the logic of CPF is exactly like this joke - must read.

[leetahbar]

Lady: Do you drink?
Man: Yes.
Lady: How much a day?
Man: 3 six packs.
Lady: How much per six pack?
Man: about $10.00.
Lady: And how long have you been drinking?
Man: 15 years.
Lady: So 1 six pack cost $10.00 and you have 3 six packs a day which puts your spending each month at $900. In one year, it would be
$10,800 correct?
Man: Correct.
Lady: If in 1 year you spend $10,800 not accounting for inflation, the past 15 years puts your spending at $162,000 correct?
Man: Correct.
Lady: Do you know that if you hadn't drank, that money could have been put in a step-up interest savings account and after accounting
for compound interest for the past 15 years, you could have now bought a Ferrari?
Man: Do you drink?
Lady: No
Man: Where's your Ferrari?

 

[leetahbar]

so when they said in the beginning that cpf is for your retirement, what happens in the end years later?

they say another thing: your cpf is NOT enough for your medical even though u may not use it in your lifetime. but they convince the nation that IT'S DEFINITELY NOT ENOUGH.

so they come out wiith medisave. still NOT enough, out poo medishield. definitely NOT enough and next to diarrhoea is medishield plus, edlershield and all kind of shields.....

just when u think it's enough, oh no!! they shit out the NOT ENOUGH again. this time the big shit pour out MEDISHIELD LIFE.

do u think it would be enough?

actually to begin with, cpf alone is enough except that the gahmen could be broke so the NOT ENOUGH is really not for us to use in retirement. it's actually NOT ENOUGH for them to bankrupt in their "clever" investment which hell! we don't even know it really makes ENOUGH returns like they are always bullshitting.

so where is our Ferrari? ok, just give us each a KANCHIL or even a CHERRY. it would be ENOUGH for most.

 

[leetahbar]

when the gahmen have already broken their promise originally to the nation that you shall get back your cpf saving when u hit 55yo, what make us think that when we reach 65yo (the new legal age) that we shall get back the money?

just look at all the funny schemes that are cropping up year after year....do u still think our cpf money still belong to us??

 

[xingguy]

when the gahmen have already broken their promise originally to the nation that you shall get back your cpf saving when u hit 55yo, what make us think that when we reach 65yo (the new legal age) that we shall get back the money?

just look at all the funny schemes that are cropping up year after year....do u still think our cpf money still belong to us??

Dr. Toh Chin Chye had debated this issue in 1984. The CPF has now morphed into a ponzi fund.

Unfortunately, the Report of this Committee on the Problems of the Aged has tried to solve this complex problem by touching on the Central Provident Fund as if that were the only solution, very much the way that the Minister for Health went about trying to solve the problems of the sick by using Medisave and taking off 6% from the CPF to collect monies which is spent by patients in the hospitals.

I related in the debate on Medisave how the Government could cover the cost of the entire operations of the Ministry of Health from revenue earned by the Ministry of Health plus the 2% payroll tax, without touching on savings. You have created a precedent. You have touched savings for Medisave.
I abstained from the vote. Others have agreed.
So the Minister for Health says, “Well, I have got one nut. Now I can get two nuts. How do I solve the problems of the aged? There was no great opposition to touching the CPF. Now I shall solve the problems of the aged by dipping into the CPF.”

He should not allow his Minister for Health to dip into the CPF or to increase the CPF, because this is a social problem that is popping up. It must be thought out in breadth. We must have a vision which encompasses breadth. Do not have tunnel vision. I would like to know that we have got telescopic vision. But, Mr Speaker, I have never had the problem of tunnel vision, and that is, looking at a problem along just one line without bothering, or researching in depth, the impact on other areas.

So the problem we should ask ourselves is this. As the deposit in the CPF grows and grows, our balances in the CPF will grow, and when we withdraw that sum of money, will we suddenly have overnight millionaires as retirees?
How many of them are there?

Of this amount that was withdrawn, two-thirds were spent on buying houses, mainly HDB flats. So only one-third was spent on retirement. In 1983, $1,718 million were withdrawn but only $374 million were spent on retirement.

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.

 

[leetahbar]

thanks for the sharing and promise reminder from dr toh chin chye. the old guards might have been strict but the people could feel that they are truly for them and with them. and they are a lot cheaper to maintain.

the new generation minitoots are mostly too obscenely paid with half competent performance and a lot of hot air.

I hope, pray and meditate that come GE2016, many of the useless wayang guys would be booted out.

ARE YOU GUYS WITH ME?

 

[LeMans2011]

Bloody brilliant posting. 6-pack for you!

