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

[tanwahtiu]

There need to be a class action high court challenge against PAP and best time to do so is before old fart up lorry. I totally agree, CPF agreement was signed with the people and the current political party is PAP acting as government who was then the same political party and the government that implement the policy.

Do this before 2016 and PAP will fall apart. Gov taken to court by the people will not survive the election.

Do I have to remind you that the original implementation of the CPF is to allow all CPF holders to fully withdraw their funds at 55 years old. Why the need to change this regulation and who gives them the right to change without any consultation and endorsement from the CPF holders themselves? After all, it is their own money and they don't need a 3rd party to decide what is good for them.

I have always advocated that my CPF money be fully returned to me at 55 years old and I'm always ready to sign an indemnity letter for the government to stop all further welfare to me (be they medical or social) till my last day in this world.

 

[winners]

The government always gives a false sense of care and responsibility by advocating that the CPF funds (and together with their all sorts of Medishield covers) are able to offset your medical costs when in need.

However, I do come across cases whereby the terminally ill patient has over S$100k in his Ordinary Account, but was unable to utilize it for his own medical treatment. Eventually, when he dies, the proceeds can only go to his beneficiaries. My question here is: in general, why deprive the monetary aid to the rightful owners when they are in dire needs and are also living their last days? Isn't the government very cruel in doing so?

 

[halsey02]

There need to be a class action high court challenge against PAP and best time to do so is before old fart up lorry. I totally agree, CPF agreement was signed with the people and the current political party is PAP acting as government who was then the same political party and the government that implement the policy.

Do this before 2016 and PAP will fall apart. Gov taken to court by the people will not survive the election.

This was a good 32 years ago, my uncle a wood working craftsman retired at 55 & had to due to his medical condition, he had kidney failure & needed dialysis regularly. I remember going with him to Overseas Union Bank at Raffles Place, now 1 Raffles Place, to withdraw his entire CPF money of, I think around 30 -40 thousand. Back in 1981, this was a large sum & OUB was one of the bank, that you cash out your CPF retirement cheques, I forgot, if they charged him fees or not. The point is, he withdrew the money in cash, in big denomination of $1,000. He used that money for his dialysis & not many years later he pass away.

He did not have to depend on the system for money to treat his illness & have enough money to pay for his funeral expenses etc...had the minimum sum implemented then... I AM SURE, HE WOULD HAVE DIED A SAD MAN. Having to fight the system for his health care & affordable one too.

Who allowed the change at withdrawal at 55? WE! for we had no voice...

 

[kopiuncle]

This was a good 32 years ago, my uncle a wood working craftsman retired at 55 & had to due to his medical condition, he had kidney failure & needed dialysis regularly. I remember going with him to Overseas Union Bank at Raffles Place, now 1 Raffles Place, to withdraw his entire CPF money of, I think around 30 -40 thousand. Back in 1981, this was a large sum & OUB was one of the bank, that you cash out your CPF retirement cheques, I forgot, if they charged him fees or not. The point is, he withdrew the money in cash, in big denomination of $1,000. He used that money for his dialysis & not many years later he pass away.

He did not have to depend on the system for money to treat his illness & have enough money to pay for his funeral expenses etc...had the minimum sum implemented then... I AM SURE, HE WOULD HAVE DIED A SAD MAN. Having to fight the system for his health care & affordable one too.

Who allowed the change at withdrawal at 55? WE! for we had no voice...

bro halsey,

again, i totally sympathise, empathise and agree with you. those days, many of our parents and grandparents have very little in the cpf. but again, the fact that they could withdraw their money was sheer happiness for them. they could plan with the amount they had withdrawn. they could give to whoever they wished. and they could spend in ways they loved. they died happy. there was a hongbao for them when they survided to 55. it was an acknowledgement of their hard work and frugality.

but now, when you reach 55, you have a big headache...but again, things have changed....rather drastically and with such draconian measures. good article and good story...

 

[tanwahtiu]

When I read Shitty Times on this CPF non withdrawal at 55 I was furious and angry. I talk to many Sinkies but many of them keep quiet as if nothing can be done.

Very disappointing and soon I plan for migrating to another country. Ridiculous government shifting goal post as they please.

There is no such thing as 'too late to do anything' and as soon as someone get together to form class action it will be nice to see some knee jerk reaction from PAP. Pinky is incompetent to handle court case anyway unlike his old man who is a lawyer.

