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redbean



Joined: 07 Mar 2006
Posts: 14459
Location: singapore

PostPosted: Fri Jun 16, 2006 4:31 pm    Post subject: Reply with quote

With $145k being stuck in the CPF it would mean that many of the retirees can forget about getting a single cent out when they reach 55.

Not everyone got that kind of money in the CPF.
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Grunt



Joined: 10 Mar 2006
Posts: 373

PostPosted: Sat Jun 17, 2006 1:16 am    Post subject: Reply with quote

Quote:
Medisave Minimum Sum (MMS) and Medisave Contribution Ceiling (MCC)

From 1 July 06, the MMS will be increased from $27,500 to $28,000. This amount will apply to members who withdraw their CPF at or after 55 years old.


Sorry, it should be : $120,000.00 + $28,000.00 = $148,000.00

Out of the $120,000.00 - can pledge 50% or $60,000 to property.
Meaning Cash minimum sum = $60,000.00 + $28,000.00 = $88,000.00

The increase guide is :

Quote:
The inflation rate is measured by the Consumer Price Index (CPI) as announced by the Singapore Department of Statistics. The previous years’ CPI will be used to compute the CPF Minimum Sum increase each year.


so got up no down...........................................

Furthermore, now the employer contribution had been reduced to
13% down from the original 20%. Salary limit now only $4,500.
Contribution limit now above 50 reduce to 27% to 65 years at
8.5%.

Very hard for the new generation to accumulate.

But, anything $5,000.00 or less they don't want !
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redbean



Joined: 07 Mar 2006
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Location: singapore

PostPosted: Sat Jun 17, 2006 7:16 pm    Post subject: Reply with quote

Structurally you are right. It is not easy for a normal young man to rise up from the system and accumulate the wealth like before. Maybe that is the reason why those who are well placed are amassing as much wealth as they could for their future generations.

A young graduate, starting off with about $2k in salary with take years before he could be in the black. His education will cost him a bomb which many will have to repay, his commitment to a HDB flat will suck away a big chunk of his income. If he dares own a car, CPF savings, medical and his parents. Then his children.

How many would be able to break away from this vicious cycle of high cost and low income?

And by the end of the day, whatever he has would probably be in the CPF. And they said, sorry, we need to dispense to you in drips and draps in case you squander it away.

What a well planned life, from birth to retirement home, it is quite easy to compute how much one needs just to get by. The fixed overhead cannot go away.
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redbean



Joined: 07 Mar 2006
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PostPosted: Tue Jun 20, 2006 12:23 pm    Post subject: Reply with quote

HDB has announced that they will be giving rebates for shops affected by upgrading work. This is a relief for those whose businesses are badly affected. But some shopkeepers said that it is a bit too late as many have already lost a bundle.

On the other hand JTC is planning to sell off its properties to a REIT and those renting JTC factories immediately smell money slipping away. Yes they know that by going commercial or like any govt institutions going private, the next thing to happen is that cost will go up. And they are begging for mercy now.

While under JTC, these lessees can petition or complain to the govt for any unreasonable increases. But once it goes private, sorry mate, it is private business and the shareholders' interest in profit is supreme. Thus, rentals must go up to meet profit forecast.

And how does REIT works? Very simple. Left hand to right hand. A property company or a bank who has bought several properties, can offload it to another company, in this case a REIT which it sets up, at any price it wants. Thus it can determine whatever profit by passing the properties from left hand to right hand. First round profit guaranteed to the property owner, ie left hand.

The next step is to offer the REIT company to the public under IPO and guaranteeing the investors a certain % of return on investment, eg 8%, 10% etc. Now who is going to pay for this high dividends?

Is REIT really a productive process or another form of milking from a business without any increase in productivity?
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redbean



Joined: 07 Mar 2006
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PostPosted: Wed Jun 21, 2006 8:33 am    Post subject: Reply with quote

Good news for 950,000 HPS members who are paying to protect their HDB flats. The CPF Board will return $480 million of surplus to them and the premiums will be reduced by 10 to 35%.

I am wondering how long it takes to accumulate such a huge surplus. And I am also wondering when they found out that the premium is excessive high.

And I am wondering whether all the provisions in minimum sum and Medisave are excessively high as well. Maybe 30 years down the road they will have several billions of surpluses to return to the aged CPF members. Unfortunately they might not be around to hear the good news.
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Matilah_Singapura



Joined: 08 Mar 2006
Posts: 728
Location: LAND OF SMILES & INSTANT GRATIFICATION, of Delightful Exploitation...and a true Buddhist spirit!

