In the past, the government used to say that by the time we hit the age of 55, we can make a withdrawal from my CPF. Currently I’m already 60 years old, with an unstable job, how am I suppose to get the needed cash for my daughter’s education?!
The response of the staff at CPF shocked me. He said: ‘The past is the past, now is now, now the rules changed, if you did not hit the lowest deposit, you can’t take your CPF money.’
I requested again, saying: ‘The money in my CPF is my hard earned money, i only need to use a part of it to pay for my daughter’s school fees which is $15,000, my CPF has more than enough inside to pay for my daughter’s school fees. Is there another way to do this?’
To which the staff replied: ‘Can apply, the chance of it is zero’
This is a huge news to me. If I’ve never experienced it myself, I would thought that what other’s have went through are just false news.
I felt cheated, humiliated, angry. So many years of hard work, sweat and tears to earn the money and it’s inside CPF. It is suppose to be my money. I’m in need of it and yet, I cannot take my own money to help pay my daughter’s school fees.
Please share this post to help.
As a father, i want to help my daughter, looking at my CPF that still has a bit of money to pay but can’t do it.
Do I really have to resort to borrowing money and loans when i got my money in my CPF? Should I be forced to stopped my daughter’s education?
Believe that this does not happen to just me. This kind of government order, treating our own Singaporeans like this, can i still have trust and faith in them? Even for just my child’s school fees.
What should i do? What can i do?
Facebook post by Lim Koh Leong
The CPF Board has responded with a statement confirming that Mr Lim cannot use his CPF funds for his child’s education.
CPF’s full statement: “As Mr Lim did not have sufficient CPF savings for a basic retirement, allowing him to use his CPF for his daughter’s education is not appropriate. The better approach is to find other ways to finance his daughter’s school fees. We have spoken to him and are discussing alternative options. The Nanyang Academy of Fine Arts will also be in touch with him.
Is this a fair reply from CPF? According to past CPF policy, such loans would need to be repaid by the daughter when she graduated and started work. So what is the problem? I think the repayment includes interest as usual.
56 comments:
Is the 69.9% feeling guilty ??
Nay, it has not hit them yet.
Many of us did part time work then to pay for our school fees or work FT and study PT. Many still do now so I do not see why this is not possible now.
PAP has interest of people. PAP has made many sinkies millionaires, at least 69%.
Aiyah, the ceepuifxx board scared the daughter will run road or marry a foreigner or FT then migrate to other countries without paying his Father mah. The excuse of the ceepuifxx might seem valid, looking at the many cases of sons or daughters leaving or discarding their parents when old, so where is filial piety now? It's sad scene in Sinkieland as many young ones wanto emigrate.
Irony Of Irony Of A Pathetic Unthinking Subservient People
"Why can't I use my own CPF money for my daughter's education?"
Answers, against the backdrop of a group of top scholars with super-brains, there are numerous:
1. Because you have given us the mandate to rule over you, we are the Rulers (Lords) and you are the Subjects (Peasants). Therefore, we set the rules. You obey our rules. Simple as that. Is that so difficult for you to understand?
2. Because your CPF savings are not savings and are not yours any more. They are not savings because we have transferred them from your CPF Savings Accounts to the the various Compulsory Insurance Accounts so that they become future premiums payable to the insurance companies set up by our good friends for this sole purpose. We can now conveniently and legally deduct (siphone and deplete) the money therein as annual premiums, which will keep increasing as we like, any time we like. You see, one of our top elite comrades of brilliant scholar brains has came out with those compulsory insurance schemes so that no matter how much money you have in your CPF savings accounts, they become our money, no more your money. The earlier you get that into your head the better for you and us! Do you understand now?
3. By the way, you should be aware that right from the very beginning, at the inception of the CPF Savings Scheme, the money you put in every month collectively form a source of funds for the government to form and equip the SAF, and to build our national infrastructures, public amenities, public facilities, public housing, schools, national reserves and anything else we think necessary for the security, progress and development of our country. That means your savings become a cheap source of funds we can use as we please. So, in proper perspective and national priorities, the needs of your daughter and yourself become less important than the needs of our country. Therefore, you cannot use your CPF savings even though you have about $70,000 inside. Our need for that $70,000 overrides yours. Has that gone into your head? Are you clear now?
4. Another very important reason you must take note is that we need to use your CPF savings to feed our unquenchable bottomless machines, called Sovereign Wealth Funds, whereby our fund managers of top brilliant brains buy high and sell low, in order to show the world how smart our ruling elites are. They are at liberty to take such up-side-down measures because they are using OPM (other people's money) as they are not transparent, therefore not accountable and not responsible for whatever losses they have made. Moreover, they continue to be paid high salaries with secret bonuses every year without fail. Isn't that wonderful? Have you waken up yet?
Do you need us to give you more reasons in order to wake up your fxxking ideas, peasants!?
Now, get out of my elite uncaring face!
Thank you Frog Outside Glass for the clear and concise explanations.
Let's hope the daft could understand this message and start thinking about their money and how to get it back.
Is this a fair reply from CPF?
