Serious PAP Seniors Group Led By General Tan Wants To Up CPF Contribution Rate For Old Farts! Majulah PAP!

[knowwhatyouwantinlife]

SINGAPORE - A group in the People's Action Party (PAP) that champions elderly causes is calling for a number of changes to how seniors work, retire and live.

Among other things, the PAP Seniors Group (PAP.SG) - led by chairman Tan Chuan-Jin - is proposing for the Central Provident Fund (CPF) contribution rate for workers beyond the age of 55 to be increased “so that all members continue to enjoy the same level of (contributions) regardless of how old they are”.

The rate for those aged 55 and below is 37 per cent, with employers contributing 17 per cent.

But workers above 55 to 60 see a CPF contribution rate of 26 per cent of wages, with employers contributing 13 per cent.

Workers above 60 to 65 receive a 16.5 contribution rate, with employers providing 9 per cent.

Those older than 65 now have a contribution rate of 12.5 per cent, with employers contributing only 7.5 per cent of wages to the scheme.

"With longer life expectancy and a smaller base of family support, Singaporeans need to be even more self-reliant in securing a stream of lifelong income for retirement," the group said at a press conference on Wednesday (Jan 30) at the PAP headquarters in Bedok.

In its 21-page position paper, which will be submitted to the Government later the same day, PAP.SG said self-reliance can be achieved through a "combination of mandatory and voluntary CPF contributions as well as sound financial planning".

Increasing the CPF contribution rates for workers beyond 55 would help boost their retirement adequacy, the paper noted, adding it would also ensure older workers are paid the same as their younger colleagues for doing the same job.

Mr Tan, who is House Speaker, said a motion will be tabled on the matters raised in the paper at the next Parliament sitting on Feb 11.

PAP.SG's paper comes weeks before the Budget statement is delivered by Finance Minister Heng Swee Keat on Feb 18.

Mr Heng had earlier said the Budget will focus on areas where Singapore's needs are growing - including healthcare, education, security and defence.

Besides the call to increase the CPF contribution rate for older workers, PAP.SG said flexible work arrangements should be introduced to encourage seniors to continue working, if they want to.

"While many of our older workers want to, and can continue to take on full-time jobs, some prefer to work at a lower intensity through part-time work or with flexible work arrangements," the group noted in the paper.

The policies are already there for older workers to have more job opportunities, with grants to help industries redesign jobs for older workers, as well as train and acclimatise seniors to new industries.

"Where we can improve is to push for the adoption of these efforts in more industries," said the group, which added that in a tight labour market, seniors represent additional potential manpower.

"While we are in a good position today, there is more we can do to further remove obstacles for our older workers."

The paper also proposed employers be given more help to manage the costs of hiring seniors.

Nee Soon GRC MP Henry Kwek said at the press conference that the rise of the sharing economy can mean more freelancing job opportunities for seniors, but the issue is access to these roles.

He said more can be done to strengthen their digital literacy.

On the housing front, the group suggested revising developmental guidelines to encourage private sector developers to set up senior group homes that have assisted-living facilities.

One way to do this, said Mr Kwek, is to have a separate land-use category for private developers who want to build these homes - so they are not competing with other forms of residences, and can keep costs affordable.

Dr Chiang Hai Ding, a former PAP MP and member of PAP.SG, added that such group homes can also be built in new or existing Housing Board blocks.

PAP.SG said in its paper: "We recommend that (the authorities) consider a trial of small-scale group homes for frail seniors within our existing public housing estates. This can manifest in the conversion of several units."

"Moving forward, our seniors want more diverse housing options. Many seniors prefer to maintain their independence and age-in-place," the paper added.

Other suggestions include providing an allowance for full-time caregivers of frail parents, grandparents or relatives.

Ms Claire Chiang, a member of PAP.SG's resource panel, said on the sidelines of the event: "Whatever we are doing now is really paving the way for younger people as they get older."

By 2030, one in four Singaporeans is expected to be 65 years old and above, up from one in seven currently.

Ms Chiang, co-founder of hospitality group Banyan Tree, added that increasingly, older workers here are healthier and physically able to carry out tasks.

"This is really about creating a culture of care and respect for ageing talent... The sooner we learn now how to maximise such talent, the better it is for Singapore as a small nation, where human capital is an invaluable resource," she said.

