5/10/2013

CPF minumum sum raised again, to $148,000!

Yahoo! News Singapore, 7 May 2013

From July 1 this year, CPF members who turn 55 between 1 July 2013 and 30 June 2014 will need to set aside a minimum sum of S$148,000 in their Retirement Account.

The minimum sum for those who turned 55 last year was S$139,000.

In a statement on Tuesday, the CPF board announced the Medisave minimum sum for those turning 55 and above will also be raised from S$38,500 to S$40,500. This is the amount that a person needs to set aside in his old age for his own or his dependants’ healthcare expenses and basic MediShield and ElderShield premiums.

Can this keep on going without the consent of the people, the owners of the money? How many people have died after saving for a life time without the luxury of enjoying a little of their savings? How many people are still struggling for a living when they have so much money in their CPF? How many people would like to buy themselves a decent meal, a little present for themselves or for their loved ones but cannot do so because so much of their money are retained by the Government against their will, without their consent? Is this morally right a thing to do?

Whose money is that? Who has the audacity to take the people’s money away from them claiming that it is for their own good?

CPF is our money, not your grandfather’s money!

64 comments:

Anonymous said...

Other than the high income earners, most people will not be able to take out anything at all as the two accounts are already close to 200,000!

Anonymous said...

"Can this keep on going without the consent of the people, the owners of the money?"
redbean

The people or owners can give or not give consent only through the ballot box.

I think PAP knows that through the ballot box, the people will always give consent.

Simply because PAP is the best available to rule due to WP not ready.

Anonymous said...

RB
You never go into the details when you want to criticise something. That lessens your credibility if you want to seriously debate.

There is something called CPF Life where they will pay you a fix annuity (from you CPF) starting 55 for AS LONG AS YOU LIVE. That is something like a insurance annuity in a way, help you plan your retirement. So that mei meis cannot swindle your money in one shot. And since hosp insurance premiums are going up, with inflation, mim sum no choice but up.

whether a person is poor or rich, he will still live to his matured life span, maybe 70 or 80 or 90. So everybody got to have some money, this is called planning. So work hard when young, save, don't spend what cant afford, when old u cant work anymore, át least you still CPF you need not worry anything about old age, hospital costs, because you would have bought insurance to cover increase in hosp expenses. So what's the problem ?

Sentosa

Anonymous said...

"There is something called CPF Life where they will pay you a fix annuity (from you CPF) starting 55 for AS LONG AS YOU LIVE. That is something like a insurance annuity in a way, help you plan your retirement."

CPF Life IS NOT ADJUSTED FOR INFLATION FOR AS LONG AS YOU LIVE. So 20-30 years down the road, it will be just loose change for your retirement. Another failed PAP policy.

Anonymous said...

If you want CPF to be FULLY adjusted for inflation, including medical advances in drugs, for as long as you live, the minimum sum would have to increase much further, further straining peoples pockets. Another failed opposition policy.

Anonymous said...

Idiot, u also never go into details when u criticise RB. That also lessens ur credibility as when if u want to debate seriously.

There's something called freedom of choice where u have the right to do whatever u want with ur own assset or money. How sure r u that all the pplnwill be swindled of their cpf money by mei mei? If so, may the govt propose a policy that mandates u to contribute all ur money to cpf giving u only enough allowance for a meal at coffee shop or hawker centre. This is to protect u from swindlers out there, or prevent u from going casino or anyhow spent money. This id for ur good and the good of ur family too, in case u leave a shit debt for them.

Chua Chin Leng aka redbean said...

Hi Sentosa, welcome to the blog. Point taken. When one goes into details, many people do not need CPF savings as they have many other means to live by, their own huge savings, their properties, their family support, and many will work to the moment they die.

CPF is a crude straight jacket policy that does not go into the details of individual needs and circumstances. It is a butcher axe, not a knife.

Many people who have worked a life time, still have some savings on top of their CPF, but are cautious not to over spend. But with a few hundred K in CPF, they could afford to pamper themselves with a little perks, if the money is released to them. Not everyone is a gambler or squanderer. Just like not everyone is an idiot or a super talent.

