8/21/2019

CPF contributions to go up – huat ah!

The good news in Hsien Loong’s National Day Rally is a slew of increases in CPF contributions for the seniors. CPF contributions for all employees 55 years and above will go up. Employers will contribute a bit more, and employees also will contribute a bit more. As an example in thenewpaper, ‘For someone who was 55 in January this year and earns $3,000, both he and his employer contribute 13 per cent or $390 a month to his CPF savings. In January 2021, the contribution rates for each such party would go up to 14 per or $420 a month. That works out to $360 more in contributions each per year for employer and employee.’
 

CPF would be getting another $720 from each account of employees who are 55 year and above. How much more would be added to the CPF Board and to the national reserves? According to thenewpaper article, there are now about 450,000 Singaporeans aged 65 and above and this would double to 900,000 by 2030. My estimate is that there are 30,000 in each age group, so taking age 55 to age 70, an equivalent of 15 years, this group would have 450,000 heads. At 60 percent employed, it would come to 270,000 employee/accounts. And at $720 more per employee per year, savings in the CPF would be bloated by $194.4m annually.
 

While the seniors are happy with the higher contributions, presumably it would benefit them with more zeros in their CPF statements, who is the real or biggest beneficiary?
 

CPF Board huat ah! The national reserves, huat ah! Uncles and aunties, huat ah! Uncles and aunties can now smile bigger looking at their CPF statements, so much money there.
 

This is another win, win and win solution. You say smart or not? All winners, no losers. The employers contribute one additional percent from their payroll. The employees take home one per cent less from their pay check. But overall the employees’ CPF savings get fatter, get richer. And the Hsien Loong said no funny schemes to raise withdrawal age or retention of CPF monies…at least for now. Not sure in the future some smart alecs would say CPF got a lot of money, lets think of some compulsory schemes to take some more money from the CPF members.
 

PS. The new CPF contribution rates take effect on 1 Jan 2021.

42 comments:

Anonymous said...

Knn, lucky already retired so no income to be taxed. But my concern is the gst tax, no income also need to Pay more taxes. Someone needs to be sodomized as one anon used to say.

Anonymous said...

Hi.....

Great!

As I said before many many many many times that we have the BEST-EST government in the world!

Where to find? No horse run no horse run!

Yes! WIN-WIN-WIN-WIN-WIN!

Yes! What Ah! What Ah! What Ah!

Everyone.....Yam Yam Yam SENG!!!!

imho said...

All gov want to milk the people. They are all rotten rulers in disguise.

Anonymous said...

Heng Ah! Huat Ah!

So lucky, Sinkies have one gold-fish eyes called Ah Heng.
No wonder, Sinkies are all so Heng.

Every time, Gobblermen give out free money, then next something will come out to take back the free money given out, times ten.
Where in the whole wide world, can you find such a clever Gobllermen?

More Cee Pee F, means dear wife in Temasick will have more money, other people's money, to spend - to go around the world shopping again - to buy high and sell low. How smart and clever haar?

Stupid, dumb and daft Sinkies already kena again and again. They asked for it. The more the merrier, more shiok leh?

Kena screwed again and again. But vote same again and again. The wise sages used to say,

"Supid plus Stubborn becomes Idiot!"

Got screwed in the back, still say good, good, good - win, win, win.



Anonymous said...

@9.21am

Angry not angry not. Not worth! Not worth! Waste time!

Sg is loong loong loong ago like that liao. No U-turn!

Sg will only only kpkbsssss and tcssssss BUT when come to voting.....pap!

Btw, just look around you everyone smiling and everywhere also must Q! Where got recession in Sg? Correct?

Majulah Singapura!

Anonymous said...

Sorry for deviating from the topic today. But this is urgent.

With all the signs indicating the impending US economic downturn to a deep recession never seen before, the Egoistic Mafia-like US President Dotard Trump said yesterday that he had to "Take on China over trade even if it caused short-term harm to the U.S. economy because Beijing had been cheating Washington for decades."