RB
For PAP, does it matter fair or not fair, if PAP can still win big next election?
The more pertinent question should be how to make PAP lose the next election so that the CPF under an opposition govt can give a fair reply to voters like the 60 year old but money no enough Sinkie father/mother.
"...how to make PAP lose the next election..."
10:50 am
How? The opposition must be ready to become govt lah.
If not ah, a better PM material like Chee Soon Juan or even Tan Cheng Bock can even forget about becoming MP lah, let alone PM.
...a better PM material like Chee Soon Juan...
10:58 am
Chee Soon Juan? I write him off already lah, after the outcome of the BB by election in 2016.
If he is not suffering from PHD (not Doctorate but Permanent Head Damage), he should also know his chances lah, unless he is sponsored by some (external?) parties to do what he is doing and maybe even for a living. (Other than being SDP SG, he and even his wife does not have a proper job, u know).
WHAT'S So Difficult NOT to vote the PAP?
Virgo49 10:55 am
Not say difficult lah, but rather like what WP Low Thia Khiang said, majority Sinkies are very scared that they may accidentally vote the PAP out and the opposition is not ready to take over as govt.
This one Low Thia Khiang said one hor, not I said, OK?
U can scold a nobody like me but at least u must give face to Low Thia Khiang lah.
The irony is that Singaporeans' hard-earned money and savings are eaten up by not one but FIVE Unquenchable, Bottomless Monsters. These are the Inland Revenue, the National Reserves, Monetary Authority of Singapore, Government Investment Corporation, and Temasek Holdings.
FEAR (of being invaded by Malaysia and Indonesia) and GREED have driven the fundamental thinking of all past and present leaderships of Singapore. That's why they needed/need to feed and keep alive Five such monsters.
Many other countries don't even have a Sovereign Wealth Fund, nor a National Reseeve, including USA and UK.
The other irony is the election of people who are too clever for the good of the citizens and country. Highly intelligent people who strive to reach the pinacle of power usually care for their own future or their party's future. That takes priority over the future of the citizens and country. This is The key reason why regimes, kingdoms, dynasties, empires fall, without any exception.
I hate to think of the consequences, the endgame. Will Thanus and his robotic hordes be disintegrated into dust (as in the Avengers)?
Oredi, our money in Cee-piss-fxx is locked up with 3 keys (their logo), is not our money. Who are the 3 musketeers holding the keys ? I think the pple holding the 3 keys have lost or misplaced them. You need 3 keys to open the save, even one chap loses it, it oso die die cannot be opened. Bo-piah la !
This is The key reason why regimes, kingdoms, dynasties, empires fall, without any exception.
Frog Outside Glass 11:30 am
Fall, they will lah, just a matter of when. Die, all will lah, just a matter of when.
But for PAP to fall, I think still not yet time lah, maybe still a long, long way to go.
How long? As long as the opposition, being Sinkies, is not ready to take over as govt.
So u want PAP to fall?
Then u must ask the Sinkie opposition to be ready to take over from PAP lah.
If not ah, they fight PAP just for the sake of fighting and making PAP look good by winning big and democratically some more.
Has that gone into your head? Are you clear now?
Frog Outside Glass 10:16 am
Sinkies are smart lah, at least for those who have a good life and perhaps a majority of them.
If they are smart, then they should be clear lah, that goes without saying.
If they have a good life, then they will likely also vote PAP lah, that also goes without saying.
Perhaps majority Sinkies have a good life, that's why PAP can get majority votes every election.
Unless of course some Sinkies who do not have good life also vote PAP, which of course is wonderful for PAP lah.
So Frog Outside Glass, being smart judging from your writing, any idea how to vote out PAP and have a better govt than PAP? And also how to put your idea into action and to succeed?
People need to go to the closest wall and bang their head hard muttering the following words until they 'get it':
"CPF is not my money. I cannot suka suka assume that I can do whatever I need or want with that money"
Then relax, have a kopi or teh...and get on with their lives...
@All,
This guy's problem is that he also married too late or have his kid too late (or the kid decided to go for tertiary study too late). If he is below 55, he could have still used some of his CPF in Ordinary Account for the kid's tertiary education before all his CPF transferred from Ordinary Account into Retirement Account at 55 yrs old.
BTW, CPF funds to pay for your children's Uni / poly school fees NEED to be paid back (plus the 2.5% compounded interests) --- I paid back every cent plus interest of my parents' CPF for my local Uni study. The only way you don't need to pay back (or just pay partially), is if the parent has passed 55 yrs old AND has more than the Minimum Sum or Basic Retirement Sum or Full Retirement Sum.
In this situation, PAPies are doing the difficult but correct thing --- protecting the future retirement funding (what little that guy has) versus spending his money on some "education" that may have very poor returns or outcome (I highly doubt >50% of NAFA grads are able to get good salaries or jobs).
The young can always get study loans. But nobody will ever lend to oldies for retirement.
