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

[halsey02]

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:

Encik, whom did you vote for??

 

[halsey02]

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

It will be 85 years of age, for they will use LKY as a benchmark!!

 

[kopiuncle]

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

don't have to be apologetic lah
boot me out also no problem lah
i just say my piece, and kana hamtam also nevermind lah
i think 90% of the forummers here are disgruntled, unhappy and envious people
they are total failures and had fallen short of their aspirations
i am a very and contented singaporean - enjoying, the good, the bad, and the ugly with a broad smile

 

[kopiuncle]

why do you need to withdraw your CPF when you reach 55 ?
don't tell me you have no other savings?
if you are in dire straits at 55 and need to withdraw your CPF, then you have made the wrong calculations....
the minimum sum is to ensure that you have sufficient pocket money in later years when you are retired and need some allowances....you squander everything at age 55 and you become a garbage man at 60 or even 65. that will add to our social problems...so keeping a minimum sum in your cpf is a brilliant idea - a safe-guard and a lifebuoy in your later years.

 

[Poomer]

why do you need to withdraw your CPF when you reach 55 ?
don't tell me you have no other savings?
if you are in dire straits at 55 and need to withdraw your CPF, then you have made the wrong calculations....
the minimum sum is to ensure that you have sufficient pocket money in later years when you are retired and need some allowances....you squander everything at age 55 and you become a garbage man at 60 or even 65. that will add to our social problems...so keeping a minimum sum in your cpf is a brilliant idea - a safe-guard and a lifebuoy in your later years.

Are you daft? A couple hundreds per month for 30 years is not going to make any difference except for the really poor. In which case, the question is can this couple hundreds improve their lives? In the end, they will still collect cans as a couple hundred bucks is simply not enough.

Now if they have a lump sum of a hundred grand, they can start a small business or something.

 

[kopiuncle]

Are you daft? A couple hundreds per month for 30 years is not going to make any difference except for the really poor. In which case, the question is can this couple hundreds improve their lives? In the end, they will still collect cans as a couple hundred bucks is simply not enough.

Now if they have a lump sum of a hundred grand, they can start a small business or something.

my dear friend, those who collect cans and search the bins, have no CPF to start with and hence no monthly payouts...they are the lowest 1% of the population and you can find them everywhere and anywhere in the world - even in USA and in Sweden. these are the social die hards who will beg and mess up their lives. collecting cans keep them occupied. some of these people do not have to do it...but they have nothing to do...i know of a well to do garbage lady and cardboard lady who has a rather rich family who condemn her for doing what she is doing - bringing disgrace and shame to her family. so not all these people are really poor...

one big payout to these uncles and aunties will blow them away. most of them will squander the money and spend recklessly and mindlessly. anyway, those who need the money Do No Have enough even to cover the Minimum Sum. Those who are well to do and who have plenty of savings in their own banks and in CPF do not need the money at home.So most of them park their money in the CPF - the most secured and safe place.

what we we see on the streets is not a true reflection of the financial situation of our wonderful and wealthy country....we are damned filthy rich and we are also very cash rich....no need to worry too much. C P F is as solid as the Rock Of Gilbratar.

 

[xingguy]

why do you need to withdraw your CPF when you reach 55 ?
don't tell me you have no other savings?
if you are in dire straits at 55 and need to withdraw your CPF, then you have made the wrong calculations....
the minimum sum is to ensure that you have sufficient pocket money in later years when you are retired and need some allowances....you squander everything at age 55 and you become a garbage man at 60 or even 65. that will add to our social problems...so keeping a minimum sum in your cpf is a brilliant idea - a safe-guard and a lifebuoy in your later years.

Why do you choose to totally ignore the fact that the government has promise to return us our "forced" savings at age 55?

Withdrawal of CPF is no different from withdrawal of a fixed deposit in a bank.
For whatever reason (short of collapse of the bank) the bank cannot hold back the money when it matures. It is up to the customer if he/she wants to extend the tenor.

 

[kopiuncle]

Why do you choose to totally ignore the fact that the government has promise to return us our "forced" savings at age 55?

Withdrawal of CPF is no different from withdrawal of a fixed deposit in a bank.
For whatever reason (short of collapse of the bank) the bank cannot hold back the money when it matures. It is up to the customer if he/she wants to extend the tenor.

the CPF did not STOP you from withdrawing your money when you reach 55
if you DID NOT HAVE ENOUGH MINIMUM SUM, you have nothing to withdraw
this simply means that you do not have sufficient money to withdraw and you did not work hard enough and you did not contribute sufficient enough...or you did not earn enough....so the MINIMUM SUM is there for your own good...for your own well being....

