9/14/2013

Dismantling the CPF Minimum Sum Schemes



The govt’s hold on the people’s CPF savings is growing to become a sore point among the hard up citizens that have not enough cash and struggling to make ends meet with some ended up borrowing from the loan sharks. And the painful thing is to see the money, tens of thousands or more in their CPF statements. Would it be a case of want to laugh also cannot laugh, as the money is as good as untouchable. Now with the new proposal for a compulsory Medishield Life Insurance, this is indeed going to be a decisive point that could be a game changer in the next GE.


Now I am wondering would there be a political party that would make this an election issue, to pledge to dismantle the minimum sum schemes and to put a stop to this compulsory Medishield Life Scheme. The alternatives need not be a total change but to give the people an option, to opt in or to opt out of the minimum sums schemes as well as the Medishield Life Scheme.  If these schemes are intrinsically good, there will be many CPF members who would voluntarily leave their money in their CPF savings for the higher interest rates. In the case of Medishield Life, those who want and have the money to pay would still be opting for it while those who do not want can opt out.


Any political party that is offering the people a choice, the free will to opt in or out of these schemes would definitely be very well regarded and rewarded by the voters. So far, other than the ruling party that gave the people no choice, the other parties are keeping very quiet about this, also giving the people no choice. I think the people must be hoping that one of these parties would stand up to offer the people a real alternative to choose what they want, what they think will be good for them, and not be compelled to leave their money in the CPF or to pay for an insurance scheme that they did not want.


Would there be a choice in the next GE for the people to choose a party that will be will more willing to listen and would not force the people into no choice positions or no choice schemes? It would be a very refreshing platform and let’s hope the alternative parties will consider such options seriously in the next GE.

38 comments:

  1. RB, cpf is a tax so withholding the tax paid or use it for insurance is the preregotive of the government. Cpf taxes are collected in individual name cause the government wanted to be fair in giving the tax refund. The more taxes you have paid, possible more refund and benefits accrued back to you.

    Cpf has basically evolved from the pension scheme to a more like tax scheme so try to understand and not kpkb over it. Only thing as the government does not want to call it a tax hence causing a lot of misunderstanding and confusion and upsetting many sinkies. You tell me lar, I Tio Bo?

    ReplyDelete
  2. Why is redbean so worried?
    Pee Am Lee says he is on our side.
    So why worry?

    COE price is high.
    Why worry?
    Pee Am Lee is on our side.

    HDB "subsidized" flat price is high.
    Why worry?
    Pee Am Lee says he is on our side.
    So why worry?

    Our Singapore Reserves are with "steady hands".
    Watched over by a BIG pair of spectacles.
    Don't worry. Be happy.

    ReplyDelete
  3. Does Pee Am Lee get daily updates on our TummySick Investments during pillow talk?
    If yes ... why worry?
    Be happy.

    ReplyDelete
  4. Is it a maid levy or is it a tax?
    Why pay tax when you hire maid to look after your parents?

    Why gahmen never pay parents a slave levy when they use our Singapore sons during National Service?

    ReplyDelete
  5. "Now I am wondering would there be a political party that would make this an election issue, to pledge to dismantle the minimum sum schemes and to put a stop to this compulsory Medishield Life Scheme."
    RB

    Hahahahaha.

    I ask you. Suppose Chee Soon Juan 's SDP were to pledge to dismantle minimum sum scheme but SDP can only contest 20% of the seats in next GE, you think 60% voters will vote SDP?

    Or for that matter, even WP or any other political party?

    Let me repeat, and it's worth repeating, that 60% Sinkie voters will only respect a political party that can contest 100% of seats as one party in the next GE!

    Too bad for 40% Sinkies lah, if pro foreign FT and CPF minimum sum PAP happens to be that party.




    ReplyDelete
  6. Rb...this is the hungriest government in the world...Singaporeans remain the most taxed individual in history..look at all the obscene surpluses of the stat boards..look at the public funds used to bolster gic n temasick..look at the budget surpluses year in year out..they took GREED to a whole new level!! You really expect these fat cats to give up the golden goose? Instead of ploughing back the vultures are instead devising more schemes to plunder the citizens' hard earned savings..question is..what's next after the enforced insurance scam...

    ReplyDelete
  7. It's true lah. Sinkies should never let the disunited opposition win 93% seats.

