PM Loong may use POFMA to arrest people for fake news about CPF

[Leepotism]

PM Lee: POFMA would catch you if you spread fake news about CPF withdrawal ages on social media
Correspondent 2019-08-19 Current Affairs


At the National Day Rally 2019 yesterday (18 Aug), Prime Minister Lee Hsien Loong took the opportunity to lash out at fake news circulating on social media, saying that government would be changing withdrawal policies of the Central Provident Funds or CPF withdrawal ages.

In the script published on PMO’s website, PM Lee said, “Let me add one last point here, to be absolutely clear: we are not making any changes to CPF withdrawal policies or CPF withdrawal ages. You can still take out some money at age 55. And you can still start your CPF payouts from age 65.”

“All that remains exactly the same. So please ignore any rumours you may hear about this, or messages on WhatsApp, because they are fake news!”

On national TV yesterday, however, he added the following warning, “Please delete it and tell your friends. Don’t share it with more friends and confuse people because that would be fake news.”


“POFMA would catch you!” he added.
The members of audience were seen clapping.

CPF Minimum Sum keeps changing
While CPF withdrawal ages are not changing, PM Lee, however, neglected to say in the rally that the CPF Minimum Sum continues to increase year after year.
The Minimum Sum (or Full Retirement Sum) is the mandatory amount of retirement savings which one has to set aside in his or her Retirement Account for the CPF LIFE annuity scheme. After setting this amount aside, the CPF member can then withdraw any money left (in Ordinary Account) at 55.
The member can opt for half of Minimum Sum (or Basic Retirement Sum) to be set aside if he or she has a house to pledge but the member would be receiving less annuity payouts at 65.

As can be seen on CPF website, the Minimum Sum has been increasing year after year:

Note that the new Minimum Sum has not been announced for those who turn 55 after 2020 but based on the above table, one can see that it would likely be even more than the amount in 2020.

In fact, from the above table, the average increase in Minimum Sum per year is about $6,300. So, at this rate, by 2040, the Minimum Sum would calculate to be $307,000!

It was revealed by Minister of Manpower, Josephine Teo last year in Parliament that only 53% in the 2016 cohort of those in 55 years old, met their minimum sums, leaving 47% unable to do so.

As the Minimum Sum increases, more of those in the future generations of Singaporeans would likely not be able to withdraw their CPF funds at 55. Hence, it doesn’t matter if the withdrawal age of 55 is changed or not.

 

[laksaboy]

When you tear out a man's tongue, you are not proving him a liar, you're only telling the world that you fear what he might say.

 

[sweetiepie]

KNN this is something +ve KNN an assurance that withdrawal age will not be changed KNN please record down and if he change it in future can use this pofma to arrest him KNN

 

[Leepotism]

KNN this is something +ve KNN an assurance that withdrawal age will not be changed KNN please record down and if he change it in future can use this pofma to arrest him KNN

Yes for now no increase in withdrawal age but minimum sum keep increasing ever year.

 

[sweetiepie]

Yes for now no increase in withdrawal age but minimum sum keep increasing ever year.

The audience should ask this very important question - does he mean will not change now or permanently KNN the audience just clap without finding this critical answer KNN if he can't answer then can tell him KNN i use back pofma to arrest you ah KNN

 

[JohnTan]

PAP has been merciful to the oppies here so far. Otherwise, most of them would have been jailed under POFMA for spreading fake news.

 

[Valium]

牛头马面 will catch him too!

 

[Leepotism]

PAP has been merciful to the oppies here so far. Otherwise, most of them would have been jailed under POFMA for spreading fake news.

PAP have to arrest MP Charles Chong first before arresting the oppies.

 

[steffychun]

Even in the PRC, you can retire without any problems on payouts.

 

[GoldenDragon]

PAP has been merciful to the oppies here so far. Otherwise, most of them would have been jailed under POFMA for spreading fake news.

Please get CAQ to sue his siblings first. Why use Parliament to deny his siblings the opportunity to be heard?

 

[Leepotism]

Who will be the first victim of POFMA?

 

[winnipegjets]

So, will we be charge if we disseminate positive message?

New message to pass around is that Pinky assures sinkees that there is no change on the CPF withdrawal age and there will be no more increase in the full retirement amount. In fact, the PAP intends to reduce the full retirement amount to 2003 level and top up all accounts that are unable to meet that sum.

 

[kkbutterfly]

The audience should ask this very important question - does he mean will not change now or permanently KNN the audience just clap without finding this critical answer KNN if he can't answer then can tell him KNN i use back pofma to arrest you ah KNN

good observer

 

[laksaboy]

The audience should ask this very important question - does he mean will not change now or permanently KNN the audience just clap without finding this critical answer KNN if he can't answer then can tell him KNN i use back pofma to arrest you ah KNN

It's propaganda, not a discussion or debate.

You are only allowed to smile and clap.

 

[mojito]

It's propaganda, not a discussion or debate.

You are only allowed to smile and clap.

I was clapping too when I heard it on TV.

 

[sweetiepie]

It's propaganda, not a discussion or debate.

You are only allowed to smile and clap.

It is acceptable to have a propaganda 言讲 and everyone only allowed to smile and clap KNN but not acceptable to not able to ask basic question after the session ends KNN

 

[Leepotism]

More Earnings to be Locked in CPF as Government Announces Plans for People to Work Longer


Older workers will have to contribute more of their earnings to their CPF accounts from 2021.
This was announced by Prime Minister Lee Hsien Loong at the National Day Rally yesterday (18 Aug).

CPF contribution rates will be increased for workers above the age of 55, up to the age of 70.

Those aged 60 and below will be made to pay, and receive from employers, the same CPF rates as younger workers (current contribution rates by age group included in table below).

This will mean a rise of 7 percent in CPF contributions from workers, and 4 percent from employers.
The CPF rates will then taper down after the age of 60, and level off at 70 years old.

CPF contributions aside, the retirement age will be raised from the current 62 years old to 63 from 2022.

That is the age where employers are not allowed to retire employees.
By 2030, the retirement age will be raised to 65 years old.

The re-employment age – the age where workers, if eligible, will be offered re-employment, will also be raised from 2022 from the current 67 years old to 68.
The government says it plans to launch support packages for businesses to cope with the changes.

 

[batman1]

Increase retirement age and re-employment age for sinkees but at the same time bring in one million Ah Nehs into sinkeeland.
This is LPPL.
Pride of PAP.

 

[Froggy]

Singaporeans in Singapore are so lucky to enjoy high interest in CPF savings. I would love to put more money into CPF but unfortunately they tell me I no need because I not living and working in Singapore. My thai boss even paid me employer’s contribution in my package but too bad for me. Count yourselves lucky.

 

[winnipegjets]

With such concerns for the well-being of sinkees, the paternalistic PAP deserves a 100 percent vote in the next election. Majullah PAP.