Medishield Life and CPF Life, profit making schemes?

I have raised this point many times and if I am not mistaken, no one thinks this is important enough to be raised in Parliament. I have read Leong Sze Hian post in TRE where he quoted the data from the media that since 2002, $90m was paid out under the Eldershield scheme. And his estimate on the premium collected was $3 billion. No need to think too hard to see the billions collected in excess. Where do these billions go to? Why are the billions not returned to the contributors to reduce their premiums?

Now we also have Medishield Life and CPF Life and the sum of premiums collected is mind boggling. And how much is being paid out and how much is the excess, the equivalent of profits being kept by the govt from these schemes? Why is so much money kept as profit, making profit from the people when the two schemes are basically for protection and not meant to be profit making? I am saying, that these are not profit making schemes as the people do not expect the govt to turn these compulsory schemes into profit making schemes. It is morally not right, ethically not right for the govt to implement compulsory insurance schemes with profit making in mind.

Would the govt want to clarify on these schemes, whether they are profit making schemes and if not, explain to the people how the excess billions are being used to benefit the people, to reduce the premiums paid, not to be used for some other things unrelated.

The MPs, forget about the PAP MPs, but the opposition MPs should ask this simple question, are the Medishield Life and CPF Life insurance schemes meant to be profit making and if yes, they must oppose this motive. Asking question and getting an answer is not the end. When the answer tells a bad story, they must demand that the moral of the story be changed to be morally and ethically right, not legally right.

How many of you think there is nothing wrong for the Medishield Life and CPF Life Schemes to be profit making schemes? Is profit making the main objective, and acceptable even if it is incidental?  How could the govt make profits from such insurance schemes? I stand corrected if the govt clarifies that these are not profit making schemes and the excess billions collected will be returned to the people to lower the premiums paid like what similar schemes in mature countries are doing.

PS. If these two schemes become profit making schemes, the people's life savings in the CPF will be in jeopardy.


Anonymous said...

The non accountability is troublesome. Government has not really explained why we need to pay more when the full account is not presented to its people.

Virgo 49 said...

Many of oldies, albeit the smart ones regretted joining the CPF's Life Scheme.

Now the smart ones taking better amount of their own monies per month without the Life Scheme.

On top of that, Interests of compound interests on their balance retirement accounts.

The interests earned much higher than the lump sum cut into the common account.

That is non interests earning and became a common pool subsidising those who are lucky enough still able to draw extra after their own dried out

But how many actually can draw???

Basically, your interest lost on your principal that became profits to them.

Anonymous said...

What's wrong with collecting more $$$? Papies slogan is Pay n Pay. Collects lots of money, surpluses or excess do u think that they will ever return to the people? Maybe yes or no? 'cos it depends on who u votes. If u don't vote papies, they will not return to u but may even sabotage the system. That's why they win election after election, till Sinkieland really sink & go habis..

Anonymous said...

If we want to stop paying so much money to the government ... very simple lah.
Just vote Opposition.
But Singaporeans are too scared to change government.

“The coward dies a thousand deaths, the brave but one"
- Ernest Hemingway

There will be many other new taxes and schemes to pay in the future.
GE 2020 is a long time away.

Is the above true?

Anonymous said...

not say I want to say.......

how many of you know in details what are Medishield Life and CPF Life........

not very sure right? you are not alone........

many many many not very sure what the hell are Medishield Life and CPF Life......

hahaha.......this is singapore....hahaha.......singaporeans........

Medishield Life and CPF Life, profit making schemes?

no lah! no lah! we have the BEST govt in the world........

how can they do this to us.....how can they profit from us.....you say you say........

so......worry less......be happy........hahaha........


Anonymous said...

The money you borrowed to pay for your flats incurred interests. If you hold your flat for 30 years or 40 years or more, think how much interests you got to pay eventually, when it is your money in the first place? And when you pay your interests, could you take them out from the CPF?

Anonymous said...

