Shocking facts about the CPF

[cass888]

You obviously haven't read international finance. But that was easy to gloss already

That's right. The 4% from the CPF is no big deal indeed. FDs just across the causeway are already earning 4.6% and I get to see my full principle upon maturity, unlike the CPF where you can only get to receive in minute monthly amounts (of <$450) AND ONLY AFTER 65 years old. It's a total rip off by the fucking government.

 

[Equalisation]

And you drink one bottle of Chivas a night. $85 x 365 = $31k a year. CPF SA and MA are peanuts to you.

We ordinary people cannot spend on such luxuries like you.

I can only afford one botol on every New Year's eve.

We are already living from hands to mouth at our advanced age !! The garment rubbed salt to our wound by not letting us take back OUR hard-earned CPF money !! This is gross heartlessness if I may say !

 

[zeddy]

We ordinary people cannot spend on such luxuries like you.

I can only afford one botol on every New Year's eve.

We are already living from hands to mouth at our advanced age !! The garment rubbed salt to our wound by not letting us take back OUR hard-earned CPF money !! This is gross heartlessness if I may say !

Don't drink alcohol.. Drink soursop juice like CB Kia Tonychat..

 

[winners]

Sorry double post. See the next post.

 

[winners]

You obviously haven't read international finance. But that was easy to gloss already

Cass888, I don't know if you are a Lan Cheow Kia, Chee Bye Por or even an extension of Leongsam's Lan Cheow, but even the late Dr Toh Chin Chye would have already seen through the evils of the PAP regarding the CPF enforcement during a Parliamentary debate way back in 1984:

Mr Speaker, I think fundamental principles are being breached. The fundamental principle is this. The CPF is really a fixed deposit or a loan to Government, which can be redeemed at a fixed date when the contributor is 55 years old. If I were to put this sum of money in a commercial bank and, on the due date I go to the bank to withdraw the money, the manager says, “I am sorry, Dr Toh, you will have to come next year”, there will be a run on the bank! It is as simple as this, that the CPF has lost its credibility, the management of it. This is fundamental. You were taken by surprise by Medisave. Then they say, “6% of your Special Account will be kept for Medisave and you cannot withdraw that, even if you were to die.”

Now I ask the Minister for Health, and I asked him last time, whether his word is binding on future Ministers. Neither will the Minister for Labour’s word be binding on future Ministers for Labour. Can any Government or any Minister guarantee that in future years a law will not be passed that will say, “All Special Accounts in the CPF cannot be withdrawn until you die”? Your Special Account now is up to 10%; 6% Medisave, 4% for what? So unless you use the CPF to buy property, your money is in real danger of being kept under lock and key by others, not under your own lock and key. This is the nub of the problem – the credibility of the management, gradual encroachment into the purpose of the CPF which was instituted really to provide for retirement.

The above in bold is exactly what has been implemented today by the deceiving PAP.

Dr Toh Chin Chye was known for his outspoken views, most notably on the debate on the Medisave scheme in 1983 in which he argued that healthcare should be the government’s primary responsibility. He was so against the idea that he abstained himself from voting for the approval of the scheme in the parliament.

Dr Toh also debated against the raising of the withdrawal age of CPF (Central Provident Fund) in the parliament in the mid-eighties. In 1984, Howe Yoon Chong, then Minister of Health (1982 – 1984) and Member of Parliament for Potong Pasir (1979 – 1984), proposed the CPF withdrawal age to be raised from 55 to 60, in order to deal with a greying population. Soon, the CPF minimum sum was implemented, contribution rates were cut and withdrawal age would eventually be raised to 60 by 1993. The unpopular decision backfired, causing PAP to lose votes and ultimately concede Potong Pasir to the independent Chiam See Tong.

Dr Toh retired from politics in 1988 and passed away peacefully in his sleep at an age of 90 on the morning of 3rd February 2012.

 

[Equalisation]

Not to forget your fish pond. You need the $225k for what?