This was a good 32 years ago, my uncle a wood working craftsman retired at 55 & had to due to his medical condition, he had kidney failure & needed dialysis regularly. I remember going with him to Overseas Union Bank at Raffles Place, now 1 Raffles Place, to withdraw his entire CPF money of, I think around 30 -40 thousand. Back in 1981, this was a large sum & OUB was one of the bank, that you cash out your CPF retirement cheques, I forgot, if they charged him fees or not. The point is, he withdrew the money in cash, in big denomination of $1,000. He used that money for his dialysis & not many years later he pass away.

He did not have to depend on the system for money to treat his illness & have enough money to pay for his funeral expenses etc...had the minimum sum implemented then... I AM SURE, HE WOULD HAVE DIED A SAD MAN. Having to fight the system for his health care & affordable one too.

Who allowed the change at withdrawal at 55? WE! for we had no voice...

 

[kopiuncle]

When I read Shitty Times on this CPF non withdrawal at 55 I was furious and angry. I talk to many Sinkies but many of them keep quiet as if nothing can be done.

Very disappointing and soon I plan for migrating to another country. Ridiculous government shifting goal post as they please.

There is no such thing as 'too late to do anything' and as soon as someone get together to form class action it will be nice to see some knee jerk reaction from PAP. Pinky is incompetent to handle court case anyway unlike his old man who is a lawyer.

if people like your goodself leave, there will be less voice to help the voiceless...

 

[tanwahtiu]

Sinkies must get burn first before they know the fire is burning, unfortunately.

Many of them are turning 55 now and now they can feel the fire burning them.

Anyway, not many of them are voiceless, they have no balls boh lump par.

if people like your goodself leave, there will be less voice to help the voiceless...

 

[whoami]

Looking at my CPF statement make me very shiok and happy.

But its for my eyes only.

Reality sucks!

 

[rambo22]

Pap keep delaying our cpf.

Everyday I read st obituary, sure got ppl

Ard 50 plus up lorry

 

[Confuseous]

Let me pose a not-so-hypothetical. I am an investment manager and you have money for retirement savings you want to invest. Like any informed consumer you ask me how much I will charge you to be the investment manager. I reply, if you invest your money with me, I will keep most of the money you make and if I lose money, well you lose. Would you invest your hard earned money with anyone who gave you that sales pitch?

If this one-sided deal sounds too absurd to believe then look no further than Temasek Holdings and GIC. While there are valid unanswered questions about the returns of Temasek which have been written about in great detail, all Temasek money belongs to the citizens of Singapore not the government, executives, or other special parties.

Public surpluses and CPF capital saved by the citizens of Singapore is used to fund Temasek and GIC. Yet, the government of Singapore only pays savers 2.5-4% despite claims of earning 7 and 17% respectively between GIC and Temasek. That claimed 7% earned by GIC in USD belongs to CPF savers and the people of Singapore. The claimed 17% earned by Temasek in SGD belongs to the people of Singapore who provided the public surpluses and capital investment to build companies.

CPF contributions are borrowed to finance investment. The CPF saver receives a guaranteed 2.5-4% while the borrowing party, GIC or Temasek receive all returns in excess of 2.5-4%. The government via GIC and Temasek is confiscating returns that belong to CPF savers and taxpayers.

This is not an insignificant amount of money that the government of Singapore via CPF contributions is confiscating for its own use. As I estimated here, an average Singaporean earning an average wage with CPF contributions and CPF interest would have approximately $537,000 at the end of their working career. However, if we took those contributions and they earned GIC interest, they would now have $799,000. If they earned the Temasek rate of return the average Singaporean would have $4 million SGD in the bank after a career of hard work.

That means that if the average Singaporean was not confined to earning below market returns in CPF savings, they would be $300,000-3,500,000 richer! Put another way, the Singaporean government is keeping all money in excess of the 2.5-4% CPF return from your savings. Put yet another way, this is an implicit wealth tax on the average Singaporean worker amounting to $7,500 annually or more than 10% of per capita GDP.

The most important point is this: CPF is your money and investment returns are the investment returns of hard working Singaporean savers. The investment returns from CPF capital and public surpluses do not belong to the government, the PAP, Temasek, or GIC but to the Singaporean people.

CPF, GIC, and Temasek returns are not the governments money. They belong to the savers and tax payers of Singapore who have made it a great country. Remember: this is your money.

http://www.baldingsworld.com/2013/09/10/the-real-cpf-scam/

 

[Equalisation]

Agree.

