How much is CPF collecting from the workforce

The current CPF contribution rate is 16% from employer and 20% from the employee making a total of 36% of the monthly income. Using an average salary of $3,000 and 2 million employees (for simplicity in calculation) contributing to the CPF, just ball park, the monthly contributions work out to be (36% x 3000 x 2m) $2.16b or $25.92b a year. Now that is an awfully big sum of money going into the CPF.

To those who are prudent and responsible, this is not simply a lot of money to play with but a lot to money to return with interest. They will be very careful not to touch this money but to manage it with extreme care while under their safe keeping. It is other people’s money, the CPF members’ money that must be returned.

But if you have a bunch of crooks, like in a rogue govt, they will be easily tempted to spend it, to act clever, to think of getting bigger returns without knowing that the bigger the returns the higher the risk of losing it. Some will capriciously be thinking of behaving like rich men and go flashing the money to everyone and even wanting to flaunt the wealth by throwing some around. It is such a nice feeling to have so much money to play with. And if not enough, no worry, the tap is flowing and every month there will be another $2b flowing in, unlimited supply of money.

It is so easy to go shopping or to act like philanthropists and give whenever someone comes asking. It is really a very nice feeling, spending OPM. Spend first, don’t worry about tomorrow and how to pay back. This is the risk of this country when there is so much money freely available and the high living low thinking will just do that, help themselves to live well. Who cares what comes tomorrow. Tomorrow is someone else’s problem. It is OPM!

Any govt in power has to be very careful to guard against rogues who think of nothing about spending such easy money. It is so easy to spend, so easy to give away. But don’t forget, the time to pay back will come and will come sooner than they think. Singapore really has a very happy problem with money. No wonder everyone is feeling so rich, pay and pay, give and give. Who needs money, come, come to Sin City. Just ask and will be given.

Ultimately where does the money come from? Ultimately whose money ended up given away? The CPF is the people’s money and must be returned. Not returning is not an option, not under any pretence or any funny schemes. You can’t cheat an honest man.

PS. Actually you can cheat an honest man in Sin City when an honest man is a daft Sinkie.

Kopi Level - Yellow

Western media bias

‘Reactions to Russian View. Our last Readers’ Post page carried a view by the Press Secretary of the Russian Embassy in Singapore, Mr Dmitry Ryakhovskiy, who criticized the media for publishing biased accounts by Western news agencies about the ongoing crisis in the Ukraine. Below are the reactions via email, the ST Readers’ Post where the article was posted online, and in ST Facebook, to the Russian view.

Louis Tan: Unfortunately many have been indoctrinated by the American and Western brainwashing or simply just do not read or question what is being reported which is why Western press still holds sway.  It is time to turn back the tide and remove the stigma America and the West have painted of Russia as the ‘bad’ guy when they are far from ‘holy’. So, yes. More (such) reports should be presented in The Straits Times.’ ST

I sported the above in the ST on 12 May. It was like an advertorial or a paid advertisement. What was interesting were the views of some bloggers that the ST had been selling views of the Americans and the West, slanted in their favour particularly against the Russians, China and the Muslim world.

I have personally felt that many international articles published in reputable media around the world were actually as good as propaganda, very biased and unintellectual, more like the works of insurgents. And they were published in the main media and very likely the media even paid for the right to publish them. I hope I am wrong on this and it is the other way, that such propagandistic articles would only be printed with the author or source paying for the right to be given a space in the main media. The fee should be more than commercial advertisements as these are highly biased and distorted articles to serve a political agenda. The media could make a pile publishing such articles if they don’t mind the distortions and untruths as a source of income.

I often asked myself whether the media staff are so dull to be publishing other people’s poison laced political statements in the guise of journalistic or academic works when in reality they are politically motivated propaganda with a hidden and dangerous agenda? The source of such articles would be most willing to pay handsomely to be allowed to be published in reputable media. And the media staff are so eager and willing to even pay the source with good money to carry them in their reputable papers and undermining the credibility and reputation of their media.

It is quite ridiculous and stupid really if reputable media have to pay for the right to publish other people’s politically motivated articles, views or ‘news’.  So pathetic.

Kopi Level - Green

Return our CPF Petition by Roy Ngerng

Roy Ngerng has started a petition at https://www.change.org/petitions/the-singapore-government-return-our-cpf-2. He will also be holding a rally at Hong Lim on 7 June at 4 pm to call on the Govt to return the CPF to its rightful owners at 55 and higher interest rates for the CPF savings among other things.

The CPF is an issue that touches the pockets of every Sinkie and will affect those who have hit 55 recently, and those younger that will come along through the years. Millions of Sinkies will fall victims to the CPF Schemes with their life savings locked away by strangers who claimed to be doing it for their good. And not only will these strangers decide when and how much to return to the Sinkies, they could even decide how to spend it by their audacious compulsory schemes. Reminds me of the days of warlordism in China.

I hope Roy will monitor the progress of his petition. I have noticed that he is using a different platform from that used by William Lim calling for the PM to resign. That petition is so heavily rigged that it is going no where. If it is allowed to run normally, my estimate is that it could hit at least 20,000 or 30,000 signatures conservatively. It is still hovering around 2,000 signatories. Would this petition of Roy go the same way, to oblivion, through rigging and neglect?

I have yet to hear William Lim making any comment on the state of his petition. Maybe he has other reasons not to say anything. Maybe it was a spur of the moment to start that petition and it is as good as to let it die a natural death. Nothing serious, not meant to be serious.