Give people the choice. It is their money. And forcing people to set aside such a big sum is unpalatable and unreasonable. The people do not want charity and do not want to be dependent on the govt. They do not want to be treated like children at 60 or older by little assholes that insult their intelligence.

Anonymous said...

Another stupid brainwash idiot who likes to leave his or her own money for other ppl to manage just because he or she does not have the discipline to learn and pick skills to manage own assets. Such all the policies has flaws and will fail one way or another, why must an individual allow other ppl to lose money for him or for her? Only ppl with no skills or no balls to manage own money will do so right? The fact is there r ppl capable of generating at least enough to cover inflstion. Give the money back to ppl. If they lose money on their own, or let inflation eode away their money, then let them be. Then ppl will not blame ur beloved pap. U lose ppl's money and yet want to be praised. Bullshit.

agongkia said...

Please lah,this is a tax and I have reason to believe it to would be increase to YAT LOK FART ,168 K sooner or later and will be more and more.

Treat it as a tax to the Nation and you will feel more comfortable.
Where on earth can you find your tax can be use to buy a flat or for education .You have a good Garmen.

Anonymous said...

Anan 9.36am
Typical.
Very typical for opposition to call people names, like idiot, but almost never the other way round. In a way, it reflects back to yourself.

Govt has to mandate "middle" policy that covers the majority of the situations considering the tradeoffs, for it is impossible to tailor make to suit each member of the population. Neither am I saying it is the ideal.

Unless you are saying to just open the floodgates and the govt will fund all peoples hospital expenses "who say they are unable to pay" in an increasing ageing population. What will you be leaving to the next generation, RB ?

Sentosa

Anonymous said...

The Garment is too good for the Lepers. To keep the Garment, You have to pay the price the Garment fetches. It is very very expensive but the Lepers still long to have it.

Silly Lepers living in dreams.

Anonymous said...


"...... it reflects back to yourself"

Anonymous said...

Sentosa give me a break lar. Many people who have mei mei are also smart. Not all are dumb ass like u mah.

Just because a few guys get swindle by mei mei like may be u and u make the whole nation pay for it

Anonymous said...

Ya some dumb ass scholars formulating policies and these assholes think they are well smarter than all the retirees

Anonymous said...

"Many people who have worked a life time, still have some savings on top of their CPF, but are cautious not to over spend. But with a few hundred K in CPF, they could afford to pamper themselves with a little perks, if the money is released to them. Not everyone is a gambler or squanderer. Just like not everyone is an idiot or a super talent."

Agree RB.
People who wants to buy penthouses, eat abalone, a few houses here and there, pamper their children, eat restaurants every day, by all means go ahead. Use your own extra money after keeping some minimum sum in their CPF accounts which is needed for retirement.

Chua Chin Leng aka redbean said...

The govt cannot treat every Sinkie as a never grow up baby. With the change is work pattern and work till you die, you don't really need the CPF other than for housing.

As a safety measure, $50k is more than enough for minimum sum especially when people are not retiring anymore. There is never such thing as saving enough or insured enough.

Anything above this should be voluntary. The govt should use the carrot to encourage people to keep more in the kitty for them to invest.

Please don't cheat lau ah pek, don't pian ah pek.

Anonymous said...

$148,000 is not a lot to last from 55 to old age. Anyway, like anon 1030 am said, these people are smart ass, so $148k should be like peanuts to them. So RB why you worry when your friends are all doing so well?

Chua Chin Leng aka redbean said...

Hi anon 10:37, mind my saying that you talk and think like a Sinkie. Nevermind as long as you have some money, the govt or anyone can keep your savings.

The principle is that when it is your money, no one has the right to take it away from you or decide to keep it for your own using silly excuses. Who is that someone, GOD! Who gives him the right to do so?

Opposition MPs should raise this in Parliament as a violation of one's right to one's property, a violation of human right.

