CPF – Silver Brigade beware

When I hit 55, I was informed that my minimum needed to be retained by the CPF was $X. This sum is fixed and would not increase over time or as the years go by. This is quite assuring haven’t decided that leaving a small sum for retirement uses is reasonable, and with half set off by the value of the flat. This does not mean that I agree with the principle that anyone or govt could use the excuse that it is good for you to withhold your savings. This is fundamentally wrong.

Many seniors grudgingly allowed their money to be held in ransom by the CPF and had to squeeze their balls as they have no avenue to fight this policy, at least under this govt. Maybe a change in govt would give them a chance to reverse and get rid of this monstrous logic for good.

Then there was another minimum sum that was not that big then, the Medisave Minimum Sum. I would think that the principle governing retention of the people’s savings in the MS would be the same as the Minimum Sum for the whole savings. This is NOT the case. The MS for the Medisave continues to go up over the years. It does not freeze at the time when a member reaches 55. It keeps growing as and when the CPF choose to be ‘caring’ and decides how much to increase every year.

How can this be the case? Seniors who are still working or self employed would have their contributions transferred to the Medisave MS whenever it is raised. What the shit! Why is this MS allowed to keep increasing over the years? CPF no money? CPF needs more money? Money sucked into this Medisave MS is like entering a dark hole and can be there until one surrenders the IC. It is as good as money not yours except for those who need to use them for approval medical treatments.

I hope all of your can join me to protest against this obnoxious policy of taking our money as and when they like on the pretext of it is good for us. I say bull. Don’t think you can get away with this in the next GE.


patriot said...

As it is, those before reaching 55 either 'buat bodoh', couldn't care less or resign themselves to 'bopian'.
I dare assure Sinkies that by the Time they reach 65 year old, it shall be too late for them to regret.



Matilah_Singapura said...

Sorry, can't join your protest.

In fact, I will come out in support of these measures. They are there to ensure the most fucking awesome little city in the world doesn't run out of money by spending it on fuckers with one foot in the grave.

There is simply no dough there to pay out all those greedy entitlement-minded Baby Boomers. The money is already committed lah. If the govt paid people out there will be a CASH CRISIS, and the SW Funds won't have "casino chips" to play at the Global Table Of Mergers and Acquisitions.

Redbean, who the fuck are you to spoil the fun of those Big Swinging DIcks at our SWF's playing god with other people's money? They're having a good time lah, dun be so jealous because they didn't invite you to their wild party.

One thing good about The Benign Dictatorship: they will do the necessary thing---regardless of how unpopular it would be---to ensure the integrity of the Singapore Brand, which means more billionaire motherfuckers will come over and dump their money in Singapore for "asset management".

If Singapore suffered a financial crisis because 55 year olds actually believe that the amount on their CPF statement belongs to them, the Brand who collapse in embarrasment and the billionaires migh lose confidence. No no No!!! That cannot happen!! The 55-plusers: they fucking deserve the slap they're getting.

I have stated the cold fact time and again: The money in CPF IS NOT YOURS lah. You can do your 'war dance" at Hong Lim, or try to vote out the PAP...fact is there is no way they can pay lah.

And if they can't pay, they shouldn't. They shouldn't take the cuntry down for the sake of a few "sore losers", who chose to believe in something which is not true.

P.S. Losing money because you punted on something you assumed to be true , but in fact is not, is THE MOST COMMON way people lose money. Therefore don't think you are anything "special". ;-)

Chua Chin Leng aka redbean said...

Tomorrow I will post an article that is more frightening. Fort Knox is empty. All the gold bullion is gone!

Matilah_Singapura said...

The bullion is not "gone" gone lah. It's just been transferred to the rightful people.

Heard of the "Golden Rule"?

He who has the gold, makes the rules!

Anyway it's time the gold market got a nice shake up. So much of the paper out there, which represents "property titles" for gold, has in fact NO GOLD to back it up.


Anonymous said...

MS increase over the years because of inflation. Inflation is how much every year ? You count lah, uncle. Plus new medicines that cure many ailments from Baddie America, very expensive, uncle. You got think or not ?

Got use your head and think ? Hello ? Got think ?

Like that also don't know.

One day you sick, your children don't want you, you got money to pay? Use your brain lah. Nowadays it is very common, you better keep some money when you are old, be independent, do not ever need to rely on others.

Think of the consequences uncle. Don't just blindly follow others like Gilbert, use your head and think. Is Gilbert doing very well?


Anonymous said...

Simple! Simple! Simple!

it really very simple for the
govt to solve the cpf issues.....

think-out-of-the-box please.....

don't waste anymore time......

just follow this.....

at age 55, allow cpf members the
option to withdraw up to a max of
50% of their cpf funds......

the remaining funds in their cpf
will earn an interest rate of 6% pa......

at age 65, allow cpf members the
option to withdraw the remaining
funds in their cpf.......

cpf members are also allowed to
keep their funds with the cpf
earning an interest rate of 8% pa......

after age 65, cpf members are
then allowed to withdraw any
amount of their remaining cpf
funds each month through ATMs....

why need to set-up high-level
committees to solve the current
cpf issues.....

don't introduce anymore new and
complicated schemes that cause
much much confusions among the

if pap is serious about winning
back lost votes, the points as
stated deserve considerations...


Anonymous said...

The CPF Policy is badly handed by the government. It has pushed through without real consultation with the people. Many in their 50s and 60s planned their retirement based on the CPF which was known to return to them at age 55. With these changes, they are now in a dire financial situation. Who will look after them?

Anonymous said...

"The CPF Policy is badly handed by the government."
- So? It may be bad for Singaporeans. But it is good for PAP.

"It has pushed through without real consultation with the people."
- As long as it is good for the PAP government ... nothing else matters.

"Many in their 50s and 60s planned their retirement based on the CPF which was known to return to them at age 55."
- So?
- they voted PAP with their eyes open big, big.
- they got the government they deserve

"With these changes, they are now in a dire financial situation. Who will look after them?"
- who cares?
- if no one looks after them, then PAP government will pass a law to make it the children's responsibility.

Anonymous said...

Anyway. All these silver brigade old folks are being nursed at home by a maid from a 3rd world country.
How long can they live under such expert care?
And some more.
The children have to pay a maid's levy to hire a maid to look after their parents.
Maid levy or filial piety tax you tell me lah?

So not only does the PAP government not provide adequate nursing home for our old folks.
The PAP government also get to collect more money from the maid levy.
What's wrong with collecting more moeny you tell me lah?

Anonymous said...

In the good old days, the neighborhood snakehead will drop by and say "Uncle give over your money and limpeh will take care of it for you. Don't worry lah" If you hope to get it back when you faithfully handed it over in 1980, I have a bridge to sell you.

After thirty years earning below the risk free treasury rate means that you are actually losing $. In the funds industry, you will be sued for negligence. Accept it fellas, YOUR money is GONE. Like a Brother Grimm's tale, it took a young man to point out to y'all that the emperor is naked. This tale, however has no happy ending.

Anonymous said...

"Why is this MS allowed to keep increasing over the years?"

Because 60% Sinkies are very scared to accidentally vote PAP out in a GE due to the sad reality that even the strongest Sinkie opposition party, the WP, is not ready to be govt mah.

Hence, even if MS is increasing every year, PAP can still win the election, tio bo? So if I were PM Lee, why cannot keep increasing MS, u tell me lah?