No change in Dictation Culture

The CPF ruling on sale of property for those above 55 has changed again without any discussion with the public. The rulers think that it is good or their right to keep the people's money. So when you sell your property, your money must go back to make up for the shortfall in the minimum sum. Now they did not even go through the motion of letting people know of the impending change, no need for feedback. Just dictate it. And it's done. No need to put up a farce of consulting the people. The rulers shall rule and the people shall be ruled. It is our money!


gacktan said...

Does it mean that those elder people who wish to downgrade to smaller hdb wont even get to receive any cash?
they will have to wait for another 10 years to receive the monthly pay out?

redbean said...

hi gacktan,

basically they are very kind and want to keep your money for your own good. so first priority goes to topping up minimum sum.

now whether if the person wants to downgrade and if this eats into his minimum sum, and whether this will be released i am not sure.

our future is in good hands. so is our money.

Anonymous said...

Theoratically, after topping up the minimun sum, there should be some money left that can be taken out. But in reality, the numbers are not so optimistic as they look.

I calculated that for a person living in a 5-room flat intending to downgrade to a 4-room flat costing about $280K, the amount left to be taken out (after levies, renovations and now the topping up of the minumun sum), is miniscule and not worth the trouble, besides downgrading to a much smaller flat.

gacktan said...

LOL i guess with the current situation. It is better better to welcome those foreign workers to rent our flats, at least we will be able to see some money coming in. hm.. but after renting out where can they stay in? airport terminal maybe with placard to welcoming them?

Heng-Cheong Leong said...

This change of rules was announced in March 2007 (http://www.mom.gov.sg/publish/momportal/en/press_room/mom_speeches/2007/20070308-committee.html) by Ng Eng Hen, MOM, in Parliament.

Your specific statement on "letting people know of the impending change" is not justified, as this rule was announced 1.75 years in advance.

Mockingbird said...

PAP go eat shit!

redbean said...

hi hengcheong leong,

welcome to the blog.

i have read this in the paper today as well. frankly i could not recollect anything on this. let me read the link you have put up.

but it still does not change from my post that it is a dictation style, dictating to the people with no regards to whether the people accept it, agree with it or not.

the govt must not forget that this is the people's hard earned money. the people have all the right to decide on the use of their money, not the govt.

redbean said...

hi, hengcheong leong.

below is para 27 of eng hen's speech. is this published in the main paper for all to know? did CPF inform members of such a coming?

obviously it was decided without any need to consult the members for their opinion. it is still dictation culture.


27. I have also decided to address another practice not quite in line with our Minimum Sum policy. When members sell their properties which they have used CPF money to purchase, they are required to return the CPF that has been utilised together with the accrued interest from the sale process and to secure the payment of the Minimum Sum – this is existing policy and common knowledge. But while we have enforced this policy for all those below the age of 55, the CPF Board has not enforced this rule uniformly in the past for those above 55 years old. Specifically, we have only recovered the property pledge from them and not the shortfalls for the cash portion of the Minimum Sum. I have asked the CPF Board to rectify this and apply the rule uniformly. However, to give prospective home sellers who are above 55 yrs old adequate notice, we will enforce this from 1 Jan 2009.

Heng-Cheong Leong said...

I'm not debating whether this is good policy or not. Or whether there are sufficient discussion in Parliament and elsewhere.

I'm simply responding to your implication that this is a *new* rule, when in fact, it had already been announced 1.5 years ago.

redbean said...

agree. there are two parts to this issue.

1, dissemination of information to reach the people. for someone like me who reads the newspaper and listen to the news can miss out on this, how many people would have miss this as well? a policy that affects the pocket of the people must be carefully made know to those who are affected. otherwise it is as good as not telling them. what about the ignorant and the illiterate?

2, whether it is good or bad is another issue. i am always against people taking my money against my wishes. i am not sure how many singaporeans agree with me and share my view and how many disagree. but that is my position.

Anonymous said...

"i am always against people taking my money against my wishes... "

Against your wishes? Really?

Cant help sharing with you abt what i learnt in cambodia.

When land prices were escalating. And it is just your luck that you are situated in an area that a certain "VIP" is looking at.

Next week, next month or whatever; but as sure as the sun rises from the east, you WILL find truckloads of 3 tonners lined up in front of your village, and gunshots fired in the air.

Men in battle fatigue will announce to you and the rest of your farmers neighbors to.... GET LOST!

You can read abt this in the news archives under "land grabbing, cambodia" if you think this is cooked up.

Illegal stuffs like these dun happen in sunny singapore. Arent you glad?


What exactly is your problem?

Anonymous said...

wow if you are so much concern wif cambodia, no one will stop you from going there to help them.

redbean said...

so you are saying that when people can murder people in the hundreds, murdering one or two is acceptable and something to be proud of and be thankful for it?

Anonymous said...

No one is taking YOUR money against YOUR wishes, get that?

Anonymous said...

Annoy 2:43 AM

What's wrong with you?

Problems with your prostrate?

redbean said...

anonymous 10:19,

you don't have money in medisave, in cpf, in cpf life?

all my money in these accounts are kept there against my wish.

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