CPF Life will be compulsory for all who turn 55 from 2013.

[makapaaa]

10 October 2009 2316 hrs

SINGAPORE: CPF Life is an annuity scheme that kicks in when you turn 55, and pays out a monthly income for the rest of your life with money drawn from your CPF Retirement Account.

Since September, 11,787 eligible members have signed up after the government allowed those who are 55 and older to sign up voluntarily.

There are four plans available, from which a person can choose how much he/she wants to receive each month, and if he/she plans to leave something for his/her family after death.

There is a trade-off between these options because the higher the monthly payout, the less a person leaves for his/her beneficiaries."

The most popular plan so far is CPF Plus, which gives the most to members and the least to their beneficiaries. About half who signed up for CPF Life went for CPF Plus.

Another one-third chose the Life Balanced Plan, which gives a moderate payout to both parties.

The Life Balanced Plan is the default plan for those who do not specify a choice.

The other two plans are - Life Basic, which leaves the most to beneficiaries; and Life Income, which gives the highest payout to members, with no bequests for beneficiaries.

Actual payouts depend on the amount in each member's CPF account.

CPF Life will be compulsory for all who turn 55 from 2013.

However, those who are already 55 may sign up now to receive payouts from January next year.

Members must have at least S$40,000 in CPF retirement savings in order to qualify for the scheme.

The past month saw 571 members top up a total of S$12.5 million into their accounts in order to qualify.

Top-ups may be done by members and their family, as well as by employers.

The government is offering tax breaks for employers to top up their workers' accounts.

The CPF Board estimates about 700,000 are eligible for the scheme now, and it is in the process of sending mailers to individuals to get them to join.

 

[makapaaa]

<TABLE class=forumline border=0 cellSpacing=1 cellPadding=3 width="100%"><TBODY><TR><TD class=row1 vAlign=top width=150 align=left>fun$



Joined: 23 Jan 2009
Posts: 234

</TD><TD class=row1 height=28 vAlign=top width="100%"><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD width="100%">Posted: Sat Oct 10, 2009 11:02 pm Post subject: </TD><TD vAlign=top noWrap> </TD></TR><TR><TD colSpan=2><HR></TD></TR><TR><TD colSpan=2>Very low % signed up. 12k/700k = 1.7%.

CPF Life will be compulsory for all who turn 55 from 2013.

</TD></TR></TBODY></TABLE></TD></TR><TR><TD class=row1 vAlign=center width=150 align=left>Back to top</TD><TD class=row1 height=28 vAlign=bottom width="100%" noWrap><TABLE border=0 cellSpacing=0 cellPadding=0 width=18 height=18><TBODY><TR><TD vAlign=center noWrap> <SCRIPT language=JavaScript type=text/javascript><!-- if ( navigator.userAgent.toLowerCase().indexOf('mozilla') != -1 && navigator.userAgent.indexOf('5.') == -1 && navigator.userAgent.indexOf('6.') == -1 ) document.write(' '); else document.write('</td><td> </td><td valign="top" nowrap="nowrap">


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</TD></TR><TR><TD class=row2 vAlign=top width=150 align=left>imahbeng



Joined: 12 Apr 2009
Posts: 236

</TD><TD class=row2 height=28 vAlign=top width="100%"><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD width="100%">Posted: Sat Oct 10, 2009 11:25 pm Post subject: </TD><TD vAlign=top noWrap> </TD></TR><TR><TD colSpan=2><HR></TD></TR><TR><TD colSpan=2>i read that they have the right not to give u payout if their fund not doing well rite?</TD></TR></TBODY></TABLE></TD></TR><TR><TD class=row2 vAlign=center width=150 align=left>Back to top</TD><TD class=row2 height=28 vAlign=bottom width="100%" noWrap><TABLE border=0 cellSpacing=0 cellPadding=0 width=18 height=18><TBODY><TR><TD vAlign=center noWrap> <SCRIPT language=JavaScript type=text/javascript><!-- if ( navigator.userAgent.toLowerCase().indexOf('mozilla') != -1 && navigator.userAgent.indexOf('5.') == -1 && navigator.userAgent.indexOf('6.') == -1 ) document.write(' '); else document.write('</td><td> </td><td valign="top" nowrap="nowrap">


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</TD></TR><TR><TD class=row1 vAlign=top width=150 align=left>Little Red Dot



Joined: 29 Dec 2006
Posts: 3885
Location: Hot Spot
</TD><TD class=row1 height=28 vAlign=top width="100%"><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD width="100%">Posted: Sat Oct 10, 2009 11:31 pm Post subject: </TD><TD vAlign=top noWrap> </TD></TR><TR><TD colSpan=2><HR></TD></TR><TR><TD colSpan=2><TABLE border=0 cellSpacing=1 cellPadding=3 width="90%" align=center><TBODY><TR><TD>imahbeng wrote:</TD></TR><TR><TD class=quote>i read that they have the right not to give u payout if their fund not doing well rite?</TD></TR></TBODY></TABLE>
Its in the fine print. Also, there is no guaranteed monthly payout amount. They est now maybe $500 but actual can be alot less.

