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2/23/2008

Notable quotes by Leong Sze Hian

'Are there any countries in the world which have national pension schemes that exclude the bottom 25 per cent of the population?' Leong Sze Hian My answer is yes, in paradise. Leong Sze Hian was responding to the CPF Life annuities scheme that excluded those who have less than $40,000 in their Minimum Sum. And this is exactly the group that needs help. So what will happen to them when they are old and have no money and not in the scheme? Search me, I do not want to know. Not my pasar.

6 comments:

Anonymous said...

When they are old this 25% will automatically get the pension. They will not have to contribute because the govt is giving it to them FOC. Am I right?

redbean said...

yes, you are absolutely right. this is the unwritten and unspoken policy.

now, am i right? or at least they will get $330 if the PA scheme is still around and if they qualify.

Matilah_Singapura said...

National pension schemes are never a good idea. All countries who have it have not been able to fund it--especially with the baby boomers retiring.

The State must stop "looking after" people. Those who are in need have to rely on private charities, and as the first resort--their own families. That's it.

And if people like redbean feel "uncomfortable" anout that, they are reminded that no one is stopping them from displaying their own charitable spirit to come to the aid of the needy.

For The State to force the productive to support the unproductive is straight-out socialism, based on theft. I can safely say that many hardworking S'poreans will not back that.

redbean said...

matilah,
as long as the annuities or any scheme is compulsory, i am against them. i am also against theft.

Anonymous said...

I guess they are expected to die off before CPF life kicks in.

Matilah_Singapura said...

That's right. Most will die, and the State will win.

redbean is against annuities and theft, but he supports CPF.

This is a total contradiction. Once you surrender your money to the state, it is "sunk" money. The laws governing CPF can be changed ANYTIME by the govt for ANY REASON, so you do not have protection by law.

Also, although the govt claims that the CPF is not a "pool" but has "individual accounts" is a fucking big fat LIE. No one has the balls to call it a lie, because they are too scared in being sued until their arseholes bleed. Fuck it. I'll call it what it is: CPF is a motherfucking pyramid scheme, and the "contributions" are nothing more than TAXATION.

I repeat: there are NO individual accounts. It is a pool. If a few people pull out money here and there, it comes from The Pool. It is presented to you, the "member" as "individual accounts" just to make you feel better and con you into having faith in a LIE - a lie which is unsustainable in the long run, and will be tinkered with simply to PROLONG a CASH CRISIS -- i.e. there won't be enough money to pay everyone out, so they had to change the laws. (It is the govts own laws, so they can change it. You, are screwed)