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CPF got new scheme...
- Thread starter zhihau
- Start date
Yeah they pass it really quickly !
Because there is a campaign to spend less this year by
Singaporeans who have the initiative hates how things are going !
Now they have to use iron-hand to hold funds !
News Releases
http://mycpf.cpf.gov.sg/CPF/News/News-Release/N_18Sep2008.htm
CHANGES TO CPF REFUND UPON SALE OF PROPERTY BY MEMBERS AGED 55 AND ABOVE
News Release by:
Central Provident Fund Board
18 September 2008 --
During the Budget Debate in March 2007, the Minister for Manpower announced that from 1 January 2009, CPF members aged 55 years or older who sell their properties are required to refund the CPF moneys used in buying the properties to make up the Minimum Sum. This is to help members build up the Minimum Sum to meet their retirement needs.
The CPF Board would like to remind members of this change to allow those intending to sell their properties sufficient time to make the appropriate financial arrangements.
Currently, members aged 55 and above1 need to refund the property pledge amount with accrued interest, if they have pledged their properties for part of the Minimum Sum. Members who have not pledged their properties for part of the Minimum Sum are not required to make any refund upon sale of their properties.
From 1 January 2009, members who sell their properties that have been purchased with their CPF savings are required to refund the sale proceeds2 to make up the Minimum Sum, up to the amount of the CPF savings that had been withdrawn and the interest that would have been earned on the withdrawn savings.3
Some examples showing the amount refundable under the new rule are given in Annex A.
1 Members who sell their properties before age 55 are required to refund the CPF moneys withdrawn for the purchase of their properties with accrued interest upon the sale. There will be no change to this rule.
2 The sale proceeds that the CPF member can realize depends on whether CPF Board’s charge on the property ranks before or after the bank. If the bank has first charge, then the sale proceeds to be used for refund will be the net amount after settling the outstanding bank loan. If the Board has first charge, the sale proceeds would be used for the required CPF refund first.
3 The refund amount is capped at the difference between the member's Minimum Sum and his Retirement Account balance (excluding interest earned).
Contact Information
Information on the change to the refund rules from 1 January 2009 can be found at the CPF website (www.cpf.gov.sg). Queries can also be addressed to CPF Board via
http://mycpf.cpf.gov.sg/CPF/News/News-Release/N_18Sep2008.htm
CHANGES TO CPF REFUND UPON SALE OF PROPERTY BY MEMBERS AGED 55 AND ABOVE
News Release by:
Central Provident Fund Board
18 September 2008 --
During the Budget Debate in March 2007, the Minister for Manpower announced that from 1 January 2009, CPF members aged 55 years or older who sell their properties are required to refund the CPF moneys used in buying the properties to make up the Minimum Sum. This is to help members build up the Minimum Sum to meet their retirement needs.
The CPF Board would like to remind members of this change to allow those intending to sell their properties sufficient time to make the appropriate financial arrangements.
Currently, members aged 55 and above1 need to refund the property pledge amount with accrued interest, if they have pledged their properties for part of the Minimum Sum. Members who have not pledged their properties for part of the Minimum Sum are not required to make any refund upon sale of their properties.
From 1 January 2009, members who sell their properties that have been purchased with their CPF savings are required to refund the sale proceeds2 to make up the Minimum Sum, up to the amount of the CPF savings that had been withdrawn and the interest that would have been earned on the withdrawn savings.3
Some examples showing the amount refundable under the new rule are given in Annex A.
1 Members who sell their properties before age 55 are required to refund the CPF moneys withdrawn for the purchase of their properties with accrued interest upon the sale. There will be no change to this rule.
2 The sale proceeds that the CPF member can realize depends on whether CPF Board’s charge on the property ranks before or after the bank. If the bank has first charge, then the sale proceeds to be used for refund will be the net amount after settling the outstanding bank loan. If the Board has first charge, the sale proceeds would be used for the required CPF refund first.
3 The refund amount is capped at the difference between the member's Minimum Sum and his Retirement Account balance (excluding interest earned).
Contact Information
Information on the change to the refund rules from 1 January 2009 can be found at the CPF website (www.cpf.gov.sg). Queries can also be addressed to CPF Board via
CPF - F1 or F9?
Monday, 25 June 2007, 9:38 am | 1,074 views
http://theonlinecitizen.com/2007/06/cpf-f1-or-f9/
Leong Sze Hian looks at 9 issues regarding the CPF.
Half also cannot withdraw anymore
Do you know who gets your CPF when you die?
Poor gets less % than the rich?