They say min $40K in cpf you're in. BUT THEY NEVER SAID HOW MUCH MAXIMUM THEY ARE GOING TO DEDUCT. ?????</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>

 

[makapaaa]

<TABLE class=forumline border=0 cellSpacing=1 cellPadding=3 width="100%"><TBODY><TR><TD class=row2 vAlign=top width=150 align=left>imahbeng



Joined: 12 Apr 2009
Posts: 236

</TD><TD class=row2 height=28 vAlign=top width="100%"><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD width="100%">Posted: Sun Oct 11, 2009 12:08 am Post subject: </TD><TD vAlign=top noWrap> </TD></TR><TR><TD colSpan=2><HR></TD></TR><TR><TD colSpan=2><TABLE border=0 cellSpacing=1 cellPadding=3 width="90%" align=center><TBODY><TR><TD>Little Red Dot wrote:</TD></TR><TR><TD class=quote></SPAN><TABLE border=0 cellSpacing=1 cellPadding=3 width="90%" align=center><TBODY><TR><TD>imahbeng wrote:</TD></TR><TR><TD class=quote>i read that they have the right not to give u payout if their fund not doing well rite?</TD></TR></TBODY></TABLE>
Its in the fine print. Also, there is no guaranteed monthly payout amount. They est now maybe $500 but actual can be alot less.

They say min $40K in cpf you're in. BUT THEY NEVER SAID HOW MUCH MAXIMUM THEY ARE GOING TO DEDUCT. ?????</TD></TR></TBODY></TABLE>

shiok sia, government ponzi scheme

btw just my own conspiracy theory, everyone's cpf got 3% interest per year rite?? den if i estimate spore average person 100k cpf and 1million ppl have this amt, gov must produce $3billion per year of interest... maybe they owe ppl alot liao then no money or dun wan to give out so chut this kind of stun</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>

 

[tonychat]

This is a good chance for protest. But sinkie??.... hahahha... As what mentis says once again be treated like farm animals.. Where is your balls.....?

 

[johnny333]

When a Ponzi scheme has difficulties paying out it will collapse. By restricting CPF withdrawals they are probably trying to extend its lifespan & still allow Temsaek to continue abusing OUR money.


Sporeans have one extra reason NOT to vote PAP in the next elections

 

[tonychat]

One extra reason to protest but as usual sinkies hide their balls , unlike the Thais.

 

[yellow_people]

This is a good chance for protest. But sinkie??.... hahahha... As what mentis says once again be treated like farm animals.. Where is your balls.....?

What else is new in the land of the Ah Bengs?

 

[Cestbon]

154th still misguiding people.
Only less than 12000 people sign up. Singapore at least have 500000 or half million population above age 55 year old. Means that only less than 3% really sign up.
KNN Shit times and Mediacock.

 

[Ramseth]

CPF Life will be compulsory for all who turn 55 from 2013.

However, those who are already 55 may sign up now to receive payouts from January next year.

Members must have at least S$40,000 in CPF retirement savings in order to qualify for the scheme.

How to be "compulsory"? If I don't have $40,000 in my CPF, what happens? They topup for me or charge me for bankruptcy? Not bad also for a retirement plan, spend rest of life in Changi resort free of charge.

 

[tonychat]

This is a clear example that your sinkie govt is shitting you up. They do not care how you feel, they just compulsory you this and that and you have to swallow it hard even if you do not like it.

You sinkies had pampered your govt this way till they dun even give you a second look when they try to screw you, you sinkies deserve it.

 

[jimmyfallon]

This is a clear example that your sinkie govt is shitting you up. They do not care how you feel, they just compulsory you this and that and you have to swallow it hard even if you do not like it.

You sinkies had pampered your govt this way till they dun even give you a second look when they try to screw you, you sinkies deserve it.

You're right. Its a rip off. PAP gets away with so much it is appalling

 

[soIsee]

This is worst then buying Mini Bonds!

At least for the Minis, you got a choice whether to buy or not!

 

[zhihau]

CPF Life will be compulsory for all who turn 55 from 2013.

give the Citizens a choice to opt out of CPF Life or this is plain robbery.

 

[kakowi]

CPF Life will be compulsory for all who turn 55 from 2013.

What if you decide to migrate in 2018?

After being made to join their scheme on a compulsory basis, will you also be penalised on a compulsory basis?

 

[po2wq]

my i's r wide open! ...

me dun wan 2 go in! ...

 

[Watchman]

This is worst then buying Mini Bonds!

At least for the Minis, you got a choice whether to buy or not!

Wahhahah yeah man ... government put a gun to citizen's head .

 

[annexa]

Wahhahah yeah man ... government put a gun to citizen's head .

And cork the gun then tie your finger on the trigger with a timer set to squeeze when you hit magical 55.

 

[Watchman]

http://thebloodfactory.com/#/theater/