Rahayu’s post was shared on Facebook page All Singapore Stuff. In her post, she shared a letter from the CPF Board and wrote, “My mum passed away in 1987. She nominated me as her beneficiary. Last wed, I received a letter from CPF that there is money in her CPF after CPF review”.
However, after going to CPF Board, Rahayu was advised differently. She wrote, “I went to CPF yesterday. I said that since they had kept my late mum’s money, they should pay interest. They say that that her case was after review so no interest. What I don’t understand is that why after 31 yrs then they review? What is going on with our CPF?”'
I read the above posted in social media. Can't remember which blog posted it. Apologies. Below are quotes from the ST.
'Thirty-one years after Rahayu Mazlan received payouts from the Central Provident Fund (CPF) following the death of her mother, the outstanding balance - under $2 - finally found its way to her.
The 51-year-old housewife had received a letter dated Oct 4 from the CPF Board stating that as part of its "regular reviews", it had found some leftover savings in her late mother's account since the last withdrawal in 1987.
CPF has asked her to submit a completed form and necessary documents by Nov 5 to claim it.
The facts, some money was left in Rahayu's mother's CPF account to settle a specific housing related transaction. This amount continued to receive interest which the ST article quoting CPF, for up to 7 years only. Reading from the above ST quote, the interest accrued was less than $2. Take it as that for 7 years. Not sure if this is correct. So Rahayu is claiming the interest for the subsequent 24 years, ie 31-7=24. I think, just my opinion, if CPF members are charged interest from borrowing their own savings to pay for properties and the number of years to pay for this interest, regardless of whether the person is 100 years old or 200 years old, there is no limit as to how many years a person has to pay interest on borrowing his CPF savings, then why when money kept in CPF would not enjoy interest after 7 years? Is there a discrepancy and is this fair?
Many people would say nevermind, so little money, a few dollars only. But to some it is a matter of principle. You deserve to be paid, then you should be paid, the amount is immaterial.
Why I said this is a miracle? In many countries, whatever is left in a savings account like this case would likely be forgotten or lost in the files. Only in super efficient and clean Singapore would the CPF ask a person to make a claim for $2. The MRT fare to CPF would cost more than that. Again it is not only a matter of principle but a matter of right. The money belong to Rahayu and she should make a claim for it. So she is also claiming for the extra years interest not paid.
A $2 claim after 31 years is a record and a miracle. How many people lost all their savings in their bank accounts because they forgot the $200 in their savings, thought very safe in the banks but all kena eaten up by the $2 monthly fee the banks charged them for having too little money in the account? Got money in the bank account ended no money left and account closed by the banks. This is like cheating the small people on the street.
Here we have the CPF asking a person to claim for $2 after 31 years, no extra charges, no monthly fee for having too little money in the CPF. Now was that lucky? The CPF does not cheat small people of small money.
ReplyDeleteNo point kpkb and kpkb lah......
Gotta ask Rahayu Bte Mazlan, who she voted in the last GE.....
Hahaha.....
"How many people lost all their savings in their bank accounts because they forgot the $200 in their savings, thought very safe in the banks but all kena eaten up by the $2 monthly fee the banks charged "
ReplyDeleteHappened to me. I had a UOB passbook a/c with $400 plus inside the account. Then one day UOB sent letter said they will impose $2 monthly charge on passbook accounts with balances below %500. I did not pay much attention - my fault. Over the years I forgot I have a passbook a/c with the bank.
After more than 20 years, the bank sent me a letter saying my passbook a/c is now in deficit and I have to top up and pay a penalty fee! They deducted over 20 years until the $400 plus gone and the balance turned negative! I asked how come when I logged into internet banking all these years I never see that passbook a/c among all my accounts with the bank. They said that's because my passbook a/c wasn't linked to my internet banking !
MAS should look into the banks' practice of makaning the money from depositors' forgotten passbook accounts.
For passbook accounts, the banks don't send monthly or yearly statement, and u have to go to ATM or the bank's branches to update the passbook. And if it's also not linked to internet banking, one can totally forget the account exists, especially if one is growing old with dementia.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteDunno how many ah pek and ah mah lost their little savings this way. Got statistics or not, or not important. I lost some money also.
ReplyDelete
ReplyDeleteHi 847am
The banks' practice of makaning the money from depositors' forgotten passbook accounts is clearly stated in the t n c about the fall-below fees!
There should be ZERo fall-below fees!
Why banks need to earn this type of small small money?
Anyway Sg is like that!
