CPF – From compulsory savings to compulsory taxation

It was meant to be compulsory savings for retirement. Now it is more like compulsory taxation by the govt. The latest clause that demands all Singaporeans who are overseas to pay for Medishield Life is as good as that. The govt does not care or bother you need the Medishield Life coverage as you may be away for 20 or 30 years or more, but you are legally required to pay up. The govt does to care if you are paying for another medical insurance in your domicile country and no need for the Medishield Life, it still wants you to pay, all because you are a Singapore citizen. If this is not compulsory taxation, what is? It even overides double taxations. At least double taxation could mean exempted from one country or paying one side. This one is so aloof, it doesn’t care what you are paying and how much you are paying or that you are paying for a better medical coverage, you pay up because you are a Singapore citizen. You are so blessed!

Who do you think benefits most from your compulsory saving/taxation? Obvious right? The first and biggest beneficiary from your compulsory saving/taxation must be the HDB. Here everyone would have to cough up at least $500k in his life time or more than a million to pay for ‘affordable’ public housing. Now you would have to pay a life time for Medishield and again who is the beneficiary? And whatever money left would be stucked in the two minimum sum schemes, to benefit who in the form of cheap loans? And the loans would only be repaid when you die or if you are alive, in small tokens. It means that you are extending a loan with your life savings to the govt until you die. And if you are stupid enough to will it to the CPF account of your loved ones, the loans could be extended in perpetuity. To benefit who?

Your compulsory savings are for whose benefits? Do the daft Sinkies know what is happening to their CPF savings? All their CPF savings kena tangkap for life! Does the PAP really believe that it do anything it wants with the people’s life savings and can get away with it without any serious repercussion in the GE, that the people do not mind, do not care and submissively accepted this fait accompli?


Goh said...

Our take home pay is our money. Cpf is a tax and should be treated as it is.
Spending too much time bothering with what they want to do with it is not productive.
I say they should cheongkong all in exchange for free medical.
No need complicated scheme like insurance in whatever form causing confusion that daft catch no ball.
Please stop dreaming. Want go Batang or hug mei meis, go work for it.Not enough go work longer hours.Be grateful that they care for your welfare .

Goh said...
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Anonymous said...

"What's wrong with collecting more money"
Lee Kuan Yew


I am more blunt.
I say:
"What's wrong with collecting more money .... from daft Singaporeans?
60% are too stupid to vote against it anyway."

Anonymous said...

Sign of trouble in our reserves?

Anonymous said...

"60% are too stupid to vote against it anyway."

You mean agongkia? His brain is still fast asleep. Or is he trying to condition the daft to accept that their money is not their money anymore?

Anonymous said...

There is really no problem with the original idea of the CPF scheme!

However, over the years, CPF is being allowed to pay for the rapid rising costs of housing, education and healthcare and also being used for some investments.

The cushioning effects of rising costs by CPF has resulted in today's unwanted wide spread noises and confusions from the masses.

Therefore it is very important that we live well within our means. Never follow the crowds!

To survive in this crowded tiny city state, SImPle LIVING is the only way going forward.

What say U?

Virgo 49 said...

We have reshuffled of the cabinet by LHL.

Soon, more changes to the CPF scheme by the newly appointed MOM new minister Lim.

jjgg said...

Anon 9.18.. Hope your simple living model includes all the costs that mother bear is throwing in front of you..now and in the future. What would our lives be like if our cpf is returned to us ,as promised, or taxes and government impositions are halved its present level. Does our government know the meaning of 'live simply'?...garden by the bay..jewel..bloated ministerial ranks..oversea travel for the ruler and its cohorts..a president whom we pay to eat sleep n shit...oh..n travel and the prize of it all..T5 in the works..possibly for our leaders to make a quick getaway when the need arises...hehe

Anonymous said...

I am so glad that I have emigrated many years ago and renounced the sinkie citizenship to withdraw my CPF. This is the only country in the world that screws its own citizens big time. There really is no benefit holding to a pink IC - only liabilities.

Anonymous said...

jjgg 9.54am pls note.....

U are correct!

But what to do? The govt is voted by the people.

Some dream of a change. Possible? But before any change, we must not fall into the pay-pay-pay traps.

Simple living and never the crowds.....the ONLY way going forward.


Anonymous said...



Where is the money going to come from?
And who are the suppliers?
Will $2 companies be allowed to bid for the project?
Why not make the information available to our personal smartphones instead?
How does this benefit Singaporeans?

Will our HDB S&CC fees be increased to pay for Balakrishnan's latest IT project?
Is it true?
PAP's Bala's IT project in the YOG created a $300 million cost over-run?

Anonymous said...

There is no free lunch. Nothing is free. All the seow kias so happy that their CPF money got robbed.

Ⓜatilah $ingapura⚠️ said...

CPF was always a TAX. Make no mistake. The only difference is that before you were allowed certain "privileges". (not entitlements)

b said...

CPF is not a tax. Its a scam just like any financial instrument. Its to make some elites very rich and the rest of us poor.

Anonymous said...

CPF was never meant to be a tax, was never a tax. Many seniors took out every cent when they reached 55 until the robbers changed the rules.

Anonymous said...

This already done in other countries.
What' d big deal?
U have problem with it then simply F*@#'n drop ur citizenship and find that does not have one!

Ⓜatilah $ingapura⚠️ said...
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Ⓜatilah $ingapura⚠️ said...
This comment has been removed by the author.