How many Sinkies will sign Roy’s petition? How many Sinkies will think it important enough to attend the rally at Hong Lim? When times are good, when the people do not have to fall back on their CPF savings, when they have other sources of fund, they may be reluctant or lack the motivation to want to make their voices and grievances heard. This is bad as people in charge may say, see, no complain, no protest, only 200, so the people are happy and they can go on with more schemes in the future.

When times are bad, when the people are desperate to lay their hands on their CPF savings, the temperature would be different. They may tear down the walls of CPF to get hold of their money. Just hope that the people are not desperate enough. Just hope that the younger generations are as easy to manipulate and docile enough not to do anything when their money are locked away against their wishes, like the older generations.

Would the people rise and march to Hong Lim on 7 June to demand for the return of their CPF savings?

Kopi Level - Green

Littlespeck downs his pen - Seah Chiang Nee

‘A generation of Malaysians and readers around the world have grown up with Seah Chiang Nee’s columns on Singapore. Illness, however, has forced him to ease up and he has decided to stop being a columnist in The Star. In this farewell interview with Soo Ewe Jin, Seah gives his readers an insight into his illustrious career as a journalist.
FOR the past 28 years, readers of this newspaper have been given a weekly analysis of the goings-on in Singapore through the column of veteran journalist Seah Chiang Nee, Insight Down South.
 
Seah began his career in 1960 as a Reuters correspondent based in Singapore. During that 10-year stint, he was in (then south) Vietnam for 40 months to cover the war.
He joined the Singapore Herald in 1970, as Malaysia bureau chief and later as news editor, before it was forced to close after a run-in with the Singapore Government.
From 1972 to 1973, he worked for The Asian, the world’s first regional weekly newspaper, based in Bangkok, to cover Thailand and Indochina – Vietnam, Laos and Cambodia.
 
He then moved on to be news editor of the Hong Kong Standard before returning to Singapore in 1974 to serve as foreign editor with The Straits Times.
 
From 1982 to 1985, he served as editor of the Singapore Monitor. And in 1986, he started writing for The Star. Seah also became the first South-East Asian to undergo a heart transplant at Sydney’s St Vincent’s Hospital back in 1985.
And he already belongs to that rare club of those who have lived for more than 20 years as a heart transplant patient.
 
Because of age and health reasons, Seah will no longer be writing his column. In an email interview, he reflects on this journey with The Star….’
 
The above is a piece in the Star Online written by Soo Ewe Jin in honour of this senior gentleman of the media. He lived through it, through the tumultuous period of Singapore as a young new nation, its flirtation with Malaysia and then independence as a new nation, prospered and be what it is today. Whether Chiang Nee would have the privilege of seeing the next change to this prosperous nation, or for how long more, only God knows.
 
For those who are unfamiliar, Chiang Nee is the first heart transplant patient and the longest surviving one, alive. May he enjoy his retirement and get a good rest watching from the safety on the sideline and also have the pleasure of time to reflect on the days gone by.
 
Best wishes, Chiang Nee, the grand old man of the media.

CPF becoming a hot potato issue

With the latest increases in the Minimum Sum to be retained in the CPF and Medisave Accounts, the CPF savings scheme is now a hot potato issue among the account holders. Many felt cheated while some felt glad that the govt is raising the minimum sum to provide for their retirement needs. Below are two comments from bloggers in the TRE on this topic.

1. Sperm:
Likely PAP squandered away all our CPF money , we become a country of bankrupts ?
 
2. Im a layman.
I dont concur because I ask myself a few questions first.
Did the CPF ever default since its inception in 1955?
The ruling party has a non nonsense reputation when it comes to credibility & integrity in finance.
It has fed this donkey (cpf) with a higher than bank savings rate since inception so that the people will have a bigger nest egg.
Which member upon reaching 55 and minusing the prescribed asset hasnt been paid back the balance?
 
Commentator Sperm belongs to one camp that is being troubled by this obsession and funny logic to keep raising the minimum sum. They are suspicious and worried that the CPF has not enough money to pay them and has to resort to locking away their savings by all kinds of schemes and means for as long as it can. How valid are their concerns and suspicions? At best it is only a gut feel as nobody really knows and the govt is not coming up with official statistics except statements to assure the people that their money is safe.
 
In the case of commentator ‘I m a layman’, he is a happy man. He is very confident that all the money is there and there is nothing to worry about. He even commented that until now, the govt has not defaulted in any payments to the account holders when they reached the retirement age of 55. And he is right. Those who had reached the age of 55 earlier had happily received their CPF savings in cash. Those that reached 55 in the last few years also had received some of their money in cash but with some of their savings lock up in Minimum Sums Schemes and Medisave. But they are not complaining much as they still got to receive a fairly substantial sum at 55.
 
Now this is a thing of the past. The new 55 can only withdrawal the amount after setting aside the minimum sums in the RA and MA, nearly $200k or $5k as many did not have enough to cover the minimum sums. The govt is not renegating on the payout at 55. The govt sure pay out if one has the money to be paid out. Just make sure your balances are more than the two minimum sums and you will receive your money.
 
Now who is accusing the govt for not being able to meet their obligations and not paying out the money when it is due? Not true right. So commentator ‘I m a layman’ is right. Do not underestimate the intelligence of a layman. He is clever like hell. You cannot cheat a layman unless he volunteers to be cheated, willingly, happily and gratefully.

Kopi Level - Yellow