Who gave the PAP government the right to hold my money?

[metalslug]

http://www.temasekreview.com/2010/08/11/who-gave-the-pap-government-the-right-to-hold-my-money/

Who gave the PAP government the right to hold my money?
August 11th, 2010 | Author: Contributions

I, SURANAD , will be 55 years next month and I have around 20 thousand dollars in the CPF . I was told by the CPF Staff that at the age of 55 years I will be eligible for 6 thousand dollars which is 30 per cent of the 20 thousand dollars and at the age of 65 years onwards the balance 14 thousand and an interest of 4 per cent throughout the ten years will be paid in small portions to me.

Who gave the PAP government the right to hold my money for the next ten years. I will be delighted to have all my hard earned money and enjoy the money up to my satisfaction and die happily. Many people are dying young and what guarantee is that I will be alive for the next ten years. Even if I outlive the time isn’t it the government responsibility to take care of its people?

I could use the money for the education of my son and I had been separated with my family for many years due to my alcoholism habits and if I pay my son this money before I die he will appreciate and the government policy deprive me from doing the good act for my son.

How many hundreds of Singaporeans’ monies are held in the CPF by the government? Is this fair for the government to keep the money of poor people like me or for many reasons many people would need the money to settle many things in their lives and holding the hard earned money of all Singaporeans is absurd move of the government.

I pray that a good opposition will make it in this coming election and we will be save from this kind of nonsensical policies of the PAP.

SURANAD

 

[Wei Tuo Deva]

66% of good singaporean given the mandate to PAP. The rest 34% and also the 66% are all FUCK up.

 

[Teo Kok Eng]

I guess Surand needs to keep working, $20K won't last for too long and he is only 55 years old.

That guy won lottery in Malaysia, more than RM750K and now have to burn himself :(

 

[Ramseth]

I guess Surand needs to keep working, $20K won't last for too long and he is only 55 years old.

That guy won lottery in Malaysia, more than RM750K and now have to burn himself :(

That's silly and wasteful of circumstantial opportunity. Why not burn a minister and and a free pension for life (if failed) or a free state funeral (if succeeded)? No worry about food and lodging anymore.

 

[borom]

That is the result of having a one party rule.

They can simply pass any laws that they want.

What is sad is that the minimum sum scheme has been around for so long and yet this chap only woke up his idea when reaching 55-probably when he got the letter a few months before his 55th birthday.

The worst part is for those who die before 65 and have no children.This 10 year wait is against basic human rights,draconian and reflects the extreme cruelty of those people.

Laws can be changed -but we must take the first step this election.
If we wait too long and let Temasek and GIC continue their present ways-how much of your CPF will be left when you reach 65?

 

[exSINgaporean]

That's silly and wasteful of circumstantial opportunity. Why not burn a minister and and a free pension for life (if failed) or a free state funeral (if succeeded)? No worry about food and lodging anymore.

This stupid guy might not have updated his info since the day he was told by CPF that he can get part of his $20,000 CPF when he reaches 55 this month.

He will get a nasty shock of his life on the day after he turned 55 he stand in the CPF counter to withdraw the $6,000 he will inturn be sternly told by the CPF counter staff that instead he owes the CPF further $92,000 to make up for the minimum sum of $117,000!

Moreover if he does not have any medisave, he will need to top up another $35,000.

Yea a total of $107,000!

If he does not pay then the interest will compound in and he will be charged in court.

If he owns an HDB flat then he must sign an undertaking to return 12 of the minimum sum plus interest to the CPF whenever he sells his flat. But he still needs to top up his medisave of $35,000!

What's more is that the minimum sum will be converted to a Life Annunity at age 65 or even 85 and if he dies, all the money in the Life Annunity will NOT be given to his beneciaries but put into the pool of Annunity!

The medisave being an insurance plan per se could also suffer the same fate of not being given to beneciaries!

Thus in the worst case scenerio is when a healthy person who never use his $35,000 medisave dies just a day after collecting the Life Annuity and he/she tends to lost all the $117,000 + $35,000 and these will increased accounting to inflation index or according to the guideline of CPF which ties closing to the investment return or lost of the GIC or Temasek Holdings.

As for this guy, since he cannot immigrate as the way he writes about himself is like a loser, his only immediately solution is to commit suicide because he will have no balls to fight the PAP.

Lucky I predicted all these some 20 years ago and thus emigrated to Canada and gave up my Sillypoor citizenship long long time ago. If not after my 55birthday which fell after July 1, 2010, I will be hit by all these stupid "for-your-own-good" scheme of minimum CPF sum and medisave.

Fuck you bankrupt PAP.

 

[exSINgaporean]

The following info are from the CPF website:

Q: What is the difference between Medisave Contribution Ceiling, Medisave Minimum Sum and Medisave Required Amount?

