7/30/2014

CPF – No good reason to hold back the people’s money after 55

Over the years, and in the last few weeks, many people have been regurgitating the same few reasons for the govt to withhold or retain the people’s life savings for as long as the govt so decides. And none of the reason is acceptable, reasonable, logical, sensible, justifiable, morally ethical, believeable… without sounding deceitful, childish and foolish, to hold back the life savings of a few million citizens of sound mind, sensible, responsible, mature, knowledgeable, experience and financially able to manage their own money. Many of those reaching 55 are well educated men and women holding very responsible positions in top management, professionals, but all lumped together like the ignorant, reckless, irresponsible and uneducated peasants that would throw away all their money in a moment of fancy or be cheated of everything.

The top reason, what if they spend all their money quickly? So?
The next hot favourite, what if they spend their money on pretty mei meis or go to Batam or Bintang or Lijiang? So?
What if they go to the casinos and gamble everything away? So?
What if they splurge on cars or luxury items to live like a king for a few days? So?
What if they really did not know how to manage their money? So?
What if they got cheated by the con men and con women? So?
What if they adopted some pretty god daughters who happily addressed them as sugar daddy? So?
What if they stand on top of a building and threw all their money away? So?
What if they live to 80, 90 or 100 years? So?

There are many reasons that we cannot think of, cannot imagine of, that a person would squander all his money withdrawn from the CPF? So? For every one of these reasons, or a combination of these reasons, or for all the above reasons, is it good enough a reason for the govt to withhold the money of all the innocent, sensible and responsible from them at 55?

The act of withholding all the people’s money just because of a few that would squander their money away, one way or another, is as good as condemning every one reaching 55 as idiots, irresponsible, imbeciles, and stupid. All will be found guilty and must be punished for a crime they did not commit or would not commit but on the assumption that they will commit. What kind of reasoning is that? What kind of justice is that? Everyone presumed guilty, presumed to be reckless and irresponsible with their money?

Such a reasoning and action cannot even hold water in a 3rd World country where the majority of the people are uneducated and ignorant. We are talking about a population of educated, widely travelled, experienced, knowledgeable and responsible people at the prime of their lives and would remain so for another 20 or 30 years! Why can’t they be trusted with their own money? Which boy or girl in the govt said so?

And this is not even an issue. There is no good reason to retain or keep a person’s life savings from him when he/she reaches 55. Absolutely no good reason. Period. Even if he is of unsound mind, his family should have the right to take care of him and his money. This is private matter. What has the govt got to do with it?

To accede to such logic is a very dangerous precedent. In the same thinking, all the people can be put in jail to protect their lives as some are found to jump onto train tracks or walked into the reservoir. Could a well educated populace be stupid enough to say such reasoning is good, healthy and ethically correct to be used to restrict or restrain the freedom of the people and the use of their money? It is unbelieveable that some really think it is ok.

What right has the govt to meddle with the people’s money? It is not your money, dummy.


Kopi Level - Green

24 comments:

Anonymous said...

Hi RD, I see you are at it again. CPF is indeed a hot issue here i Singapore. As you have pointed out in your post, people have the right to manage their own money at 55. A few will waste their savings, a few will squander it away, some will be unlucky and with bad investment but the majority will manage well and probably improve their financial standing. On the other hand, retaining the CPF for the population has its merit too. The money is safe, it will grow with interest added each year and as the population gets older and life expectancy increases older folks will have a sustainable income for their old age.

The main fear of the Singapore government is to end up with a large section of old folks who have no means to support themselves and who have to depend on the government for handouts. In the past, family will see to that old folks are properly looked after and never in need. However, time has changed and there will be old folks in desperation who will be abandoned by family. The Singapore government is trying hard to avoid having to be responsible for such people. My 2 cents worth.

Anonymous said...

I fear the govt will squander the people's money away. Then how?

Govt fear people squander their own money. People can fear govt squander their money in the CPF also right?

Anonymous said...

Hey Anon 12:55 is pretty persistent.

Close Singapore Pool, RWS, Sands Marina and Geylang. Disallow chicken to come in freely. Charge Exit Fee for visits to Batam, Hatyai, Bangkok and the 55 year old and above will not squander away their savings

WILL THE AUTHORITY DO IT?

