Procedure for withdrawing your CPF at 55

[chonburifc]

Whose fault is it if they did not succeed?

Must be opposition's fault.

 

[greedy and cunning]

Everything has gone up but so too have salaries.

The job that I was doing in the early 80s paid $6500 per month. The same job now pays $20,000. I should know because I am still in regular contact with the guys in the industry.

Singaporeans really have nothing much to complain about. They are far more well off and far better taken care of then 90% of the rest of the world.

sillyporeans earning $6500 ($20000) a month are in the minority group.
so don't use this group as a comparison.
take a typical polytechnic graduate pay in the 'gov' company. do they have this great increase as you do ?
their's is something like from $2000 to $2300 or $3000 to $3500 which can hardly compensate for
the super increase in the cost of living.

so they do indeed have much to complain about.
they are not far better then 90% of the world .
they are working harder as a slave to feed the system.

 

[batman1]

The gist of the issue:The PAP always lecture and scold the Singapore citizens to be self-sufficient do not expect free handout no welfarism BUT at the same time they locked up the people's CPF money indefinitely.
If the PAP lecture to the people :U die is your business.OK we the citizens of singapore we accept we die is our business ,so release our CPF money NOW and we will decide our life and our fate,and don't u dare to tell us we do not know how to manage our own money.Farking greedy hypocritical MIW !U think the PAP is so clever in managing the nation's reserves belonging to the people of Singapore ? How many billions of losses in overseas speculations by Temasek and GIC ?

 

[blindswordsman]

The cpf members could not attain the minimum of $148,000.00 cos their wages have been depressed very low by the PAP for the last 30 years resulting in very low CPF contributions.This is the adverse result of bad PAP policies and now the PAP say your CPF money balance is too little so cannot withdraw and have to wait till u are 65 years old ???
When we reached 55,return all our CPF money to us,we can then take a holiday in NZ or Down Under or start a small business selling ice kachang or mee rebus to be financially self-independent.
And please don't always pretend to help us,when they say they want to help us,they only give us more financial problems.

Someone in this forum said a guy committed suicide due to financial problems although he had $200k in this CPF. If he had been allowed to withdraw that CPF money, he would not have to commit suicide. Have the pappies got no compassion to save a life?

 

[Muthukali]

In the ebooklet on CPF withdrawal :to do NOTHING IS A GOOD THING! wahahahaha..... Sinkies huat cai ah.

 

[blindswordsman]

What's different PAP stilll PAP, minister still got the shameless salary and bonuses, only change is your life and my life!

The pappies' life is always better. One woman pappy MP was quoted as having said that Ministerial pay should not be reduced or it would be not worthwhile to serve. Another pappy MP Lee Wee Kiat said ministerial pay must match corporate big wig's pay to get on level to level talk.

What kind of cock talk coming from such pappies?

 

[johnny333]

From a lay persons view. In the next GE I predict there will be 2 major issues:

1) Foreigners taking jobs from Sporeans
2) withholding the CPF of baby boomers

So how will the PAP solve the problems that they created
I doubt the PAP can resolve the CPF issue because the CPF is bankrupted by the Temaseks "buy high, sell low" strategy. They need the foreigners to prop up the CPF system & the property market.

 

[GoldenDragon]

Money not in your pocket is not your money. Belongs to Mr. Ho, u understand?

Let me go a step further. Money is only yours when you get to spend it.

 

[GoldenDragon]

In an ideal world, the CPF scheme as it was originally formulated would work very well. People would take all the money out at 55 and invest it carefully while spending within their means.

Unfortunately, life isn't like that. People are fallible and gullible and many can be easily relieved of their life savings by scams, false promises and temptations of the flesh.

The government therefore had no choice but to modify the scheme to fit with the times.

What you stated is very true. No problems with that.

My problem is, why werent they unable to see these issues when it was first implemented?

 

[tanwahtiu]

not even a cent to set aside, boss.

PAP has no entitlement to touch or keep this money. It is a scam if they did and deserve to be booted out in 2016 and subsequent elections until become opposition party.

That's just a small portion that is put aside for a rainy day. The majority of the funds can be withdrawn and Singaporeans can do whatever they like with the money.

 

[johnny333]

In the ebooklet on CPF withdrawal :to do NOTHING IS A GOOD THING! wahahahaha..... Sinkies huat cai ah.

As long as the 60% vote for the PAP they will never get their CPF.
I think many of them now know this. By the time the GE rolls around they should all know this.

That is why time is against the PAP. The longer they wait, there will be more 55 year old who will realise that they are being robbed. You will also have more unemployed Sporeans.

I doubt that angry & hungry "lesser mortals" will feel any sympathy for LHL when LKY goes.

 

[GoldenDragon]

The facts are : Majority of singaporeans are not as capable as a high-flier like u and do not have the conditions to migrate to NZ like u.

Since when OKTs classified as high fliers?

 

[GoldenDragon]

The pappies' life is always better. One woman pappy MP was quoted as having said that Ministerial pay should not be reduced or it would be not worthwhile to serve. Another pappy MP Lee Wee Kiat said ministerial pay must match corporate big wig's pay to get on level to level talk.

What kind of cock talk coming from such pappies?

The brains of these two slightly smaller than my peesai. Their hearts? Thrown away when they became MIW. Cancer is coming to stay in their bodies soon.

 

[sleaguepunter]

As long as the 60% vote for the PAP they will never get their CPF.
I think many of them now know this. By the time the GE rolls around they should all know this.

That is why time is against the PAP. The longer they wait, there will be more 55 year old who will realise that they are being robbed. You will also have more unemployed Sporeans.

I doubt that angry & hungry "lesser mortals" will feel any sympathy for LHL when LKY goes.

even if pap get boot out, many also wont see their cpf back as there nothing in the coffers. no politician, pap or alternate parties, will dare to use cpf as a election promise as it can blow up in their own face.

 

[McDonaldsKid]

Was there empirical data or proof that the most people would spend all their CPF money if they withdrew it at 55?

I am curious as to how the government came to this conclusion.

 

[tanwahtiu]

well, if base on your hypo case it is worth getting rid of PAP then. There are also major issues to deal with them which can be solve in 2 party parliament.

even if pap get boot out, many also wont see their cpf back as there nothing in the coffers. no politician, pap or alternate parties, will dare to use cpf as a election promise as it can blow up in their own face.

 

[tanwahtiu]

that's it you hit the nail. Prove it.

Was there empirical data or proof that the most people would spend all their CPF money if they withdrew it at 55?

I am curious as to how the government came to this conclusion.

 

[tanwahtiu]

hope the Gen X, Y and Z join in this discussion which is also important to them.

All the details are in this PDF booklet.

http://mycpf.cpf.gov.sg/NR/rdonlyres/C7A3F0C7-F0E7-4B5A-9792-2C07D4B6C119/0/Reaching55_booklet.pdf

 

[GoldenDragon]

Was there empirical data or proof that the most people would spend all their CPF money if they withdrew it at 55?

I am curious as to how the government came to this conclusion.

I am sure they can. Just get Straits Times to do a survey.

Results - 80% of participants agreed if handed their CPF $ at 55, they would be vctims of scams, China gals and casinos!

 

[McDonaldsKid]

I am sure they can. Just get Straits Times to do a survey.

Results - 80% of participants agreed if handed their CPF $ at 55, they would be vctims of scams, China gals and casinos!

I must be the 20% then

In all seriousness, did the government use the guise of some newspaper reports about old men being cheated by young nubile PRC women to implement this?

What about the old Singapore women then?

Sibei curious to know when and how this started. Any background from the bros here?