The Deviousness of the CPF 1% Increment

[SneeringTree]

1) Recall that at the end of this year, all CPF monies (including Medisave and Special Account) will earn a interest rate of only 2.5% (down 1.5% from the present 4% of the Medisave and S.A.)

2) Remember also that for the vast majority of Sinkies, the Medisave account is just there, not touched. And for all sans those past retirement age, the S.A. definitely cannot be touched.

3) Note that the 0.5% increment each to the Medisave and S.A. will come from employers (not forgetting the self-employed).

4) Realize that the coffers of the government is immediately bloated (and best of all, very little gets back to Sinkies- at least not for decades to come, see [2]). Simply put, it is less interest paid on more monies that will be less redistributed to the masses.

5) Know that somewhere sitting on her plush leather armchair, Ho Jinx is climaxing spontaneously just thinking about how to roulette these extra billions in her global casino.

Extra Credit Question: Based on (1)-(5), can anyone guess why the 1% increment is in two phases AND why the Medisave increment comes first?

 

[Watchman]

Rubbish rate .

 

[SneeringTree]

Rubbish rate .

Even if they put 1% each into Medisave and S.A., it wouldn't make a difference; in fact it is better for the PAPPIES!

 

[Tiu Kwang Yew]

Good economy ?

1% from boss ?

so you earn 1k--you get $10 more in your CPF tax file !

ahahahahahahahahahahah.....PAP good economy ! hahahahahahah, knn, hahahaha........... laugh dead people !

 

[SneeringTree]

Good economy ?

1% from boss ?

so you earn 1k--you get $10 more in your CPF tax file !

ahahahahahahahahahahah.....PAP good economy ! hahahahahahah, knn, hahahaha........... laugh dead people !

The money does not even go to the ordinary account!

 

[myfoot123]

Don't forget PAP is Singaporeans enemy, expect your enemy to think of us is really daft. I am not surprised the 1% rate increased is just cosmetic without bearing any physical fruits for Singaporeans. Such tactic regularly adopted by PAP is nothing new except to make PAP looks good and especially Ho jinx who can't wait to dig her hands into these new money belonging to Singaporeans.

I will tell my boss to give me 1% cash and forget about the CPF increment. Even 0.5% cash is just as good to me too. He probably could understand why I want to do that.

 

[Frankiestine]

Now they get dig their hands into the other two accounts and no one will knows considering that both accounts are effectively off limit to the account holder subjected to ridiculous conditions for withdrawal...

 

[SneeringTree]

Now they get dig their hands into the other two accounts and no one will knows considering that both accounts are effectively off limit to the account holder subjected to ridiculous conditions for withdrawal...

Exactly. This is just a big opportunity to have more liquidity to play with for the PAPPIES.

 

[scroobal]

CPF after first few decades began operating as an escrow account for the Government. First for HDB housing and then for medical fees. The turn of events began in 1987. Note the hospitals began increasing their fees followed by new hospital developments, new lobbies , new staff facilities etc.

It is no longer a retirement fund. Its to ensure that all base government cost are covered.

In 1988, these dumb arseholes should have began in National Insurance with co-contribution scheme and by now it would have come along nicely. The idea was floated but NTUC and the other Insurers were concerned that it eat into their pie.

This is one reason why I have no respect for Tan Kin Lian. He finished his tenure, captured the market and is happily retired and suddenly feel the urge to contribute.

Reminds me of the monthly meeting that is held by ex-PAP MPs and the their barisan colleagues in amoy street and try to place their sons, daughtersm relatives in Government controlled companies. Makes you sick.

Now they get dig their hands into the other two accounts and no one will knows considering that both accounts are effectively off limit to the account holder subjected to ridiculous conditions for withdrawal...

 

[Ramseth]

This is one reason why I have no respect for Tan Kin Lian. He finished his tenure, captured the market and is happily retired and suddenly feel the urge to contribute.

In politics, there're neither permanent friends nor permanent enemies.

 

[hochiminhcity]

yes 1% increment what is there to shout??? What about those who accept a paycut during the downturn just to keep the company afloat.
My salary was reduce 30%.what is this 1%
1% is to cover gay loong asshole so that we dont screw them for medical subsidy

 

[Baroko]

Good economy ?

1% from boss ?

so you earn 1k--you get $10 more in your CPF tax file !

ahahahahahahahahahahah.....PAP good economy ! hahahahahahah, knn, hahahaha........... laugh dead people !

If you earn $10,000 it is only $100. $1,200 per annum. Big deal.

33% salary increase for Ministars inj bad times and 1% more for Ho Ching's coffers in so called PAP self-proclaimed "better" time. That's what it boils down to.

 

[Alamaking]

LOL, 1% to raise in 2 phases, thats 0.5% each phase, hahahhaa, fucking joke :oIo::oIo::oIo::oIo::oIo:

 

[myfoot123]

If you earn $10,000 it is only $100.

It is not even $100, remember there is a max cap of $4500 for CPF contributions. Now you can imagine how "BIG DEAL" PAP has been self-praising for upping the rate.

 

[SneeringTree]

It is not even $100, remember there is a max cap of $4500 for CPF contributions. Now you can imagine how "BIG DEAL" PAP has been self-praising for upping the rate.

Yes, it's 1% of $4500, which is $22.50. All of which is going into two CPF accounts that most people will never get to touch. If they are so concerend about cost of living and retirement life of Sinkies, restore the contribution rate ro 40% and revert the cap to $6000.

 

[Watchman]

CPF is a BIG Joke if you do not have 500K in it it's better to
take it all out and make them look silly .

Unfortunately all are common denizens . Who haven't common sense to begin with .

 

[longbow]

Reminds me of the US and their ability to print US$ at will. You can get addicted to the easy cheap funds. However there will be a day of reckoning if the money is not invested well.

 

[Frankiestine]

yes 1% increment what is there to shout??? What about those who accept a paycut during the downturn just to keep the company afloat.
My salary was reduce 30%.what is this 1%
1% is to cover gay loong asshole so that we dont screw them for medical subsidy

To the individual 1% is not even worth the term peanuts but to the scums a 1% contribution from employers for all the CPF contributing members is hell lots of money for them to dig their hand into..

 

[Perspective]

In politics, there're neither permanent friends nor permanent enemies.

Some people have practically abused this theory and end up taking friendship for granted.

 

[saratogas]

All these paper and admin work for just 0.5% in Sept and 0.5% for Mar...:oIo: