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Singaporeans with $60,000 in their CPF accounts at 65 now “automatically” included in CPF Life
Your sinkie govt decide for you what you should do with your money, no respect for you, sinkies.... good luck!!! please go one corner and squeeze your balls.
It appears that Singaporeans can never hope to get their CPF monies back in full so long the PAP remains the government.
Manpower Minister Gan Kim Yong announced in Parliament two days ago that Singaporeans with $60,000 or more in their retirement accounts when they turn 65 will now be “automatically” included in the CPF Life annuity scheme.
At the present moment, CPF Life only apply to those who turn 55 from 2013 and have at least $40,000 balance in their CPF Retirement Account while those having less are left out.
However, this group of Singaporeans will now be included in CPF Life as well if their CPF savings increase to $60,000 by the time they reach 65 years of age.
In the past, Singaporeans are able to withdraw their CPF in one lump sum when they reach 55 years of age. In 2003, the Minimum Sum scheme was introduced which stipulates that Singaporeans must keep a minimum sum (MS) of money in their CPF accounts. From July 1 2009, the CPF MS was revised from $106,000 to $117,000.
The CPF Life is an extension of the MS scheme to provide “lifelong” income for Singapore elderly in their retirement. It has four different schemes which provide varying amount of monthly payouts to Singaporeans till they reach 85 years of age.
To put it bluntly, the government is witholding the CPF savings of Singaporeans and “managing” them on their behalfs out of fear that they may deplete their savings and end up being a burden to the state.
Though Singapore is the second richest country in Asia after Japan, Singaporeans enjoy few social welfare benefits from the PAP government.
Singaporeans are often exhorted by PAP leaders to be “self reliant” and to work for as long as possible till they drop dead while remaining “cheaper, better and faster” at the same time.
For those who are certified permanently unable to work or are completely destitute without any living relatives, they can apply for Public Assistance (PA) from the government which provides a miserly monthly allowance of $360.
In other countries, the ruling party will be voted out of office for treating its citizens so shabbily, but not in Singapore where its cowardly, apathetic and ignorant citizenry remains beholden to the PAP thanks to 50 years of “brainwashing” from the state-controlled media.
The PAP has always claimed that it will have to raise taxes in order to fund more social welfare programmes for Singaporeans and yet it can afford to splurge out $10 million dollars in an instance to make the new immigrants feel accepted, welcomed and happy in Singapore.
Even then, the amount pales in comparison to the nearly $10 billion dollars “paper loss” suffered by GIC in its disastrous investment in Swiss bank UBS.
How can a country which can afford to lose billions of dollars in failed overseas investments without blinking an eyelid not do more to help its own citizens?
Without realizing the importance of exercising their own political rights, Singaporeans are doomed to slog like “sheep” for their entire lives and still not able to retire or see their CPF monies locked away forever under the “safekeeping” of the nanny state.
Your sinkie govt decide for you what you should do with your money, no respect for you, sinkies.... good luck!!! please go one corner and squeeze your balls.
It appears that Singaporeans can never hope to get their CPF monies back in full so long the PAP remains the government.
Manpower Minister Gan Kim Yong announced in Parliament two days ago that Singaporeans with $60,000 or more in their retirement accounts when they turn 65 will now be “automatically” included in the CPF Life annuity scheme.
At the present moment, CPF Life only apply to those who turn 55 from 2013 and have at least $40,000 balance in their CPF Retirement Account while those having less are left out.
However, this group of Singaporeans will now be included in CPF Life as well if their CPF savings increase to $60,000 by the time they reach 65 years of age.
In the past, Singaporeans are able to withdraw their CPF in one lump sum when they reach 55 years of age. In 2003, the Minimum Sum scheme was introduced which stipulates that Singaporeans must keep a minimum sum (MS) of money in their CPF accounts. From July 1 2009, the CPF MS was revised from $106,000 to $117,000.
The CPF Life is an extension of the MS scheme to provide “lifelong” income for Singapore elderly in their retirement. It has four different schemes which provide varying amount of monthly payouts to Singaporeans till they reach 85 years of age.
To put it bluntly, the government is witholding the CPF savings of Singaporeans and “managing” them on their behalfs out of fear that they may deplete their savings and end up being a burden to the state.
Though Singapore is the second richest country in Asia after Japan, Singaporeans enjoy few social welfare benefits from the PAP government.
Singaporeans are often exhorted by PAP leaders to be “self reliant” and to work for as long as possible till they drop dead while remaining “cheaper, better and faster” at the same time.
For those who are certified permanently unable to work or are completely destitute without any living relatives, they can apply for Public Assistance (PA) from the government which provides a miserly monthly allowance of $360.
In other countries, the ruling party will be voted out of office for treating its citizens so shabbily, but not in Singapore where its cowardly, apathetic and ignorant citizenry remains beholden to the PAP thanks to 50 years of “brainwashing” from the state-controlled media.
The PAP has always claimed that it will have to raise taxes in order to fund more social welfare programmes for Singaporeans and yet it can afford to splurge out $10 million dollars in an instance to make the new immigrants feel accepted, welcomed and happy in Singapore.
Even then, the amount pales in comparison to the nearly $10 billion dollars “paper loss” suffered by GIC in its disastrous investment in Swiss bank UBS.
How can a country which can afford to lose billions of dollars in failed overseas investments without blinking an eyelid not do more to help its own citizens?
Without realizing the importance of exercising their own political rights, Singaporeans are doomed to slog like “sheep” for their entire lives and still not able to retire or see their CPF monies locked away forever under the “safekeeping” of the nanny state.
