Watching Parliament debate is like watching a horror movie

I managed to catch a couple of minutes of the news when the CPF was discussed. They were talking about the withdrawal of CPF on retirement. The argument went something like this. The govt allowed CPF members to withdraw their money in one lump sum at 55 at a time when life was short. The people were expected to die in 5 or 7 years after retiring at 55. Today, life expectancy is 82, so there is a need to ensure that people have the money to spend after retirement. Letting them have the money at one go and at too early an age would mean depleting the saving faster.

Jumping onto this logic, Lim Bee Wah asked the govt to consider working backwards from 82 to allow the people to get a lump sum on retirement. Most retirees are looking forward to touch their life time savings when they retired. Chuan Jin’s reply, extending the logic of longer lifespan, it was not possible to know how long people would live after 82. They could go on living and it was necessary to make sure that they have money to go on living.

Here came my goose pimples, and my hair stood on ends. Fear crept up and I was really frightened, like watching a horror movie. No, Chuan Jin and Lim Bee Wah did not turn into Dracula or vampire. It was this sense of wholesome goodness for the people, so caring and so earnest to want the people to live well till their last day. I cannot imagine that there are really people that are so virtuous, so good and so genuine in this world to really want to help other people. No, don’t get me wrong. Chuan Jin was really sincere in wanting to help the retirees. I would have doubts if it was someone else selling his koyok.

It was too good to be true. And the scary part is that it was true. And they are going to make sure that the retirees will have the money to spend, and no lump sum return of their savings, and the payback will be delayed for as long as possible to make the money last, perhaps another 100 years. Oops, I shouldn’t say that. They might believe people will live to 200 years and make your CPF savings provide for it. Bad idea to say that. And the people will have to leave their money with the CPF for a very very long time. Irene Yap, or is it Renee Yap, should not gripe about withdrawing her money in the CPF. Going forward, CPF retirees would be expected to leave their money in the CPF to last them their life time being alive.

This is now a case of better to overprovide than underprovide. Chuan Jin is right to say that no one can predict how long a person would live beyond 82. But he was silence on how many would not live beyond 55 or 60. Anyway, this part is not important as they would not be a burden to themselves or to the state if they die young.

Gan Kim Yong should follow the same principles in his Medishield Life scheme. I think Gan Kim Yong is doing the opposite by providing the minimum, B2/C wards intead of A wards or private hospital wards. Should not Gan Kim Yong follow the same logic, provide for the best, for all contingencies like Chuan Jin? Or why don’t Chuan Jin borrow the principle of Gan Kim Yong, provide for the basics or minimum, and the extra or excessive part would be an option? Gan Kim Yong may be providing for B2/C wards but the people can opt for better wards by voluntarily paying more. For a compulsory across the board scheme, this is a sensible approach.

In the case of the CPF, the govt can go for the best, though it claimed to be using the lower income Singaporean as the benchmark, as the money to be retained in the CPF comes from the people themselves. If the money is to come from the govt, would the govt use the same yardstick, to demand the people to keep so much money in the CPF/minimum sum after retirement?

I still remember the saying, when the govt says it wants to help you, is so serious and happy and voluntarily offering to help you, be frighten, be very frighten. The thought of saving enough CPF to live up to 100 years or 200 years is really damn scary. I could not sleep the whole night. It was a frightening display of human goodness at its extreme. You don’t need enemies if you have people thinking like that and planning your life and your money…for your own good.

Kopi Level - Green


Anonymous said...

Parliament is joke. How can it be a serious matter if the speaker cannot even manage a 25% mp presence for a simple bill to pass not once but twice in a single day. Treat them as jokers or else Sinkees will feel insulted.

Anonymous said...

I also want to help all the Sinkies to live like kings in paradise if I can make them pay for it plus profit for myself, or I don't have to pay for it.

Anonymous said...

RB, you forget that one old man who refuses to die or go away at 90. He could be the example that the Minister was thinking about. The state has to provide for him until.....? By the way, RB, do get some sleep or you may go the way they want us to.

Anonymous said...

PAP has proven more than once that there is no free lunch in Singapore. Sympathy calls are just for vote buying. At the end, the money comes from you and me. Good transport system, we pay for it. Good mediacal care, you pay for it too and lucky if we still have beds for you.

That is why each time they give less fortunate people some money, they will take back more than they give. GST is suppose to benefit the poor. You ask them and no one will tell you they have benefited from it.

Wayang to the best degree!

PSS said...

Rb: /// Fear crept up and I was really frightened, like watching a horror movie. ///

Old man already said in past interview, policies will not be adjusted/ changed/ adapted to pull the lower strata of society along the national progress. He unapologetically said he is prepared to lose those votes in elections. So be it. ( YouTube: Lee Kuan Yew Interview - Hard Truths To Keep Singapore Going- Hot buttons Topics http://m.youtube.com/watch?list=PLF9ULsaqSSrpk7PkU1OcZV2OajK3Y2GaZ&v=ihiE4oGyYlQ . pls see at 28 min 30 second EXACTLY what he said. )

PSS said...