Give us back OUR hard-earned CPF money at age 55 NOW !!!

Damn it, it is OUR money to begin with !

 

[cowbellc]

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?

Nice. That's why now govt restrain from using analogy

 

[leetahbar]

The government always gives a false sense of care and responsibility by advocating that the CPF funds (and together with their all sorts of Medishield covers) are able to offset your medical costs when in need.

However, I do come across cases whereby the terminally ill patient has over S$100k in his Ordinary Account, but was unable to utilize it for his own medical treatment. Eventually, when he dies, the proceeds can only go to his beneficiaries. My question here is: in general, why deprive the monetary aid to the rightful owners when they are in dire needs and are also living their last days? Isn't the government very cruel in doing so?

actually the simplest and most honest thing to do is to lower or authentically "subsidise" the medical costs. gov hospitals should remain as gov hospital so that there shall be no profiteering of avaricious doctors from patients' sufferings. drs now are very chek ark! they care more for the $$ than for the health of the patients.

unless hospitals are back as gov's statboards, no matter how the gov claims they are subsidising, it's all but just a big wayang to make the citizens beholden to the hypocritical gov.

now with all the funny schemes that keep propping up, i m just wondering whether the gov is trying to stop us from withdrawal from our cpfs. singaporeans are now very health conscious. whatever the gov claim that medical costs might not be even enough could be just using a few example cases to exaggerate their lame policies.

why don't they use the oldman as example? he's freaking healthy at his age. does he always take any chronic medicines buffet? if yes, then why should he still be an mp. if no, then use him as the example that most citizens trying to emulate.

the pap has such a hideous way to show the not all true side of things just to advocate their whims and force it down on the citizens' throat. it's about time that singaporeans begin to take control of their own life rather than letting the pap pushes us around.

it's about time to tell him to F-off and stop milking us dry. they claim homongous profits from their investments and yet they couldn't spend it to help the citizens. why hogging to such astronomical wealth?

the logic of the pap is now really dubious. their intention appears more to want to control the citizens to the extend of even running their life. are we any different from pigs waiting to be slaughtered?

 

[leetahbar]

When I read Shitty Times on this CPF non withdrawal at 55 I was furious and angry. I talk to many Sinkies but many of them keep quiet as if nothing can be done.

Very disappointing and soon I plan for migrating to another country. Ridiculous government shifting goal post as they please.

There is no such thing as 'too late to do anything' and as soon as someone get together to form class action it will be nice to see some knee jerk reaction from PAP. Pinky is incompetent to handle court case anyway unlike his old man who is a lawyer.

why we quit our lovely beloved country? the gahmen is to be blamed.

it seem that i can only get back my cpf $ when i quit singapore. how cum the bloody gov still doesn't come to their cow sense?

 

[halsey02]

bro halsey,

again, i totally sympathise, empathise and agree with you. those days, many of our parents and grandparents have very little in the cpf. but again, the fact that they could withdraw their money was sheer happiness for them. they could plan with the amount they had withdrawn. they could give to whoever they wished. and they could spend in ways they loved. they died happy. there was a hongbao for them when they survided to 55. it was an acknowledgement of their hard work and frugality.

but now, when you reach 55, you have a big headache...but again, things have changed....rather drastically and with such draconian measures. good article and good story...

The whole issue lies with the word TRUST, the older generation that were before me, TRUSTED the PAP with everything, even the air they breathe & the water they drink. Frugal??, most of us, are, for we are of that kind of people who inherited this trait, but we can not trust , "man of the cloth' or even people in charge of charities, these days with large sum of money, can we trust those politicians with our hard earn money?? They keep changing the withdrawal limit & make changes to CPF , as if the belongs to them, & them to keep & use, as they wish.

In this fast eroding world, devoid of moral values...who knows, by the time, I can take SOME of my money....I am told to extend that till I am 90?? who knows..can we TRUST those holding my money..not to make changes, changes & changes??

I want my CPF at 55 years of age..Period!.

 

[tanwahtiu]

This Hakka man is a bully. He wants everything to himself and screwed you up nicely.

He never foresee that migration is possible and one way to get out of his pyramid money sucking system.

There is no quitting, quitting is CGT satirical comments which this old fool came up with.

why we quit our lovely beloved country? the gahmen is to be blamed.

it seem that i can only get back my cpf $ when i quit singapore. how cum the bloody gov still doesn't come to their cow sense?

