CPF is not just a game

Chuan Jin used the analogy of a game to describe what is happening to the CPF scheme at the CPF Forum organized by the Institute of Policy Studies. He was referring to the changing conditions and said that the rules of the game had changed, conditions had changed. The CPF scheme is not about a game but about the people’s life savings for retirement. The govt must get this straight and not to confuse with govt pension schemes where the fund comes from the public coffer. The govt can change all the rules of a pension scheme, no one will care or object to it. The money in the CPF scheme comes from the pocket of the people, saving for their retirement. Please don’t suka suka change the rules without the people’s consent.

The compulsion to save in the first part of the people’s life, up to 55 years old, is a necessary evil. The second part or the next phase must be the return of the money to the savers. It is as simple as that. The govt has no moral right to keep the people’s money at its own pleasure. Legislating it to be legal is still not right. Taking this further, the govt might as well legislate the savings of the people in the banks, like in Greece and take a portion of it?

Put it simply, the money must be returned to the people at 55. Period. Given the changing circumstances and life expectancy, the younger generations may have to relook at what is a reasonable age to take back their savings. For those in their 50s and above, they should be taking back all their savings at 55. The good hearted govt can think of ways to design favourable and attractive schemes like annuity plans, or savings plans with higher interest rates to entice the people to leave their money in such schemes, VOLUNTARILY, after 55. The people must be allowed to exercise their choice on what they want to do with their money, NOT the govt’s money. This is basic human decency! Can the boys and girls understand this?

No more funny schemes to retain the money in the CPF compulsorily because the boys and girls said so. The govt can no longer treat the people as daft peasants of the 3rd world, unthinking, irresponsible with their money and helpless. The people are well educated, well informed and definitely not daft, definitely smarter than many of the policy makers.

And what is this thing that people must keep on contributing to their CPF regardless of how old they are when they have to apply or renew their licences? After certain age, it is time to take out the savings, time to stop savings for tomorrow that can really be the next day or the next hour. For those who have a lot of money, they can go on and on saving even if they are 100 years old. Those are different kind of people.

What say you, boys and girls?

Kopi Level - Green


Anonymous said...

Is BG Tan being groomed to be the next PM? He is talking about everything outside his ministry like he is being assigned to all the tough jobs and hot button issues.

Anonymous said...

Many valid points by RB. But the idea that the entire $150k must be returned in full to everyone will prob never happen. Even you tell the govt that today they will lose an election, they will not do it.

You can see that many opposition do not push fully for it too. I think there is an understanding that end of the day singapore still wants to have strong reserves and financial stability.

I believe we will expect concessions from the govt. More % of withdrawals, higher interest rates, private pension plans etc. But the "give it all back to me gang" I think need to wake up a bit. Financial freedom in todays world involves saving, prudent investment and planning, with or without cpf.

If you think for a moment that 16% of cpf is from the employer, I want a system that continues to support this, albeit with improvements. I am more wary about those who are trying to tear down the whole cpf system due to blind dislike.

Anonymous said...

RB, you are right to take them to task over the CPF. What really troubles me is that the 35% President is away in the UK having a good time. The CPF issues should be the subject of Presidential Commission to thoroughly look into them and make recommendations instead of letting the authorities deal with them in a piecemeal and totally confusing manner as can be seen from the statements of Tharman and TCJ.

Chua Chin Leng aka redbean said...

Why is a country building up a strong reserves using the people's life savings or retirement fund? Is this the right thing to do?

Why is your money and my money now part of the nation's reserves?

Anonymous said...

That is why people are suspicious of CPF. The glaring question is whether there is any more CPF moneys? If so, why the government could not return to owners after they have reached the age of 55? There are 2 possibilities. One, CFP has lost its reserves and have to resort to receiving fresh funds and pay out at the same time. Or maybe there is no issue with CPF's fund and the government has the heart of gold to ensure its citizens live happilly therafter by managing their money.

I do hope the second scenario is true.

Even so, I do appeal to government to consider special cases. These could involve people who is terminally ill and wish to have their money returned, or those who lost their jobs to the cheap foreigners and need to feed themselves.

Anonymous said...

RB, if you think about it, any tax we pay, any COE we buy could be part of our life savings. Which govt in the world has money to begin with unless it controls oil reserves, etc?

You can see that even in the UK they have huge taxes in order to provide their healthcare system. In fact how many countries do things without tapping into its ppls money?

Thats why, we can lobby for improvements to the cpf system. No question. But are you lobbying for a total abolishment? To return everything at once? Big difference there.

Anonymous said...

A long shot to suggest that there is suddenly no more cpf money. The min sum was announced v long ago and the increases were made known for some time as well.