Only occasional dribs and drabs here and there before elections. The lower strata who are badly disadvantaged and affected by policies such as mass cheap labour imports, too bad. It's not policies maker's faults. Excuse is always globalization. Dunno what is super talent for? Doing all the obvious that countless in the streets already know. Then what are they good for? To make for themselves and the rich more and more wealth? But when need national service, die die everyone especially the lower strata are mandated by law to do all the shit work.

PSS said...

Can't see where is the hope when policies are skewed such that all the riches and juicy meat go to the top and the bottom are scheduled to get crumps and the bones? No? What was the purpose of GST in the first place? Attract investment and so called top talent via generous income and corporate tax policies. Gst was enacted to cut income and corporate tax for the rich! What kind of super idea is this? Even primary school kids arguably can think of such solutions. It is so hilarious that some people called themselves super talent to come out with all these no brainer and arguably brain dead policies. Who dunno think of such lazy and easy way out policies? Worst still is to use such no brainer ideas as pretext to pay themselves millions! OMG! What can get more ridiculous? It is the greatest insults to the so called DAFT masses. That's why perhaps old man called them such names.

With such thinking and attitudes, where do you think the lower strata stand in the scheme of things?

Perhaps your future hinges on what conclusion you made of it .......

PSS said...

Heaven has given me more than enough to provide for myself.

If I fight, it is for social justice, more level playing field, for lesser inequality in our society. It has been proven that inequality ultimately would only pull down the economy, NOT make it better. The top 1% DOES NOT create the economy. The masses did but the distribution of the fruits of labour had gone wrong ...... eg. GST, COE, ERP, crony capitalism, etc etc ...... and YES! moving GOAL posts CPF ONE SIZE FITS ALL regulations.

Just because one person or a very, very small minority squander their savings in Batam does not mean the rest of 99.9% will do the same with their hard earned retirement fund.

It is like just because one man or a very small number wear SIZE 15 SHOES then the manufacturers and retailers used that as an excuse and only sells SIZE 15 SHOES AND EVERYBODY IS FORCED to wear SIZE 15 shoes! HOW RIDICULOUS?

I dunno what to say ........


Rb: /// I still remember the saying, when the govt says it wants to help you, is so serious and happy and voluntarily offering to help you, be frighten, be very frighten. The thought of saving enough CPF to live up to 100 years or 200 years is really damn scary. I could not sleep the whole night. It was a frightening display of human goodness at its extreme. You don’t need enemies if you have people thinking like that and planning your life and your money…for your own good. ///

Rb, kpkb no use lah!

Only if you or somebody organise something like a protest be it in a sterilised speakers corner sanctioned by the law, when it is done often enough, then some self anointed "HIGHER (IM)MORTALS" will buay kam guan adjust tweak their policies a bit to pacify the anger.

Otherwise, rb, your worst nightmares not only will come true, you will have them ( both nightmares and in reality ) more and more often.

Very soon it will become a nightly affair!

And not just last night, rb ......

Hope you sleep tight and well next 2 nights ......

Watch world cup tmr 4am if you need but remember catch up uour sleep on FRi and Sat morning to conserve strength for something VERY, VERY IMPORTANT at 4PM 12 JULY 2014

in case watch too much world cup and analyse too much what odds to bet you all forget liao

just a gentle reminder ......

no point kpkb when next time the CPF goal posts shift AGAIN!

Rb said " be frighten, be very frighten "

Oldies, i say be brave, be very very brave if you dun want such things to happen again and again and again ......

it is cham enough if rb every night have night mares for the rest of his life worrying that his poster boy might tinkle again with the goal posts and shift up and tighten again the withdrawal requirements down the road ......

imagine it is also cham in the coffin for you oldies bcos there is no peace as you have to carry a heavy heart into the coffins .....

knowing your children and grand children have to suffer for the mistakes oldies made by supporting a "monster" in the past.

Now it will haunt the future generations from birth to death, from cradle to grave, from new born to eventual death.



OLDIES ......

what have the younger generations done to deserve all these nightmares every night from cradle to grave?

now you understand why some youngster are so rebellious nowadays and immerse in binge drinking and what not and dont want have babies, offspring or even get married .....

bcos they see no future.


Anonymous said...

When you mentioned Lim Bee Wah asking TCJ about CPF matters, the first thing come into my mind is when she ask Vivian about Town council hawker centre cleaning. All the debate are wayanging. Listen to their debate with a pinch of salt and chillie lah. More like a comical show than a horror movie.

Anonymous said...