    Because if PAP govt is bad, opposition govt would be even worse.

    Can you imagine Chee Soon Juan and Low Thia Khiang as ministers in the same cabinet? Can jalan or not, you tell me lah?

    ReplyDelete
  8. Cannot even jalan before election, how to jalan even if can win election?

    ReplyDelete
  9. I only know that CHC is a very rich church and collecting a lot of tithes. And it is never enough and is collecting more and more.

    ReplyDelete
  10. What really matters is that they can collect more and more.

    And for a political party, what really matters is that they can win majority votes in an election.

    And to attack someone, what really matters is your superior weapons and soldiers. But soldiers matter much less in modern times compared to ancient times.

    ReplyDelete
  11. "But soldiers matter much less in modern times compared to ancient times."
    Anon September 14, 2013 10:30 am

    Tio lah. And for sure Sinkieland will never survive in ancient times.

    ReplyDelete
  12. That's why if I were a Sinkie defence minister, I no worry not enough Sinkie soldiers one. I only worry no enough money for defence budget.

    ReplyDelete
  13. In order for any political party to dismantle the minimum cum scheme, or to allow liberalised options, they first have to understand CPF state of health. Nobody understands CPF. How much money is there really there, not committed as loans to IMF, to SWF's etc etc.?

    What if Cpf is really a kaput case, that being the reason why the govt is holding back our withdrawals and giving sinkies a hard time?

    In this case, if the new party start to liberalise, the population will panic. It will result in a "run on the bank". The consequences are far worse than living with the lie which the PAP creates and the false sense of security of CPF.

    No one trusts the system anymore.

    Always remember "Credit Creation" concept which we learn in Pre U economics. Financial institutions are allowed to lend out typically 90% more than what actually exists. All financial institutions will collapse if enough people request WITHDRAWAL AT THE SAME TIME.

    rex

    ReplyDelete
  14. ...if the new party start to liberalise, the population will panic."
    rex September 14, 2013 10:49 am

    Fear not. There won't be a new party in the first place, let alone start to liberalise.

    ReplyDelete
  15. Provided Chee Soon Juan and Low Thia Khiang or even Goh Meng Seng can work together as one party, then there will be a 93% chance for a new party.

    ReplyDelete
  16. IMO opinion, this is how it'llplay out:

    1. The next election is going to be fought within a global economic environment either pre or post 2008-style collapse. People will be scared. The PAP is very good at "leveraging" fear.

    2. CPF minimum sums will INCREASE over time

    3. CPF minimum sums and MS Life will be made, by law (of course!) "non-refundable" to would-be emigrants. This will severely impact new immigrant citizens who may have designs in repatriating to their original cuntrees and bring with them a huge chuck of loot from cashed-in CPF and HDB sale. (aka, they will be fucked up nicely)

    4. I could be wrong ;-)

    ReplyDelete
  17. redbean:

    >> CHC is a very rich church and collecting a lot of tithes.

    "Tithes" are voluntary taxes. Non-believers need not pay.

    CPF and MSL are compulsory taxes. Everyone pays. Non-believers especially ;-)

    Oh yah, dun forget that the GST could easily go up to 10% -- I think that will happen after next election (but they won't tell you beforehand)

    ReplyDelete
  18. No lah, PAP won't lose big, so there will be no winners over PAP, even if there is shit to clean up.

    ReplyDelete
  19. 60% would still prefer PAP to clean up the shit, assuming there is shit.

    And smart Sinkies also won't want to be opposition and to win to clean up shit, tio bo?

    ReplyDelete
  20. I do not think any political party in the right sense of mind would want to propose what RB suggested.The consequence would bankrupt the govt when it does have not enough in reserve to release the fund now held in the minimum sum scheme.
    On another matter, I like what the former Aussie PM Kelevin Rudd said. He said my job was to look after your job.Did any of our PM even said that?
    Or did any of our PM ever said that his job was to look after our CPF money?

    ReplyDelete
  21. Smart Sinkies would rather make money than to join opposition, let alone to win election to clean up shit, if there is shit.

    ReplyDelete
  22. There is a reason why Sinkie opposition is not ready to be govt.

    And it is not that PAP bully the opposition.

    ReplyDelete
  23. "I do not think any political party in the right sense of mind would want to propose what RB suggested."
    oldhorse42 September 14, 2013 1:21 pm

    Of course lah. Why do you think RB is just a blogger earning kopi money and not a politician?