Yes, I work as a gardener and my duties include clearing the pond's green moss. It is an honest day's work !

Stop looking down on us poor citizens !

 

[ChaoPappyPoodle]

What a peasant you are. Many of those earning > $5k ($5k not jin choi lui you know) are not so ignorant of CPF benefits (mainly tax free status) and have requested to be allowed to put more money in their CPF. They were told that it was not allowed.

Only a fool would put their money into a fund where their money will not see the light of the day. You show yourself as an idiot of the highest order with your pappies statements which are toothless and truthless. The CPF is a way for the pappies to fish out more sums of money from low and middle income earners. It is a perfect way for the self-professed elite scums to enrich the government and themselves without hurting themselves while hurting only the low and middle income.

 

[cass888]

Don't talk cock. I recall another post where you drank a bottle of Chivas a night and puked in your fish pond.

Yes, I work as a gardener and my duties include clearing the pond's green moss. It is an honest day's work !

Stop looking down on us poor citizens !

 

[cass888]

To quote Ling How Doong: Don't talk cock lah.

You want to understand how it works. Ok, I teach you.

CPF contributions are tax free. That is a saving of 18-20%. 63% (not 75%, mistake) of CPF contributions can go to pay for the house. So 25% is "locked away" which you can take either as an annuity or keep for your children. So even from the onset, for saving the extra 37%, you already get rebated 18-20%. These people are more than willing to give their money to the CPF but CPF and IRAS told them it's not allowed.

Only a fool would put their money into a fund where their money will not see the light of the day. You show yourself as an idiot of the highest order with your pappies statements which are toothless and truthless. The CPF is a way for the pappies to fish out more sums of money from low and middle income earners. It is a perfect way for the self-professed elite scums to enrich the government and themselves without hurting themselves while hurting only the low and middle income.

 

[winners]

CPF contributions are tax free. That is a saving of 18-20%. 63% (not 75%, mistake) of CPF contributions can go to pay for the house. So 25% is "locked away" which you can take either as an annuity or keep for your children. So even from the onset, for saving the extra 37%, you already get rebated 18-20%. These people are more than willing to give their money to the CPF but CPF and IRAS told them it's not allowed.

Cass888, you are indeed such an asshole. "CPF contributions are tax free", but so are interests from banks and also capital gains from shares investments and REITS' dividends. So, given a choice, I would rather invest on my own with my own money rather than to let the government does it with a miserable 4% return. Furthermore, REITS and bank interests are as good as guaranteed investments which will not go bust.

"These people are more than willing to give their money to the CPF but CPF and IRAS told them it's not allowed". Only fools with the same DNA as you will act similarly. Just months prior to the passing of the late Gecko, the death tax was abolished (for very obvious reasons already very well known to the public), so, what is more for the government to tax me upon my death? People with high intellectuals will definitely opt for cash rather than leave it in the CPF which can only be bequeathed to your beneficiary ONLY upon your death. A bird in your hand is worth more than 2 on the tree.

 

[winners]

Better go back to work. FT eyeing your job.

By the way, just to update you, I've retired from the active workforce since 2010. I'm typing in this forum from the comfort chair of my home. My passive income is already approximately S$10k per month and with not a single bank loan, more than enough for me and my wife.

On a side-note, we were in Taiwan earlier last month and guess what? The people there are also not very happy with Ma Ying Jeou. They agreed that no matter what, there will be some form of corruption in all governments, albeit more or less. However, even when they can accept a slight form of corruption within the Ma's administration, but they cannot accept that the government is not caring for its people. I believe most, if not all those sensible citizens in this planet will have this same expectation, especially if the government is the type that will think of means and ways to exploit its citizens' salaries.

 

[cass888]

You are the ignorant asshole. If you earn the money it is taxed before you can deposit it into the bank to earn interest. If you put it in the CPF, you don't pay tax.

