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3/06/2012

CPF Life will help lower income

Singaporeans are so lucky. They can now look forward to a stream of retirement income for life. And they have a choice of having more upfront or leave more for their beneficiaries. This is really good in paradise and Singaporeans have to thank their lucky stars for having a good govt to provide them with such a comprehensive retirement plan.

Where did the govt get to money to provide such a great retirement scheme? Fuck it, it is our own money isn’t it? With the CPF scheme, the govt does not need to provide any more social security for the people with a few exceptions. There is no need to budget for such an expenditure anymore. The people shall provide their own retirement fund for their own retirement plans. And no need any subsidies. The people are on their own from birth to death.

Every Singaporean will have to be part of this plan, like it or not. And it is also reported in the ST that ‘two thirds of those aged 65 and above receive family support and do not need to tap these schemes. So two thirds were in for a joy ride when they do not need it? Right? And all their money held in ransom!

I can’t believe that such a comprehensive scheme that forces the whole population into compulsory savings and compulsory insurance schemes is only because one third of the people needs it.

What can’t there be fine tuning to allow those who do not need it to be spare the compulsion? By the time someone hits 60, the cards are all on the table as to what they need and whether they need to be compelled to such schemes. Shouldn’t they be given the options to be in or out, or half in half out? Why should two third of the people be punished because of a one third minority?

Are Singaporeans lucky or unlucky to have such a caring govt that even plans for their retirements with their money?

5 comments:

Matilah_Singapura said...

I think I've earned the right to be smug and announce to the world "I told you so".

CPF is one of the best inventions of modern politics -- it can be welfare when it needs to, a source of govt corporate funding, part of the national reserves, funding for personal housing (leased from the state), a point of leverage for the incumbent party to ensure its return to office after a demon-crazy election...all paid for by a legalised National Tontine type of taxation.

Such a flexible socio-political instrument has hitherto unseen/ unimagined in several centuries of statecraft. CPF is a stroke of political genuis which would have made Machiavelli jealous - because he didn't think of it first.

The flexibility inherent in CPF allows the government to change not only its function but its definition as well to suit the socio-political needs of the time.

As time goes on, we can all rest assured that CPF will be altered to suit whatever policy the policy-wonks conjure up to ensure social "stability" and "harmony".

I give the latest CPF decision 10/10.

Well done! Giving a sense of (false) hope to a bunch of hopeless people is excellent policy.

Anonymous said...

I take your money to help you and to help myself.

Anonymous said...

They have 2 mouths or 2 holes.

One is used amongst themselves and other use for bullshiting the 60% dafts.

Anonymous said...

I really almost fell off my armchair on hearing the argument once again from Finance Minister that the Govt is not trying to hold back our money with the CPF Life scheme. Blimey, who is he trying to kid? They can deny for all they want, but everyone knows what the Govt has been trying to do all these years, by pushing up the minimum sum and at the same time trying out frivolous schemes to hold on to our CPF money for good.

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