Come on --- that guy is 60 yrs old and he doesn't even have $15K cash to pay his child's school fees? Unless he's hiding it, he only has his $70K CPF Retirement Account to last him from 65 till he dies at 85 or 95. How many of you are willing to pay even higher GST and other taxes in order to sponsor bigger rebates & ang baos to help retirees like him to retire????
We already need to increase taxes because of the big aging population --- it's only whether it's going to be 9% GST or 20% GST. Take your pick.
If govt panders to the emotional & psychological wayang by people like him & you, then be prepared for much bigger taxes, as well as much stricter checks in order to qualify for rebates & subsidies e.g. subsidised medical at restructured hospitals / polyclinics, or owner-occupier property tax.
Singapore is already one of the VERY FEW countries (the ONLY one???) that allows citizens to use retirement funds to help fund children's education. No other developed country allows their pension savings to be used for such things.
And even then many other countries are facing HUGE PROBLEMS with expensive & useless tertiary studies & degree programs. E.g. people in USA currently owe US$1.6 TRILLION of study debts, which 90% of these graduates are unable to pay off. And the older people are affected too, as over US$500B of these study loans are co-signed by their parents & grandparents acting as guarantors or co-borrowers.
WSG
...that guy is 60 yrs old and he doesn't even have $15K cash to pay his child's school fees?
12:40 pm
Possible lah, but they may be only a small minority of Sinkies lah. So this guy die, his problem, not PAP's problem. If it is not PAP's problem, why would PAP want to care so much?
Also u cannot expect every Sinkie to be smart and have lots of money what, correct or not?
A minority of Sinkies being poor and suffering is OK lah, so let them suffer lah, which is perhaps what PAP is thinking.
@ WSG, so true
>> Singapore is already one of the VERY FEW countries (the ONLY one???) that allows citizens to use retirement funds to help fund children's education. No other developed country allows their pension savings to be used for such things. <<
The stuff the govt allows you to do with CPF you can't find in other cuntries...you should be thankful, you ungrateful fuckers. KNN, in Australia you get TAXED on super (Aussie version of privatized CPF). The govt keeps changing the regs and the watchdog is always waiting to catch people. Can't use super for your home. Singapore you can essentially pay off your home "tax free"...what you want some more?
My sister just "borrowed" from CPF to do up her apartment. Sure, got to pay back...but WTF...which cuntry allows that?
CPF gave a "kick start" to the wealth of millions of Singaporeans. Many of us bought our first (leased) HDB and LEVERAGED UPWARDS over the decades. These gains paid for kids overseas studies and an increase and upward mobility of entire generations of Singaporeans. Things might be a bit "different" now...but it is still not bad. Not perfect, but not fucked up either. Not bad...you can still "work with it".
@ 113
>> A minority of Sinkies being poor and suffering is OK lah, so let them suffer lah, which is perhaps what PAP is thinking. <<
Who are the PAP? They are Singaporeans representing Singaporeans. Politics comes from culture. Our culture says:
"Fuck you, everyone has to work to earn and eat. Just because you 'can't make it' doesn't give you an automatic right to claim alms from others who've had to strive hard and sacrifice for what they have".
If you are genuinely suffering "bad luck", Singaporeans are very charitable and generous...you will get help. However, if you are a lazy cunt and too arrogant to accept the advice from others to get your shit together, get a job...even a low-paying fucked up one...if you are too "elitist" to do that, then FUCK YOU.
There are people---many old people cleaning up food centres and selling tissue outside MRT. They haven't quit... they are still going. So motherfuckers who are jobless and KpKb on the internet should be ashamed lah. They don't even have 10% of the spirit of these old folks.
P.S.
ANOTHER ONE TO BANG YOUR HEADS INTO WALLS UNTIL IT SINKS IN:
Suffering is a state of MIND, not a state of wealth (mental suffering)
Just because you see oldies or some "poor thing" cases, don't just assume they are "suffering". In fact, if you do you are at some level behaving like a pretentious cunt. They could be happier than you. Here's a clue: if they are still doing whatever arduous and thankless tasks they're doing, perhaps they have more "psychological toughness" than you? Could be, no?
I submit that the old lady selling tissue outside MRT possesses a mental toughness rarely found even amongst those who are fairly well-off compared to her. She's one tough old gal!
Not say I wanted to say this that is this dude likely voted for pap so he deserved it lar. If no money then go to Jalan Besar and offer your ass to be sodomized by the USA sailors Lor. 😀
Practically all Sinkies wayang a front.Ai See beh see ai wa beh wa
Paupers pretending to be princes.
Virgo49 1:31 pm
How u know they are paupers? U see their bank account meh?
If not, don't anyhow say, OK?
