there goes our cpf! is this report real??

[leetahbar]

credit to fortune magazine below
=============================

Now we learn from the August 15, 2011 issue of Fortune Magazine that Singapore has no sovereign wealth.

Instead it has a sovereign debt of US$254 billion, which is 95% of Singapore’s Gross Domestic Product (GDP). This puts Singapore at 8th position as one of the world’s most indebted nations. Singapore is near the bottom of the pile; only seven developed countries are more in debt, in terms of GDP.
Apparently, Singapore has borrowed heavily from its own Central Provident Fund (CPF) which holds the retirement funds of Singaporeans. This explains why Singapore is not only raising the retirement age, but making it more difficult for Singaporeans to get their retirement funds even when they reach that age.

 

[leetahbar]

really very suspicious! no wonder they keep increasing the withdrawal age and set many obstacles to refrain returning cpf to us :(

 

[leetahbar]

if the report's not true, then cpf should sue that magazine and make a couple of million $.

 

[Ramseth]

You belanjah me dimsum again and I'll explain the equation to you.

 

[vamjok]

only be very worry if this is net debt. but i don't think so

 

[leetahbar]

You belanjah me dimsum again and I'll explain the equation to you.

i tot tankinlian should dim sum u and have u for sashimi with lots of wasabi.

 

[Ramseth]

i tot tankinlian should dim sum u and have u for sashimi with lots of wasabi.

Let him rest a while. You're so cruel still want to disturb him. 幸灾乐祸！:oIo:

 

[leetahbar]

Let him rest a while. You're so cruel still want to disturb him. 幸灾乐祸！:oIo:

4.9% didn't know he would lose which means surprisingly sgp has lesser idiots than anticipated.

 

[Ramseth]

4.9% didn't know he would lose which means surprisingly sgp has lesser idiots than anticipated.

Election is a hard to forecast thing, especially nationwide PE. As for you, just belanjah me Zi Yean dimsum that's OK.

 

[Watchman]

Imagine the years when men were exploited in NS National Service .
How many unproductive man-hours wasted .
What to save money for the state at the individual expense.
After complain Singaporeans not very smart nor industrial .
Not high flyer enough .
Fark you Singapore and Mindef .
Now open the floodgate to FTs .
Everything the farking government does is counter-productive .
They cut the intake of doctors and health care professionals back then .
Let students fight over scoreboard .
They really never think about the years down the road .

Singapore is so farked because of bad policies .

 

[Yoshitei]

Over a decade ago, I was already aware of such a predicament. If anyone did a search on the old forum, back in the Delphi days, you may still be able to find what I posted back then.

The elected government was borrowing heavily from our CPF, hence almost always after a failed venture there will be talk about raising the retirement age. I did predict back then that when they have fully exploited the retirement age policy, they will implement something new to keep our hard earned monies in there. Then of course, they came out with the minimum sum which since its implementation has been consistently tweaked to their benefit.

Any method they’re using to retain our CPF monies is to raise the cost of housing. By increasing the cost of a 5-rm HDB – for example: from $80K in 1990 to over $300K – they not only retain earn on the principal sum of the loan but also the interest associated with the loans. This while lowering the interest rates to monies kept in the CPF.

Some of the older forumers may recall that when CPF was first introduced, the employer contribution and also the interest rates pegged to those monies.

As we move forward, there will be more tweaks to the retirement age and minimum sum. I wouldn’t be surprised that one day, some idiot in parliament will introduce a scheme whereby when a parent dies, the nominated beneficiaries will not receive a cash payout but monies rolled over into their account!

No different from a Ponzi scheme. Only that this is operated by the elected government.

 

[ahleebabasingaporethief]

FUCK the SCUMS IN WHITE for stealing our CPF.

Can TS or anyone here post the ORIGINAL FORTUNE article or link here. I would like to read and pass it on.