A: Medisave Contribution Ceiling is the maximum amount that you are required to contribute and maintain in your Medisave Account. From 1 July 2010, the Medisave Contribution Ceiling will be $39,500 and any Medisave contributions in excess of the Medisave Contribution Ceiling will be transferred from the Medisave Account to the Special Account for members aged below 55, and to the Retirement Account for members aged 55 and above, who do not meet the CPF Minimum Sum. For those who have set aside the full CPF Minimum Sum, the excess CPF contribution will be transferred from the Medisave Account to the Ordinary Account.

The Medisave Minimum Sum is the amount you need to retain in your Medisave Account whenever you make a withdrawal of CPF savings (e.g. at age 55, 56, etc). The Medisave Minimum Sum will ensure that you set aside enough savings to meet your future healthcare expenses. The amount from 1 July 2010 will be $34,500 and it is adjusted every July of the year. Any amount in excess of the prevailing Medisave Minimum Sum can be withdrawn.

The Medisave Required Amount is the amount that you are required to have in your Medisave Account after meeting the CPF Minimum Sum. If you do not have at least the prevailing Medisave Required Amount, you may transfer your Ordinary/Special Account balances to your Medisave Account to meet the Medisave Required Amount before you can withdraw the savings in your Ordinary/ Special Account(s).



Q: What is the CPF Minimum Sum Scheme?

A: With increased life expectancy, we must set aside enough savings to see ourselves through a longer period of retirement. The CPF Minimum Sum Scheme provides members with a monthly income to support a modest standard of living during retirement. Members may participate in CPF LIFE or buy approved life annuities with their Minimum Sum to give them a guaranteed income for life. Alternatively, they may place their savings with approved banks or continue to keep it with the CPF Board. The Minimum Sum left with the CPF Board currently earns 4% interest per annum. The interest rate is revised every yearly.

Upon reaching 55, you will be able to withdraw a portion of your CPF savings based on your available CPF balances. Setting aside the Minimum Sum when you reach 55 ensures that you have some regular income from the current Draw-Down Age to live on in your retirement.

The Minimum Sum was set at $80,000 in 2003 and will be raised gradually until it reaches $120,000 (in 2003 dollars) in 2013. These amounts will be adjusted yearly for inflation. If you are unable to set aside your full Minimum Sum in cash, your property, bought with your CPF savings, will be automatically pledged for up to half of your Minimum Sum. You will receive a monthly income from your Draw-Down Age until your Minimum Sum is exhausted. You may wish to start your monthly payouts later. It benefits you as your payouts will last longer.

 

[Watchman]

Yeah man they can squeeze in more ridiculous rules such as
you need to top up to a sum of ..... if not ...... if not we will take action .

So CPF is a liability that you deal with the government .

 

[batman1]

The following info are from the CPF website:

Q: What is the difference between Medisave Contribution Ceiling, Medisave Minimum Sum and Medisave Required Amount?

A: Medisave Contribution Ceiling is the maximum amount that you are required to contribute and maintain in your Medisave Account. From 1 July 2010, the Medisave Contribution Ceiling will be $39,500 and any Medisave contributions in excess of the Medisave Contribution Ceiling will be transferred from the Medisave Account to the Special Account for members aged below 55, and to the Retirement Account for members aged 55 and above, who do not meet the CPF Minimum Sum. For those who have set aside the full CPF Minimum Sum, the excess CPF contribution will be transferred from the Medisave Account to the Ordinary Account.

The Medisave Minimum Sum is the amount you need to retain in your Medisave Account whenever you make a withdrawal of CPF savings (e.g. at age 55, 56, etc). The Medisave Minimum Sum will ensure that you set aside enough savings to meet your future healthcare expenses. The amount from 1 July 2010 will be $34,500 and it is adjusted every July of the year. Any amount in excess of the prevailing Medisave Minimum Sum can be withdrawn.

The Medisave Required Amount is the amount that you are required to have in your Medisave Account after meeting the CPF Minimum Sum. If you do not have at least the prevailing Medisave Required Amount, you may transfer your Ordinary/Special Account balances to your Medisave Account to meet the Medisave Required Amount before you can withdraw the savings in your Ordinary/ Special Account(s).



Q: What is the CPF Minimum Sum Scheme?

A: With increased life expectancy, we must set aside enough savings to see ourselves through a longer period of retirement. The CPF Minimum Sum Scheme provides members with a monthly income to support a modest standard of living during retirement. Members may participate in CPF LIFE or buy approved life annuities with their Minimum Sum to give them a guaranteed income for life. Alternatively, they may place their savings with approved banks or continue to keep it with the CPF Board. The Minimum Sum left with the CPF Board currently earns 4% interest per annum. The interest rate is revised every yearly.

Upon reaching 55, you will be able to withdraw a portion of your CPF savings based on your available CPF balances. Setting aside the Minimum Sum when you reach 55 ensures that you have some regular income from the current Draw-Down Age to live on in your retirement.

