Gan Kim Yong has floated the sugar balloon, to discourage Singaporeans from eating more sugar. The next policy change will be higher taxes on sugar and sugary stuff. See how caring and frightening is the govt when they voluntary schemed in the name of helping the Singaporeans, and the Singaporeans ended paying for the schemes?
Josephine Teo has joined the fun, oops, I mean caring for Singaporeans. She now realised that Singaporeans are living longer, so must raise retirement age so that Singaporeans would continue to contribute to the CPF to have more money for retirement.
"Minister Josephine Teo: Time to pay more CPF and increase Retirement Age
July 29, 2018
According to the newly-appointed “4G” Minister, Singaporeans will need to pay more CPF because they live longer:" thestatestimesreview
There could be many reasons why there is a need to raise CPF contributions and retirement age. According to the statestimereview article, it is because sovereign debt fund or is it sovereign wealth fund, is losing money and the hole needs to be patched up. Josephine's narrative is that people are living longer, so must work longer and contribute longer and more to their CPF. Is this a linear thing, an unending thing? It looks like it. Singaporeans can be 80, 90 or 100 year old and still have to work and contribute to their CPF. Do you think this is ludicrous?
I have another hypothesis. Singaporeans really don't have much money left in their CPF for retirement and the oldies are more vulnerable. Why?
Think of where their CPF money is going and how much left for retirement. A 3 rm HDB lease holder would have to cough out something like $500k from his CPF. Those in bigger flats would have to cough out more. Then there are 4 compulsory CPF insurance schemes to pay for, and maybe more schemes coming. Then the hundreds of thousands in jail house rock under the various minimum sum schemes. The oldies, if they are going to live longer, would be in dire straits with not much money left in their CPF for retirement and also to pay for many more caring schemes to help them to live to 100 years and have money to spend. I recap the last two points on the need to raise retirement age and CPF contributions, money not enough to retire and not enough to pay for more compulsory schemes.
Going forward, not only those in the 70s and 80s would need to work, they would need to contribute more to their CPF. Can you believe this? People in their 70s and 80s, on paper can live to 90s and 100s, must continue to work and to contribute to their CPF for their retirement, when the unpredictability of life could mean they could die tomorrow?
But this is besides the point. The important thing is that these people elected their representatives to scheme up more schemes to care for them. And the people they elected are doing exactly that, to appear to be very caring. How can you fault anyone when open mouth shut mouth says he/she is doing it to help the daft, the helpless and the unthinking? Well, er, since everyone is so mediocre, the immortals, if not the natural aristocrats, must help the mediocre right?
26 comments:
Rb, Knn I agreed with you 100%
Must beg them please DON'T HELP US any more. Just collect your million dollars salary and shake leg. Don't need to do anything for us. The more you help, the more we pay. So please just shut up and do nothing. The country and people will be better off without your non-mediocre help. Mediocre people can only be truly helped by mediocre leaders, not by non-mediocre leaders lah.
In the Scandinavia countries like Sweden, Norway, Findland and Denmark the people and workers pay high taxes when they work. But their sickness and health problems are well taken care of by the governments. They are similarly well taken care of when they retire. Same goes with Canada which though the people pay high taxes they are similarly well taken of either when they are working or when they retire. Also all the citizens whether young or old or dependents of workers are similarly well taken of by the governments. In short while they work they pay high taxes but they don't have to worry about paying large medical or hospital bills when they are down for the governments will take care of all their bills.
I have some friends in Canada. One of them fell sick with a stroke and was paralyse. The Canadian government will not only send their ambulance to take him to hospital for treatment but twice a week they will send a nurse or two to his house to help him to bathe and do other necessary things.
In Singapore you pay high taxes but the government, the elected representatives attitude is , 'You die - your own business.' They are really a bunch of most incompetent, most inefficient self interest and self aggrandizement people without any conscience.
Singaporeans are deprived and cheated.
"They are really a bunch of most incompetent, most inefficient self interest and self aggrandizement people without any conscience.
Singaporeans are deprived and cheated."