NOBODY IS STOPPING YOU FROM WITHDRAWING YOUR MONEY AT 55.....if you have satisfied the conditions.

 

[xingguy]

my dear friend, those who collect cans and search the bins, have no CPF to start with and hence no monthly payouts...they are the lowest 1% of the population and you can find them everywhere and anywhere in the world - even in USA and in Sweden. these are the social die hards who will beg and mess up their lives. collecting cans keep them occupied. some of these people do not have to do it...but they have nothing to do...i know of a well to do garbage lady and cardboard lady who has a rather rich family who condemn her for doing what she is doing - bringing disgrace and shame to her family. so not all these people are really poor...

one big payout to these uncles and aunties will blow them away. most of them will squander the money and spend recklessly and mindlessly. anyway, those who need the money Do No Have enough even to cover the Minimum Sum. Those who are well to do and who have plenty of savings in their own banks and in CPF do not need the money at home.So most of them park their money in the CPF - the most secured and safe place.

what we we see on the streets is not a true reflection of the financial situation of our wonderful and wealthy country....we are damned filthy rich and we are also very cash rich....no need to worry too much. C P F is as solid as the Rock Of Gilbratar.

kopiuncle, a 150 years old bank like Lehman Bros is also solid as the Rock of Gilbratar before its collapse.

 

[kopiuncle]

kopiuncle, a 150 years old bank like Lehman Bros is also solid as the Rock of Gilbratar before its collapse.

you are absolutely correct
nothing lasts forever
you should have anticipated such a potential collapse and have your own savings
instead of relying so much on your CPF...
most of my friends don't even talk about their CPF.....let alone let CPF bother them
they just park their money there and see the increase every year!

 

[tanwahtiu]

and they say you buy their HDB using your CPF money. And the interest is at 3.2% for HDB which they say beat the bank which is 6.5% for private property.

When you need money, they say you must sell your HDB to get your equity growth to settle your debt. So where would you live after you sell your HDB? Also they make buy another HDB at the current market price which you take a higher mortgage loan from them. Forever you are recycled by them and they make you think twice when you vote now that you have an even higher mortgage loan to pay off. They keep you in their voting books/ account ledger?

Say if you need $50,000 today to pay off debt you refinance your home (mortgage to the bank) and still keep your property if you own private property.

Can HDB dwellers do the same? No, because it was tied up to your CPF savings, so they say? Refinance your HDB is like taking your CPF money to pay off debt, that's what they think so. But have they consider the equity growth equation which is your money? You should have the equal opportunity (equal human rights) to access to your equity growth the same way as private property owners.

This is PAP biggest con job to 80% of the population who bought their HDB 99 y.o. property using CPF pyramid scheme.

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]

the CPF did not STOP you from withdrawing your money when you reach 55
if you DID NOT HAVE ENOUGH MINIMUM SUM, you have nothing to withdraw
this simply means that you do not have sufficient money to withdraw and you did not work hard enough and you did not contribute sufficient enough...or you did not earn enough....so the MINIMUM SUM is there for your own good...for your own well being....

NOBODY IS STOPPING YOU FROM WITHDRAWING YOUR MONEY AT 55.....if you have satisfied the conditions.

That in lies the problem (highlighted in red). Why should there be a conditional withdrawal.
Do you accept conditional withdrawal of your fix deposit from a bank?

Medisave is now another evil scheme used to touch on the minimum sum. This is no difference from the sub-prime scheme in the Lehman Bros collapse.

 

[kopiuncle]

That in lies the problem (highlighted in red). Why should there be a conditional withdrawal.
Do you accept conditional withdrawal of your fix deposit from a bank?

Medisave is now another evil scheme used to touch on the minimum sum. This is no difference from the sub-prime scheme in the Lehman Bros collapse.

you got the point
but everything is done legally
no underhand means
it is open and transparent
no hidden agenda...
MEDISAVE is good for you....haha
MEDISHIELD LIFE is good for you...
CPF LIFE is also good for you....
Majulah Singapura!!!!

 

[xingguy]

you are absolutely correct
nothing lasts forever
you should have anticipated such a potential collapse and have your own savings
instead of relying so much on your CPF...
most of my friends don't even talk about their CPF.....let alone let CPF bother them
they just park their money there and see the increase every year!

kopiuncle, you are just dense.

It is my money and I want every single cent back. Not everyone is like you and your friend.

Here, an excerpt from Dr. Toh:

Mr Speaker, as a senior citizen, I am beyond the decision of the Committee whether my withdrawal age should be 60 or 65.

