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3/30/2007

rethink on cpf

With the concept of retirement at 55 being thrown into the rubbish bin, the cpf and the huge minimum sum that has to be retained is no longer relevant. I have written about this issue but not getting any response from any one. Is there anyone thinking and agree that CPF policies need to be changed in view of all the changes in the lifestyle and working life of the people? If someone is working and earning a decent income to keep himself alive till 70 or 80, is there still a need to have 100k or 200k in his CPF when he dies? Or have we to live with this straight jacket policy under someone important enough say something?

4 comments:

Matilah_Singapura said...

> I have written about this issue but not getting any response from any one. <

What nonsense. I have responded to some of your posts, and I keep on telling you that CPF is a TAX.

However you choose to believe that in some way the money CPF is "owned" by the person who contributes.

> is there still a need to have 100k or 200k in his CPF when he dies? <

Of course not. That 100-200k is AN ILLUSION—designed to fool you into believing that CPF is some kind of "retirement" fund.

The account balance might say "100-200k" but in actuality the money is not really there. It is just some ink on paper—a ledger entry.

The way CPF works is like a pyramid game. Today's contributors fund those who are retired and are pulling out "their" money.

In fact, this is how virtually ALL govt re-distribution programs work—all funded by TAX. i.e. money is appropriated from one group in the population to fund another group. e.g. you could be single and childless, but your taxes are re-distributed to fund schools, baby bonuses, maternity wards, govt OB-GYNs etc.

Remember the term: PYRAMID GAME.

The only reason it is "legal" is because everyone believes and support the myths.

Lots of baby-boomers are coming online now. Can you imagine the massive "payouts" if the govt didn't control the amount of CPF entitlement?

If they paid out all that CPF, what's going to be left to fund the GIC and the GLC's?

redbean said...

sorry hor, i didn't know anything about pyramid game. i thought pyramid game is something like running around the great pyramid.

Matilah_Singapura said...

Sorry hor, I thought you were intelligent.

Well, we all make mistakes!

redbean said...

if i am intelligent i should be asking to be paid in the millions.