3/03/2009

Special Account is for retirement

Farah Abdul Rahim, Director, Corporate Communications, MOM, replied to a Rick Poon who wanted CPF Special Account to be used for education loan. She explained that the Special Account is meant for retirement purposes. Isn't the whole CPF savings meant for retirement purposes? The reality is that it was, but not now. With so many agencies eyeing the CPF savings, and planning their products and services to be paid by CPF money, there is really not much left for retirement. The Ordinary Account will probably be emptied to pay for affordable HDB flats. The more there is in the Ordinary Account, the more affordable will be HDB flats. The Medisave Account will be locked up for that day that may not come. Shouldn't it be time to start another CPF savings scheme truly just for retirement? We have, in the midst of getting to the CPF money, forgot that these are hard earned savings for retirement. Now public policy of housing prices will use the savings in the CPF as a basis to compute affordability. As long as there is money there, the price will match it. Am I wrong? Then we woke up one morning in horror. Why is there not enough money in the CPF for retirement? Why, when we set aside as much as 40% to 50% at one time, and at any time more than 30% of our income into CPF? And still not enough!

2 comments:

Matilah_Singapura said...

> Isn't the whole CPF savings meant for retirement purposes? <

Of course not. The CPF is a legalised pyramid scheme funded by TAXES on both the worker and the employer, used to dupe the people into supporting the government — especially during election.

The people are led to believe that the money is their for their retirement. I keep saying it is not — people (the govt-sucking Jim Jones Kool-Aid drinking sheeple) don't believe.

Well now you dumb fucks can experience it for yourself: where is the money which is supposed to be 'yours', and supposedly 'taken care of' by the government all these years?

Better start listening more to Uncle Matilah!

redbean said...

and i think heaven is offended.