We know that 2020 will be the presidential elections for his second term. So, he is making use of the China issue to cover up his blunders caused by his stupidity that put many of his farmers and low income groups in jeopardy, hitting very hard at their pockets and livelihoods. Seeing that if this is not addressed, he is likely to lose his second term, he is making full use of China and the mild and meek looking Xi Jinping as a punching bag to entertain his Reality Shows audiences.

China must hit back where it hurts. Hit this Dotard so hard that he will never forget for the rest of his pathetic life; including his children who are cheering him on.

The Chinese people all over the world must unite as one to counter this greater evil in the world. Hongkong's easily influenced young people are being made use of the split the unity of the Chinese people. Some Taiwanese too are being made use of. People must see through the evil schemes of the Western Whites who have been on this game since few hundreds years ago. Don't fall into the same trap again.

Virgo 49 said...

Hai Kow Yew Peddar.

2021 after the Erection.

Just pulling wool over daft Sinkies eyes.

Just to attract your votes.

Sovereign Funds needs more punting. Extra BLOOD sucking to pump in economy.

Over fifty five still working.? Must be chew more than they can swallow.

Or the Papies sharp knives cut into the cost of livelihoods that they have to work to their graves.?

Work when they have to and NOT they want to.

Anonymous said...

With this gobbleman's announcement of the increases to your cee-pee-f, your money inside there become fatter. As one former ministar pointed out that everyday he looked at his cee-pee-f statement, he felt so rich and happy. But that is on paper with all the numbers $$$ signs, but please be reminded the minimum sum will be increase year by year. We are not sure in future, the withdrawal will be bigger amount$$$.

Anonymous said...

Anonymous 9.41am don't spread fear leh!

Anonymous said...

Hi 950am

So what must we do next? What is your proposal? Thanks.

Virgo 49 said...

Bro, sure have another key lock.

They will said Singaporeans can live to 100 like Bai Yan.

Chua Chin Leng aka redbean said...

The war cry for PAP in the next GE would not be 'huat ah!'

The new PAP war cry, 'Heng ah, Heng ah, Heng ah!'

Anonymous said...

@

"What you do next? What is your proposal?"


Do next as proposed below:

Don't vote for highly clever gobblermen who have brains bigger than their hearts and mouth watering when handle $billions$ in our Reserves and CPF Funds. Their nature is to gobble you up like the hungry wolf in Little Red Riding Hood.


Vote for average commoners who havev their hearts bigger than their brains and conscience higher than their status. Their nature is more caring and selfless service rather than selfish greed to enrich themselves and safeguard their own position and status.

Anonymous said...

Italy's PM Giuseppe Conte RESIGNS and kicks off talks with rival party leaders in bid to end the country's political crisis without having to call new elections.

Italian President Sergio Mattarella has accepted the resignation of Prime Minister Giuseppe Conte and will kick off talks with party leaders to seek a solution to the.....

When will Sinkingland's PM resign to make way for others more healthy ministers instead of sick ones?

Knn said...

10.46am knn I agreed with u man

Frog Outside Glass said...

Sick ministers though recovered still same as porcelain ware:

Once broken, can repair;

But the cracks are still there!

Nice to look at, but must handle with care.


Better is to replace it with new China-ware.

Anonymous said...

rb1042am

Yes! You are 108% correct!

Yes! Heng Ah! Heng Ah! Heng Ah!

Hahaha...

Anonymous said...

Not to worry anonymous 11.03am.

Do you know what is Heng in hockein?

It means lucky lah.

So not only personally lucky, Sg will also be lucky t00!

Heng Ah!

Ⓜatilah $ingapura⚠️ said...

@ all

I love it. Anything to make the Hotel/ Cuntry stronger gets my 1000% support. If people have to pay, nevermind. The Cuntry is more important than people. People come and go, live or die...who gives a fuck...not me....you die your fucking business lah you useless asshole loser 💀💀💀🤡...but the cuntry, The Hotel...that is FOREVER...or for as long as possible to stay awesome, and rock-steady.

CUNTRY first. People...optional.

Anonymous said...

@All, @RB,

///savings in the CPF would be bloated by $194.4m annually.///

Not so much larr ... less than 60% of Sinkies will continue working after 60 --- many Sinkies are rich you know?!?

As for those who continue to work after 60 --- most of them earn much less than $3K .... that's why they need to continue working ... money no enough. Most of these belong to the 30%.