@Anonymous June 29, 2019 11:36 am
/////Oredi, our money in Cee-piss-fxx is locked up with 3 keys (their logo), is not our money. Who are the 3 musketeers holding the keys ? I think the pple holding the 3 keys have lost or misplaced them. You need 3 keys to open the save, even one chap loses it, it oso die die cannot be opened. Bo-piah la !/////
第1部 (Part 1)：
根据毕业于哈佛大学(Harvard trained)的伦敦经济政治学院（LSE - London School of Economics and Political Science）经济学教授金刻羽 （Economics Professor 金刻羽）的经济学分析 （economics analysis），她曾经提出来的见解 (previously expounded analysis) 是经济的未来 （the future of an economy），经济的增长和发展 （economic growth and development）往往在很大程度上是储蓄和投资（savings and investment）的函数。
经济学金刻羽教授专门研究宏观经济学 （Professor 金 specialises in macroeconomics） 。很明显的，当金教授在与西方政界和商界人士交谈时，由于需要以经济无知者能够理解的方式进行沟通（enable economic ignoramus to understand her explanation），她无法进行严格的经济解释 （she can't launch into a tirade of rigourous economic explanation lecture style) 。
但是 (however) ，当一项政策 (when a particular policy) 深刻地影响 (greatly impact) 到它的人民 (her people) 、他们的福祉 (their well-being) 、它的经济的未来 (its future) 、它的增长和发展 (its economic growth and development) 时，什么能使人民信服呢 (what can or will convince people)？为了使那些嘎喇叭啦的人(gabrament)相信，也许这项政策需要第二次审视 （policy re-look）、重新审视 （further re-look），甚至无数次的审视 ？
在研究储蓄和投资如何影响上述所有微观和宏观经济目标之前，我们也许可以先看看私人储 (private savings) 与公共储蓄 (public savings) 比率的重要性，以及经济增长是如何产生（或不产生）的？
因此，可能抵触到的一些关键问题是：
1）当大部分储蓄的比例最终归于公共储蓄时，其含义是什么？
2）如果过多的储蓄被放置在公共储蓄，储蓄在产生经济增长和发展中的作用会（严重）被扭曲吗？
3）当一个经济体中不相称的储蓄额处于公共储蓄时，资本的边际效率 （MEC - marginal efficiency of capital ）和 投资的边际效率 （MEI - marginal efficiency of investment）对该经济体是否相同？
4）当一个经济体中不成比例的储蓄处于公共储蓄时，经济增长模式是否仍然有效？
5）当一个经济体中不成比例的储蓄被用于公共储蓄时，是否会导致严重的资源分配错误？
显然，对于上述问题，可能会有答案（以及非常明显的答案）？
有没有其他非无知的经济学者 (any other economic non-ignoramus （in MSN）)，能够根据经济未来面临的困境，对上述问题提出一些分析 ？
Anonymous said...
Oredi, our money in Cee-piss-fxx is locked up with 3 keys (their logo), is not our money. Who are the 3 musketeers holding the keys ? I think the pple holding the 3 keys have lost or misplaced them. You need 3 keys to open the save, even one chap loses it, it oso die die cannot be opened. Bo-piah la !
June 29, 2019 11:36 am
The thing that dafts are blind to see is that they only see the locks at the gate but not the holes behind the walls that allowed the money to be taken out by the various insurance schemes.
Blogger Ⓜatilah $ingapura⚠️ said...
Just because you see oldies or some "poor thing" cases, don't just assume they are "suffering". In fact, if you do you are at some level behaving like a pretentious cunt. They could be happier than you. Here's a clue: if they are still doing whatever arduous and thankless tasks they're doing, perhaps they have more "psychological toughness" than you? Could be, no?
This one I must agree with Matilah. The people collecting card boxes are doing exercises, very happy people that have nothing to do, so go exercise on the roads. Cleaning tables and washing plates also good forms of exercises.
Thank you Matilah for saying such humane truths. Singapore is the best place to be poor.
It get's even better.
- when you use your CPF money to buy a property ... you have to pay interest for using your own money.
Cleaning tables and washing plates also good forms of exercises.
RB 2:02 pm
For PAP, does it matter whether good forms of exercise or not, if PAP can still win big in election?
Vote Opposition.
It's the KEY that will unlock your COF money.
Only Sinkies and their kind felt proud to do these exercises of picking cardboards.
Virgo49 2:30 pm
Does it matter whether Sinkies felt proud or not, or what not, when no matter what, PAP can still win big every election?
Vote Opposition.
2:32 pm
Too bad lah for Opposition, Sinkies your kind only 30%.
"- when you use your CPF money to buy a property ... you have to pay interest for using your own money."
but when u die, the CPF life balance is returned to yr surviving family members less the amounts already paid out and less any interest earned !
@Virgo49 June 29, 2019 2:30 pm
//Mr RB, Socialists China would not have their poor folks picking cardboards...
They will do fan dances//
Uncle RB,
Even in China, fan dances are outdated.
They do modern dances and even Michael Jackson break dances...
Below are some of the mass dances taking place nowadays:
1. https://youtu.be/IlJr1V1F1LQ
2. https://youtu.be/zaeImmfEaNE
3.https://youtu.be/cynFqF8tleM
4. https://youtu.be/Kl5B6MBAntI
5. https://youtu.be/njk7R3ye3IY
Uncle Virgo49,
Given that you and uncle RB sound and look quite fit, think the 4th type listed above is quite suitable but u all have to decide for yourselves.
Cheers :)))
@ 232
>> Vote Opposition.