Only daft Sinkies cannot see anything wrong with it. Next time they will keep your flat saying that you need a roof till you die. So cannot sell. From minimum sum to minimum flat.

My apologies, but Sinkies must arouse their dull mind and starting thinking for themselves and not allow the govt to think for them and tell them how to think and what to think: )

Anonymous said...

Good investment to put money in mei meis, they may just provide the love, cares and needs that elderly man must have.
Agongkia knows better, let him enlighten us.

Anonymous said...

Sentosa,

It is also very typical of pro-government type like you to think that everyone else is an idiot, just short of saying it out.

You are the best and our govt is the best. Only people like your type can think and talk sense. We only know how to eat, shit and make noise.

agongkia said...

Nonsense,to those talking about insurance annuity,then I would rather they return me the tax for me to sleep with those mei meis,so what if I am cheated by the mei meis.Thats my money .Sleep with mei mei no need to pay meh?So I never agree its should be use as force saving or annuity.I rather call it a tax.My contribution to my nation.

Ah Kong's Moneyman said...

Uncle Red Bean. Stop whining. The geniuses in the CPF board are doing it for your own good so you won't spend all your hard earned money on those PRC whores walking around the streets and found in all parts of Sinkapoo.

Since your HDB gilt edged pigeon hole is now worth close to a million dollars, you are lucky they didn't add another few zeroes to the minimum sum.

As for the medisave for those 55 and above, even the CPF doesn't believe that a cow's open heart surgery only costs 8 bucks! Just enough to buy two plates of rojak at a hawker centre.

As for the grandfather's money part. You are behind time. Every thing on this island belongs to their grandfather.

Anonymous said...

"There is something called CPF Life where they will pay you a fix annuity (from you CPF) starting 55 for AS LONG AS YOU LIVE."
Sentosa May 10, 2013 9:10 am

Sentosa, you get it right or not, at 55???

I thot it is 65?

Don't make me happy for nothing lah, I'm turning 55 in less than 2 years time.

Veritas said...

I think the best way to go forward for people is to convert CPF into public property credit at a discounted price.

The CPF is dead.

This is how I propose PAP redeem its sin.

1) We abolish CPF and replace it by a 20% income tax

2) abolish GIC and Temasek and replace it by and bank of Singapore, whose only job is to custody gold

3) The CPF account holder got their $$$ converted into property credit at the great discount against market rate. Singaporean got more discount than PR and FT.

There is still one more way to salvage CPF. But PAP wont do it. We need to be given the choice of saving CPF in physical gold bullion

Chua Chin Leng aka redbean said...

Hi Ah Kong's moneyman, welcome to the blog.

I think many people will share agongkia's philosophy of living. It's my money and if I so decide to be happy and to give to the mei meis, which priest or monk to say no, cannot?

People work to earn money to make themselves happy. Not to allow some uptight shit who is only capable and content with a BJ to say cannot.

Is there any superior beans living among us to set our moral standard and to be our 'papa' even when on is above 60? Oops I forgot, there are immortals among us who are there always looking after us, for our own good. I wonder if they have grown pubic hairs in between their legs.

The moral of the story is that we must be allowed to live our lives the way we want without hurting other people. There are many agongkias who would be very happy doing exactly what they want to do but made very unhappy by little assholes who have no bearings whatsoever in their lives.

Anonymous said...

RB
Have you thought of the consequences if everybody is allowed to withdraw everything in an ageing pop?

Many old liao will check in hospital and say got no money, give excuses lost money in investments, hospitals charges so expensive KPKB etc. You cannot assume everybody is as well disciplined, as smart as honest as you are.
Then what? This guy say no money although he drives a Lambo parked in the hosp car park and expect me to pay?

Anonymous said...

If I die, it's my business.
Then CPF money should be given back to me to do as I please.

What benefit do I get for leaving my money in CPF?
If I'm unemployed, I still can't touch my CPF.

So better to tell the gahmen to fuck off out of our lives.
Vote Opposition in GE 2016.