CPF cannot general cash itself. Making extra cash through this kind of sidelines might help. But the insurance companies made, cpf members paid. Incidentally, i found cpf out flows per qtr was 30mil higher than inflows. I was questioning, giving more S E passes to foreigners pmet can help cpf members to get their withdrawals guaranteed.

Its about cash short 10millions per month or 120millions per year. I guess that is the cause of preventing members to draw more by using minimum sums and adjust the minimum sum upwards "according to inflation rate".

E S passes members work here save the employers CPF. PR contributes to CPF. PR is a time bomb. When economy is not moving, PR will have to be sent home. PR draws out ALL 100% CPF.

PR happily go home with huge sums of S$. CPF members will face smaller drawings.
There are 600,000 to 700,000 PR as per media. Pap will increase PR as Epass and Spass figures need to remain at around 400,000 in total.

Can CPF members and voters wake up from watching the figures? The extra insurance will take away the CPF, but the PR withdrawals will shrink the CPF withdrawal. Project to the future. The more PR moving home, the larger CPF withdrawals, the larger cash shortage in CPF, inflows< outflows.

Voters vote for Pap to reduce their CPF withdrawal sums. Future generations will have ZERO cpf to draw out. Happy for foreigners, especially those under CECA, guaranteed to find jobs in little dot. Sad or not for some hard cores, for voting for a government that create E S passes for foreigners to under cut citizens required cpf. And created PR for them to draw 100% cpf home, worst hit is time when no jobs are for PR, they take out all 100% cpf.

It is a cpf policy that kills future citizens generation retirement, if voters continue to vote for Pap. Honestly i wander young citizens care, as they are jobless. But those on the jobs please think for your future. I project that your future will be very helpless when old and sick, if you to not vote for change to rely on foreigners to run little dot economy. We are head for dead end.

Anonymous said...

correction: "CPF cannot general cash itself", error: generate and not general

Anonymous said...

@ December 27, 2016 10:25 am

“The coward dies a thousand deaths, the brave but one"
- Ernest Hemingway

What does this quote mean?

Cowards (like 70% of Singaporean voters) have to spend their entire lives paying for all manner of new taxes and schemes ... each time they pay, they die a little bit inside.

The coward (70%) is always wondering what could have been if he had only voted Opposition.
How much happier and more free he would be?
How much a better Singapore he would give to his children if he only had the courage to vote Opposition.
The constant daily thinking and disappointments is just like dying every day.

Whereas the brave 30% (eg Hougang and Aljunied voters) stand up for what they believe in.
They are all that stands between Singaporeans and even more taxes and more payments.
Our brave 30% is still standing.

Our 30% is like the Spartan army of 300.
They will live on in Singapore legend.
Will you join them in GE 2020?

Is the above true?
What do you think?

Anonymous said...

We saved so much in our CPF in a life time. Why are these savings not enough for retirement?

Where did our savings go to? Who are we saving for?

Anonymous said...

Is CPF your money?

Many debates before.

To many, it is PAP = CPF and CPF = PAP!

PAP toooooooooo BIG to fail?


Anonymous said...

You mean we are saving for PAP?

Anonymous said...

If we keep voting PAP;
There will be all kinds of new payments and taxes to be paid to the government until GE 2020.

Is this a true and fair statement?

Anonymous said...

Anon 11.18 am
Ans: Very True & Very Fair.
Why? Next yr...Increase charges in domestic refuse, increase charges in parking, Bto flats more expensive in some locations etc..if the gahmen don't collect taxes how else do they pay salaries, bonuses & even millions to their masters, Sinkieland membership doesn't come cheap ..& Papies logo is still what's wrong with Pay and Pay anyway? Greed has no law on them & it's in their DNA .

Anonymous said...

If these two schemes become profit making schemes, the people's life savings in the CPF will be in jeopardy.

That 99 year rented HDB pigeonholes are so expensive has already put people's life savings in the CPF in even greater jeopardy, tio bo?

And what can be in greater jeopardy than when retirement savings no enough or even no more due to money put in rented pigeonholes?

But then why would PAP care when despite CPF of Sinkies in jeopardy, 70% Sinkies still voted for the PAP? By doing that, like it or not, Sinkies are saying it is OK to jeopardise their CPF money. What more to say?