Quite easy to manage ppl who outspent their cpf..house them in workers dormitory like fw lor..provide basic meal and lodging they go out and pay take a cut of their pay..no reason why anyone should tell u what to do with your hard earn $

 

[shittypore]

Soylent Green is best, medical costs is not an issue when one is dead

Imagine how much we save frm feeding Pensioners, just pass a law and scrape all previous pension agreement, same as CPF or move their pension starting at 95yrs old. See wat all tos ex MP and past top dogs has to say.

 

[Hypocrite-The]

Imagine how much we save frm feeding Pensioners, just pass a law and scrape all previous pension agreement, same as CPF or move their pension starting at 95yrs old. See wat all tos ex MP and past top dogs has to say.

The issue is give them back their money. Cpf belongs to them. Since pap don't like the people asking them for help etc. Give this ppl the Soylent Green option. When they are dead they won't cost the state anymore.
Instead of coming up with BS policies on telling ppl to draw CPF at 70 etc. At 70 if still have to work than wat the point? N wat about those age care? Totally infirmed n shit n pee in diaper etc? Cannot take care of themselves n 100 % dependent on carers. Wat sort of life is tat? N the families etc also have to put up with the burdens etc...is there any quality of life? N death is part of life. Deal with it.

 

[bobby]

Why is a young man a chairman of a seniors group?

Have they surveyed the old workers of Singapore and asked them what they want?

 

[shittypore]

The issue is give them back their money. Cpf belongs to them. Since pap don't like the people asking them for help etc. Give this ppl the Soylent Green option. When they are dead they won't cost the state anymore.
Instead of coming up with BS policies on telling ppl to draw CPF at 70 etc. At 70 if still have to work than wat the point? N wat about those age care? Totally infirmed n shit n pee in diaper etc? Cannot take care of themselves n 100 % dependent on carers. Wat sort of life is tat? N the families etc also have to put up with the burdens etc...is there any quality of life? N death is part of life. Deal with it.

Totally agree wit your views, even now many who dont even hve CPF do not get help frm Gahman. All their bullshit is just to hold your CPF and hope u kick the bucket b4 u finish it yourself.

 

[Hypocrite-The]

Totally agree wit your views, even now many who dont even hve CPF do not get help frm Gahman. All their bullshit is just to hold your CPF and hope u kick the bucket b4 u finish it yourself.

And worse thing is they don't even let u soylent green bcos pap cannot makan Ur money when u r dead. They want u to enter age care etc n let the kids foot the bill. N of course ministry of health etc needs a good source of revenue.so it's just a big vicious cycle. But the worse thing is the ppl themselves. They want to continue living and be a burden bcos they fear death. Just imagine dying to live, even if invalid n living in indignity. Still want to suffer on. If ppl are that stupid n unreasonable, maybe a good cull is what the world needs.

 

[shittypore]

For starters, scrape tos civil servants tat receiving pension and free medical benefits or revamp it to start at 95yrs old. Surely, with tis in place Gahman will introduce the soylent green.

 

[Hypocrite-The]

For starters, scrape tos civil servants tat receiving pension and free medical benefits or revamp it to start at 95yrs old. Surely, with tis in place Gahman will introduce the soylent green.

Actually the Civil serpents for a long time no pension oreadi. Only those during pommie time still receive it. Ah Yeo etc no pension. But for pap there is always jobs for the boys. Look at how well ex pap members area doing

 

[Hypocrite-The]

Increasing contribution for old farts make sense. It should never have been lower in the first place. But it’s not solving the issue if medical costs continue to sky rocket.

Soylent Green solves all medical problems. But the medical corporations eon't be able to benefit. Tat will be scary for them. Think of their losses if everyone decides not to go for cancer treatment or go age care

 

[KuanTi01]

If your CPF is returned entirely by 55, most sinkies would be broke by 57. They would have lost their monies to some mistress from batam or in some harebrained investment scheme.

Sinkies are better off receiving a few hundred bucks a month for the next 28 years until they kick the bucket.

You are speaking for yourself! Most Singaporeans know very well how to handle and even grow their own finances; in fact better than Auntie Ho!.

