Chitchat Old Fart Sinkie Upset That CPF Project That He Would Live Up To 93 Years Old! Refuse To Let Old Fart Deplete His Savings Prematurely On Sugar Baby!

[JohnTan]

An elderly Singaporean has decried the $482 monthly retirement sum the Central Provident Fund (CPF) Board has allegedly said it will give him from his CPF savings over the next 28 years.

Surprised by the “illogical” 28-year payout period, the 65-year-old senior citizen asked the CPF Board to shorten the payout period to 20 years, so that he could get a greater monthly payout over a shorter period since he will be 93 years old by the end of the current arrangement.

CPF Board allegedly rejected his request since doing so would “deplete [his] RA savings prematurely”.


The senior citizen, named Zol, has questioned the logic in CPF Board’s payout mechanism in a letter to local publication, The Online Citizen. Recalling that he was “shocked” when he received a letter telling him that he would “could only receive $482 monthly from June 2019 under the CPF Retirement Sum Scheme, and this payout would last about 28 years, when I would be 93 years old.”

Sharing a picture of the letter he apparently received, Zol said: “I then wrote in and requested for a 20-year payout so as to increase my monthly payout, the reason being Singapore’s life expectancy was 85.4 years (based on statistics reported in the media.) The CPF simply rejected it and cited “current policies” as the reason.”

The email reply that Zol attached in his letter showed that Zol will receive pro-rated monthly payouts since he does not have the cohort Full Retirement Sum of S$106,000 in his Retirement Account to qualify for $910 monthly payouts.

http://theindependent.sg/elderly-si...payouts-over-an-illogical-period-of-28-years/

 

[batman1]

WHY only 28 years ???
UNDER the CPF LIFE PLAN,the monthly payout should be FOR LIFE (i.e. until death).
OR are the CPF BOARD hiding something or covering up something that we the CPF members do not know.
JUST like MOH covering up truth that the AIDS/HIV List (14,200 HIV-positive patients) UNDER MOH was stolen since 2011/2013 and we
are only informed about it on 28-1-2019.
Out of the 14,200 HIV-positive patients, Foreigners diagnosed with HIV-positive are 8,800 ? WHY so high figure of 8,800 ? Are the 8,800 Foreigners with HIV-positive still in Singapore roaming around the island ???

 

[sweetiepie]

KNN is this fake news ? KNN cpf withdrawal has been there for decades and only Zol encountered this ? KNN sinkie still doesn't know how long they can draw only until they receive letter ? KNN KNN KNN

 

[sweetiepie]

 

[Hypocrite-The]

Why dont just give these old farts the Soylent Green option after they blow it all on XMM? that way they noo need to drag out the old farts suffering,,i mean by the time we 90 etc,,we will be better off dead,,most of us will be invalid and shitting in the bed,,,living with indignity,,,might as well die earlier,,have a farewell party before going and dying with dignity

 

[Annunaki]

 

[JohnTan]

I would like to see the sammyboy forum become the goto forum for CPF related matters. Sinkies need to be convinced that CPF is a good retirement scheme. It's better than giving your savings to your agent or friend to 'invest' on your behalf.