The new CPF Life (aka the National LIFElong Income Scheme) is an overhaul to the entire CPF system and a change in the wamy CPF is providing for all its members. It will mark a massive shift of principles and ideology which Singaporeans had gotten used to after its inception in 1955.
Before the new scheme, CPF is simple. You earn a salary and CPF safeguards part of it for decades, so that you can enjoy the enforced savings upon retirement. What you have earned throughout your working life is yours alone to enjoy when you reach the CPF-determined retirement age.
With CPF Life, the landscape changes entirely. Every CPF member, upon reaching 55, is shoved into a scheme where everyone gives up part of the CPF money that is put into a pot of funds. This monetary pot will eventually provide for every member for as long as he/she lives.
Despite the marketing efforts by the CPF Board (source: MOM), there is no denying that this is significant change. The question to be asked here is – why is there such limited public consultation for such a policy change? The government is again shoving stuff down our throats and insisting that they are “good for us”. Singaporeans have no choice but to swallow diligently.
Read rest of article here:
http://temasekreview.com/2009/09/21/cpf-life-–-a-critical-analysis/
Before the new scheme, CPF is simple. You earn a salary and CPF safeguards part of it for decades, so that you can enjoy the enforced savings upon retirement. What you have earned throughout your working life is yours alone to enjoy when you reach the CPF-determined retirement age.
With CPF Life, the landscape changes entirely. Every CPF member, upon reaching 55, is shoved into a scheme where everyone gives up part of the CPF money that is put into a pot of funds. This monetary pot will eventually provide for every member for as long as he/she lives.
Despite the marketing efforts by the CPF Board (source: MOM), there is no denying that this is significant change. The question to be asked here is – why is there such limited public consultation for such a policy change? The government is again shoving stuff down our throats and insisting that they are “good for us”. Singaporeans have no choice but to swallow diligently.
Read rest of article here:
http://temasekreview.com/2009/09/21/cpf-life-–-a-critical-analysis/