 

[leetahbar]

i think singapore is the only country in the world - or the entire universe - that could allow the gahmen to get away like this without any achoo.

how many must this continue? age is now pushed until 65yo. even if we reach there, a substantial amount is still being witheld.

after they ve implemented the medishield life, the next step they would do would probably push the withdrawal age all the way to 70 or even more.

then what?

 

[tanwahtiu]

it is up to the Gen X and Y to figure out what is best for them.

Gen of baby boomers live at the time when they have poor peasant life not educated like the Gen X and Y (MacDonald kids if you like to say there are) and loss out to this Hakka Bas** take all your hard CPF savings money away.

i think singapore is the only country in the world - or the entire universe - that could allow the gahmen to get away like this without any achoo.

how many must this continue? age is now pushed until 65yo. even if we reach there, a substantial amount is still being witheld.

after they ve implemented the medishield life, the next step they would do would probably push the withdrawal age all the way to 70 or even more.

then what?

 

[DuYunQi]

I read posts which put the word "trust" into this discussion, and I agree that for the pioneer generation of Singapore.. they really trusted pappies to really take care of them.

Back then, there were lesser who had higher education, ie Uni degrees and even diplomas.. pappies made it very clear that they had the "cream of the crop" in their party. And to a huge extent, it was true.

Many things were overlooked, as many then did not want instability to set in and make things go haywire. They accepted alot of "cutbacks".

However, as a lot of very far-thinking ppl in this forum have wrote.. many things have changed. The world has changed so much since 20 years ago, that we are suddenly exposed to much more information than we had before.

Perhaps this was one reason why Qin Shi Huang ordered the burning of books back then.. I am only speculatinghere.. but think of it.. if you have information to be easily obtained.. it could fuel thoughts that can change the big picture.

CPF has morphed into something that is tying Singaporeans down.. so much so that many are uprooting and saying "no thank you" to the notion of someone else holding onto their money and telling them that there are a long list of conditions to follow before you can take their money back.

And whenever that board comes out to make changes, there doesn't seem to be any discussion allowed.. it just HAPPENS.

With ppl now more educated, more traelled, and with information so easily obtained in almost any form.. it is getting harder and harder to tell SG folks to "trust us". Because they have experienced the fact of being "TOLD" what to do for too long.

55 was a magic number back then.. but when this was extended.. a lot of ppl began to ask questions.. "what if I can't live that long?" "what if I am out of a job before I reach 65?" ....

The idea that the money can be passed on to their children or spouses is also not so appealing.. and to many.. not an auspicious one.

Marriages might not last.. and relationships with children may not be cordial or even any at all.

If one wants to live happy, having some money in the bank is a comfortable thought. Not that one can spend as one wishes, but to know that it is THERE to use when you need.. or when you WAND it.

CPF.. when your money is held by a board.. and you are told that you can only get it back now in INSTALLMENTS... is not a welcomed news for working individuals and all SG folks. Why installments? Because those in white want to make sure some men don't go to Batam or Bintan or what have you.. to spend it all on local women there? Seriously.. that just classified ALL men as doing such deeds when they get their CPF in one lump sum. And this is one thing that I don't agree with.

Come to think of it.. isn't that grounds to go after whoever said it, for slander.. or smear of reputation?? How did that statement get put out and those who said it just got away with it?

I agree with those who say this...

GIVE ME BACK MY MONEY AT 55!! ALL OF IT!! I will pay for my own medical expenses.. or not!! It's my life!!!

 

[winners]

It is totally unethical of the Singapore government to hold on to the CPF holders' money beyond 55 years old.

I am a true blue Singapore born national, son of this land, served my 2.5 years of National Service, contributed to the CPF for 25 years and whatever shit taxes they have imposed (COE, ERP, GST, Income Tax, Property Tax, Water Tax, etc). So, why am I being deprived of managing my own money when I turn 55 years old? Is it fair to me, as a true blue citizen of this land, that I have to relinquish my citizenship in order to get back what is originally mine? What then is the value of the word "citizen" to the government? Fuck to the government.

I will not forbid them if they want to do so with those migrant citizens who are originally from another native land and they have not contributed since birth. Many are even using this country as a "stepping stone" for them to continue with their onward emigration.

Anyway, frankly, I have totally given up the hope of ever cashing out the remaining funds in my CPF now. Even if there is a change of government, I predict even the opposition will not dare to alter the current CPF policies, for you may never know, the CPF Board may be an almost empty shell now.