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cpf is my money
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Joined: 07 Mar 2006
Posts: 14390
Location: singapore

PostPosted: Sat Mar 16, 2019 8:53 am    Post subject: Reply with quote

So how CPF?
In December, Mr Toh checked the total amount in his CPF account and found that he had $67,562.78 in the account.

The retiree revealed that he received a letter from CPF Board recently, informing him that the balance in his Retirement Account (RA) balance is S$646.86. The letter said that his last estimated payout will be in May 2019, since he receives a $250 payout monthly.

Mr Toh shared: “On 31/12/2018 my total amount across my CPF was S$67,562.78, which means CPF is keeping S$66,665.92 of my savings in my CPF money away from me for Ordinary Account (OA), Special Account (SA) and Medisave Account(MA).

“Why keep so much of life saving money saved in my CPF account away from a 70-year-old healthy senior citizen? Is my lifetime money reserved for OA, SA and MA account more important than my money for retirement expenses?”...

“In the event that Ian commits suicide, kills someone or is killed, I will hold all relevant persons and ministries accountable for failing to release my funds for his alternative medical treatments…”

This was the warning an unemployed mother of a mentally-ill son issued to the Central Provident Fund (CPF) Board recently, after the authority rejected her request to withdraw her CPF savings.
The mother, 55-year-old Carena Tan, had asked to withdraw S$70,000 from her Retirement Account to fund her family’s living expenses and treatment for her son, who apparently suffers from schizophrenia and bipolar disorder.

Noting that Ms Tan would not be able to set aside the full retirement sum of S$171,000 in her Retirement Account if she withdrew the S$70,000 she applied to withdraw, CPF Board rejected her request. It instead asked her to “re-consider approaching the Social Service Office @ Bukit Panjang for financial assistance.”

Both cases were reported in theindependent. These are the painful stories that are being kept from seeing the light in the main media. There are so many grouses and pains inflicted on the people when they are not allowed, by legislation, to enjoy their life savings that are supposed to be for their retirement. These two cases are just the tip of the iceberg. Many are suffering in silence and living in despair, hapless when the govt decided what to do with their money against their will.

The people affected are starting to curse the people that made them suffered for the want of their own money under all kinds of ridiculous excuses and changing the goal posts. To be daily and repeatedly curse by the people is not a good thing to live with. The evil doers would not believe that the curses would hurt them in any way and would continue to scheme against the people and their CPF savings.

Let them be, let them live with the curses of people adversely affected by their bad decisions. Let them live happily with their millions in their savings and assets.
what i posted is just my personal view. feel free to disagree.
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Joined: 07 Mar 2006
Posts: 14390
Location: singapore

PostPosted: Sat Jun 08, 2019 12:07 am    Post subject: Reply with quote

CPF Medishield Life Horror Show
Last GE, Minister of Health was going to give power to the govt to take money directly from your bank account if you fail to top up your Medishield Life. Many people think it is just for show and still voted PAP overwhelming. 4 years after the regulation made mandatory, it is going into enforcement.
We have many people telling social media how their money in the bank was deducted without consent and to find out they were deducted by CPF for Medishield Life. We also have another group saying CPF suka suka arrowed them to be the top up for their direct family members or distant relatives without their consent. And the arrangementauto mated without their consent too!

Posted by DuGu QiuBai in the TRE

Is the above true? How many of you have experienced your money in your bank account, not CPF account being deducted by CPF for MedishieldLife? I must agree that this is really frightening. When my Medisave Account is depleted, at the moment CPF is deducting from it to pay for my MedishieldLife, the first thing I would do is to withdraw every cent from my bank accounts and closed all of them. I cannot allow anyone, not the govt, to have free access to my bank accounts and take what they want and when they like it. This is robbery, taking my money without my consent if it is true. My money is no longer safe in the banks.

I really hope that this is fake news, cannot be true. The govt cannot suka suka legislate to take money from you, money you put into the bank and think it is safe. Horror!

What is happening in Singapore? The govt just legislate it as law and make buying of insurance compulsory and the citizens cannot object to it, must pay or become criminals! And the banks too cannot say no to protect the depositors? This type of thing can only happen when your life savings in your CPF is not your money. Matilah laughing in glee, told you so didn't I?
what i posted is just my personal view. feel free to disagree.
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Location: singapore

PostPosted: Sat Jun 29, 2019 8:28 am    Post subject: Reply with quote

Why can't I use my own CPF money for my daughter's education?
Another sad and frightening story that confirms CPF is not your money if daft Singaporeans would quietly accept this fait accompli dealt to them by the govt of the day. The below article is posted in the TRE. Hopefully there will be more and more of such cases and a BTH moment is reached.