Anonymous said...

You can do whatever you want as long as you leave a pathetic sum in min sum to take care of retirement.

$148k over 20 years is only $7400 a year for hosp + food. Where got a lot ? Many ppl here could be rich man smart ass thats why so free not working.

Anonymous said...

Straits Times, 5th May. page 11.
NY Metropolitan Museum plans to return ill gotten Cambodian statues back to the people of Cambodia.

I wonder when will gahmen return our CPF money back to us?
Like the NY Metropolitan Museum.

agongkia said...

anon 1030 and 1047.
Have to agree with your wise thoughts.Sleeping with the mei meis may not necessary be cheated.
When I am being force to pay my tax and when I am broke ,It is the Indonesian mei mei that offer me financial help that save me from hell.Dun ever look down those that one think its 3rd world countries .Not only financial help,they can help me to produce many children. They are First world countries to me.Only bookworms think they are out to cheat.
Please repeat after me,its a tax.Not force saving.I contribute to my Nation,not that I dun know how to save and need someone to teach me,its an insult to my IQ.

Anonymous said...

/// You can do whatever you want as long as you leave a pathetic sum in min sum to take care of retirement.///

If it's so pathetic, then it makes no difference.
So why is gahmen holding onto to it.

$148K multiplied by 6.9 million Singaporeans is a lot of pathetic money for a pathetic gahmen to be "managing" on our behalf.

Anonymous said...

Opposition never never think of the CONSEQUENCES that I mentioned above.

Anonymous said...

Hi, Sinkies must put money in CPF(TAX).
And husbands cannot mate with their spouses, or be charged for rape.
Want to free from the abovesaid, get mei meis or partners to take you back to their homes and if possible be citizens to their homelands. Then take out the balance in your CPF to invest in the new home.

Anonymous said...

Let me correct "Sentosa". When you reach 55, you decide on one of the option plans. Only when you reach 65, then only will you get your monthly payout. Pls get the facts correct.

Below is quoted from one of your loyal followers.

"1. CPF is a TAX therefore it is revenue-positive for the state and is used for funding, investment and liquidity.

2. Tying CPF to the public housing mechanism is a great way (best in the world) of controlling the majority in the population. The majority of Singaporeans are given a "Tax Credit" to "buy" (actually LEASE) a flat from the state (at a "monopoly price" set by the state) via the statutory board called the HDB.

3. The illusion of billions of SGD's flowing round and round in this Tax + Ponzi + Socio-Political Manipulation Scheme (the best and most creative in the whole world) creates an atmosphere of WEALTH and the perception of SUCCESS.

4. At one time the CPF "tax" was around 40%! That is a huge amount of "forced savings" wich the state used to "do stuff" and reap huge returns.

5. CHEAPEST LOANS IN TOWN!INFINITE SUPPLY!
CPF is the cheapest loan available to the state. In bouts of corporate adventurism, the state invests the funds and reap 20% and more profit, and pay CPF "subscribers" 1-4% "interest".

Other corporations have to issue debentures at 6%, 9, 10% or more to attract loanable funds. Singapore government has immense power in the market! Thanks to "your" CPF, and your earned mosquito-shit interest ;-)

6. CPF is a way to fund social welfare payments for retirees without sending the cuntree into insolubility. This is done by a sort of "annuity" payment system.

It is wonderful. It is also a source of on-going "entertainment" because the majority of people still BELIEVE that the money held in CPF is somehow "their's" and that they are somehow "entitled" to it."

Anonymous said...

If one wanted to spend his own money on mei mei and make himself happy, it's his right as its his money. Who is to deny the man to have a few happy years before he immigrate?

Anonymous said...

GIC and Temasek are set up to pay a group of people humongous salaries. Hopefully they make enough money to cover what is being paid to them and with a little to cover the interests for the money they used to gamble.

Chua Chin Leng aka redbean said...

RB
Have you thought of the consequences if everybody is allowed to withdraw everything in an ageing pop?

