Is CPF turning into a robber?

What is the basic reason for the existence of the CPF? Is it there to hoard people's money on whatever excuses that it can cook up? Or is it there to ensure that the members would have some money to tie them over during their old age, that they don't become destitutes and having to bleed the govt of public fund? I may not be a supertalent. And it does not need anyone to be a supertalent to know that the CPF main objective is to make sure that the retirees have a sum of money to live through their lives. As long as anyone can make his own provisions with cash, savings or properties or any assets that exceeds the value of what CPF declared as the Minimum Sum needed, such people have more than adequately provided for themselves. Actually many don't need so much money to live through their golden years. A Goh Mui Sim wrote to the ST forum saying that at 53, she had already bought a $100k annuity to provide her a $500 payout from $62 till her death. And she has pledged this to the CPF When she turned 55, CPF took $99,600 from her Ordinary Account to put into her Retirement Account. She argued that she had a $100k annuity that is more than the $99,600. But CPF said her annuity is short of the $790 by $290 and she could apply for a partial exception. Why can't the CPF take only the amount that is short? Why take the whole $99,600? The CPF could not understand that this lady has planned her own retirement well ahead of the govt's thinking, even more than the Minimum Sum requirement. She has covered a period past the Minimum Sum to her death, with her annuity. All these are not enough. All CPF is concerned is the $99,600 that it wants to grab hold on. And of course, another $30k in the Medisave and more in annuity insurance. Ok, this last one the CPF definitely cannot find anymore excuse to touch this lady. This Goh Mui Sim, like many, is a responsible and thinking Singaporean. She has planned her retirement well ahead. But this is not acceptable because her plan is not what the CPF planned for her and all Singaporeans. What utter rubbish! Why must every Singaporean need $99,600k and $30k in Medisave? Why must they still need an annuity plan when they have made their own plans? What is the CPF for? What is the CPF for? Has the CPF turned itself into a robber, putting a knife on the member's throat to demand more money to be held by CPF, totally disregarding the interests of the people? And its interest is to grab the people's money, as much as possible, and hold it as long as possible? No matter what reasons or explanations, this is the impression that the people is getting.


TuraiKiller said...

Simple, they have make losses in investment, cpf board would not able to pay all when retirement ages in due therefore their stupid so called extra-ordinary mindset came out annuity, extend retirement withdrawal age so as to keep them running. They though s'porean are dump as their. We either leave this nation or overthrown them b'cos our local citizens are shrinking & foreigners (PR & Labour worker population) are getting more than local people, we will soon become minority & worthless just wait to be completely replaced in the next 5 years time. Ex. just look at our employment most of the company are foreigners worker (appro.more than 98%) so we known where do we stand in our own land.

They only care their wealth & riches, if you are rich then you are consider their first class citizen & will be taken care of irregardless what background & race. For the poor & middle are rubbish to them especially the first group. Just remember $300 pa to them is lot even money doesn't come from their own pocket but in term of their pay are extreme ridiculous and full of bullshit from their mouth.

Matilah_Singapura said...

CPF has been one of the biggest legal robbers ever since it was introduced.

Redbean has only just realised it—only because CPF has been becoming worse with its actions. If it weren't for that redbean and people like him would continue to live in blissful ignorance... and wonder why after a lifetime of back-breaking work, they can't even afford a cheeseburger when they retire.

Broken record style, overly-repetitive reminder:

All tax is THEFT. CPF is a TAX, which is used to fund an on-going PYRAMID SCAM run by the government, so that they can fund their "social programs" which will ensure they get voted back into power, over and over again.

Print is out, paste it on your wall in case you forget, and in case you suddenly take a liking to your MP who goes on his ass-kissing rounds in your neighbourhood.

Anonymous said...

what are we going to survive on from the age of 55 to 62 if we do not even have the min sum in our cpf account?

age 55 - no money can be withdrawn because all have to be put into our retirement account

age 55 to 62- every year deduct premium for medisave, medishield or whatever medi....hopefully still got remain.

age 62 - hopefully we're still surviving and in good health, by the time we can withdraw, i think are meant to pay for our medical or hospitalisation bill

SO? the rich will be richer and the poor will be poorer

FeedMeToTheFish said...

Dear Redbean,

I can relate to the comments before me and I agree with you about responsible citizens doing their best to plan their retirement.

The nanny state has to stop pretending and just come clean with the fact that they want and need our money. Please stop patronizing us with no-brainer like CPF is our retirement fund. It's more than that! With CPF, MAS, GIC and Temasek, the fact is: "WE PAY, THEY PLAY!" Yes, THEY - the rich, the obscenely paid, the powerful, the you-know-who!

If the heart attack did not kill me 8 years ago, my financial woes would have. If not for my personal insurance policies and retirement plan, I would have been dead and not have the opportunity to write how I feel now.

What do you think of PM asking wives to bug their husbands to transfer POSBank money to CPF?

What do you think of SM begging for more contribution to Medisave from self-employed in exchange for lucky draws?

What do you think of the Manpower Mintster (of "a little fling here, a little fling there" fame) advertising that more are enquiring how to top up CPF?

Are we broke? Is our first world first, class govt desperate for more money?

I don't know. I'm just a over 55 geezer who has been had and worry that my children and other 50-&-below Singaporeans will be scammed again by Compulsory Annuity and other shams.

It just sickens me to be insulted and treated like an idiot day in day out by hypocrites!

Thanks again Redbean for strengthening a broken hearted geezer! My feelings on the CPF is on the link above.


Matilah_Singapura said...

* clap clap clap *

A standing ovation to you sir/madam. Very well said.

Redbean, if I were you (but I'm not) I would have a look at the "patronising style".

redbean said...

hi feed2fish,

welcome to the blog. please don't feel so despair. i share your sentiments. remember, you are expected to live till 100. you are at the prime of your life and many more years to live or to waste, whatever is believeable.

matilah, everyone is entitled to his style as long as it is not offensive. there is the matilah style, turaikiller style, the abao style etc etc.

this is freedom of expression mate.

Matilah_Singapura said...

Someday you'll make an excellent philosopher. I believe in you. You must believe in yourself ;)

redbean said...

what do you mean by some day. i am already a philosopher lah.

just hear the good stuff.

Matilah_Singapura said...

Oh sorry...

I hope you get a bust made, so that when you are gone we can put it next to the busts of Socrates, Plato and Aristotle—to be admired for countless of generations, yet to come!

redbean said...

i will be more realistic by putting my bust beside a foreign worker's statue : )

then they can parade it during national day.