The highest possibility for sg govt to have lost all the money would be in the 2008 lehmann brothers collapse. Did cpf money have to suddenly go and support our local banks from folding in? Possible but not likely. If not how could ppl afford their flats then? There would be nothing left to use from cpf.

Matilah_Singapura said...

Dun worry lah redbean. DPM Tharman is coming to your rescue ;-)

Geyland prostitutes are more honourable than SINKIELAND PIMPS AND PROSTITUTES said...

Geylang prostitutes sell bodies and cunts.


Who have more respect?


How many in the streets actually respect those running this BIG WAYANG?


Just like past decademt Dynasties, those at the top only know how to jiak liao bee and sell their countries like only what cowards and traitors know best. Period.

卖国贼该死。死一万遍! said...

In the EYES OF MANY IN THE STREETS, the prostitutes in GEYLANG are MUCH MORE RESPECTABLE than THOSE PIMPS AND PROSTITUTES traitors, cowards and scums WHO would SELL anything and DO anything for that 1 MORE gold nugget AND 1 MORE MILLION.

昏君庸臣当权, 亡国不远! said...

CSJ, JBJ, KJ, TLH, FS, LCS, CTP, TSL, ............. are the modern days Patriots sold out by PIMPS AND PROSTITUTES TRAITORS, COWARDS AND SCUMS!

Anonymous said...

There must be much greater transparency in the ways our billions are handled. Being Opaque - not allowing passage of light, is the best description for cpf board +temasek holdings + gic

How much we know about their operations?

what about conflict of interest issues that plagued temasek hldgs ?


Rb // Please don’t suka suka change the rules without the people’s consent. //

Rb, YEW are suggesting in the first place that PIMPS AND PROSTITUTES can be trusted?

Are YEW 4 years old?

Slightly better than 3 years old but still SUPER NAIVE .......

Would YEW trust the pimps and prostitutes in Geylang?

How about those worst than them?

Anonymous said...

Another Wayang
The issue is not how the CPF Minimum sum is calculated.

The 1st issue is giving me back my CPF money at age 55 years old.
The 2nd issue is paying me a fair interest rate while my money is with CPF.

I don’t care how the Minimum Sum is calculated.
It's my money.
Give it back or I vote Opposition to get it back.

Anonymous said...

For Now On Game Is Over!

Anonymous said...

We do not want to play by your ever changing rules. This is not a game. It is our money.

Anonymous said...

"Or maybe there is no issue with CPF's fund and the government has the heart of gold to ensure its citizens live happilly therafter by managing their money"

Stop living in fairy tale. The very fact that joker lee trying to sue Roy who ask pertaining questions on CPF already show that greedy crooks are running the country, and there is so much to hide.

CPF is nothing but ponzi scheme that need to constant money injection from daft citizens and Foreigners to put money into it to get it going. Please read about ponzi scheme, and you find out similar between the cpf and ponzi scheme it is.

Anonymous said...

It is a game playing with other people's money. Sorry, other people's money which is their money by default confiscation.

Anonymous said...

Mr Tharman said the CPF system has served Singaporeans well, and it will keep evolving to meet their changing needs.


No need to exercise your million dollar talents on a very simple problem.
It's my money.
I want it back at age 55 years.
This was the promise upon which we voted PAP and supported CPF.

And now you want to unilaterally "evolve" CPF rules on my behalf?
No thank you.
I challenge you to a national referendum on this issue.

Anonymous said...

How can like that one? The cheng hu treating the people's money like its own money.

b said...

Too late already leow. The roots already sink very deep. Difficult to get rid just like head lice. Moreover, only 40% of the people think cpf is their own money. The majority think it is gov money and gov can change the rules anyhow and anytime and take out and use for whatever purpose they like.

Anonymous said...

CPF could be just another computer war game to paper generals.

Anonymous said...

You and PAP can mental masturbate all you want about how to "evolve CPF rules to meet our changing needs."

+ But I demand that there must always be an option for Singaporeans to withdraw all their CPF savings at age 55.

+ There can also be a 2nd option for CONvinced Singaporeans to leave their CPF money with the PAP government.
And the PAP government can suka, suka - own pace, own time, .... mental masturbate over how to CONtinuously evolve CPF rules to meet the changing needs of these CONvinced Singaporeans.

Free country.
Free choice.

And to clarify my communication on this matter.
That there is no negotiation on the option to withdraw at the age of 55.
I will vote Opposition in GE 2016 to emphasize my determination.

Anonymous said...