Many old liao will check in hospital and say got no money, give excuses lost money in investments, hospitals charges so expensive KPKB etc.

Anon 11:32, this type of extreme situation has always been used to con the Sinkies to squeeze them of their money. Why don't you ask, have you thought of the consequences of people running away with our reserves or there is no money in our reserves?

How possible is it?

Anonymous said...

Please lah, what is the real reason for holding back your CPF?

The rest are craps.

Ⓜatilah $ingapura⚠️ said...

I told you so. Many times already.

The Citizens Ponzi Fraud scheme strikes again.

I'll tell you one more time:

The money in CPF DOES NOT BELONG TO YOU. It never did -- ever since and everytime they automatically "deducted" your pay.

Understand yet? Or are you still believing in fantasy?

Anonymous said...


these internet traitors here covering and supporting the failed policy are

1) Not Singaporeans
2) are not victims to CPF.

they are speaking for their masters only. they cannot speak for singaporeans. period.

Anonymous said...

"Anon 11:32, this type of extreme situation has always been used to con the Sinkies to squeeze them of their money. Why don't you ask, have you thought of the consequences of people running away with our reserves or there is no money in our reserves? "

Con ? I wont use that word. CPF has been around for ages, has anybody not been able to withdraw their money all these years?

"..people running away with our reserves or there is no money in our reserves.."

Then that is the mother of all frauds. Dwarfing anything you have seen.
Mother of all conspiracies, meaning all those accountants, local and international accountants, who audit Temasek, GIC and MOF, are in cahoots with each other.
If I m ever scared that crooks will run away with our reserves, will be the day when the opposition is running our govt.

Sentosa

Anonymous said...

When making sensible discussions, people must use logics that are reasonable and not put in extremes like what if all this or all does that, these are not logic or reasonable discussions. Might as well say what if the moon falls off from the sky.

One sparrow does not make a summer. One person, or 10 or 1000 people gave away their monies to mei mei, so what? 2m people must suffer? Talk sensibly and don't behave like school boys. Even school debaters are talking more sense than many here.

Anonymous said...

Dear Sinkies.
please ask yourself.

Is this new minimum sum $148K, the final figure?
Or will it be raised again?

You know the answer right?
So please vote Opposition in Ge 2016 to stop this nonsense once and for all.

Anonymous said...

Don't worry lah. Sinkies are so rich, what is $148k? Treat it as tax and forget about it. Not your money anymore.

Anonymous said...

ask gov to open a class "how to protect yr money from meimei" much like the compulsory video one has to take after passing the driving test for age 55yrs old. they can use the experience gain from suzhou investment.

Chua Chin Leng aka redbean said...

In the finance industry, when dealing with dangerous or toxic products, the buyers and traders must take an exam to certify they know the risk. They are only allowed to dabble in risky stuff after passing the test and then it is caveat emptor as they are deemed to know the risk.

It is a good idea to certify all the uncles before they are allowed to take out their CPF and play with mei meis.

What do you think?

In the food industry, the food manufacturers are responsible for the safety of their products. In finance industry, the products can be dangerous. The manufacturers still allow to sell, but it is the buyers and sellers that are made to know the risk and it is their problem if they got burnt. Nothing to do with the manufacturers of the toxic product.

Anonymous said...

sentosa : you idoit, cpflife only pay you at the age of 65.

Anonymous said...

The gahmen can't even run a reliable low tech MRT train system.

Why should we trust them with our CPF money?

Anonymous said...

Did we trust CPF or anything willingly to anyone? CPF, Voting, COE, ERP, GST, 2 Child Policy, 10 year Vehicle Road Worthiness and No Chewing Gum Rulings are Are all creative By-laws crafted by our talented leaders. Many of these are unique and unheard of in other countries. There are other compulsories conditions in education, trade and housing that cannot be found elsewhere too.

Ours maybe the smallest country, but when it comes to laws , rules and regulations, Sg in Number One and second to none.

Anonymous said...