Raymond said...

First, tell us if you are willing to pay to support those few--however few--who chooses to squander away their money, for the rest of his/her natural life. Most Singaporeans would say no.

Secondly, the financially sensible ones would have already accumulated enough for their retirement--way more than the minimum sum requires. So, quit pretending to speak for this group of people who are not complaining in the first place.

In reality, those who are complaining are the poorer ones, who, by definition, are not financially savvy. CPF Life is for benefit of these folks.

Anonymous said...

Raymond, you are so brilliant. Your logic is so bright.

BTW, Sinkies can afford to pay the elites millions, why not paying for the few for meals in the hawker centre?

Would anyone surrender their right to their money to the govt?

Anonymous said...

My gosh, the Sinkies are so brainwashed that they are so happy to be controlled, even allowing the govt to take control of their money and feeling so grateful.

Yes, the Sinkie dodo is a reality.

Anonymous said...


it is very very very easy to
solve this CPF problem.....

let retaining CPF with the govt
at 55 to earn interests be
optional.....

those not interested, can
withdraw all.....

agongkia said...

Let me use simple english .
If your take home pay is $800 per month ,then your pay is $800.You are paid before the 7th of the following month .No one owe you any money.Those that are put into the cpf does not belong to you and its a tax aka welfare .They allow you to buy pigeon hole ,pay for unexpected hospital stay or study .
Stop imagining your salary is $1000 and think 200 is deducted and is yours .Tan koo koo.Its our towkay money if we want to go further.Why?So far anyone kena charge in the night Court for not contributing cpf?Its the Towkay who will face the magistrate if he fail to pay.
Work harder and look forward to a better tomorrow.Take it as a contribution to our Nation and put our nation interest before self.
Doesn't mean without cpf one will die of hunger.Want so much money for what?One cannot bring along with him.Those whose hobby is collecting ,thinking ,sleeping with money or cash.,go to the Hio Tiam.Many denomination.
Life is not about money.Less turnout at HLP shows that Sinkies are happy with cpf.

Matilah_Singapura said...

Of course there is one and only one good reason to "withhold" CPF: IT IS A TAX.

When the govt taxes, it is not oblige to "return" the money it has taken.

If you still believe the CPF account in your name reflects a value of what you think is YOUR ASSET, you need to be slapped in the head -- both sides -- by two durians, doused with petrol and set alight, and kicked into the Singapore River to entertain tourists at Boat Quay, as you float on by screaming in your ethnic tongue.

Why? Because as a citizen, you are totally useless, so the only value the nation can get from you is to turn you into "entertainment". ;-)

Actually, redbean should volunteer himself. He still thinks money in the CPF belongs to the account holder and is on a mission to spread FALSE HOPE to gullible old fools.

Anonymous said...

Exactly how much money did GIC/Temsaesk invest in China, Vietnam industrial parks ? How much derived from our cpf money ? Isn't Suzhou project a money-losing project? What's the amount invested there ?

Why they always seem to keep a low profile if something goes wrong in their investments ?

We want a stronger opposition presence in the Parliament to check on the government esp the min. of finance which handle the hendureds of billions in our CPF,GIC.

If they can't even answer a simple question by the former President Ong, the Head of State, about the reserves then only left with the option of a strong opposition to check on them .

We absolutely need greater transparency and accountability in the handling of our money .

Anonymous said...

Matilah is absolutely correct. CPF is not your money. Singaporean must get this into their heads. RB should stop this government bashing using the CPF issue. It is certainly getting boring and tiresome. For those who are in the 50s they MUST get used to the fact that they will not see their money until 65 or maybe older as things could change before they get to 65. The government wants people to work longer and contribute more. What is wrong with that? NOTHING. When asked in a recent survey most in their 60s wish to work longer and do not wish to retire. Spreading false hope about getting your CPF money at 55 is cruel and deceitful. RD please stop this nonsense.

Anonymous said...

Fight terror disband all militants.

Support State of Palestine, have a disciplined army, arm them with F-16/f-15, corvette, drones just like Israel.