Whilst I agree tt returns shld go up on our cpf, I wonder if having some form of pension is such a bad thing. I say this from watching one of my relatives blow a lot of money on a Mercedes & home Reno right after he receive his cpf many years back. His wife now has a long term illness & sometimes they avoid medical appts to save money. It is sad.

If we want to do away with the minimum sum, aren't we creating problems for the future?

But if we don't want to have such problems in the future, what other alternatives are there? In a way, the problem was created by the govt when they did away with the pension scheme completely

Anonymous said...

The CPF scheme was fine and the people were accumulating a lot of savings in their CPF. Then they were robbed. Now many of them did not have enough for retirements when they were saving 40 to 50% of their incomes.

How were they robbed?

Anonymous said...

/// I say this from watching one of my relatives blow a lot of money on a Mercedes & home Reno right after he receive his cpf many years back.///
July 23, 2014 8:45 pm

So one of your relatives cannot manage money.
So every Singaporean cannot manage money.
Typical PAP logic.

Why you never say.
At least one PAP Minister has been guilty of corruption in the past.
Therefore all PAP Ministers cannot be trusted?

Anonymous said...

Because I saw a lot more pple like tt. Ask yrself why there r so many pple who continues to work cleaning tables, etc. With a proper pension scheme tt continues to pay retiree a mthly income, I really wonder if the old pple can really retire more comfortably.

I think we need to ask ourselves honestly if such a problem exists. If there is no problem, then the minimum sum can be removed completely. If there is a problem, what are the other alternatives? The old style pension scheme perhaps?

Anonymous said...

"The govt has no moral right to keep the people’s money at its own pleasure."

I just received my Notice of Assessment from the IRAS and the GIRO instalment plan for income tax.

The letter shows my tax liabilty for the previous year paid by monthly installment was fully met in early April this year.

Yet the IRAS continue to deduct from my bank account for another three months till July, so that I now have a credit balance.

Can meh ???

Anonymous said...

// Can meh ??? ///
@July 24, 2014 12:09 am

The PAP government can do anything it wants.
Because PAP has an overwhelming majority in parliament.
True or not?
You tell me lah.

Anonymous said...

The extra cash in arms length, getting it back? The mention, got a person sue, sack from his job, they even got that brain richmond guy to go on tele to sing how good the pioneer package is, they are never going to give it back, a portion will forever be gone, no matter what the people wants does not matter, this idiot has got his mind set and seal.

All those fake get together during the wee hours of the world cup is but a show and tell.

Till the day you die, Red Bean, you'll still be saying the same thing abt the cpf and getting shit abt it and your faithfuls will sing the same song as you and getting shit, with the ass hole matilah still uttering his damn nonsense.


上梁不正下梁歪! 可悲可恨可恶!庸君昏君当权,世道败坏,道德扫地. said...

Geylang pimps live off prostitutes.

SINKIELAND pimps buy mangoes, branded $10,000 bags, book 6 stars hotel, commit adultery/ illicit affairs, blow jobs, sleep around with people's wives ..........

YEW say who committed a BIGGER SIN?

Still got HOPE?

YEW tell me LAR?

Anonymous said...

Jialat man. I read a few times before I know what the pimps and prostitutes comments are really trying to say.

At least the scholars can spin and say things until people still believe them. Here you all want to say the right thing but only know how to do it in a shit talking way. Kena whack by matilah also dunno how to argue back.

Better go back to other sites liao. At least there got ppl talk sense. Here got losers talking shit.

Die la if future of the country under you ppl we can look forward to years more of pap rule.

Anonymous said...

Anon 11:40, good riddance. Please don't come back. Please don't hide quietly here everyday to read things you do not want to read. Be honourable and do what you say, don't come back.

Bon vogage, or shall we say, thanks for being around?

Anonymous said...

Who is Matilah? Oh the mad guy. RB would not waste time engaging him. And many of us have ignored him and let him rant on. He is only good as a jester here.

Chua Chin Leng aka redbean said...

You people be kinder to Matilah. He has been with me for more than 10 years. He sounds deranged only when he forgot to take his medicine. Don't be harsh on him.

Oops, I shouldn't say anything nice about him. And this applies to everyone here. Don't ever praise him, he will go berserk and turnaround to attack you.

Just read what he posted quietly.

b said...

Yes, just read and laugh about it. Only a lunatic will argue with another lunatic.

Matilah_Singapura said...

WTF? I didn't even say anything!

Anyway, i encourage everyone, includings those whose mothers licked my asshole clean, and sucked my balls dry to do their worst when it comes to attempting to "tekan" me.

May all your offspring be sadistically raped by priests :-)

CPF. The Sheeple Tax.

Vote some more lah, you deserve it!