Mr Howe Yoon Chong (Minister for Health): You have already withdrawn yours?

Dr Toh Chin Chye: I have withdrawn mine. But in fairness to my constituents and to others who have not yet reached this age, I ask “Do you wish me to speak, or do you wish me to be dumb?” They say, they are against this. So I have to explain to them the problems that they will be facing and, most importantly, some of them tell me this. They are not going to squander their money on world-wide trips to see Mickey Mouse in Disneyland. Some married late. By the time they retire at 55, their children are due to go to junior college or the university. Many of them are banking on this sum of money to cover the cost of their children’s higher education.

 

[leetahbar]

as everyone can see clearly now how the gahmen breaks their promise. first, they break the promise. then they rectify, clarify and in the end smoke the entire nation into another "promise". from cpf, they added medisave which PROMISE to help in the healthcare. years later, they broke the promise again and cough out MEDISHIED , again another promise to backup medisave. and then after a couple of years, they broke their promise and cough out another shield and years later, another shield.....

so how far and how many times must this carry on? promises after promises when the very original one big PROMISE was to return us our cpf savings when we hit 55yo.

have they done that?

NO!

then how can the nation trust they shall keep their promise without breaking again to cough other another promise to compromise their first promises??

that was what dr toh chin chye trying to highlight: THIS BLOODY GOV DOES NOT KEEP THEIR PROMISE.

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.

 

[kopiuncle]

kopiuncle, you are just dense.

It is my money and I want every single cent back.

i am rather heavy too
nevermind, when you become the next government, you can change the rules
all cpf money belonging to you can be totally withdrawn when you reach 55
you surely become the PM of Singapore...majuilah xingguy!!!

 

[leetahbar]

it seems that the only way every rightful citizens to get their cpf money back is to overthrow the pap.

but then, here's the catch and the BIGGEST JOKE: if pap were to be overthrown say in GE2016, the new ruling party were to open the cpf vault, they might find that there's probably nothing left inside!! then how?

the pap would laugh and point the finger at the new ruling party that they have squandered away all the nation's saving.

this political conspiracy is now bigger than the blackhole and that was why when the late ong teng cheong wanted to check the account, he pissed off many powderful bastards who not only stopped him in his quest but cold storage him.

since then, there is never another OTC bold enough to query the gov. it's now up to us, the voters to show the gahmen what PEOPLE'S POWER mean. we want our rights to own our hard earned life cpf savings. no more excuses to hoard what's not theirs to be wholeheartedly return to us - every single cents plus compounded interests.

 

[chilakak]

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.

Kopisai,

Talking cock again hah?

CPF is lifebuoy when you grow old? Old being a moving target as defined by the chenghu?
When you get sick and when you are retired? How sick before you can use again defined by the chenghu? Retirement also a moving target defined by the chenghu?

And how come it is always "many of your friends" who are living a life of luxury, pleasure etc. etc.? Why not you since according to you, the Singapore chenghu has been, is and always will be the very best in the world and it has done so many wonderful things for you? Or are these all just imaginary friends that you are living vicariously through?

 

[halsey02]

Why I want my money back at 55?, of course I can have it at 65, 75 85 95 or even do not want my CPF & pass that on to my descendants & I do not have descendants, that money to benefit society. The Impression that we get is that our CPF is no longer ours,the people in charge of our CPF is forever placing so much restriction & bar, in each decade, each subsequent years, forever changing the scenario of when we will be getting our SAVINGS back.

Of course we have our savings... though not many of the younger generation save...the older generation have one of the highest Savings rate. But there are salad days...we may need the money, at 55 we can't get all but SOME, at 65, we can get some still but not ALL. I hear the, "don't you have savings' thing so often, it is rather annoying & at times insulting..of course we save, have spare cash in the bank, 'under our beds', ' biscuit tins' ..and of course, our biggest savings bank, IN OUR CENTRAL PROVIDENT FUND.

But in this ever evolving world, where we cannot even trust religious persons with money..can we trust politicians holding on to our, lifelong, BLOOD SWEAT & TEARS MONEY??

I want my money like before at 55..how I spend it, my business...

 

[leetahbar]

our chenghu themselves are all living in the IVORY TOWER. just how much do they understand the plight of the people? the lame policies which they can easily poo out actually have more adverse effect than good. for if it really do have good benefits, why are the gahmen keep changing their stance. take for example our force cpf saving. how could it have evolved into the present state that leaves many hoplelessly lost that they realise their life saving would not be refunding back to them when it is due?