The Minimum Sum was set at $80,000 in 2003 and will be raised gradually until it reaches $120,000 (in 2003 dollars) in 2013. These amounts will be adjusted yearly for inflation. If you are unable to set aside your full Minimum Sum in cash, your property, bought with your CPF savings, will be automatically pledged for up to half of your Minimum Sum. You will receive a monthly income from your Draw-Down Age until your Minimum Sum is exhausted. You may wish to start your monthly payouts later. It benefits you as your payouts will last longer.

Ordinary Sinkees got screwed up all their working life and now at 55 still got so many farking rules to block them from withdrawing their money.What if they die at 56 and cannot enjoy the minimum sum ??? The MIW b*stards better burn in hell !!!

 

[hockbeng]

http://www.temasekreview.com/2010/08/11/who-gave-the-pap-government-the-right-to-hold-my-money/

Who gave the PAP government the right to hold my money?
August 11th, 2010 | Author: Contributions

I, SURANAD , will be 55 years next month and I have around 20 thousand dollars in the CPF . I was told by the CPF Staff that at the age of 55 years I will be eligible for 6 thousand dollars which is 30 per cent of the 20 thousand dollars and at the age of 65 years onwards the balance 14 thousand and an interest of 4 per cent throughout the ten years will be paid in small portions to me.

Who gave the PAP government the right to hold my money for the next ten years. I will be delighted to have all my hard earned money and enjoy the money up to my satisfaction and die happily. Many people are dying young and what guarantee is that I will be alive for the next ten years. Even if I outlive the time isn’t it the government responsibility to take care of its people?

I could use the money for the education of my son and I had been separated with my family for many years due to my alcoholism habits and if I pay my son this money before I die he will appreciate and the government policy deprive me from doing the good act for my son.

How many hundreds of Singaporeans’ monies are held in the CPF by the government? Is this fair for the government to keep the money of poor people like me or for many reasons many people would need the money to settle many things in their lives and holding the hard earned money of all Singaporeans is absurd move of the government.

I pray that a good opposition will make it in this coming election and we will be save from this kind of nonsensical policies of the PAP.

SURANAD

Who did you vote for the past 30 years?

 

[Wei Tuo Deva]

Ordinary Sinkees got screwed up all their working life and now at 55 still got so many farking rules to block them from withdrawing their money.What if they die at 56 and cannot enjoy the minimum sum ??? The MIW b*stards better burn in hell !!!

Don't blame the MIW. Blame the 66% of the voters who gave the elite the mandate to decide your life and money.

 

[123456787654321]

The government is right to hold your money. If not, at 55 everyone will lose all their CPF at the IRs.

 

[axe168]

Fuck you bankrupt PAP.

I agree with you.. We should "run-road" or apply exit strategy, otherwise it is too late ~ to leave the stressed state.


Stressed States Are Forcing Workers to Retire Later
http://finance.yahoo.com/focus-reti...ire&cat=fidelity_2010_getting_ready_to_retire

 

[manokie]

If you were the government official in charge of making an exception for this man, will you allow him to get $20,000 out right away or $6,000?

I'll choose to give him $6,000.. The $14,000 is to bait this guy out he runs into trouble again like alcoholism or health problems

 

[SickSinkies]

Sinkees deserve CPF to rob them blind .

 

[lancerglxi]

http://www.temasekreview.com/2010/08/11/who-gave-the-pap-government-the-right-to-hold-my-money/

Who gave the PAP government the right to hold my money?
August 11th, 2010 | Author: Contributions

I, SURANAD , will be 55 years next month and I have around 20 thousand dollars in the CPF . I was told by the CPF Staff that at the age of 55 years I will be eligible for 6 thousand dollars which is 30 per cent of the 20 thousand dollars and at the age of 65 years onwards the balance 14 thousand and an interest of 4 per cent throughout the ten years will be paid in small portions to me.

Who gave the PAP government the right to hold my money for the next ten years. I will be delighted to have all my hard earned money and enjoy the money up to my satisfaction and die happily. Many people are dying young and what guarantee is that I will be alive for the next ten years. Even if I outlive the time isn’t it the government responsibility to take care of its people?

I could use the money for the education of my son and I had been separated with my family for many years due to my alcoholism habits and if I pay my son this money before I die he will appreciate and the government policy deprive me from doing the good act for my son.

How many hundreds of Singaporeans’ monies are held in the CPF by the government? Is this fair for the government to keep the money of poor people like me or for many reasons many people would need the money to settle many things in their lives and holding the hard earned money of all Singaporeans is absurd move of the government.

I pray that a good opposition will make it in this coming election and we will be save from this kind of nonsensical policies of the PAP.

SURANAD

You did by voting for PAP. The problem is you.

 

[Ramseth]

Many people misunderstand. CPF is not your money. It's called a contribution, not a deposit. Just like after you donate to charity, it's not your money anymore. However, donating to charity is voluntary but CPF is compulsory.