    ReplyDelete
  24. This comment has been removed by the author.

    ReplyDelete
  25. @anon 120:

    >> 60% would still prefer PAP to clean up the shit, assuming there is shit.

    Don't worry, there will be shit. Capital continues to fly away from Asia. India is in shit. China is in shit. Indonesia is in shit. And now my beloved Thailand is in recession -- huge debt crunch as people cannot earn enough to pay off debt.

    Next election, Singaporeans will be going to the polls with their balls in their mouth -- imprinted with so much FEAR; which the PAP will cunningly take advantage of; to the point where definitely more than 60% (try 80-90%) will give the PAP a landslide victory.

    ...however I could be wrong ;-)

    Anyway, just relac lah brudder, and Keep Calm

    ReplyDelete
  26. Matilar as a sex predator, u should be happy Thailand and Indonesia have gone to the dog what. That makes the mei mei there very cheap for u to exploit mah, Tio Bo?

    ReplyDelete
  27. Dismantling the CPF Mininum Sum Schemes?

    Wait long long, or

    Tang koo koo, or

    Tunggu lama lama, or

    Kong kekleng kia way.

    For all we know, getting rid of the schemes may be like what they say, out of the frying pan into the fire.

    ReplyDelete
  28. As a Pappy mati lah singapura will want Sin to belong to PAP.

    ReplyDelete
  29. @340:

    >> That makes the mei mei there very cheap for u to exploit mah

    Yah, but the price of your mother's rotten-fish cheebye also drop lah.

    Tio boh?

    @442:

    >> mati lah singapura will want Sin to belong to PAP.

    Are you sleeping? They own it already lah.

    ReplyDelete
  30. Wow matilar, u go do incest again? U still refuse to let your mother and sisters go? Have some respect for them lar knn

    ReplyDelete
  31. The idea of CPF being a time capsule of those in need???, where did the idea go, so much grinding into the people's/citizen's resources, the 200k then 400k, how could that be realised, in a city that public figures says, "we will leave no one behind", seems to have left many many struggling to keep up.

    What are singaporens?, from that woman who was killed in Mumbia to that mother who threw her special needs child out the window, how many more will be left behind.

    Kaki

    ReplyDelete
  32. Matilar what a foul mouth, like that I also want to screw your wife and sisters lor, only young one hor

    ReplyDelete
  33. Dear readers of My Singapore News blog:

    "If we didn't get it right, I'm sorry. But we will try better the next time."

    "These are real problems, we will tackle them. But I hope you will understand when these problems vex you or disturb you or upset your lives, please bear with us, we are trying our best on your behalf,"

    "We made a mistake when we let Mas Selamat run away. We made a mistake when Orchard Road got flooded,"

    "No government is perfect… we will make mistakes. But when it happens we should acknowledge it, we should apologise, take responsibility, put things right. If we are to discipline somebody, we will do that, and we must learn from the lessons and never make the same mistake again,"

    "We're sorry we didn't get it exactly right, but I hope you will understand and bear with us because we are trying our best to fix the problems,"

    SOURCE:
    http://sg.news.yahoo.com/blogs/singaporescene/pm-lee-didn-t-m-sorry-152850327.html

    So dun worry lah.
    Your CPF is safe.
    Uncle Tony will keep your CPF money safe from you.
    What you cannot touch, you cannot lose.
    Tio bo?

    ReplyDelete
  34. On your side? you wait long long time.
    You are being counted out, only FT are here to worship them. This is clear cut when the 6.9m gift was giving to u.

    ReplyDelete
  35. red bean .... did you opt out of the CDAC scheme ... either 50 cents or a fucking dollar

    else talk so much for fuck???

    long live kuan yew ... please witness the departure of your beloved son ...

    oops ... the holey trinity; cannot die

    ReplyDelete
  36. Hi
    My name is Lee Con You..
    If you think I'm bad.
    Wait until you meet my son.
    Lee Fuk Yiu.

    We will screw your family and your descendents.
    64 generations into the future.

    ReplyDelete
  37. @September 14, 2013 10:35 pm

    what about his grandson?

    the white skin .... his name???

    li pek puay ?

    he gonna bleach us white too?

    ReplyDelete
  38. Fren, no good to make this kind of comment. Watch karma.

    ReplyDelete