Past 20 years of LauGoalie-LoongSiJinx track-record affirmed above much.
What to do? They lost so much money ''investing'' the people reserves. Now have to come out with con schemes to cover the lost.
Lesson learnt:
NEVER TRUST HIGHLY INTELLIGENT PEOPLE TO BE YOUR MINISTERS. OTHERWISE, THEY WILL KEEP SCREWING YOU AND KEEP ASKING FOR MORE PAY SO THAT THEY CAN BE UPGRADED FROM MULTI-MILLIONAIRES TO BE BILLIONAIRES!
Money is always not enough for these highly intelligent schemers!
@ RB
Oh please lah uncle with the Entitlement Mentality.
By now you should already have it stuck in your head that the CPF is not enough if you want to enjoy your remaining years in your mortal coil. This idea is not new. Way back from the 1980's, the PAP "encouraged" Singaporeans to take out life insurance policies (for e.g.) and plan long term for their eventual retirement.
These assholes now complain that "money no enough" and "kana nah CPF bo lui" when they had ample WARNING nearly 40 years ago.
The idea of CPF was to ensure that pension/ social welfare was close to being fully-funded by individual contributions. In order to remain competitive, our cuntry cannot go down the "welfare state" path. And Singapore is the envy of the western dole-bludging world because it has a "fully funded pension system", we all fondly know as CPF.
As I've said many moons ago (because I can do basic arithmetic), that look out: your CPF contributions are going to rise (because useless wastes of oxygen are living longer), and that your "freedom" to use the money which is not technically yours (let's not start that shit again!) is going to wane.
The socio-economic-political system in Singapore is umbilically tied to the CPF-HDB-electoral-ward mechanism, and the PAP use this mechanism to manipulate the public. It has worked spectacularly for many decades, so what in the hell are you thinking that it will change?. It does change, but not because you want it to. It changes because it is the law and the parliament of elected representatives eventually green-light what needs to be done.
6 weeks ago some of the bright young "ver 4.0" youngsters (all finance guys with PhDs and Masters degrees) of the PAP took me out to an extended lunch. It turned out, they were trying to get me to join People's Association, which of course I declined---citing that I have too many "bad habits" (like carousing
and chasing women) I would have to give up and would be unwilling to because of the fun and enjoyment they bring to me. (They give my life "meaning"...Awww...🤣)
As the afternoon progressed, I raised the issue of a welfare state, and my views on its "toxicity to the society" having lived in Australia and occasionally the US for now over 40 years; BLEEDING as a taxpayer to fund the bullshit western welfare state to prop up people's financial irresponsibility. These guys assured me CATEGORICALLY that a welfare state for Singapore will never happen.
So I teased them...using history from the west as an example. They are finance fellows so I went into my spiel about central banking and how the govt can monetise debt to pay for "social programs", as well as raise taxes---the typical western welfare demo-Crazy of: Borrow, Tax and Spend. I also told them I have it from reliable sources that I know how much the national reserves are, and that it could be used to fund social programs too. (I was really rattling their cages, making is as uncomfortable as possible....that's when the "truth" comes out).
One of them got really pissed off. He indicated that as long as the govt has these young finance grads at their disposal, NO WELFARE STATE will arise in Singapore. I of course, politely disagreed making him more pissed.
So there you have it folks: no western style welfare state for Singapore There are very smart young people who will do whatever it take to PREVENT such things from happening.
The CPF-HDB-Voting dynamic ensures that the PAP has tenacious control of the ground.
The cuntry is safe. Praise Jesus 🤣 and Buddha 😂 and Ah Lah 😹 and Yaweh (for the Zionist banker community) 🤑
@ all
In other words, I give the govt ver 4.0 FULL SUPPORT in this---using CPF to fund entilements. It is not everydat I agree with the govt, but the introduction of a "tolong tolong" welfare state is bad for everyone---especially the ones screaming "tolong tolong".
Many of you will of course disagree with me. So please, load up your best insults and ad hominems and FIRE AWAY, you entitlement-minded-Sheeple-victims! 🤡
These Farking Whats PHDs sparks are just parasites and leeches.
