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

[hofmann]

Will POFMA be used against spreading fake news that social Enterprises exists as real legal entities?

 

[bobby]

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!”

He is not wrong...especially on the fact that you can take out some money when you are 55yo.

It will be the definition of that "some" that will be changed.

 

[borom]

So from 55 to 65, those without savings and not working just survive on fresh air ?

 

[nightsafari]

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.

no. if you pass that message around you'll just get laughs because they think you're joking.

 

[nightsafari]

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.

I count you luckier!

actually, that's wrong. you are not lucky, but deserving.

 

[nightsafari]

So from 55 to 65, those without savings and not working just survive on fresh air ?

and cardboard...

 

[nightsafari]

Will POFMA be used against spreading fake news that social Enterprises exists as real legal entities?

hey hoffy. that sounds intriguing. what do you mean?

 

[sweetiepie]

So from 55 to 65, those without savings and not working just survive on fresh air ?

KNN they can consider to commit a crime with max jail term of 10yrs KNN if successful they can enjoy if unsuccessful can live off the gov until 65 KNN

 

[chuachinsengjason]

CPF in urgent need of revamp, will ultimately collapse from constant tweaking to delay payout

Most Singaporeans are aware that CPF scheme has failed. A scheme that works does not require frequent tweaks to delay payout.
(see image below)
A – Post independence, Singapore needed billions to finance infrastructure and HDB construction. With unchecked powers, PAP borrowed from CPF members at self-determined rates which were below short term FD rates on numerous occasions. When total contribution rates skyrocketed to 50%, PAP wasn’t one bit concerned about increase labour costs impacting businesses.
B – In 1986, PAP bailed out employers by reducing the employer CPF rate by a whopping 15%, effectively reduced wages of average workers by 15% across the board. Retirement adequacy was never a priority, evident by SA allocation at average of 4% before the turn of the century.
In 1989 and 2000, SA allocation was reduced to only 2%. Worse, ZERO SA allocation in 1999.
The disproportionately high CPF OA allocation was intended to support high housing prices, creating an illusion of wealth. Excess CPF OA balance – currently at $137 BILLION – is converted to state reserves, very cheap 2.5% loans for GIC.
CPF scheme has been abused for 5 decades and no amount of tweaks can prevent its ultimate collapse.

Share prices of listed GLCs hit multi-decade low, economic growth follows suit

Investments can pock kai no issue to GIC, $15 billion guaranteed CPF inflow for GIC annually

GIC manages more than S$400 billion in CPF monies.

Thanks to PAP’s constant tweaking of CPF rules, GIC receives about $15 billion in net contributions annually.

Besides increase in CPF, GIC also manages additional billions in tax dollars set aside for Merdeka Generation and Pioneer Generation packages, etc.

With additional tens of billions in ‘free money’ to invest annually – no need to raise capital like real fund managers, understandably, GIC has continued to mismanage state reserves and CPF monies.

For eg, GIC has a number of investments, such as Paladin Energy, which are almost … worthless. GIC, of course, has no exit plan.

While GIC has doubled its stake in Paladin since 2013, prices have collapsed.

Likely, GIC has lost more than 95% of the investment.

Has a single investment Paladin Energy incurred hundreds of million$ in unrealised losses?

How many Paladins are there? Is this why CPF cannot be returned to members at 55? Or even 65?

 

[hofmann]

hey hoffy. that sounds intriguing. what do you mean?

So apparently there is no such thing as a social Enterprise hawker center. It has now been rebadged as SEHCs (socially-conscious enterprise hawker centres) which further confuses Social Enterprise Hawker Centers (bearing the actual acronym SEHC) rather than the fake/redefined SEHC (socially-conscious enterprise hawker centres)

this is all very misleading and amounts to fake news in passing off social Enterprise status for hawker centers when it is not within the traditional /common understanding of the term Social Enterprise.

https://www.channelnewsasia.com/new...-hawker-centre-mp-asks-in-parliament-10945978

 

[myfoot123]

LHL has held a lofty job of lying through the years and this great liar want to use POFMA to catch people from lying?

 

[Bad New Brown]

So from 55 to 65, those without savings and not working just survive on fresh air ?

At 55, you can sell their current flat and buy a 2-rooms flexi flat on shorter lease like 40 years to 45 years leasehold

 

[batman1]

So now he is the prosecutor,judge and jury .
Pride of PAP .

 

[nightsafari]

So apparently there is no such thing as a social Enterprise hawker center. It has now been rebadged as SEHCs (socially-conscious enterprise hawker centres) which further confuses Social Enterprise Hawker Centers (bearing the actual acronym SEHC) rather than the fake/redefined SEHC (socially-conscious enterprise hawker centres)

this is all very misleading and amounts to fake news in passing off social Enterprise status for hawker centers when it is not within the traditional /common understanding of the term Social Enterprise.

https://www.channelnewsasia.com/new...-hawker-centre-mp-asks-in-parliament-10945978

ah... you mean the Social Enterprise hawker centres which were anything but Social Enterprises. got it.

 

[laksaboy]

So apparently there is no such thing as a social Enterprise hawker center. It has now been rebadged as SEHCs (socially-conscious enterprise hawker centres) which further confuses Social Enterprise Hawker Centers (bearing the actual acronym SEHC) rather than the fake/redefined SEHC (socially-conscious enterprise hawker centres)

this is all very misleading and amounts to fake news in passing off social Enterprise status for hawker centers when it is not within the traditional /common understanding of the term Social Enterprise.

https://www.channelnewsasia.com/new...-hawker-centre-mp-asks-in-parliament-10945978

Blame her. She was the one who came up with the 'hawker centre as a social enterprise' nonsense.

 

[rushifa666]

Last time i said cpf will extebd to 65, dimwits say fake news. So dont bother with them

 

[JohnTan]

CPF offers about 4% return per annum, thanks to the Special Account and Medisave Account. Where else can you find such a good government that pays you 4% returns per year with little currency depreciation?

 

[hofmann]

CPF offers about 4% return per annum, thanks to the Special Account and Medisave Account. Where else can you find such a good government that pays you 4% returns per year with little currency depreciation?

You are right. In the current low interest environment, 4% is actually pretty good. And the additional 1% on first 60k is decent too. The only downside is the lockup of up to the BRS. Around 80kish now.

Other than that, it's pretty good. But could always be better. 6% would go a long way in helping Singaporeans achieve a comfortable retirement.

Can we start by removing the 60k cap on the additional 1%?

 

[hofmann]

ah... you mean the Social Enterprise hawker centres which were anything but Social Enterprises. got it.

Your executive summary powers are dam good

 

[nightsafari]

You are right. In the current low interest environment, 4% is actually pretty good. And the additional 1% on first 60k is decent too. The only downside is the lockup of up to the BRS. Around 80kish now.

Other than that, it's pretty good. But could always be better. 6% would go a long way in helping Singaporeans achieve a comfortable retirement.

Can we start by removing the 60k cap on the additional 1%?

hoffy. the 4% is great. I won't argue with that number.

IF you can get your hands on it.