Lim Chong Wee wrote to the ST that he still could not qualify for Exec Condo when there was another big article claiming that it is so EC to buy Exec Condo now than DBSS. Yes they have raised the ceiling to $12k which technically means that Lim Chong Wee will now qualify. But there is another clause about eligible only after 30 mths from selling a private property.
Lim is one of those poor rich guys who was forced to take a hefty loan to buy private market when his income was deemed to be rich enough to live in private properties. The truth is that with $10k or $12k, and taking a huge loan, these people are finding it a squeeze. Their only usefulness is to help to inflate the prices of private properties to make their owners get richer.
In the mean time they will have to empty every cent in their CPF to afford those ridiculous prices. And these will be the people ended with nothing to withdraw from their CPF savings when they retired. And no body know why they have little savings! One big chunk taken away by the property and another big chunk by minimum sum and Medisave. The candle burns at both ends.
Of course he is complaining. But to the very rich, they want to force this group of people to think they are rich and must feed on caviar and foie gras. Poor buggers, caught in a cruel scheme. The ugly reality is that going to private properties will put a tremendous strain on them. They look good with their private addresses and cars, but not much left for their retirement.
The really rich are those earning $50k or more monthly. Those in the $10k to $20K bracket could live very comfortably if not being forced by the system and some dickheads to spend every cent they earned. They are not supposed to be thrifty, to be prudent, to save for their children and old age. They must spend and spend to help the economy and support the private property market for the dickheads to get richer.
This is the perfect middle class squeeze. Not because they have to support parents and children, but to support the private property market.