It's the KEY that will unlock your COF money.<<
Since WHEN did any opposition explicitly PROMISE that is they got voted in, EVERYONE who wants their CPF will automatically get it?
Since never lah.
CPF is managed lawfully. You might not agree, but CPF is enshrined in LAW.
Wake up your ideas lah, Kotek
Addict don,t care
I rem during 1 finacial difficulty Malaysian pawn gold help government.
@ Virgo
I stand corrected, thank you for that.
Now, look at the date of the video: Oct 2018
And remember, this is a young fella with a NEW party. After decades of big talk from the opposition…whom among them ever even mentioned/ hinted ”RETURNING CPF TO MEMBERS”??
None
Zero
Nada
Zilch
Bo Liau
Take Ada
Fuck spider lah…
Oh yah, Lim never laid out the methods he will use to “return the CPF”. Was, suka suka just give people money ah?
Fuck spider, again lah 🕷🕸🕷
The Evil US Hegemonic Empire has just deployed a squadron of F-22 Raptor stealth fighters to Qatar for the first time.
The F-22 stealth fighters are from the US Air.
They are there to beef up the present US military build-up in the Gulf region in preparation for an impending military conflict with Iran, using overwhelming force to destroy all the possible Iranian nuclear development facilities.
The US Air Forces Central Command said the F-22 Raptor stealth fighters have been deployed there "to defend American forces and interests in the Middle-East,"
Russia and China should also send their military forces to the Middle to protect their people and interests.
Anon 4:06pm, nice videos and dances.
My question is that shouldn't these poor communist people be working and picking cardboard or cleaning tables? As least our old people, I mean really old people, can get exercises and earn some money at the same time. Can feel financially independent by working until they die.
How could poor communists retire so early and no need to work, no CPF some more and whole play dancing? They got money meh?
Frog Outside Glass, the official position given by Trump for not attacking Iran was the possible death of 150 people.
The unofficial reason, the drone was stealth but still could be seen and taken down by Iran using Chinese made radars. The Iranians also took down a stealth F22 in the past, no stealth! The Iranian radars can see all the stealth fighters and the F35s would go in like the naked emperor thinking he was fully covered. They risk being shot down like the drone.
So to play safe, held back and save the pilots' lives.
Matilah,
CPF is managed lawfully. You might not agree, but CPF is enshrined in LAW.
Wake up your ideas lah, Kotek
June 29, 2019 4:25 pm
Eh botak, have you heard of good laws, bad laws, outlaws?
That included you
Virgo49 2:26 pm
I am the anon 1:44 pm
But u know who I am or not?
If u dunno, and from the comments u made, I think u a bit siao (screw loose) liao.
I said u siau so as to alert others not to take your comments seriously.
Chua Chin Leng aka redbeanJune 29, 2019 8:53 pm
//Anon 4:06pm, nice videos and dances.//
Uncle RB,
The (current mass dance) rage now in (泱泱)祖国(，巍巍中华) for their oldies is the (网红) hyper popular song: 一晃就老了 （literally means within a blink and one is already an oldie）。
From the cities in Southern China such as 深圳（Shenzhen）、广州（Guangzhou）in Guangdong province to 福州，厦门 in Fujian province to 温州，绍兴 in Zhejiang province to 南京，杭州 in Jiangsu province to 上海，北京，cities in provinces like Shandong, Hebei, Henan,Shanxi to the North-Eastern provinces of Liaoning, Jiling and Heilingjiang to Northern provinces of Inner Mongolia, Shaanxi, Ningxia to North-Western provinces of Gansu, Qinghai, Xingjiang to inner provinces of 湖南，湖北，江西，安徽，广西，贵州，四川 to the South-western provinces of Yunnan, Tíbet etc, oldies are enthusiastically taking to mass dances.
Redbean //My question is that shouldn't these poor communist people be working and picking cardboard or cleaning tables? As least our old people, I mean really old people, can get exercises and earn some money at the same time. Can feel financially independent by working until they die.
How could poor communists retire so early and no need to work, no CPF some more and whole play dancing? They got money meh?//
Uncle RB,
If what YEW wrote is what YEW think China is (now) , YEW must have been a frog living in the well for the past 40 years?
From 1978 to 2012, the Chinese government enabled more than 700 million Chinese to escape poverty.
After Chairman Xi Dada took over in 2013, he has helped another poorest 80 million Chinese to escape poverty.
In his last book "One Man's View of the World", MM lee wrote that Chairman Xi is the Nelson Mandela of modern China. Why would MM Lee called Chairman Xi in such profound term?
Chairman Xi's next target is to lift the remaining 40 million poorest Chinese out of poverty and the targeted timeline is by 2020.
To achieve his goal and vision to eradicate poverty in China after taking over the baton in 2012/ 2013 from the previous leader Hu Jintao, in the past few years, at times Chairman Xi would travel a few thousand kilometres by plane, high-speed train, cars and foot to reach deep into the mountainous rural regions to seek first hand knowledge the livelihood of the villagers. In the homes of the poor villagers, Chairman Xi would even open the wok cover in the kitchen to see what food the villagers are eating, check their rice containers whether the villagers have sufficient grains to eat, sit around the village compound amidst the villages to enquire how their livelihood is going, the problems and challenges they face, have their lives improved in recent years and months.