Pay up to 22% to use Medisave?
Why cannot choose to make CPF last longer?
Nominations are secret?
Owe money – no need to pay?
Lose HDB flat, lose CPF?
Why do Ordinary and Special Accounts pay different rates?
Monday, 25 June 2007, 9:38 am | 1,074 views
http://theonlinecitizen.com/2007/06/cpf-f1-or-f9/
Leong Sze Hian looks at 9 issues regarding the CPF.
Half also cannot withdraw anymore
Do you know who gets your CPF when you die?
Poor gets less % than the rich?
Pay up to 22% to use Medisave?
Why cannot choose to make CPF last longer?
Nominations are secret?
Owe money – no need to pay?
Lose HDB flat, lose CPF?
Why do Ordinary and Special Accounts pay different rates?
It is not call Cheat Peasants Fund for Life Scheme for nothing.
They are thinking out of the boxs that is why they are paid millions to con peasants.
If not how do you expect Ms Ho to be the 8 most powerful woman in the world, and how do MIW get paid in millions.
Actually it's good for majority of CPF holders. They get much more interests putting their money in CPF than in their own bank accounts. Investment is risky and no guarantee that it makes more than monery than interests from CPF. Of course, there are others who would rather have the cash in hands.
Stupid peasants con into thinking that Banks give low interest rates
which is a fact then put money into CPF !
For the poor !
Also die, both dies !
Singaporeans breed like farmed chickens ready to be slaughtered and eaten !
which is a fact then put money into CPF !
For the poor !
Also die, both dies !
Singaporeans breed like farmed chickens ready to be slaughtered and eaten !
I welcome this move by cpf..... it helps to prevent old men cheated of their money by prc consters in sgp....
i certainly welcome the idea that the old folks are protected against the PRC consters...
but i thought we have to be cruel to be kind, let a number of old folks be conned, they will spread the word, then the other old folks would be warned...
otherwise, these old folks keep thinking these PRC consters are just hearsays...
the sad thing is that there's nothing much we could really do, 'cept to migrate.
So many uncles got their CPF savings squandered by China meis meis. That's why!!! Many sell their flats and become instant rich and wealthy. Waulau so much money and so much cash in hand! So go around flinging with China meis meis until bankrupt!!! Poor wife at home neglected and in the end all end up searching the dustbins!
Well done CPF!!! Well done! Get the money and cash from the sale of these HDB flats.Retain the money and save these uncles and retirees from the temptations of such lustful adventures!
I applaud the CPF for a job well done!
Well done CPF!!! Well done! Get the money and cash from the sale of these HDB flats.Retain the money and save these uncles and retirees from the temptations of such lustful adventures!
I applaud the CPF for a job well done!
as usual,whenever some policies being implemented,there are always some who approve it and some who against it.
you cannot simply make everyone happy.
you cannot simply make everyone happy.
you are a wise person!
ever questioned why do the old folks need to let go of the pigeon hole they are living in? once these old folks let go of the pigeon hole, where would they be staying?
ever questioned why do the old folks need to let go of the pigeon hole they are living in? once these old folks let go of the pigeon hole, where would they be staying?
Putting the money back into the CPF as a proper retirement security is not wrong. What needs to be addressed is high rentals of apartments and a more effective assessment of those who really do need a cheap hdb rental apartment going less than 100 per month.
ever questioned why do the old folks need to let go of the pigeon hole they are living in? once these old folks let go of the pigeon hole, where would they be staying?
1.they need cash for themselves and for their children and grandchildren.
2.they need cash for their own medical expenses - some with terminal illnesses.
3.they're lonely and need to stay with their children - troubles start and they return to one room rental flats.very sad. some commit suicide. can't live with daughters in laws.
4. need to help children who failed in their businesses and bad investments
5.need money to upkeep China meismeis or other lustful pursuits.
6.once no flats, they stay downstairs in the void-decks - stay there, sleep there and spend their time there staring at the empty ceiling and watching people go by.very sad also.
6.go searching for food in dustbins and begging in hawker centres.
7.no where to go.no home to go to. no children to look for help and assistance.just wander around aimlessly. go misssing.one day found dead in one corner of the drain or at the foot of the block. tragic.
8. life for these old folks is utter misery....money also problems, no money also problems...problems, problems,problems...the way out is to die...
i'd rather go in search for my Nanyang :(
nanyang is supposed to be here. now becomes what i don't know...nah nah nah!!!
where is my Nanyang?
the real nanyang resides in your heart.when you stay in the moment and be in the present, you're in nanyang...not down under there or anywhere.
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