CPF encouraging people to contribute more to Medisave

We would like to encourage low-income SEPs and informal workers to fulfill their 2009 Medisave liabilities by 31 July 2010 so as to enjoy the maximum chances of winning up to $3,000 in cash at the next MCD in September 2010. Who would want to lock up their money into a scheme that they have no say as to how to use it? And in many cases they may not use it till the last day when they pass away? On the other hand it sounds so good. Save the money to pay big hospital bills when they are hospitalised. And they better save more or else with the bills going to be bigger and bigger, they will not be able to pay. I wonder how much could these people save and whether they can catch up with the rate the hospital bills are rising? Another good thing about this, it comes with a lucky draw. The scheme is already so good and now got chance to win money some more.


agongkia said...

Mr bean ah ,SEP mean self employed prof?U are painting a wrong picture of SEPs and are doing them a disfavour.The main reason is not because they do want to lock up their money into that scheme but simply becos many of them are unable to pay up.This is mandatory and who are the SEP to say they can choose not paying up ?They cannot renew their license for not paying their medisave though CPF is kind enough to grant instalment.
The JCS which I thought is a good idea turn up to be a scheme that helps only the rich and not small SMEs.Big companies pay their staff CPF in time and enjoy JCS.They pay their suppliers late and cause the small SME not being able to pay CPF in time and thus miss JCS.Not only that, they are punished with fines too.As such many SEP have difficulties.If the Cheng Hoo and those block heads do not understand,U ,a professional layman must not give them the wrong impression and let them think that the reason SEP not paying up is done intentionally.Pls go to the night Court and see those pitiful poor SEP before you enjoy your Kopi C at Clarke Quay next time.

Chua Chin Leng aka redbean said...

Hi agongkia,

This lucky draw is targetting at those who still got some money to pay. Those that cannot afford to pay will have to plea for leniency or lose their licence.

That is why I am very pissed off with all the compulsory stuff. Even compelling one to save with no regards to whether the person can pay for it.

Opposition parties must make this a big issue and they are sure to get many sympathetic votes. Imagine becoming a criminal because one has no money to save.

How ridiculous can it be?

Matilah_Singapura said...

It's all smoke and mirrors.

The sg.gov is worried about a public healthcare crisis -- there's no point in worrying -- al public healthcare initiatives eventually collapse through a mechanism explained by Margaret Thatcher:

" The reason socialism fails is because you evntually run out of other peoples' money"

But you know what? If they don't get the 'extra' funds, they'll simply pass a law to force you to pay.

agongkia said...

Yeh,Mr bean.I share your view now.
Those who still got some money can stand a chance to win 3K.
Those without money got fined .So its like taking money from the poor to give the rich a chance to be richer.
I would like to plead that we give those struggling SEP a break and not pushing them to the corner instead.Why are we not encouraging entreprenuership now?
Even without the chances of winning the 3K ,most would want to pay up if they have the mean.
That is why I do not want you to give the wrong impression for it may result in having more SEP losing their license,fined or jailed.

Chua Chin Leng aka redbean said...

All these schemes are meant for their own good, to help them when they are old and have no money and still need to be hospitalised'

I hope they live that long and have the pleasure of being hospitalised and to use their savings in Medisave.

Anonymous said...

Lucky Draw for contributing to CPF.

Looks like everything has some form of gambling element in it nowadays.

Agongkia said it well, help the ailing SMEs to support enterpreneurs. JCS had helped the more successful companies than the struggling ones.


for those employers who have difficulties to pay CPFs to their employees in time, it was/is double tragedies; deprived of JCS and get summoned. What the heck!


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