 

[methink]

The CPF scheme is like an unending tunnel that sucks you in with no bottom! Once in, there's no return...

 

[DuYunQi]

TS.. good points.. however.. the elderly.. above 60s and 70s.. and who have less than diploma education.. would not be able to understand.

The simple thing to tell them is.. CPF is NOT the government's money. It is YOUR money!! It is SINGAPOREAN'S money!!

And the moment the CPF board or any other watchamacallit comes out to tell you that the age limit is to be pushed back.. they have done wrong. Did they sought the people's approval? Did they ask the citizen's approval? Did they ask the CPF members' approval before making things so?

If not.. then there is something terribly wrong.. and all of us need to point out to them.. GIVE US BACK OUR MONEY AT AGE 55!!

 

[ChoBohLan]

CPF = Con People Fund

 

[halsey02]

The CPF scheme is like an unending tunnel that sucks you in with no bottom! Once in, there's no return...

I have already mentioned before, CPF is a charity I contribute to...my money but when I need money badly to survive, MY MONEY is not CHARITABLE to me. I can see my statement of account, like one "tooth pick" collector will tell you, wah! I have money; but now I am in need, & desperate & I am dying, I can't touch the money. I have to die to use it...what the!!

When I reach middle age of 55, I cannot have my money to spend for the rest of my days, which may be, one day into 55 or live to 90; I have to leave a chunk of is as MINIMUM SUM, & only at 65, then I can withdraw in 'drips'..till the amount is depleted.

From 55 -65, if I am unable to work for medical reasons, social or even being muscled out of the work force by the deluge of CHEAP LABORERS that flood the country, I have huge savings in my CPF...but I cannot touch it...I have to live poorer than the 3rd world FT's.

You may ask....don't you have savings, I will answer, Yes!...my CPF!! BUT IT IS NOT MINE!!

 

[xingguy]

thanks for the sharing and promise reminder from dr toh chin chye. the old guards might have been strict but the people could feel that they are truly for them and with them. and they are a lot cheaper to maintain.

the new generation minitoots are mostly too obscenely paid with half competent performance and a lot of hot air.

I hope, pray and meditate that come GE2016, many of the useless wayang guys would be booted out.

ARE YOU GUYS WITH ME?

In Pinkie's condolence letter to Dr. Toh Chin Chye:

Dr Toh was a tenacious fighter and a man of principle. His comrade-in-arms, the late Mr S Rajaratnam, described him as a “man who does not look for a fight, but once in a fight, where honour is at stake, he fights unto death”.

As a back-bencher, Dr Toh served with commitment, dedication and integrity. He reflected the concerns of his Rochor constituents and also spoke up on national issues he felt strongly about. During the Budget Debate in 1985, Dr Toh made a passionate speech criticising the CPF contribution, then 50% of wages, as a heavy imposition on employers. I had just entered politics, and as a minister of state in the Ministry of Trade and Industry, I stood up and rebutted him vigorously. But as it turned out, Dr Toh was right. The economy soon went into a steep recession, and by the end of the year, the Government had concluded the CPF rates were too high and indeed needed to be cut.

Dr. Toh's demise also spells the last of the old guards that have genuine concern and speak out for their fellow man. The current bunch are all just self serving and yes-man.

 

[kopiuncle]

CPF is your lifebuoy when you grow old , when you get sick and when you are retired. Why so much mockery and ridicule? Your money is still there.Why are you all so suspcious, so sceptical and so upset? Many of my friends do not even bother to withdraw because CPF is giving them good returns. They are living a life of luxury, a life of comfort and a life of sheer pleasure -travelling, golfing, fine wine and dine and thoroughly bless the Singapore they grew up with.

I read nothing but sadness and grief here. Where is the bubble of joy? Where is the cheer? Where is the big Singaporean smile? You guys must be an utter failure in life - telling mobid stories and spinning tragic tales.

I believe CPF is the best run fund in the world and many countries are wondering how did our CPF do it!!! CPF is a miracle and we should all embrace CPF with love, with trust and with faith. I am very happy with my CPF. I am very happy with the Medisave. I am very happy with the Medishield. All these are great plans - well thought of my own great world class leaders for the good of Singaporeans....We should be grateful.....Majulah Singapura!!!

 

[halsey02]

CPF is your lifebuoy when you grow old , when you get sick and when you are retired. Why so much mockery and ridicule? Your money is still there.Why are you all so suspcious, so sceptical and so upset? Many of my friends do not even bother to withdraw because CPF is giving them good returns. They are living a life of luxury, a life of comfort and a life of sheer pleasure -travelling, golfing, fine wine and dine and thoroughly bless the Singapore they grew up with.