Nothing is free!
To Daft .Sinkies,
ReplyDeleteVote in more Oppositions and such not interested "no interests" because account was wrongfully closed will not happen.
To CPF,
CPF Board of Directors and CEO, whenever you see your monthly bank statements on your fat "gagi buta" salary, please have a conscience and touch your hardened weathered hearts AND DO THE THINGS RIGHT, not simply do the "RIGHT THING" for expediency purposes. If your millions in the bank enjoy interests paid, so therefore the more you should pay interests to a mere $2 amount. Simply look at the $2 as $2 million, if that will knock some sense into your big brilliant brains.
Don't become laughing hyenas!
In the end the winners are the Banks.
ReplyDeleteThis comment has been removed by the author.
ReplyDelete@ still deluded about CPF
ReplyDeleteI don't see what the issue is.
I have been saying for donkey years that the money in the CPF account in your name, IS NOT YOURS
So in this case, no harm, no foul.
About the generally accepted myth that CPF belongs to you… Just because:
1. The government says so
2. Other people (probably similarly deluded) believe it
DOESN'T MAKE IT TRUE.
I'll bet most of you still won't get it. We are entering an era of INANE & INSANE “Nation Building”. Please don't be a bloody fool and just believe me. OBSERVE WHAT HAPPENS and then decide for yourself.
Because of this spurt in “Nation Building”, the government is going to require a lot of CASH resources, just as China with its grand plan of OBR will require cash resources.
CPF is a well disguised tax and a very effective and PROVEN too for social manipulation of the voting public. Again, please don't believe the yammerings of yet-another-foul-mouthed-old-dude-on-the-internet. Observe, evaluate and decide for yourself.
The Truth will set you FREE, but first it will PISS YOU OFF!
Living in Singapore is like that lah.
ReplyDeleteYou have to pay and pay!
Here $2 there $2 ... add together BTH - BayTaiHan!
But no choice. Living in Singapore is like that.
Correct?
@ everyone
ReplyDeleteMight I refer to Redbean's post many years ago:
https://mysingaporenews.blogspot.com/2011/10/i-hate-matilah-singapura.html?m=1
Ya, the money is slipping away everyday.
ReplyDeleteWe need a new govt to take back our hard earned life saving.
@ RB
ReplyDeleteI can get on board with the idea of a different govt. "New"... I'm not sure about that. Politics is cultural. Our culture is what it is.
No, a new govt will not automatically change the Fact that CPF is not your money. The finances/ financial structure already in place cannot support such a move.
If CPF was really made "private property" of the members, and people withdrew all their money---since now it is truly theirs---that would seriously jeopardize the State.
Sorry mate. I just can't see that ever happening---new govt or old govt. And BTW, just as the famous song goes:
"Meet the New Boss. Same as the Old Boss"
The Who: "We Won't Get Fooled Again" those of you who grew up in the 1960s/ 1970s will remember the song
You are right that all the monies are committed by changing the system and supporting systems that are not to the good of the owners of the money. And it is very difficult, short of impossible to unwind without causing a severe meltdown.
ReplyDeleteA new govt would at least be able to shine a light into the dark hole to expose what is really happening to our money. The hedging using our money is like the web of derivatives world wide, pulling one piece out would lead to total collapse.
China, under the Qing Dynasty (1644 - 1911) was in decline and went into severe decay when the Dowager CiXi came into the scene in the 1850s as a concubine to Emperor XianFeng. She apparently abetted him into hyper-excessive sex with countless ancient "viagra, cialis etc" combined what "鹿茸, 3,000 years 人参, 淫羊藿, 肉从蓉, 冬从夏草, 杜仲,菟丝子, 巴戟, 灵芝 etc etc". Within a few years, Emperor Xian Feng was vomitting blood with severe organs damage and breakdown. In 1861, he passed on and subsequently after getting rid of 8 of the previous emperor's key officials, Dowager CiXi reined absolute power for almost half a century till 1908 when she finally kicked the bucket. China went through another almost 40 years of warlordism, civil wars, social rifes including the Japenise invasion between 1931 to 45, first in the North East provinces in 1931 to 37 and then China proper from 1937 to 45. After liberation in 1949, China went through another 27 years of tumultous period including the Great Leap Forward and Cultural Revolution (where in total the size of about double the current matland population perished). In terms of length of period suffered, all in all it was about 50+ years before collapse of the Qing Dynasty in 1911 starting from the First Opium War in the 1950s and another almost 70 years from 1911 to 1978 when Deng Xiao Ping opened up China to international commerce and trade. If juxtaposed into sickland on a smaller scale, from 1985 to 20xx years, it could be xx years? And from 20xx till reaching where China was in 1978 could be another xx years before sickland can start anew? By then, the Z gen born from year 2,000 could be ALREADY lao kokok grandpa and grandma, by then older than current 69-yo lao hero and virgin69 and 62-yo mati siao ting tong lo ...? Looks like probably another at least 50 to 60 years more before sickland can see the light at the end of a very lo(ooooooo)ng pitch dark tunnel?