About 150 to 300 poor families are looked after by appointed municipal comrades entasked to enable villagers to break the cycle of poverty and achieve as much inclusive growth as possible within the Chinese 1.4 billion population.
With such a benevolent and able leader who cares deeply for the people of China and especially the poor, how can the 1.4 billion Chinese not harbour great hopes for the future and believe firmly and deeply that their lives will get better and better as far as visibility can take them.
The hopes in China under the astounding leadership of Chairman Xi is so high that millions of overseas educated Chinese scientists, engineers, etc etc have returned and are returning each year to the Mainland to contribute to making the China Dream a reality in the near future.
Ai am really perplexed and dumbfounded why YEW think oldies picking cardboards, cleaning food court tables and rampaging rubbish bins for metal cans in MBFC areas and all over the island in front of foreigners is something glorious, to be proud of as in being financially independent and worst of all a form of exercise for the oldies in the midst?
In China, as seen in many videos and mentioned above, all over the provinces and cities across the enormous land mass of more than 9,600,000 square kilometers in China, the Chinese oldies exercise via mass dances to popular tunes such as 一晃就老了.
Where got a modern country encourage its oldies to pick cardboards under the hot sun and heavy rain for exercise?
Are YEW "trolling" MSN readers?
@Virgo 1:18pm
///Talk cock. You think everyone has 100 or 200K cash on hand? I have, have you?///
That guy is 60 yrs old --- he should have at least $500K in CASH outside of CPF even if he is low income worker.
$100K or $200K so big deal meh??!? Your brain is stuck in the 1970s or 1980s!!
RIGHT NOW FEMALE GRADUATES EASILY SAVE & INVEST $200K BY 30 YRS OLD. MALE GRADS AROUND $160K COZ OF THE 2 YRS NS DELAY.
I started with a miserable $2K salary back in 1992. Personally I've never earned more than $7000 a month, but still I could retire at 40. It's all in how you treat your wants & needs, and how you respect money in order to give it a chance to grow.
And Virgo, all I can say is that you're one fucking hypocrite. Expecting govt to simply unlock pension savings but yet not willing to pay more GST & higher taxes when most people use up their money within 3-7 years.
At least I'm consistent --- those who cock up their lives & their money should be treated even more STRICTLY --- like spoilt kids.
You DON'T want to be bound by all these laws & regulations?!?!? Then be a fucking adult & grow a brain & work the system to your advantage.
A LOT OF CPF REGULATIONS ARE VERY LOW LYING --- THEY ARE EASILY OVERCOME & TACKLED --- AS LONG YOU'RE NOT LAZY OR STUPID OR ARSE LUCK (like being born paralysed).
WSG
@ Anonymous June 29, 2019 1:55 pm
>>>>>@Anonymous June 29, 2019 11:36 am
Oredi, our money in Cee-piss-fxx is locked up with 3 keys (their logo), is not our money. Who are the 3 musketeers holding the keys ? I think the pple holding the 3 keys have lost or misplaced them. You need 3 keys to open the save, even one chap loses it, it oso die die cannot be opened. Bo-piah la !/////<<<<<
“““““第1部 (Part 1)：
根据毕业于哈佛大学(Harvard trained)的伦敦经济政治学院（LSE - London School of Economics and Political Science）经济学教授金刻羽 （Economics Professor 金刻羽）的经济学分析 （economics analysis），她曾经提出来的见解 (previously expounded analysis) 是经济的未来 （the future of an economy），经济的增长和发展 （economic growth and development）往往在很大程度上是储蓄和投资（savings and investment）的函数。
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在研究储蓄和投资如何影响上述所有微观和宏观经济目标之前，我们也许可以先看看私人储 (private savings) 与公共储蓄 (public savings) 比率的重要性，以及经济增长是如何产生（或不产生）的？
因此，可能抵触到的一些关键问题是：
1）当大部分储蓄的比例最终归于公共储蓄时，其含义是什么？
2）如果过多的储蓄被放置在公共储蓄，储蓄在产生经济增长和发展中的作用会（严重）被扭曲吗？
3）当一个经济体中不相称的储蓄额处于公共储蓄时，资本的边际效率 （MEC - marginal efficiency of capital ）和 投资的边际效率 （MEI - marginal efficiency of investment）对该经济体是否相同？
4）当一个经济体中不成比例的储蓄处于公共储蓄时，经济增长模式是否仍然有效？
5）当一个经济体中不成比例的储蓄被用于公共储蓄时，是否会导致严重的资源分配错误？
显然，对于上述问题，可能会有答案（以及非常明显的答案）？
有没有其他非无知的经济学者 (any other economic non-ignoramus （in MSN）)，能够根据经济未来面临的困境，对上述问题提出一些分析 ？"""""""
@ All,
Regarding above "Part 1", there is a Chinese saying:
"对牛弹琴"
Literally means "playing the Chinese guitar in front of the cow" ...