I read nothing but sadness and grief here. Where is the bubble of joy? Where is the cheer? Where is the big Singaporean smile? You guys must be an utter failure in life - telling mobid stories and spinning tragic tales.

I believe CPF is the best run fund in the world and many countries are wondering how did our CPF do it!!! CPF is a miracle and we should all embrace CPF with love, with trust and with faith. I am very happy with my CPF. I am very happy with the Medisave. I am very happy with the Medishield. All these are great plans - well thought of my own great world class leaders for the good of Singaporeans....We should be grateful.....Majulah Singapura!!!

All I am interested is, I want my money when I retire..anything you tell me about the hard earned money saved with whomever is , blah blah blah...are all crap!. Can I trust politicians with my money?? who knows in 10 years time...there may be none in the account, only on paper. Who the F@#@k in the world, do not know about CPF....AD NASEUM...we can not trust people like we do in the past anymore...when I reach 55, I want my money...that it!

 

[xingguy]

CPF is your lifebuoy when you grow old , when you get sick and when you are retired. Why so much mockery and ridicule? Your money is still there.Why are you all so suspcious, so sceptical and so upset? Many of my friends do not even bother to withdraw because CPF is giving them good returns. They are living a life of luxury, a life of comfort and a life of sheer pleasure -travelling, golfing, fine wine and dine and thoroughly bless the Singapore they grew up with.

I read nothing but sadness and grief here. Where is the bubble of joy? Where is the cheer? Where is the big Singaporean smile? You guys must be an utter failure in life - telling mobid stories and spinning tragic tales.

I believe CPF is the best run fund in the world and many countries are wondering how did our CPF do it!!! CPF is a miracle and we should all embrace CPF with love, with trust and with faith. I am very happy with my CPF. I am very happy with the Medisave. I am very happy with the Medishield. All these are great plans - well thought of my own great world class leaders for the good of Singaporeans....We should be grateful.....Majulah Singapura!!!

kopiuncle, have you taken your med??
It is impossible to convince a hallucinating man that he is not seeing things.

Kong lu, lu tulan, mai kong lu wah buay tahan. So, I was one of them that voted in the poll for you to be out of this forum

 

[Poomer]

Many of my friends do not even bother to withdraw because CPF is giving them good returns. They are living a life of luxury, a life of comfort and a life of sheer pleasure -travelling, golfing, fine wine and dine and thoroughly bless the Singapore they grew up with.

Erm, it does sounds good, so maybe you can clarify and tell us how much CPF is paying em now, which enables them to travel, play golf, fine dining and the other comforts of a lavish lifestyle.

You sure they are not former MPs paid their outrageous pensions?

 

[Equalisation]

For the rich and elite, they do not need their CPF which represent a fragment of their wealth. That is for sure.

For us ordinary people, it means hell a lot of difference when in our fifties in lieu of foreigners taking over our jobs, sending children to university, or for that matter taking short break after years of toiling.

For God's sake, be more humane to your poorer cousins !

Damn it ! It is OUR hard-earned money to begin with.

Give us back all OUR blood and sweat CPF money at age 55 !:oIo:

 

[Cestbon]

By 2020. I predict.
Age 65 must have min $200k in CPF before can withdraw money from CPF account.

 

[watchman8]

Due to ever improving healthcare solutions, people nowadays will live longer as their terminal illness can be treated and life extended. Medical bills will be ever increasing.

Just like dental. Last time only use dentures, nowadays have implants, root canals etc. definitely better, but more expensive.

If you want low medical costs, then you will need to go back to medical care standards of three to four decades ago. Life expectancy remain at 75. May not be a bad thing as many old people are really living in misery in their final years extended by modern medical care.

 

[Equalisation]

By 2020. I predict.
Age 65 must have min $200k in CPF before can withdraw money from CPF account.

I will not be surprised they will increase the withdrawal age to 70 and 75 !

 

[halsey02]

By 2020. I predict.
Age 65 must have min $200k in CPF before can withdraw money from CPF account.

You will believe me when I say, CPF has become a charity, we are the charitable ones...they will raise the minimum sum, & keep on raising the sum for they know, MOST SINgaporeans will never, ever get to touch the money they had put in, unless they DIE or migrate.

The money in CPF is theirs to use for forever & it is lowest cost funds, you can ever find on this planet, we are just being charitable contributing to it, it look good on paper, but when you are hungry & needing money..you have have $200,000 in CPF..but you starve to death..

The younger generation public housing is so expensive...by the time they pay off the HDB loan for the flat, the min sum maybe $500,000...you think, they can use any of their retirement money??