So you need to adjust your calculations downwards.

Anonymous said...

Gst $300 vochure take backing.

Anonymous said...

@All,

Assuming a reduced $100,000,000 annually going to GIC to manage --- SMALL CHANGE lah!!!

Average of $6,366,666,666 going into reserves ANNUALLY FOR PAST 3 YEARS LIAO!!!

All these added to GIC's portfolio which is AT LEAST $500,000,000,000.

BUT anyway, small change of $100M also good lah!!

A bit more $$$$$$$ for GIC to invest in US, India & China --- my 3 main investment locations.

So while lao ah peks & lao ah mahs work hard, I sit back & collect $$$$$$$$$$$ from War Stocks & other investments .... with help from GIC boosting the gains of my investments!!!!

HOW FUCKING SHIOK IS THAT?!?!?!

Remind me to be more kind to lao ah peks & lao ah mahs. Maybe I will donate some spare cash to Kuan Im Temple & help sponsor free makan @ S'pore Buddhist Lodge LOL!!!

Anonymous said...

### WSG1228p

Happy for you.

Don't just TCSS!

Hope you can remember to donate your spare cash as promised!

Heng Ah!

Anonymous said...

CPF increased by 14% (employer and employee combined) means each minister will get a chance to increase their CPF Accounts by about $300,000 per year. How wonderful! I am so happy for the ministers. Hope one day my son can also become a minister.

Anonymous said...

12.28pm WSG hope you will really donate some of the blood and SIN money u made to charities. If u go back on your promises, may you Kena sodomize by tuakee jialat jialat till u repent.😰

Ⓜatilah $ingapura⚠️ said...

@ War Stocks Guy

You will observe, same old shit happens over and over again...

as soon as people find out you've made money, and even promised to donate some, they will:

1. Put their hand out and ask you for some more

2. Try and "guilt trip" you into giving away some of your largesses to (mostly) losers who think the world owes them a living

Same old same old...human nature... 😂

Anonymous said...

$100 BILLION dollars over 100 years to protect Singapore from rising sea levels.

- this means LHL's PAP Millionaires will want to collect an extra $1 BILLION dollars a year from Singaporeans in taxes, fees, surcharges, levy and etc

So this increase in CPF contributions will be the start of another round of collecting more money from Singaporeans

Chua Chin Leng aka redbean said...

Anonymous said...

@All,

Assuming a reduced $100,000,000 annually going to GIC to manage --- SMALL CHANGE lah!!!

Average of $6,366,666,666 going into reserves ANNUALLY FOR PAST 3 YEARS LIAO!!!

All these added to GIC's portfolio which is AT LEAST $500,000,000,000.

BUT anyway, small change of $100M also good lah!!



Be very observant and think when you think something is not right.

It is not that $100m is small change that matters. It is when $500b and still desperate for $100m that is real scary. By any logic, when one has $500b or more, $100m is small change and should mean relatively nothing.

Think again, which is which, what is real and what is unreal.

Anonymous said...

Mike Pence’s Threat To China On HK Affairs Is Outrageous.


US Vice President Mike Pence said in a threatening tone on Monday that for the US to make a trade deal with China, Beijing needs to honor its commitments, including China's commitment to respect the legal integrity of Hong Kong in keeping with the 1984 Sino-British Joint Declaration. He also said it would be much harder for the US to reach a trade deal if there was violence in Hong Kong. Pence's use of the Sino-British Joint Declaration in this way is deceptive.

Senior US officials have recently linked the Sino-US economic and trade negotiations with the affairs of Hong Kong. Pence's remarks on Monday were the most stark and outrageous.

Hong Kong affairs are China's internal affairs. The US has no basis to interfere in Hong Kong affairs under international law, nor does it have the ability to influence how China solve Hong Kong problem independently.

The US had been putting pressure on China all the time. It imposed a complete blockade in the early days of the People's Republic of China, and the US also had serious confrontation with China after 1978.

In the near term, its trade war with China has been going from tens of billions of dollars to hundreds of billions of dollars. Moreover, it has used all the economic levers to pressure a group of Chinese high-tech companies such as Huawei.

