8/17/2007

CPF minimum sum should be $300,000

James Chi Han Hsuan in a letter to Today suggested that the minimum sum in the CPF should be raised to $300k. His justification is that he has many friends who have more than $200k in their savings accounts and they are squandering their money buying all kinds of luxury goods. I can't agree more with James. All these rich people with so much money and do not know what to do must be made to save more. I have also many friends who have millions in their bank accounts. I would want to suggest that the minimum sum be raised to $1 mil so that these people cannot squander away their money. 'Pssst, what about me, I don't have any money in my savings account?' Ah Pek asked.

6 comments:

Chua Chin Leng蔡镇龍 aka redbean said...

CPF solution - Get foreign help

If we cannot come out with a reasonable and clever idea on how to provide for our aged, the best alternative is to get a consultanting agency to do it. A foreign consultant will be better. And better still, make sure it is expensive. The more expensive is the consultancy fee, the better will be the recommendation.

We must not be penny wise pound foolish. This is the pound that we must pay to have a good scheme for the oldies.

Anonymous said...

I thought Singapore had the best retirment scheme, namely the CPF. People were criticising the welfare system of the West and praising our CPF scheme. If we need foreign help, that means we were not what we thought we were, meaning the best. And that goes for a host of other feel good things about Singapore.

Anonymous said...

I second your proposal to set the minimum sum at $1 million to help people prepare for their old age. At 70 or 80, the money should ne confisticated into an annuity account that ensures people will have enough for the rest of their lives. This helps promote self reliance and no clutch mentality.

Ⓜatilah $ingapura⚠️ said...

People still don't get it:

CPF is a TAX.

It doesn't matter what the minimum sum is—the govt can pull any figure it wants to out of the air such that they buy more time to protect the scam... ooops I mean scheme from going belly up and fucking up completely.

OK motherfuckers, get out a piece of paper and write 100-500 time

"CPF is a TAX funded PYRAMID game"

I even make another startling claim:

Anyone who relies on CPF alone for retirement funding is guaranteed to end up POOR.

Chua Chin Leng蔡镇龍 aka redbean said...

the good thing about a $1 mil minimum sum is that you don't have to worry about annuity or whatever. everyone will have plenty to live on.

i am scratching my head how to find $1 mil to put in.

Anonymous said...

spend while u can, take the American way, else sooner or later, it will be banana money, ONE million will become worthless in no time, looking at the rate COST is going up.. it may end up like the ghost money of hungry ghost month to be enough.