They just for sinking to the Establisment balls fortheir own good lives.
You think they ta see chek with just toilet papers are SMART???
Life Open Unis lessons are more than just been parrots and Ostriches.
@ Virgo
They don't have to be smart. They just need to be IN-CHARGE!
屌! 🤣
These PHDs idiots must be blinded to human hunt a monster like you and to be in charge of Sinkies destinies.
That's already shown the PAP standard of their foresight in selecting their skunks.
Dogs are higher class than them so I usually don't use the word DOG.
Reverse GOD. All Dogs go to Heaven whereas Most Humans to hell.
To keep long story short, CPF is the biggest scam of all the scams implemented by the Blood Sucking Leeches!
Matilar you're wrong. If PAP loses 2 or more GRCs confirm they will roll out the welfare carpet. Do you know how much welfare shit PAP rolled out when they lost Aljuneid? Granted most of it was aimed at old cocksters. But PAP would never have rolled out any of it if they hadn't lost so much ground. And LKY wouldn't have been removed from Cabinet after 2011. He would have continued his meet-the-people sessions & continued making grand public forecasting pronouncements.
The 70% support in 2015 totally shocked PAP ... they were hoping & expecting for 65%. Becoz of the 70% and disintegration of much of the Opposition, PAP became emboldened to extract flesh & blood for all the welfare and concessions they made from 2011-2015. Hence you see all the various increase in taxes & fees, dressed up as improved and additional benefits to sheeple.
Actually in Singapore, an average person can achieve financial independence i.e. don't need to work, by 40 if he/she has no kids .... or by 55 if got kids. As long as one doesn't over-consume on housing & lifestyle, and adopt wise investing and money habits.
I personally retired at 40 in 2010, in the immediate aftermath of the financial crisis. By then my passive income from investments was already 50% higher than my expenses. The ability to buy more excellent companies at cheap prices was a bonus, and added extra capital gains and boosted dividends.
CPF is actually good for those who want to work until 65. I have older friends/relatives with $800K to over $1.2M in their CPF accounts. Many are not degree holders but normal hardworking executives who bought cheap housing, never upgraded & just continued to contribute to their CPF, even topping up extra for many years. All of them could take out at least $600K to over $1M at 55 yrs old but they didn't. They left it inside CPF for the higher interest rates ... Basically using it as a high-yield bank, as they can always withdraw any amount at anytime, apart from their minimum sum in their CPF-RA and Medisave.
Hi Uncle Redbean, as a foreigner I have been led to believe that the Singapore Government is doing a great job. The Straits Time of Singapore has always been singing praise about your caring and benevolent government. Caring for the old folks of Singapore is very important and steps taken by your government appear to do just that. So why are you so against these measures?
Many of the poorer Singaporeans with less than minimum sums in their CPF could not touch their CPF savings to benefit themselves. Now the govt is spending their limited CPF savings without their approval on compulsory insurance schemes that they do not want or need. They cannot touch their money but the govt is using them and spending for them.
Do you see anything wrong with that? It is like someone saying CPF savings is not the people's money. So go forth and grab as much as you can.
@ RB & Speedwing
The job of the govt is to run the cuntry---FOR EVERYONE---not for "special interest" groups. "Benevolence" is an individual character trait. It is not, and cannot be a "collective trait", because it is a CHOICE made on the individual basis, for individual reasons.
So stop believing in the myth of "benevolence" of any large group, collective or organisation.😝
The govt requires no approval to spend CPF money. If in doubt check The Law. The govt can do anything which is within the law for any lawful objective. If you don't like that, I suggest you make plans to emigrate to lawless lands run by warlords and gangs. 🤣
I see nothing wrong---in fact I see the necessity---for the govt to tinker with CPF as they see fit. OK, sometimes they do so for political reasons. However, that is your own fucking fault. I don't vote, so don't blame me. The Sheeple Get the Government They Deserve! 🤓
The govt has no choice to tinker with the CPF, if Singapore is to remain free of the debilitating and destructive grip of a western-style welfare state---where tax and borrowed money are used to "incentivise" irresponsible behaviour. (i.e. living a profligate life and not making the effort to plan for retirement). In the western cuntries, everyone can claim to be "The Victim", and that somehow (by really twisted logic) gives these "victims" a claim on the hard-earned money of others. I applaud the Singapore govt for proactively resisting the move towards a taxpayer and borrowed-money system of Entitlement Spending.