 

[borom]

I hope these clowns meet their karma, but then Christians don't believe in Karma.
A lot of things people do are influenced by their religion-there is no right or wrong in such difference in outlook.
But if you want to have a certain outcome, then you must vote accordingly and know the background of those who are going to lead the country.
What kind of person will say "old people carry cardboards for exercise" and yet you have such a person looking into policy for seniors?
Will it be any surprise if the group recommend more people should carry cardboards?
Will you be shocked if he say we should employ more Pinoys instead of locals because they cost 1/3 of local pay?

 

[kiasu]

"Do Good, Do Together"
Please keep our CPF money until up lorry then return us by installment also can.
PAP boleh

 

[Robert Half]

If your CPF is returned entirely by 55, most sinkies would be broke by 57. They would have lost their monies to some mistress from batam or in some harebrained investment scheme.

Sinkies are better off receiving a few hundred bucks a month for the next 28 years until they kick the bucket.

I also knew many from malaysia & india are entirely broke by the age of 37 because they spend all their money on feeding those smelly ccb

Sinkie men are much financially better off than those and in the Sinkieland the lesser educated people are the ones better financially prepared for old-aged.

The naturalised and foreign monkeys will never understand all these

 

[mojito]

Already make special for you loh. Less cpf contribution means higher cash component. More cash for you to spend you also complain?

 

[JohnTan]

I think they should also be given a choice. However, for those who opts to withdraw fully, they must sign a pledge to indemnify the government from providing further social support should they squander away all their proceeds before their death.

Sinkies can withdraw any amount above the MS at age 55. CPF is your money and sinkies have a lot of freedom to decide how they want to spend or invest their retirement monies.

 

[winners]

Sinkies can withdraw any amount above the MS at age 55. CPF is your money and sinkies have a lot of freedom to decide how they want to spend or invest their retirement monies.

Yes, but what those Anti-PAPies here will want nothing less than full withdrawal. I always want to ask them this question: If the Oppies will take over 1 day, will they also allow as such? I very much doubt so. Hence, these Anti-PAPies can then go and bang their balls.

 

[Leongsam]

Sinkies can withdraw any amount above the MS at age 55. CPF is your money and sinkies have a lot of freedom to decide how they want to spend or invest their retirement monies.

I have mentioned this many times but these anti PAP bigots just can't get it in to their thick skulls that the withdrawal age has never changed. It has always been 55 and will continue to be so in the foreseeable future.

I have already drawn more than $500,000 from my CPF account over the last few years. I still have a considerable sum there because it is earning such good interest thanks to the wonderful job done by Mdm Ho Ching.

Only a small minimum sum needs to be retained and it is prudent to implement this as it ensures a basic level of income in old age. In the meantime the account holder is free to draw everything above the minimum sum and put that money to work to provide another income stream.

 

[LordElrond]

I have mentioned this many times but these anti PAP bigots just can't get it in to their thick skulls that the withdrawal age has never changed. It has always been 55 and will continue to be so in the foreseeable future.

I have already drawn more than $500,000 from my CPF account over the last few years. I still have a considerable sum there because it is earning such good interest thanks to the wonderful job done by Mdm Ho Ching.

Only a small minimum sum needs to be retained and it is prudent to implement this as it ensures a basic level of income in old age. In the meantime the account holder is free to draw everything above the minimum sum and put that money to work to provide another income stream.

Minimum sum is 500k right?

 

[Leongsam]

Minimum sum is 500k right?

Wrong.

 

[sweetiepie]

I have mentioned this many times but these anti PAP bigots just can't get it in to their thick skulls that the withdrawal age has never changed. It has always been 55 and will continue to be so in the foreseeable future.

I have already drawn more than $500,000 from my CPF account over the last few years. I still have a considerable sum there because it is earning such good interest thanks to the wonderful job done by Mdm Ho Ching.

Only a small minimum sum needs to be retained and it is prudent to implement this as it ensures a basic level of income in old age. In the meantime the account holder is free to draw everything above the minimum sum and put that money to work to provide another income stream.

KNN most ter nao sinkies lose their cpf oa during the early days from doing flat transactions to cash out the oa and ended up losing all their monies in either bad investments or business KNN another group buy very expensive resales flats and basically work their entire life to have a empty oa KNN these are the ter nao sinkies that constantly demanding the gov to release their cpf monies as they cannot meet the ms KNN smart sinkies leave the oa untouch even after 55 and treat the ra as spare cash KNN having said that gov should release full cpf to smart sinkies know how to manage their own money and lockup those ter nao ones KNN or else is outright cheating robbers KNN