What is the result?

After 70 years of ups and downs, China has grown into the world's second largest economy. As the trade war drags on, the Chinese economy has become more resilient and technological innovation has been greatly spurred. The trade war between the US and China has provided an impetus to the overall upgrade of China's strength.

The US has to learn that imposing maximum pressure on China will not work. But the American system is preventing the US decision-making team from correcting their wrong radical policies in time.

The real interests of the American people have long been divided, dispersed and fragmented by the US political system. They have to buy more expensive goods because of the tariff war with China. Some of their jobs are threatened. But they were deceived by the American government and elites who are bent on following the radical line.

Chua Chin Leng aka redbean said...

The same analogy can apply to individuals. If one has a few millions, what is a few hundred dollars. Give, throw, who ever asks, give.

But when one claims to have a few millions and thinking very hard about spending a few hundred dollars, something is not right.

Either this guy is mentally sick, or his few millions is questionable.

Anonymous said...

Do not be deceived. The white Americans are the worst racists on earth and hate Chinese and anything Chinese.

Anonymous said...

Ponzi Action Party

Anonymous said...

@Matilah, @All,

LOL!!! Ya ... Fucking entitlement mentality by losers!! Hahaha!!!

So far I limit my regular donations to HCA and Assisi Hospice. They do a good job with little funds & they don't have much aggressive donation drives.

SBL actually has many rich towkays & bizmen taking care of the free meals. Must be looking to reap karma so can earn more millions!! HAHAHA!!!

Used to donate regularly to KDF too. Until I figured that 99% of the patients got kidney failure becoz of lifestyle i.e. they fucking deserve it!!

BTW for those who need ego massage .... Can donate to coommunity hospitals. Just $50K or even $20K will get your name engraved in gold letters in the hospital main lobby LOL!!! Not quite ng teng fong or khoo teck puat but still... LOL!!!!

But I've visited a couple of comm hospitals -- not impressed with their level of care for patients lah.

Anonymous said...

Actually who are the ones keep coming here to massage their EGO?

Anonymous said...

Must be the fxxking cheap skates lah!

Anonymous said...

I come here to massage TCSS LOL!!!!

As I've said many times before ... this is a TCSS blog for boredom lah!

Anonymous said...

@ WSG 4.39pm

You are indeed very very very kind in donating to HCA and Assisi Hospice regularly.

That is very very very good.

Anonymous said...

Chua Chin Leng aka redbeanAugust 21, 2019 8:49 am
///正确,老大, 您说的.///


Wah...

很好!

你的"Engkok"和普通话很棒!

但("可惜")笔者不是老大(哈哈)。

老大另有其人!

名号跟你一样:

也是叫"龙哥",他才是真正的老大。

你们谁知道?

Anonymous said...

Good News in the Middle East.

Another US drone got shot down. This time by the Yemeni Patriotic Forces.

US technology is steadily on the decline. No wonder Trump is so afraid of China's 5G Network and Huawei.

Chua Chin Leng aka redbean said...

Hahaha,

他才是真正的"龙哥", 真正的老大

国龙跟镇龙,没有的比

Anonymous said...

@Anon 2:01pm

"CPF increased by 14% (employer and employee combined) means each minister will get a chance to increase their CPF Accounts by about $300,000 per year."

Not possible.

Obviously your monthly pay haven't crossed $6000 or your annual pay haven't exceeded $101,000. :)

Chua Chin Leng aka redbean said...

The Americans sent a fleet of F18s, their most sophisticated electronic jamming fighter aircraft to harass the Chinese in South China Sea.

The Chinese switched on their jamming radars and all the electronic and electrical equipment in the F18s went blank for a while before returning to normal. This is how the Chinese warned them not to fool around.

The F18s were quickly ordered to return to base and never seen in the South China Sea again.

When the Americans flew their drones into Iran, they switched off the GPS and thought the Iranians could no longer see them. They did not know that the Iranians could use the Russian and Chinese satellite position systems. That was how the Iranians saw and shot down the drones.

The Iranians are also capable of hacking the American GPS systems and make them send out wrong signals to ships, making ships sailing into Iranians waters to be arrested.