"The thought of saving enough CPF to live up to 100 years or 200 years is really damn scary"

RB, why are u scared of something which may not happen?

U sure u can live to 100, let alone 200 years? 100% sure?

Anonymous said...

The thought of PAP being voted out, or a tsunami or earthquake hitting all of Sinkieland is really damn scary.


The EARLIER THE BETTER........ clap clap clap said...

The day comes many will be in the streets celebrating for 10 days 10 nights with fireworks and all kinds of elation possible. Pubs and coffee shops will be doing roaring BUSINESS non-stop for 10 days 10 nights.

That's how much they are being hated by many in the masses.

The earlier the better. Mare mare ke SI! Za SI za hor

Anonymous said...

"That's how much they are being hated by many in the masses."
Anon 2:24 pm

I remember that's what was also said in blogs and comments before 2011.

Anonymous said...

Nothing will change until;
a. LKY dies …. AND
b. PAP loses 5 GRC to the pro-Singaporean parties

You gotta ask yourself.
Is this a dysfunctional country?
Where nothing can be changed until an old man dies.
The entire Singapore.
Sitting around waiting for him to die.

b said...

Not everyone is like LKY who live like a king. Many are sleeping in streets, eating toxic food and working and living in stressful environment. These people will not live longer than their ancestors who came all the way from china. My father died so many years younger than my two grandfathers. A war or epidemic can also break out and kill many people. The 82 is only an average and it is skewed because a small number like LKY live passed their 90s. If all those above 85 suddenly all died, the average may only be 72. The devil is in the detail.

Anonymous said...

Singaporeans are so lucky to have such a caring govt. Cannot find in any part of the world.

Anonymous said...

Those who had proven that they can handle their own money should be given back their money at 55 as promised, which 40 year ago after struggling working expected to get back their money?

If the credit bureau found that the credit rating is good, there is no reasons holding back these category of people CPF at 55?


Chua Chin Leng aka redbean said...

Returning the people's savings must be unconditional. It is the people's life savings.

They got so carried away that they think they can do anything they want with the people's life savings. This issue will cost them a lot of votes in the next GE if they refused to repent.

Anonymous said...

"This issue will cost them a lot of votes in the next GE if they refused to repent."
RB 4:36 pm

In GE 2011, CPF min sum was already quite high, at $123K. Yet PAP could still get 60% votes and 93% seats!

So how many % less votes will PAP get if min sum is $155K?

Don't forget, in Matland GE 2013, the ruling coalition even won 60% majority seats with less than 50% votes!

If it can happen in Matland, why not in Sinkieland, u tell me lah?

And I am not even factoring in the worse than Matland Sinkie opposition yet!

Anonymous said...

PAP knows better than RB lah, that's why PAP not scared one.

By 2016, even if CPF min sum is $170K, PAP will still win the GE lah. If not 93%, at least with 2/3 majority seats. And the opposition will still have no power even to veto or change any law, let alone be govt.

Anonymous said...

I want to make a complaint. Why PAP never take care of rich people like me? What if my $millions get attracted away in Timbuktu? The PAP must confiscate, I mean, make it mandatory that rich people like me contribute at least $3 million into CPF. We can't survive on the current minimum sum. How to afford a maid, or a chauffeur driven Mercedes?

Anonymous said...

6:50 has a good point. If one is used to spend millions, how to survive on $140k minimum sum? One week all gone leow.

Some MP must suggest raise minimum sum for the multi millionaires to $2m at least or $3m as suggested.

b said...


Rich people actually only contributes less than 20% of their income to cpf. pap system good or bad is depending on perspective. it is good for the rich and landlords but very bad for the workers. that why workers must die die vote workers party. dunno why so many workers dumb dumb vote pap.

Anonymous said...

RB, I hope your post at 4:36pm is true. PAP is just being carried away in deciding what's good for its people. But what if your assumption is wrong? Should we be afraid?

Anonymous said...

Hosay liao leh..

U took the opportunity to hugged the old woman beside you?

did your head delved into the valley of the drooping tits?

Gintai_昇泰 said...

You say you are "scary" or afraid of what they are doing to your hard earned CPF? I think they are even more worried or afraid than you. They can't sleep over the CPF time bomb. That's why they keep talking about CPF without giving clear simple direct explanation in order to confuse you. They know they may just lose power at next GE. Hence they got more fear and sleepless nites than you lah! Agreed?

Anonymous said...

Why farm out the Medishield Life to private insurers to add another layer of cost and for them to add profit to their cost?

Why not announce that M Life is not a profit making scheme?

Why want to add contingency after contingency after contigency to add to the cost?

Why not willing to commit that premiums not expended will be used to lower the future premiums?

Why want to retain not expended premiums for more unknown and contigencies?

Why want to collect more and more and not to lower premiums if there are excess premiums?

Heheheheheheh, I am asking funny questions no one wants to ask or think about.