>> So go forth and grab as much as you can. <<
You can grab the entire amount if you quit Singapore as a citizen, or as a foreigner who has no intention in returning for work. The nation will bid "good riddance" to you! 😳👍🏻
In my case, I will never give up my Singapore citizenship, regardless of where I make my home on this blue-green planet of ours. Singapore is a rocking, awesome place---despite being (and increasingly so) an expensive city.
Why is it expensive? It is expensive because many people move here to make it their home. They see the benefits, and they want a slice of the action. When your cuntry is in HIGH DEMAND, that's a sign that somethings about it are of enormous value to outsiders. To me that is a signal that you should "get some" too.
Got profit motive? 🤡
One way to cope with the PAP 4G elite's excesses is to vote Tan Cheng Bock as opposition into Parliament.
Matilah idea of no western welfare system is basically sound & more sustainable. Citizens should take ownership of their own well being.
Nevertheless, the current situation of monopolistic political governance is also lousy as low competence does not commensurate with sky high self-dictated (fake-disclosure) renumeration. There is definitely a need to introduce serious competition (of at least 33% opposition seats in parliament) for citizens to extract better value from self-serving ruling politicians.
Politicians also must be made to keep legal contracts eg CPF withdrawals at 55 yrs old must be adhered to for those signed under that time period. New working adults will be under a different age of CPF withdrawals.
More importantly as a very wealthy nation (like any wealthy family) the productivity from wealth management can make a huge difference to the circumstances & welfare of the citizens. There is no place for family or crownie related buy-high sell-low half-baked fund managers like HoLeeJinx and Paperpiper generals. Better returns from competent & skillful managers can help significantly prevent self-inflicted high costs of living from taxes & tariffs especially on basic necessities of water, electricity, gas, transport & education. 7% return from a trillion dollars a year is $70 billion. $70 billion from funds returns can solve a lot, a lot of costs n revenue issues. SingaIsland can actually be Lucky country, but is not because of extreme high costs of living maybe because we have the wrong key people managing the huge National Funds. Losing a billion here n there, a few hundred mlns here and there, tens of mlns, here and there, 100sK here and there, all add up to some very serious dough.
Talk so much for what?
70% do not dare to vote Opposition.
Therefore, PAP will be our government forever and ever.
The job of the govt is to run the cuntry---FOR EVERYONE---not for "special interest" groups. "Benevolence" is an individual character trait. It is not, and cannot be a "collective trait", because it is a CHOICE made on the individual basis, for individual reasons.
So stop believing in the myth of "benevolence" of any large group, collective or organisation.😝
Matilah said stop believing in the myth of benevolence. Is his claim that the govt is to run the country for EVERYONE, a myth or a truth?
The govt requires no approval to spend CPF money. If in doubt check The Law. The govt can do anything which is within the law for any lawful objective. If you don't like that, I suggest you make plans to emigrate to lawless lands run by warlords and gangs. 🤣
I see nothing wrong---in fact I see the necessity---for the govt to tinker with CPF as they see fit. OK, sometimes they do so for political reasons. However, that is your own fucking fault. I don't vote, so don't blame me. The Sheeple Get the Government They Deserve! 🤓
Matilah cannot see anything wrong with the govt messing around with the people's life savings, even treating the CPF savings as not the people's money. That is his value judgement on what is right and what is wrong.
Since many years ago, Matilah has already said what he has to say. Those who have been reading his comments in the past years know very well what he was/is - psyche, perception, knowledge, intelligence, values, judgement, biases, inclinations, hobbies, past-times, behaviour and character. In short, we should have already known where he is coming from and where he is going.