ReplyDeleteNo?
TKSS no use.
Prove to sickies the above is incorrect over the next 5 years, 10 years, 20 years, 30 years ...!
Return the oldies and retirees their quah cha $$$ at 55!
Why has the real per capita consumption spending being falling in the past 10 years?
This means standard of living and real purchasing power have been declining for many sickies?
What will be the legacy of 逛妖nomics, laogoanomics and Botaknomics?
Nevertheless, with or without peesai or peesainites, Mother Earth will continue to revolve in space and lives go on ...
o...oops ... Typo
Delete"the First Opium War in the 1950s ..."
Collected to ...
"the First Opium War in the 1850s"
//Here we have the CPF asking a person to claim for $2 after 31 years, no extra charges, no monthly fee for having too little money in the CPF.//
ReplyDeleteChio si lang? Sickland is sickland no medicine le ...
That's why when OTC asked for the Accounts
ReplyDeleteThey have to take 52 man years
Cheers
I thought in Singapore I can hear people talk until very li hai? $600k is peanuts? Chio Si Lang.
ReplyDeleteWhat is Quah Cha?
CPF is the best thing that has happened for Singaporeans. Please don't cry father cry mother. Cannot appreciate a good thing even when it comes knocking on your door. This is what the PAP government has been telling the sheeples. You gave them a 69.9% mandate, so why cry about it?
ReplyDelete@RB 1127
ReplyDeleteOk, all hope is not lost. What contenders in the next GE can do is run on a platform to overhaul CPF. First step is to slowly decrease the minimum sum and allow people more “freedom” to retrieve their contributions. Slowly, slowly can. The sheeple must come to the party lah, and not only accept such policies but actively participate in the processes, and the “new” government must also be open to new ideas whatever they might be, whomever they're from.
I don't think 100% “justice” is possible. The people already have skin in the game in their nation's political process, so they can jolly well accept some loss because they supported and voted for a pack of wankers over and again. 😂 Anyway, some recovery, a change in the rules and a move toward a better system and more “open thinking” would definitely be an improvement over the bullshit they've been putting up for years.
I'm a great advocate for self-governance & personal responsibility. We don't have a population like our parents time. Singaporeans are well educated, and reasonably savvy global citizens. So I believe in TOTAL Ownership, all the money is theirs to do as they please (less admin fees). So if people want ALL their money, so be it. However if the blow the lot, they have NO CLAIM on anyone or The State for financial support. Their options are private charity, friends and family… that's it.
Filial piety laws should be flushed down the same toilet. Everyone is TOTALLY RESPONSIBLE for what happens to them, even if bad luck or bad things which are not their fault occur . They are responsible for themselves and their relationships with others. Their life and property is 100% their own, warts and all, vagaries and all.
//A $2 claim after 31 years is a record and a miracle.//
ReplyDeleteDuring the LaoGoanomics era in the 1990s and early 2000s, the decline was already very obvious. Many who went to China on business trips then reported being alarmed sickland was already way behind China in many areas. By now, other than issuing new hawker licenses and buying up coffeeshop chains, there is almost certainly zero ground breaking enterprise. Ah Heng and Ah Chan CFE (Committee for Future Economy) 2 years back has brought peesai back to the 2nd oldest profession in human bean history aka hawking ... Bespoke Industry Transformation Roadmap? Indeed? (Customised for the daft and botakchay future exonomy?) Dunno to laugh, cry or is it simply CHIO SI LANG? The decay started under LaoGoanomics yet this Cha Tao walked away with "tons" of taxpayers' financed remuneration. Sinkies contributed CPF yet still need to pay "exhortion type USURY"? Imagine loan sharks in Las Vegas and Macau paying USURY to those they lend money to? Another CHIO SI LANG "miracle"? "Dying" from laughing till unbearable stomach ache could catapult into the "top 10 killers" in peesai soon, and under no lack of contribution from the charlatan laogoanomics legacy?