7/21/2009

What a beautiful sound

On the front page of 'my paper' are these sweet words that are music to my ears - S'poreans to get monthly CPF Life payouts. Then on page 2, CPF Life are for life. And sweeter still, the first paragraph, 'Singaporeans will receive monthly payouts form the CPF Life annuity scheme for the rest of their lives although the law does not provide for it, assured Manpower Minister Gan Kim Yong. The sweetness ends there. As I read on, the money is not coming from the govt, it is coming from your own savings. Fat hope, where got govt so good one. And I think it is compulsory after 2013. The point is that it is your own money.

7 comments:

Wally Buffet said...

Redbean,

You should know better. This world where got free lunches huh?

Anonymous said...

Has there ever been kindness from the government ? If it does not increase the costs of livings and taxes on its' people, singaporeans will be burning joss and food offerings at the all the huge posters carrying the pictures of the men in white.

Now, these posters cause a lot of singaporean to puke, curse and have heartaches and headaches.

All the monies given as piecemeal tokens to the people and the humongous remunerations of the leaders come from the toils and tolls of the people who are entrapped and enslaved by all the manoeuvrings and manipulations of their policies over the years.

Singaporeans are going to enjoy lot more piecemeals and sweetmeals for many years to come.

Are you ready to celebrate national suffering day on nineth august ?

rookielim said...

Redbean,

Did you notice another clever scheme... "With the introduction of CPF Life, the Combined Minimum Sum Scheme (CMSS) has now become irrelevant and will be terminated in 2013.

That scheme allowed couples aged 55 and above to jointly set aside 1.5 times their minimum sum, and to withdraw the rest of their CPF savings.

'The rationale was that a couple living together would need less income than two single persons living alone,' said Mr Gan.

'However, unlike CMSS, CPF Life is an individualised scheme where a member's monthly income ceases upon death, and the surviving spouse can only rely on his or her own CPF Life income.'

Instead of forcing us to keep 1.5 times as minimum sum per couple. They are simply changing the law and keeping 2 times at will. Assuming 100,000 Singaporean falls into this category, this work out to be S$20,000 (50% of 40,000) x 200,000 Singaporean = S$2 Billion more.

No wonder they are so highly paid! BRILLIANT!

Jaunty Jabber said...

Oh dear with so many changes to the CPF schemes, I got quite confused.....dunno when would be a better age to die, to retire, to marry. And, is the person who dies earlier consider more fortunate or the one who dies later?

Anonymous said...

Another ponzi scheme coming its way in 2013 ! Horray.... I love ponzi scheme. Screw me upside down, left and right, please !

Anonymous said...

Don't worry, Singaporeans will feel very rich when they receive their CPF statements every year.

And Singaporeans will also feel very secure when they see that they have so much untouchable money in their CPF accounts.

Lost Citizen

Anonymous said...

No free lunch,but our poor neighbour is giving its citizens 5-6% return for their EPF,at one time it was 8%,which will double itself within 9n years-the power of compound interest,what did you get for yr CPF fund?Don't forget that we paid and indeed have the best investment talents in the world