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1/29/2007
The Mindless SPUs
CPF compulsory savings
We are compelled, alright compelled is too strong a word, so say legislated, to saving hundreds of thousands in our CPF. And we also know by now that this saving is a fleeting dream, like a dog chasing after its tail. No matter how much we saved, it is never enough. Never enough according to who?
This morning, Alan Greene wrote an article in Today questioning the 2.5% interest rate being paid to CPF contributors. He made one strong point. CPF is a long term saving and should be paid a rate equivalent to long term deposit saving's rate. Not against the short term rate paid by banks.
I just have one point to add. If our CPF money is being used for investments, then we should enjoy the profits proportionately. There should be a formula to compensate the members for their money held by legislation. It is the members' money. And they did not even ask the members for permission to use or invest this money.
Our money should enjoy a reasonable return.
hi bengster,
ReplyDeletewelcome to the chat.
yes, things that we cannot touch are not outs even if people say they are. but we must keep reminding people that the money in the cpf is our money. the people who are keeping it away from us must be reminded curdly all the time.
and the sheep who own the money must also keep reminding themselves that this is their money and no one can take the right from them.
but if the sheep agree sheepishly and let other people manage their money without protesting, then they deserve to be treated thus. the sheep must know their rights to their own properties.
CPF money is managed for you so that you will be well looked after in your twilight years. If Singaporeans are allowed access to their CPF money, many will just squander or waste it away. When that happens who will have to pay for their old age? The Singapore govt? So, please be assured that it is for your own good that the govt has thia foresight and to make sure that you will not be destitude, homeless, hungry and pennyless when you get old.
ReplyDeleteFor the record, I recognise that there are aspects of Singapore that I could easily criticise - the Draconian government, the blind obedience of its citizens' to order at all costs, etc.
ReplyDeleteIs the trade-off between less freedom and more order worth it? Do the means justify the ends?
At the end of the day, it isn't for me to decide. It's really up to the people of India and Singapore to determine what's right for them.
the above is from an american traveller passing through singapore.
CPF is hardly "forced savings".
ReplyDeleteIt is a tax, pure and simple.
Face up to what it really is. If you try and make it something it is not, you only fool yourself...
... and diminish the credibility of your blog.
you are very wrong. they promise to return to you your cpf.
ReplyDeleteso not tax. it is late than never.
If you get it back, then it is considered a tax refund. If you don't, well then it is well and truly a form of tax, like matilah said.
ReplyDeletetrust me, you will get your money back one day.
ReplyDeleteBut I do not want it given to me "some day". I want it NOW so that I may use it the way I see fit. I might want it to have a good life now. It is my money and I suppose it is up to me to use it the way I choose.
ReplyDeleteRedbean, part of the CPF money you will never see in your lifetime ie. the Medisave component. So how can I trust you when you say I will get my money back ?
ReplyDeletetrust me. unless the people wake up to the idea that they should not allow the govt to keep legislating away their hard earned income, the cpf and medisave money will be saved for them...for their own good.
ReplyDelete