No more war. 2 States can or not ?

Anonymous said...

Since F-15/F16, drones strikes are not a indicator 'terror', 'áct of terrorism', less threatening, less lethal, more humane, more civilised then arm

State of Palestine, invote the right to self defence after the disband of militants? logical?

Anonymous said...

Ang Tau Sir,


If government does not hold up dodo Sinkies' CPF money, then where is the no shamed Whore Jinx going to find money to remunerate herself up to $20m a year excluding fat bonuses and undeclared, ridiculous & obscene high remunerations for all her senior goons in Temasek?

Tiok boh, you tell me lah.

Chua Chin Leng aka redbean said...

We are morphing into the soulless worker bees like in the Matrix. Just work and produce, nothing belongs to us.

But the people, young and old, are not going to go away like in the Matrix. They are fighting back, like in the Matrix, to take back what rightly belongs to them, not to a handful of people to exploit and enjoy.

Anonymous said...

RB, what is happening in Hong Lim will prove you right. This govt cannot go on treating the people's CPF savings as a tax.

If they don't give the a good answer, they will be booted out in the next GE for sure.

Anonymous said...

So many rich Sinkies want to put enough money in their CPF so that when they retired, the money in CPF would be enough to maintain a same standard of lifestyle.

I think the govt also want the poor Sinkies to save to have a good or better lifestyle than when they were working, even though they have no money to save unless they go with a half stomach full.

TIME TO PLAY HARD BALL, OPPOSITION? said...

///// If they don't give the a good answer, they will be booted out in the next GE for sure. /////


Opposition parties especially their leadership MUST LEARN THE ART to convert BIG POINTS just like in sports competition.

Score or win in areas where it matters.

One vote here, one vote there is good to have and makes bleeding heart feeling very warm but WON'T add up to enough NUMBERS to matter.

Anonymous said...

chee bye eh ....

who say the cpf balance is yours?

god?

lin laopeh?

... these are kuan yew pek kim .........OKAY????


vote papigs ... huat ha

hsien loong is the bestest

Anonymous said...

There are some that live a life of plenty and in luxuries. This does not mean they should be devoid of empathy and sympathy for the many living in poverty. The few that insist that the poor must find ways to be like them such as matilah, are just lucky that they are more clever. Not all are born like him and them. As it stands, there are more poor than rich in the World. For the minority to jeer at the majority is to be insensitive to the plight of others or showing lack of conscience.
Yes, be proud of your cleverness and success, but there is no need to blame the poor for their situation. In Sin, living is getting more difficult for the citizens as the State becomes more famous for wealth development. Something is very wrong for this phenomenon and it is not difficult to see that it is due to the policies implemented over the years.
If Singaporeans are wishing for a change of regime, it is expected. Even those hoping for divine intervention come across as very normal. The fact that the people having great fear of any natural disaster such a killer infections disease, heatwave and others, is because they will happen sooner or later and the compact living will be calamitous. Even without any disaster happening, finding a job or a place and time to eat at any popular eatery have become a serious problem.

Are the elites and leaders not aware of the problems the people are facing such that they keep blaming the downtrodden?

7th Month Ghosts Have Better Listening Ears? said...

/// Are the elites and leaders not aware of the problems the people are facing such that they keep blaming the downtrodden? ///


YEW stand a better chance with the 7th month ghost and being heard than with SELF-ANOINTED HIGHER (IM)MORTALS......

Lol

Rb already kowtow all these years until his forehead more swollen than the best 罗汉鱼 YEW can ever find in the market but so far anything happen ........ ?

Some commenters said before they would chop if SELF-ANOINTED HIGHER (IM)MORTALS ever really listened and genuinely cared for the lowly labelled folks bestowed by none other than one botak self proclaimed HIGHER (IM)MORTAL.

Anonymous said...

I'm voting Opposition in case the govt squander my CPF money away.
I'm voting Opposition until I get back my CPF money.

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Anonymous said...

@July 30, 2014 7:56 pm

U WAIT LONG LONG ...

proud supporker of papigs

vote hsien loong ... better immortalised him, he is a blessing to stinkaporean

vote papigs ... huat ah