never vote or never had a chance to vote. ( Evil/Greed/Kiasu/Bully system of the GRC ) a system to protect a weak party in disguise as a noble system to protect the minority races to be elected into the parliment.

Does the PAP think that we are really that stupid?

 

[knnpapccb]

Simple answer looking at the number, 30K about the right figure when the STUPID CIVIL SERVANTS who are paid to con us, happened to have coned only themselves! All 30K of them!

 

[Watchman]

CPF you don't have $500,000 and which year you born in is waste time !

 

[The Monkees]

if u live long enough,then it will be good.
but just like any insurance,the only ones that gain is the insurance company and those that you put as your benefictors.

but why benefit the government when you can benefit your love ones.

 

[Watchman]

Take out all CPF , let them fail .

Don't let them come up with madatory rules to rule us all !

If they not giving 6% take it all OUT .

 

[hellfire]

that's like only 1 per cent of the total number?

 

[AhBeng]

Thank god all my friends left Singapore...............I don't seem to have many friends in Singapore...............except a dent in my life because of LKY>>>>>>>>>KNN

 

[phouse3]

These 30,000 have not been conned.

The economics of the annuity is better for these opt-in "volunteers". They are being used to manage the expectations of the other 99.9% Singaporeans who cannot opt-out in the less attractive compulsory scheme. Saying they are confident more will join is massaging the element of choice, acceptance and popularity.

The attempt is no different from pre-booking or pre-launch for property sales. Departmental stores have pre-sales viewing for cardmembers. Cinemas too have pre-view shows.

Sales pitch like "Get paid without working...a dream come true!" is spin-doctoring to the extent of being dishonest. "Risk-pooling" is its simplest form says majority will be conned, which is its raison d'etre in the first place. Otherwise "risk-pooling" will fail as sure as the Sun rises from the East. Anyone who wagers on TOTO should know that!

 

[ahleebabasingaporethief]

These 30,000 have not been conned.

It is you that have been conned for believing the 30,000 figure given.
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