Cass888, you are indeed such an asshole. "CPF contributions are tax free", but so are interests from banks and also capital gains from shares investments and REITS' dividends. So, given a choice, I would rather invest on my own with my own money rather than to let the government does it with a miserable 4% return. Furthermore, REITS and bank interests are as good as guaranteed investments which will not go bust.

"These people are more than willing to give their money to the CPF but CPF and IRAS told them it's not allowed". Only fools with the same DNA as you will act similarly. Just months prior to the passing of the late Gecko, the death tax was abolished (for very obvious reasons already very well known to the public), so, what is more for the government to tax me upon my death? People with high intellectuals will definitely opt for cash rather than leave it in the CPF which can only be bequeathed to your beneficiary ONLY upon your death. A bird in your hand is worth more than 2 on the tree.

 

[cass888]

Speak for yourself lah. I think you may not have much to speak of, if you consider passive $10k chin choi lui.

especially if the government is the type that will think of means and ways to exploit its citizens' salaries.

 

[winners]

You are the ignorant asshole. If you earn the money it is taxed before you can deposit it into the bank to earn interest. If you put it in the CPF, you don't pay tax.

KNN, how many times must I repeat to you that the money in your CPF will never be fully cashed out to you in your lifetime? With this in mind, why would I want to put into the CPF? Furthermore, I can earn more than the miserable 4% by my own investments.

 

[winners]

Speak for yourself lah. I think you may not have much to speak of, if you consider passive $10k chin choi lui.

Again you KNN. At least I'm capable of comfortably supporting myself and my family without the need of social welfare if there is any in the first place. The best of all, I don't need to see the boss' face every day nor a superior to answer to. To you S$10k may be little (but judging from your postings, I doubt you can even achieve this figure), but it's sufficient for me and with excess to save as well.

 

[ginfreely]

Cass888, I don't know if you are a Lan Cheow Kia, Chee Bye Por or even an extension of Leongsam's Lan Cheow, but even the late Dr Toh Chin Chye would have already seen through the evils of the PAP regarding the CPF enforcement during a Parliamentary debate way back in 1984:



The above in bold is exactly what has been implemented today by the deceiving PAP.

Oh so Dr Toh Chin Chye was so good and dare to oppose then...kudos to the late Dr Toh!

 

[ginfreely]

Again you KNN. At least I'm capable of comfortably supporting myself and my family without the need of social welfare if there is any in the first place. The best of all, I don't need to see the boss' face every day nor a superior to answer to. To you S$10k may be little (but judging from your postings, I doubt you can even achieve this figure), but it's sufficient for me and with excess to save as well.

S$10k per month for retirement is alot! Many people working also no S$10k...

 

[winners]

S$10k per month for retirement is alot! Many people working also no S$10k...

Well, I'm just an ordinary average person. And being not spendthrift (eg: my handphone is already 5 years old and operating with the spare batteries which I'd bought earlier) I can manage to even save some of the S$10k monthly. My only concern is healthcare, which will be very expensive in the future and especially when one ages.

 

[tanwahtiu]

for once you said well and meant well. Over the years since 1989 when old fart Con You changed the CF withdrawal system no street protest or riot in Singapore. Sinkies are balless human on earth.

The term "sinkie loser" has its deep related meaning.

This is what happen when sinkies are too ball-less to protest, they screwed themselves in the end.

 

[ginfreely]

Well, I'm just an ordinary average person. And being not spendthrift (eg: my handphone is already 5 years old and operating with the spare batteries which I'd bought earlier) I can manage to even save some of the S$10k monthly. My only concern is healthcare, which will be very expensive in the future and especially when one ages.

Wow 5 year old handphone, so thrifty no wonder can save so much...yeah healthcare is major concern as can easily bankrupt with one illness even for millionaire, perhaps the new medisave that will cover everyone and all prior illness will really help Singaporeans on healthcare...the only thing is people who have been paying health insurance religiously since young lugi lor, government getting everyone to pay healthcare for everyone....