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The specific quote in question:
“Instead of thinking about whether you can spend your savings in the CPF at the age of 55, I think we should think about how can we help our Singaporeans to continue to remain employed, to continue to earn a good living, continue to have good jobs, and at the same time to continue to contribute to the CPF because the more money they have in CPF, the longer they defer the use of the CPF — this will mean they will have more for retirement.”
Mr Lim made a daring grab for the mantle of Captain Obvious from NMP Eugene Tan by, among other things, saying that people who put more into their account (by working past the ‘retirement age’) will have more money for retirement. There was also this nearly pointless quote: “You have your money, you have the account, and you receive the statement, the account on a regular basis. So, you know how much money you have in the CPF”.
Here’s five ways we can interpret his overall statement as reported:
1) You probably won’t have enough money in your CPF to retire, so it’s best to defer retirement. Ditch that pipe dream.
If this is true, that’s pretty in your face. While I personally agree that retirement is a myth these days, Mr Lim is known for making bizarre and confusing statements like “Cheaper Better Faster”, which took months for NTUC to clarify and is still being misinterpreted today, the “Little Frog” story from GE 2011, “better, betterer, betterest”, and of course, “I feel so rich”, the legendary proportions of which doubtless will colour every statement about CPF Mr Lim will ever make.
2) Those who don’t have enough money to retire should continue working.
Blunt, but true, if that’s what he meant. It doesn’t bode well coming from the mouth of the labour chief, though. This corroborates with the fact that some 50% of CPF Members today cannot meet their Minimum Sum and will not have enough to retire on.
3) Don’t spend your CPF savings on other things (like housing and education) so you have enough for retirement.
If that’s what he was trying to say, then it’s terrible advice. This interpretation, however is a little far fetched, although the reporter’s opening line....
http://doulosyap.wordpress.com/2014/06/23/5-ways-to-interpret-lim-swee-says-latest-cpf-gobbledegook/
“Instead of thinking about whether you can spend your savings in the CPF at the age of 55, I think we should think about how can we help our Singaporeans to continue to remain employed, to continue to earn a good living, continue to have good jobs, and at the same time to continue to contribute to the CPF because the more money they have in CPF, the longer they defer the use of the CPF — this will mean they will have more for retirement.”
Mr Lim made a daring grab for the mantle of Captain Obvious from NMP Eugene Tan by, among other things, saying that people who put more into their account (by working past the ‘retirement age’) will have more money for retirement. There was also this nearly pointless quote: “You have your money, you have the account, and you receive the statement, the account on a regular basis. So, you know how much money you have in the CPF”.
Here’s five ways we can interpret his overall statement as reported:
1) You probably won’t have enough money in your CPF to retire, so it’s best to defer retirement. Ditch that pipe dream.
If this is true, that’s pretty in your face. While I personally agree that retirement is a myth these days, Mr Lim is known for making bizarre and confusing statements like “Cheaper Better Faster”, which took months for NTUC to clarify and is still being misinterpreted today, the “Little Frog” story from GE 2011, “better, betterer, betterest”, and of course, “I feel so rich”, the legendary proportions of which doubtless will colour every statement about CPF Mr Lim will ever make.
2) Those who don’t have enough money to retire should continue working.
Blunt, but true, if that’s what he meant. It doesn’t bode well coming from the mouth of the labour chief, though. This corroborates with the fact that some 50% of CPF Members today cannot meet their Minimum Sum and will not have enough to retire on.
3) Don’t spend your CPF savings on other things (like housing and education) so you have enough for retirement.
If that’s what he was trying to say, then it’s terrible advice. This interpretation, however is a little far fetched, although the reporter’s opening line....
http://doulosyap.wordpress.com/2014/06/23/5-ways-to-interpret-lim-swee-says-latest-cpf-gobbledegook/
