Is CPF taking advantage of senior citizens?

I am a senior citizen. By right I should be getting all my CPF savings when I reached 55. But they changed the rules and created a Retirement Account and forcibly transferred some of my savings into this Account. I am angry but kept quiet since there is nothing I can do. They wrote the laws and approved whatever laws they decided. Dunno which turkey decided on this. So far no one dares to admit it. Was it discussed and approve in Parliament?

Now they created another account called Medisave Minimum Sum Account. And they forcibly transferred some of my savings into this account. Very unhappy but cannot do anything. The people elected them so they think they can do anything they want.

Now I am getting angrier. If my savings are kept in the Retirement Account, I shall be getting 4% interest rate. I just found out that my savings in the Medisave Minimum Sum only get 2.5% interest. Correct me if I am wrong, but this is in my CPF statement.

Why am I being paid of 1.5% of interest lesser? The CPF suka suka changed the rules and suka suka fixed the interest rates. What, senior citizens all ‘boh tak cheh’ and you can do anything you want ya?

Tell me if this is fair? Letting you keep my savings for as long as you want is already damn ‘pek chek’. Now you created new accounts and pay me lesser interest. You want to bully senior citizens is it?

All my plans to be emperor in Batam or Lijiang got screwed because you refused to return my savings as contracted when I became a member more than 40 years ago. Do I have the right be angry?

Kopi level - Yellow 

I have discovered the discrepancies in the computation of my Medisave and Retirement Accts. One is paid annually and the other bi annually.

When I saw the two amounts of interests side by side, the numbers obviously did not tally.

After going through the whole year's statement, I found another payment in July. The interest paid for Medisave is 4% while Retirement is 4 + 1%.

Why would they be computing interest payments differently, I dunno. My concern has been cleared and the payment is correct.

February 08, 2014 10:08 am


Virgo49 said...

Hi Bro, wait till the yearly Minimum Sums of RA and Medisave Account revised upwards again and they gonna transferred all your balance monies in the other accounts if you have one into them.

In the end, get token amount of 5K or NOTHING.

Think nothing, already paid for flat installments alreadu ai see beh see liao.


Anonymous said...

This CPF robbery is enough reason to vote them out.

Anonymous said...

For those with outstanding mortgage loan and not working or working with low contribution to pay mortgage instal. when turn 55, they will be faced with where my CPF money gone to, why not enough to pay my mortgage instal.???

Anonymous said...

/// Do I have the right be angry? ///

You are a Singaporean.
You live in Singapore.
The PAP government is in power.

And you ask if you got any rights?

patriot said...

It is damn scary that Laws OR may we should just call them Decrees are implemented without Parliamentary Debate and Aproval.
Not even consultation with the Citizenry or put through a Referendum. It is suka suka want as mentioned here.

Are there any Law or even Rule to regulate the Rulers from doing things the Suka suka ways? Otherwise, how to ensure that they do not behave like feudal lords?


Anonymous said...

Fucking papigs.


May all your descendants reap all the fruits of your evil deeds

Look at the familee as examples, ...

Knnccb....... long live kuan yew

agongkia said...

My uncle is reaching 55 and is not interested on the 4% because he hope to take out his CPF to pay the bank credit card and loan once and for all which charge him 24%.
He also hope to use it to top up his own medisave else he cannot continue with his kachang puteh business.He fail to see the CPF changes in his financial planning years ago because law can change any time.

And who to blame?

Its uncle like you who any how mentioned your plan to be Lijiang or Batam emperor that make him having more difficulty to withdraw his pathetic CPF balance.

As for me,CPF is a tax.I never expect to be paid.
My only hope is that they do away the medisave requirement for those poor towkays who are out to earn a living but have difficulty yearly to top up Medisave in order to renew their license.

Veritas said...

This situation has another name -- default.

The CPF force saving has terms and condition, and in short, the people are creditor and PAP is debtor.

Halfway, PAP change goal post and restructure his liability, force it into our throat.

In the commercial world, PAP will be sued until pants drop.

oldhorse42 said...

I notice the coffee level is yellow. I need to do something quick to raise the coffee level to a more healthy level.
Can't help wondering why you work so hard with 2/3 posts per day, yet your coffee level is still in the unhealthy range.
Could it be that you are serving the wrong crowd? Or doing the wrong thing?
Just like your CPF. If and only if you had used your CPF to buy an investment property and rented it out to foreigner, you could be so much happier and welcoming to foreigners.

Chua Chin Leng aka redbean said...

Hi oldhorse, think everyone still in festive mood and forgot about kopi. Anyway thanks.

Anonymous said...

What is happening with our CPF may pale in comparison to what is expected to happen in the banking business in time to come.

It already happened in Cyprus where depositors were forced to bail out the bankers and country from bankruptcy by way of having part of their deposits confiscated by the government vis the bankers. This is daylight robbery, by any sensible definition, but I understand now that when we put our money in the bank as deposits, technically that money belongs to the banks the moment we put it there. Of course bankers and governments never mentioned this fact, but what happens in Cyprus is exactly the case. And depositors have no recourse whatsoever.

Anonymous said...

The scam in the banking industry is so wide spread that practically every bank is sucked into the derivatives and speculative schemes and many established western banks are all bankrupt but surviving on cooking their books. This is also tied to the stock market system.

If we don't pull out of the scam and go back to the fundamentals of banking and stock broking, when the bubble burst, our banking system will go down as well. The stock market is on its knees already.

The people in the system know that the whole banking and financial system is sick but dare not whisper a word or hoping that it would not go bust during their time.

The question is only a matter of when. Lloyds of UK under govt bail out just announced needing another 2b pound or something like to write off.

b said...

all politicians are evil. still need more convincing?

my friends parents finally agreed to migrate to join their kids in some real (not pseudo) first world country after more than a decade of persuasion. they finally give up on pro alien party after 50 years. they will be withdrawing their cpf soon. this is one way how rb can withdraw all his cpf. maybe esm goh will be joining his quitter daughter soon. thats the reason why many ministers have foreign spouses.