5/18/2014

CPF improvements on the cards as Parliament reopens




The above is the title of an article by reporter Neo Chai Chin in the Today paper on 17 May and this is his first paragraph, ‘SINGAPORE — The savings and annuity schemes under the Central Provident Fund (CPF) system will be improved to ensure Singaporeans, who are living longer, have enough for their financial needs in their golden years, President Tony Tan said yesterday as he reopened the 12th Parliament after its mid-term break.’

There is so much hope and optimism in Neo Chai Chin’s article. But always remember, when the Govt voluntarily offers to help, you better beg them to leave you alone and say thank you. The Govt has been so proactive in trying to help Sinkies in managing their CPF savings and we know what is the end result. After every help, the Sinkies find the pot of gold, their CPF savings, placed further and further away from their reach.

So, Tony is talking about the CPF savings, about annuity scheme, about CPF Life scheme, in fact about all the schemes in the CPF set up. So far, how is it? Is it better for the CPF members? From my understanding, all the schemes and the things intended to help the CPF members, is all about using the money of the CPF members to help themselves and ended with the money stuck deeper and deeper in the quicksand.

What would come out from the CPF after Tony’s comments is anyone’s guess. I am not a single bit hopeful but more of fear that the pot of gold will be kicked further down the road, all for the good of the CPF members.

Anyone disagree with me?

Kopi Level - Yellow

14 comments:

Anonymous said...

If you have zero dollars in your CPF account because of over-priced HDB flats.
No matter how PAP improves CPF .... it's still zero dollars.

The solution is to get rid of the blood sucking PAP government.
Vote them out.
Otherwise you will never have enough money ... or jobs for that matter.

Matilah_Singapura said...

The Prez has spoken. And so not to lose face, the govt shall follow....unless it was a stunt all along. You be the judge ;-)

Anonymous said...

Maybe CPF interest rate 3.5% for OA and 5.5% or RA and MA. Also top up of 10% for everyone above 55.

Anonymous said...

Just wondering why there is a total change in attitude. Election coming....?

Anonymous said...

Great! Time to increase the employees' contribution to 50% to ensure meaningful annuity in their old age...maybe payout should start at 85 years to prolong the rich feeling reading the CPF statement every year (only LSS can ask for monthly update) and to ensure that the scheme will not go bankrupt.

Anonymous said...

"CPF Improvements"

You must be stupid.
Suffer 50 years since 1965 with this type of fucked up CPF system.
And suddenly you think PAP will change the system?

And what happens after GE 2016 elections?
Same old CPF shit all over again?

After 50 years, my assumption is simple.
PAP is guilty until proven innocent.
Nothing will change until I vote Opposition.

Anonymous said...

CPF improvements to help those living longer can only mean one thing - more, more and more.

More in contributions, more in heldbacks and not to mention more for GIC and Temasek to play around with.

For retirees, wait for more bones and feathers to be thrown at them.

Anonymous said...

55.....60..62..64.65 F??? Y?? How can like that one!

Anonymous said...

Smiling tiger? Probably...

Anonymous said...

Did anyone think, for even the fleetest moment that they will give free money, like topping up your account up to the minimum sum from their yearly surplus? Or even to increase the interest rate to catch up with inflation?

Inflation is whittling away your compulsory retirement savings in CPF and so they will want to hold back payment for as long as possible. By the time you or your beneficiaries get the money, it will be worth a lot less than what you had to put in. So obviously there are lots of room for improvement but every thinking person will know that they will "improve" it by squeezing more from you. Doing otherwise is out of their character.

Anonymous said...

I want to help all of you to be very rich when you die. Just hand me 50% of your income and I guarantee you 10% interest rate. I don't bluff you one. I sure pay you when you die, with all the interest.

See, I am so helpful, compassionate and caring and always think of schemes to look after your money. Please hand me your money and say thank you to me.

Anonymous said...

Be afraid, be very afraid when they say they will improve CPF. Just like when they say they will make HDB flats more affordable. Their motto is "No free lunch". You'll be lucky they don't eat away your lunch.

Anonymous said...

parliament to formally leegalise cpf to becum pek kim for old fart?
casting the acts onto stones?

who will climb up mount faber to bring down these commandments?

knnccb ... fuck hsien loong n papigs

Anonymous said...

They are thinking of ways and means to squeeze more and more out of workers, and retaining our money, using the argument of trying to help us in retirement.

Very smart move, now that they have unilateral power to do as they like. Sinkies are dead ducks for sure. They are basically working for the Government, directly or indirectly, save for the Government, and get screwed by the same Government.