 

[red amoeba]

KNN...the fucker filed the report on 9 Aug...how good timing.

http://finance.fortune.cnn.com/2011/08/09/who-in-the-world-is-most-in-debt/

 

[Narong Wongwan]

As we move forward, there will be more tweaks to the retirement age and minimum sum. I wouldn’t be surprised that one day, some idiot in parliament will introduce a scheme whereby when a parent dies, the nominated beneficiaries will not receive a cash payout but monies rolled over into their account!

No different from a Ponzi scheme. Only that this is operated by the elected government.

This is very scary indeed!

 

[red amoeba]

This is very scary indeed!

they are already doing something like that right? With the min. sum, it is now compulsary to purchase some sort of annuities...where you choose between having some cash vs monthly payout.

Who's to say, some time down the road, they move a motion to make only option to have all cash payout & no residual cash.

Secondly, with the raising of the min. sum every year, realistically no one (the lower/ middle incomers) will have nothing to withdraw come 62.

 

[leetahbar]

Over a decade ago, I was already aware of such a predicament. If anyone did a search on the old forum, back in the Delphi days, you may still be able to find what I posted back then.

The elected government was borrowing heavily from our CPF, hence almost always after a failed venture there will be talk about raising the retirement age. I did predict back then that when they have fully exploited the retirement age policy, they will implement something new to keep our hard earned monies in there. Then of course, they came out with the minimum sum which since its implementation has been consistently tweaked to their benefit.

Any method they’re using to retain our CPF monies is to raise the cost of housing. By increasing the cost of a 5-rm HDB – for example: from $80K in 1990 to over $300K – they not only retain earn on the principal sum of the loan but also the interest associated with the loans. This while lowering the interest rates to monies kept in the CPF.

Some of the older forumers may recall that when CPF was first introduced, the employer contribution and also the interest rates pegged to those monies.

As we move forward, there will be more tweaks to the retirement age and minimum sum. I wouldn’t be surprised that one day, some idiot in parliament will introduce a scheme whereby when a parent dies, the nominated beneficiaries will not receive a cash payout but monies rolled over into their account!

No different from a Ponzi scheme. Only that this is operated by the elected government.

it's apparent that the BITTER PILL they referred too was meant to withhold our cpf indefinitely.

 

[GOD IS MY DOG]

ever higher hdb flats........retirement age.......all tricks to delay cpf payout........

i secondary school time already know liao lor.......



simple math will tell you cpf is unsustainable anyway..........how to payout compounding interests on ever increasing funds in cpf ???

how to make more and more money every year ????



that's why GIC buy USA bank shares............but disaster struck..........LOL

 

[leetahbar]

where is tan kin lian when he's really needed?

 

[Ramseth]

where is tan kin lian when he's really needed?

You can call him or email him. His number and email is open on his blog, or you can simply post on his blog.

 

[LeMans2011]

Over a decade ago, I was already aware of such a predicament. If anyone did a search on the old forum, back in the Delphi days, you may still be able to find what I posted back then.

The elected government was borrowing heavily from our CPF, hence almost always after a failed venture there will be talk about raising the retirement age. I did predict back then that when they have fully exploited the retirement age policy, they will implement something new to keep our hard earned monies in there. Then of course, they came out with the minimum sum which since its implementation has been consistently tweaked to their benefit.

Any method they’re using to retain our CPF monies is to raise the cost of housing. By increasing the cost of a 5-rm HDB – for example: from $80K in 1990 to over $300K – they not only retain earn on the principal sum of the loan but also the interest associated with the loans. This while lowering the interest rates to monies kept in the CPF.

Some of the older forumers may recall that when CPF was first introduced, the employer contribution and also the interest rates pegged to those monies.

As we move forward, there will be more tweaks to the retirement age and minimum sum. I wouldn’t be surprised that one day, some idiot in parliament will introduce a scheme whereby when a parent dies, the nominated beneficiaries will not receive a cash payout but monies rolled over into their account!

No different from a Ponzi scheme. Only that this is operated by the elected government.

Agreed... and that is my main issue with the government. For now there is still an option of denouncing your citizenship to take the money out, i suspect this option will disappear if too many people start to denounce citizenship to withdraw money.