Since they increase the minimum sum, they must also increase the return on cpf. It should not be 2.5% forever. The same reason they put up for increasing minimum sum applies.
They should go after the real culprits who lost our reserves instead of our hard earned monies. Always make us pay for their mistakes. People must learn to stop voting for greedy and dishonest party.

Anonymous said...

It is obvious why they want to raise the minimum sum after putting away so much monies in the reserves e.g. one trillion. They probably lost most of the monies in the reserves to some stupid gambling activities they indulged in since day one.

Ah Conyou: third world to first
Ah Long: first world to third

Anonymous said...

Do you think it is true?
1. CPF Minimum sum will keep increasing.

2.The only way to get back our CPF money is to vote out the PAP gahmen?

Anonymous said...

Both are true.

virgo49 said...

Sentosa,

CPF life withdrawal starts only for those at age 60 not 55. (those born in the year 1949)

Afterwhich at age 65 For those after born after year 1955

At age 55 Withdrawal after setting minimum sum at prevailing age then withdraw only the balance in ordinary and special account

By that time maybe at 180 to 200K. After paying your HDB and some not even complete the paying the loan, you think have enough to withdraw.

So actually, it is a non issue, most of them can only withdraw a token sum of 5K for a silver plated Rolex watch and have a trip to genting highland






Anonymous said...

5.18 pm I already over 60 but below 65 but there is no cpf payment to me. I remember without asking, the govt credited like 2000 into my cpf, I think that bonus is to defer the withdrawal from 60 to 65. I did not ask for the bonus and in fact not sure what it was for.

Btw 5000 can buy sometime with mei mei lar no point spending on a silver plated Rolex

Anonymous said...

If memory serves me right, I remember those born in1951 is supposed to start receiving their CPF monthly drawdown on reaching 62 years old.
I am 2 months past 62, however, did not get to hear anything about the drawdown. As there are not much in it, hope that whatever's in there can earn interest rate higher than inflation soon.

Will there be such good news?

virgo49 said...

Dear anon 5.18

Those 1949- withdrawal at age 60 unless you opt deferment.

Yearly they give you deferment bonus.

1950 at age 63, 1951 at age 64, 1952 & above at age 65.

So yours coming if you are born in Year 1950

Cheers

agongkia said...

Higher interest and good news but Tankookoo.Go pick cardboard,buy ibet or kowsua a rich tai tai fasterer.

Anonymous said...

Don't be deceived by any higher interest. You may not see your money, naturally or unintentionally.

Better take out whatever you are allowed to take out. Do not defer. Money in your pocket is your money. Those in the CPF, anything can happen.

Anonymous said...

Some people I know left their money in cpf earning higher interest than banks that is 2.5% v 1% fd. But they did not take into account the rules can Suka Suka change any time one. So can kena lor

Anonymous said...

How come no one question why the interest is below inflation rate? why must reference to bank interest rate that is manipulated to give artifically low rate?

Anonymous said...

Because they lost so much money that they couldn't afford to pay anything more.

Anonymous said...

BBC

[Bahraini blogger Ali Abdulemam flees to UK]


"Ali Abdulemam, a prominent blogger in Bahrain, has been smuggled out of the troubled Gulf kingdom and taken refuge in the UK..

Abdulemam, known as the 'Bahraini Blogger', had been sentenced to 15 years in prison on charges that he was part of a terrorist organisation.

Abdulemam's troubles began when he started to write articles critical of the ruling Al Khalifa family.

In an interview with the BBC in December 2010, his wife Jenan al-Oraibi told the BBC:

"Ali does not belong to any political party.
He just writes his opinion.
He has a free pen.
That is exactly his crime.
He has a free pen".

Mr Abdulemam's flight from the kingdom will cause the govt there some embarrassment.

Along with other Gulf Cooperation Council countries, Bahrain has cracked down hard on internet activism.

Now one of its critics, a hero among online activists, has slipped out of their grasp."


http://www.bbc.co.uk/news/world-middle-east-22489114

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