Dunno what to say, or is this a case of si peh cham?
June 27th, 2019
Today, I went down to CPF building to inquire upon my daughter’s school fees. Because my salary did not reach the lowest deposit I can’t apply to use CPF for my daughter’s school fees. I want to ask, right now in my CPF there is 70,000+, I only need 15,000 to pay for my daughter’s school fees.
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.
what i posted is just my personal view. feel free to disagree.
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PostPosted: Wed Aug 21, 2019 8:22 am    Post subject: Reply with quote

CPF contributions to go up – huat ah!
The good news in Hsien Loong’s National Day Rally is a slew of increases in CPF contributions for the seniors. CPF contributions for all employees 55 years and above will go up. Employers will contribute a bit more, and employees also will contribute a bit more. As an example in thenewpaper, ‘For someone who was 55 in January this year and earns $3,000, both he and his employer contribute 13 per cent or $390 a month to his CPF savings. In January 2021, the contribution rates for each such party would go up to 14 per or $420 a month. That works out to $360 more in contributions each per year for employer and employee.’
CPF would be getting another $720 from each account of employees who are 55 year and above. How much more would be added to the CPF Board and to the national reserves? According to thenewpaper article, there are now about 450,000 Singaporeans aged 65 and above and this would double to 900,000 by 2030. My estimate is that there are 30,000 in each age group, so taking age 55 to age 70, an equivalent of 15 years, this group would have 450,000 heads. At 60 percent employed, it would come to 270,000 employee/accounts. And at $720 more per employee per year, savings in the CPF would be bloated by $194.4m annually.
While the seniors are happy with the higher contributions, presumably it would benefit them with more zeros in their CPF statements, who is the real or biggest beneficiary?
CPF Board huat ah! The national reserves, huat ah! Uncles and aunties, huat ah! Uncles and aunties can now smile bigger looking at their CPF statements, so much money there.
This is another win, win and win solution. You say smart or not? All winners, no losers. The employers contribute one additional percent from their payroll. The employees take home one per cent less from their pay check. But overall the employees’ CPF savings get fatter, get richer. And the Hsien Loong said no funny schemes to raise withdrawal age or retention of CPF monies…at least for now. Not sure in the future some smart alecs would say CPF got a lot of money, lets think of some compulsory schemes to take some more money from the CPF members.
PS. The new CPF contribution rates take effect on 1 Jan 2021.
what i posted is just my personal view. feel free to disagree.
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PostPosted: Fri Nov 08, 2019 8:20 am    Post subject: Reply with quote

How valid is CPF's reply on Clifford Theseira's case?
A 72-year-old CPF payee recently became a Grab driver, and shared on Facebook to the whole world how a measly S$575 monthly payout made his existence difficult to bear.
As expected, the FB post went viral prompting the CPF Board to respond quickly.
According to the Board, Mr Clifford Theseira, failed to present the whole picture and presented only a portion of the entire story.
“Mr Theseira had withdrawn a total of about S$140,000 from his CPF since turning 55. If Mr Theseira had not done so, his monthly payout could be more than S$1,000 per month,” said the Board.

“In addition, Mr Theseira co-owns a 5-room HDB flat which is fully paid up,” the Board authorities stressed.
Based on Mr Theseira’s version of the story posted on Sept 24, despite having around S$60,000 in his Medisave, his monthly CPF payouts amounted only to S$575. According to the aged retiree, he had to seek employment despite his age and became a Grab driver to support his wife.
But old age has made him incapable of driving for long hours and he claimed that his income as Grab driver is not enough to even pay his income tax obligations. He was also asked to top up his Medisave, or risk having his licence revoked. He then posted a photo of a letter from the CPF Board to this effect.
But the CPF Board repudiated Mr Theseira’s allegations.
“As stated in the letter shown in his post, Mr Theseira could contribute his Medisave monthly via Giro,” it said. The Board added that the Giro payment plan would amount to less than 1 per cent of his monthly income.
“As long as he makes regular CPF contributions, which is no different for all other workers, he will be able to renew his licence when it becomes due in July next year,” CPF management added.

The above is quoted from TRE and is a good example of the high cost of living in Singapore and how the seniors are coping or unable to cope and have to work in their ripe old age just to survive. With $575 monthly payout and a flat that is fully paid, Theseira and his wife would be in serious financial trouble to provide food on the table. I read some surveys saying that a person would need about $1,379pm to live in this expensive city. So, how could $575 pm be enough for Theseira and his wife who also has medical bills to pay? Even if he is to have $1,000 pm if he had not withdrawn his CPF savings early would not make much of a difference.

The whole argument about Theseira having a 5 rm flat is hogwash. But this is the new formula of this garment, that seniors must sell their homes, downgrade to live. It is a cold, calculative thinking, with no consideration to other factors like emotional attachment to a home, the comfort level and familiarity of living in a home. To those who think selling a home to convert to cash is the way to go, it shows that these people are inhumans, treating the seniors as digits with no feelings and sentiments. Come with nothing, go with nothing.

By the way, why should a person at 72 still be forced to contribute to his CPF in the Medisave? People at this age and above are counting every day alive as a bonus. Why the need to save some more? Whose fricking idea is this? Old folks struggling to survive, having to work at such an advanced age and still need to save for retirement, for the future?

What do you think? What is CPF about in the first place? What happens to the age when a person is allowed to withdraw his CPF savings? At 72, a person should be allowed to withdraw all this CPF savings, not to contribute more into it. Any contribution to the CPF must be voluntary.
what i posted is just my personal view. feel free to disagree.
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