Anonymous said...

Daddy, daddy!
Every time I collect more money, my slaves curse me with more cancer.
Daddy, daddy!
How ah?

Anonymous said...

This incompetent government has turned CPF into a ponzi scheme to suck away the peoples savings. So is the Elder Shield, The Medishield and CPF Life Insurance. What other ponzi schemes they may introduce down the road nobody knows. The God of the politicians and the party in power is Money. Do they have any conscience, ethics or morals? I guess none. But they are expert liars and conmen who speak with six inches fork tongues.

Feeling disgusted and cheated

Anonymous said...

For governments, it is only when they are voted out or overthrown will their skeletons come tumbling out of the cupboard in broad daylight.

Will that happen to PAP? Or rather will the opposition enable Sinkies to make that happen?

Or maybe there are indeed no skeletons in PAP's cupboard, that's why PAP never even lose its 2/3 majority in Parliament, let alone voted out.

Anonymous said...

Met someone who stuck with shares for the lender exposed to oil and gas and lost S$1billion. I told him derivatives exposures for financial institutions can be far worst than the loss in oil and gas loans defaults. 2017 will be shocking to daft sinkies who thought chin hu companies are safe to buy stocks. Use retired money to buy stocks for retirement gets burn. Use retired money to buy condo get burn. All come from foreign talents policy. Buy mrt stock also mati. Cpf money is the only life line for retire folks. But for the young financing housing, cpf is not enough for retirement. I told him voters must vote for Trump like kind, can only find in opposition. Vote for TPP and CECA lovers, the future will be so uncertain like this year and 2017.

Anonymous said...

Why kpkb?

The Medishield Life and CPF Life Schemes are World BEST schemes!

They were developed and approved by World BEST talents!

The schemes must be the BEST BEST in the world!

So be thankful and grateful!


Anonymous said...

The hated CPF Life scheme was initiated when Vivian Balakrishnan was MCYS minister . . .

Anonymous said...

when the civil servants came out with the schemes to help sin, it were noble ideas. But when it was passed to the white it became a money making (whats wrong with collecting more money). so..... what to do.

Anonymous said...

Of course they are money making schemes. As many people said, the PAP will not implement any scheme that does not make money.

Those schemes are so profitable, the PAP would not allow anyone to stay out. Want it or not you have to take part. Like it or not, you have to help them make money. Protect as much as you like, you die is your business.

Just say Amen.

b said...

All rulers in this world will take from his people using schemes like housing, transport, healthcare, pensions etc. A big part of the money went to fund his cronies. This has been practized for so many centuries. Fortunately, no empire lasts forever.

Anonymous said...

It is sinful to make money from people's life savings. Evil is the word. They will pay for such wicked acts.

patriot said...

So long as there is no evidence to show that the People are not fleeced by
any Schemes implemented by
the Leeders, Sinkies should sleep well cos there is no proof of hanky panky business.

All Sin Rulers are handsomely
remunerated to World Record Level. lt is done so yp prevent them from corruption and other money related felonies,rest assured they possess the Highest Probity.


patriot said...

My sincere apology.

'So long as there is no evidence to show that the People are fleeced...'.
The Word 'not' is redundant
in the Original Sentence.


patriot said...
This comment has been removed by the author.
patriot said...

All Sin Rulers are handsomely remunerated to World Record Level. lt is done so TO prevent them from corruption........

My apology for the Typo Mistake.


Anonymous said...

This is zero sum. If PAP make a profit gaining from us, it means we lose. What we had lost to PAP is part of our coffin money . . .

Anonymous said...

It is sinful to make money from people's life savings. Evil is the word. They will pay for such wicked acts.
December 27, 2016 5:02 pm

Sure or not?
Who is going to make them pay?

There is no God.
So they will never be punished for their sins in hell.
There are 70% daft voters in Singapore.
So they will never pay by getting voted out of office.

They will never pay for their wicked acts.
Only you and other Sinkies like you will pay ... and pay ... and pay