There is actually nothing new from him.
1.44 pm anon, if you treat cpf as a high yield bank, don't regret that they can Suka Suka change the rules and your money can Kena tangkat there and locked inside. Since they changed cpf rules all the time so don't be surprise and regret later. So advise your friends better fast hand fast leg withdraw the money.😀😀😀
@ 837:
Yes, the PAP has owned the political ground AND conversation for over 50 years.
Yes, they are not beyond using any manner of "dirty tricks" to cement their dominance over virtually everything in their governed territory. LKY was very clear about this: where you live, what you do etc etc...is all the government's business. Also using "strong measures" (aka fear and coercion) to "govern a Chinese society"---Singapore is ~80% Chinese (LKY's version of Singapore-modified Confucianism---where the society is governed by "knowledgable elites")
Whether you liked LKY or not, you have to appreciate that right or wrong, he meant what he said, and follwed through with ACTION. He really did "walk his talk".
Therefore to me, the data out there is quite accurate. The PAP conduct themselves in certain ways they do not have to explain nor apologise for.
@ 1026
I'm glad you've noticed. I try to remain consistent with my libertarian / anarcho-capitalist views. I have modified, even reversed my opinion on certain things. For e.g. the PAP's version of globalisation and open bordsers (way too extreme), algo trading systems (not limited to HFTs), the need for some kind of "welfare" because a fiat money system penalises (inflation is an "invisible tax" which impacts the lower-strata wage earner whilst rewarding the higher net worth individuals with "ezy-credit" to make even more money without adding a proportionate amount of risk).
@ RB re: CPF
>> That is his value judgement on what is right and what is wrong. <<
OK, you have put a moral evaluation whereas I have left out the morality argument. But it boils down to this:
If you tax one group (producers, wage earners) to support another group (unemployed, "victims"), you create INCENTIVES for people who are paying to avoid extra tax (productivity and growth declines), and on the receiving end, an incentive to remain "victims" because they can get "free stuff" by govt redistribution.
In other words, you incentivise the less productive by punishing the productive. This is essence is the way western welfare state systems work. Sometimes they "cheat" by borrowing to fund social programs. However, eventually SOMEONE has to service the debt and eventually pay it off. It is usually the children and the unborn to whom this "responsibility" is imposed. Since western democracies have 4 or 5 year terms, CAREER politicians do not give a shit about the LONG TERM, and can (and do) run HAVOC with the cuntries' finances. The trend in these cuntries is to INCREASE govt/ sovereign debt to unbelievable levels.
It might be all well and good in the short to medium term but eventually someone has to PAY UP.
In my time I've seen many examples of "creative accounting". I happen to know an excellent forensic accountant who has busted several corporations, the occasional central bank and government for fiddling with money SUPPOSEDLY left in THEIR TRUST. If you want me to put put the moral case to you: THIS SHIT IS PATENTLY & OBJECTIVELY WRONG.
I suspect there is "creative accounting" going on in Singapore---corporate and government---but I have no proof of this; it is just a "hunch" on my part, and I know that I could be wrong. However if I do find evidence of such shennanigans, I will be singing like a bird and telling EVERYONE. Fraud and theft really piss me off, you have no idea. It is a "deal breaker" for me---i.e. I will end friendships with anyone I find doing this, and report them to the authorities. You simply can't fuck with people's money.
CPF is ok, Because it is NOT your money, and it is THE LAW. i.e. everyone is equally subject to it. Whatever the govt does, it has to be LAWFUL. So far, so good. If they break the law---SHIT ON THEIR HEADS.
I hope that clarifies my stance.
CPF "is NOT your money" so it is money stolen by the govt. THE LAW is meaningless when it can be changed by the govt whenever it suits and benefits it.
To treat CPF implicitly as ruling govt money effectively n not of individual citizen is both legally n morally wrong. You work for your money is an important principle. It is a basic tenet of laws n ownership rightd. Matilah cannot agree with your assumption n your support of this lawless assumption.
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