Meaning that it is a waste of efforts and an endeavor that can cause one to vomit blood as the audience (cows) won't be able to appreciate or understand the music at all.
Chinese phrases are so often so profound and meaningful...
With that note, just to give heads-up there will NOT be any "Part 2" or further continuation posted here which was originally being envisaged and written.
So far out of the 57 comments above under this post, none has responded to the above economic view point (written in Chinese) regarding the economic implications (&/ or consequences &/ or ramifications) of the possible "imbalance" between private and public savings in an economy.
This is an area of substantial concern from an economic vantage point but so far seems that NOT many people have picked it up?
As for the above comment in Chinese, either many readers are "bananas" (and thus as personified in the Chinese phrase "对牛弹琴" maciam playing guitar for hours, days, weeks, months but a futile endeavor cos the cows simply could not understand or appreciate the "music") &/ or are economic ignoramus?
Hence will NOT be posting Part 2 or further continuation to the above Part 1 as it might also very likely be a case of "对牛弹琴" ...
In English, another way to describe it is maciam "talking to the wall" ...
An endeavor that is rather futile?
As old man said many sinkies are daft?
WSG described many Sinkies as lazy?
Virgo49 is constantly flabbergasted with sinkies "borchapness" attitude?
Hence, what for run after sinkies picking up their shits when many are "simply like a cow or wall" (with neither understanding nor appreciation)?
How to educate one whole generation (or more) of bananas &/ or economic ignoramus with solitary efforts?
Possible?
(When the education system with countless billions and billions of budget over more than 50 years failed to?)
'Ai am really perplexed and dumbfounded why YEW think oldies picking cardboards, cleaning food court tables and rampaging rubbish bins for metal cans in MBFC areas and all over the island in front of foreigners is something glorious, to be proud of as in being financially independent and worst of all a form of exercise for the oldies in the midst?'
Hi Anon 10:29pm, you are quite new to my blog. I often post and write what I don't believe in. Anyone reading my posts must not read them literary but the spirit in them, what I really meant. I must say that sometimes I come out quite confusing. You will get use to it. I provoke thoughts and agitate people to think what I want them to think, to question the truth.
It is an understatement or insult to compare Xi to Nelson Mandela. The only 'achievement' Mandela could claim to be achievement was his long imprisonment. He really did nothing for his country. Oh, because South Africa was free of apartheid and white colonial rule. No, it was times up for the whites to leave Africa. He was in prison, fighting a passive fight.
The achievements of Xi is beyond comparison. He has continued to carry the torch lit by Mao and Deng to bring glory to a rejuvenated China and the Chinese Civilisation. He came in at a time when China could be buried again in a sea of corruption.
Today China has revived under his leadership and is challenging the US for world supremacy without having to fight, but fight he would. The story of Xi Jinping and China is only beginning.
Oh, don't be despair that people did not follow up with your long comments. My advice, this is a blog and do not write too long pieces. People's attention span is very short.
Cheers.
Anyone who believes that our 60/70/80 seniors should be cleaning tables and picking cardboards should have his heart examined.
Anyone who thinks I think cleaning tables and picking cardboards for our seniors is a good thing should have his head examined.
When you have leaders that are not leaders this is what you get.
When you have so called leaders that are more concerned about making more millions than the well being of the people especially the seniors, this is what you get.
Rb, 8.30am:
"Oh, don't be despair that people did not follow up with your long comments."
Orhhh...
Rb: "My advice, this is a blog and do not write too long pieces. People's attention span is very short."
Yup.
Heard that from those church volunteers handling Sunday Schools, teachers taking care of pre-school toddlers and those teaching pre-primary kindergarten kids and also from primary school teachers.
@Virgo
///100 or 200K cash in hand.
Straightaway just draw and put on table. You talk big only.///
Huh??? You already 70 and only 100K-200K cash on table???
I would expect you to be able to put up AT LEAST $500K cash on table.
Personally I can put up a few hundred K on table within 24 hrs, and a 7-figure sum within 1 week.
Like if I know I'm going to die within 12 months & just want to blow all my portfolio.
WSG
@ finally, the end is nigh for all this "progressive" nonsense:
FUCK YEAH! PUTIN MAKES SENSE
@ Virgo:
Yes, your astute observations are correct---too many Singaporeans are ya ya papaya and leveraged to their eyeballs in debt just to be able to keep up with their frenemies (friends who are occasional enemies) and to try to "prove to the world" that they've "made it".
Good. I like. I am "under the radar" type, so all these yaya papaya people give me very good cover.
>> Matilah be waiting for the Firesales anxiously. <<
Actually I've stopped waiting. My POV is now changed...don't have to wait for a downturn for "opportunity". Opportunities arise frequently in both good and bad times.
Also, how much can one eat? Yes, wealth and being cash-liquid is important...but so is living and enjoying life. No one went to their grave, taking their final breaths and saying "I wish I spent more time in the office!"
One thing I've learned living in wealthy western societies is that because there's so much wealth around, people don't chase material things and money like they do in Asia. That's why their work week is 30-38 hrs...anything over that is "overtime" and attracts premiums of 1.5 to 3x normal wage rates.
Basically people are saying to their bosses: "My leisure time is very valuable to me. If you want me to work, then you have to compensate me WELL, if you don't, fuck you, I don't work. I prefer my private time to do as I please"
>> One's Tragies Another Comedy's <<
To me they are the same thing...no difference. The "difference" is made up in the minds of humans...that's all.
Life is for living. Tragedy doesn't care...it will strike anytime, on anyone for no reason and no bias.
So better enjoy life as much as you can! Even if people dun agree with you or are in any way "jealous" Fuck them.
Look after NUMBER 1, first and always, from begining until it finally ends.
@ Virgo49 June 30, 2019 3:19 pm
///Don't talk cock lah WSG.
Reports that Sinkies are so called Assets Rich and Cash poor been ongoing even by our Great Leaders.
Even their so-called assets are still mostly under Mortgage and or still ongoing have to slot to pay them off.
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Chui New! Blow cows.Only imbeciles will believe you.///
Uncle Virgo49,
Ha ha ha
In Chinese, the saying is not only blow cows, but blow until the cow skin like balloons burst with a bang so loud it is worst than the explosion at the LPG factory at Jln Buroh 2 weeks ago?
Heard from a contractor kpkb to his fren at a coffee shop that he did a maintenance job at a big bungalow at Bt Timah area (could be a GCB (good class bungalow) from the way he described it.)
He said in the compound parked one branded sports car and another continental big branded car and also a big branded Japanese car and still have 2 or 3 parking lots available where he parked his vehicle.
The service job was only a few hundred dollars and supposed to be cash payment.
Till now the contractor was heard kpkb to his fren in the coffee shop that he was not paid yet.
Worst, he said while he was doing the work in the house, the owner's son who seemed to be serving NS happened to be at home and from his conversation on his mobile phone maciam owned many people in his camp money.
That is why nowadays do any work / biz first thing not about getting the deal but whether the other party can pay or not?
Given many firms (even very huge ones) seemed to have cash flow issues and many payments "got year no month" and drag and drag, delay and delay and ended up "got month no day"???
As befits economics theory, now if YEW go to some super markets, the "inferior" goods aka cheap house brands are "selling like hot cakes" (from random observations) meaning that income (generally) could be falling rather than rising bc based on proven economics theory, during bad times, the increase in demand for cheap in-house products is negatively linked to income, meaning that general income level is likely to be falling ...?
Based on public statistics, seemed thatngross retail sales plunged during 1Q of 2019?
As for per capita consumption, it has been declining in the past few years despite the uptrend in GDP trajectory? This indicator according to some (more patuk) economists is a (more accurate) measure reflective of household sentiment, not unlike the median wage vs the per capita GDP numbers. In statistics, it is known as the measure of central tendency and what methodology being used. Generally many (more patuk) economists (privately) would believe in the medium wage and per capita consumption than the per capita GDP as reflection of household earning power and SOL. Per capita GDP is measured via taking the mean of all earners in the economy and thus often does not present a symmetrical data distribution as it is very often skewed if there are some outliers earning billions and thus inflat the average figure which is the per capita GDP. Median wage measures the 50th percentile wage earners and generally is seen to be far more symmetrical in how data in the wage distribution is computed and thus taken as more reflective of the situation in reality?
Statistically, if per capita GDP is rising but per capita consumption falling, some (more patuk) economists prefer (privately) to use the latter as a gauge of household sentiment?
Meanwhile the (loud) bang of the burst cow skin (due to over blowing) can be heard reverberating in the air?
Chio Si Lang?
Cheers
@Virgo
When I said I'm able to put 7-figures on the table, it doesn't mean I'm rich --- it means my wealth & portfolio are damn liquid. And that I have zero debts.
S$1+M is the MINIMUM sum required for a reasonable quality of retirement in higher cost places like S'pore, Oz, North America or Western Europe. It's not even rich or luxurious lifestyle, just comfortable & OK.
If you don't have AT LEAST S$1M ... don't even think about retirement in S'pore. Govt knows this --- WHY DO YOU THINK THEY KEEP INCREASING RE-EMPLOYMENT AGE & GOING TO INCREASE RETIREMENT AGE??? AND ALSO KEEP HARPING ON WORKING UNTIL DROP DEAD?!?!?
THE AVERAGE SINKIE ALSO KNOWS THIS --- THAT'S WHY MANY ARE WILLING (no choice) TO WORK BEYOND 62, 65 ETC.
Even in lower cost countries like M'sia, you'll need 7-figures in ringgit to have a good retirement e.g. stay in safer neighbourhoods, have access to good private healthcare etc.
You say you don't have much money tied up in income-producing investments like dividend-paying stocks or rental properties ... only gambling at Genting. Therefore it is DAMN surprising you only have $100K-$200K in liquidity.
In this case, your retirement is actually on quite weak foundations. And you really NEED your children as back up for any unanticipated future events.
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