PostPosted: Thu Jun 22, 2006 11:48 pm    Post subject: Future Shock! Reply with quote

Hahaha... It is unlikely there'll be any money in the CPF in even 10 years time.

2008 is when the first batch of baby boomers turn 60.

Watch the entertainment around 2010, and on from then Laughing

Future Shock?

Bring it on! Shocked
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redbean



Joined: 07 Mar 2006
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Location: singapore

PostPosted: Fri Jun 23, 2006 2:46 pm    Post subject: Reply with quote

Never mind the future shock. I have just discovered the perfect solution to the ageing problem, high medical and social cost of maintaining an ageing population and unemployment.

These problems arise because after 50 the uncles and aunties are no longer employable and everyone expects them to retire. And because of old age, they are going to consume more on medical services as well. And their savings in their medisave will never be enough.

Now, if we encourage all of them to be quitters, migrate, take out their cpf, sell their HDB flats, we can get rid of them, no unemployment problem, no ageing problem, no social problem, no high medical fee cannot afford to pay problem, no overcrowding problem. And the best of all, keeping our society young and vibrant, no old hags around.

Whew, isn't this a clever solution. Or the other way is to modify the retirement village programme around our neighbouring countries. All these old hags will be happily retired with all the monies from cpf, medisave and selling of their flats. And they can really live like kings and queens.

Now why would the govt still want to keep all the old hags here when there is no place for them, and they are being tolerated as an unavoidable social problem?

Ssssshhh. I am an old hag. Laughing
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Matilah_Singapura



Joined: 08 Mar 2006
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Location: LAND OF SMILES & INSTANT GRATIFICATION, of Delightful Exploitation...and a true Buddhist spirit!

PostPosted: Fri Jun 23, 2006 5:43 pm    Post subject: Problem? What Problem? Reply with quote

Growing old and eventually less productive was never ever a "problem". It is part of a natural process of life—like having to take a shit once in awhile.

It is The State which made growing old a problem, by limiting individual freedom to prepare for one's old age—namely by INFLATING the currency so that the thrifty people who save are PENALISED.

The State makes "a problem" out of natural human nature—any which way it can, and that causes more, and deeper society-wide problems.

Thankfully, we all have freewill. I'll be 50 before long, and I don't intend to be "worthless" or "worth-LESS".

We are all given the resources of this planet and intelligence, and the same 24 hours in the day. Many years ago Man chose to leave the Garden of Eden and use his "knowledge" to "make it on his own".

None of us can turn back that clock. You can say, we're all in it—FOR LIFE! Laughing
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redbean



Joined: 07 Mar 2006
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Location: singapore

PostPosted: Fri Jun 23, 2006 6:52 pm    Post subject: Reply with quote

Matilah, you did not read your Genesis right. Man did not choose to leave the Garden of Eden.

And since we are out, might as well explore the universe.
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Matilah_Singapura



Joined: 08 Mar 2006
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Location: LAND OF SMILES & INSTANT GRATIFICATION, of Delightful Exploitation...and a true Buddhist spirit!

PostPosted: Fri Jun 23, 2006 7:36 pm    Post subject: Reply with quote

I'm afraid to inform you, you are again in error, not surprising given your 'alternative' view of the universe and of human nature in particular Wink

When one chooses an ACTION one chooses the CONSEQUENCES.

Eating from the tree of knowledge was strictly forbidden. Regardless of "temptation", one has to make a choice to succumb to "temptation" or to resist it. Often, man is unaware, and that is just too bad, because he has a choice to be aware. Shocked

And many centuries later, Oscar Wilde informed us that "The best way to deal with temptation is to yield to it".

Of course, there are many meanings of this "advice".

I yield to temptation all the time. Since man is no lnger in the Garden of Eden, I though to myself "Fuck it, be a human, and enjoy the ride!"

Now you know why Bangkok is my favourite city. It is the city of angels in the land of smiles Laughing Laughing
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redbean



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PostPosted: Sat Jun 24, 2006 10:01 am    Post subject: Reply with quote

I must say I fully agree with Oscar Wilde and happily yield to temptation. At least we have an agreement here.

I rather eat the forbidden food and see the world in all its glory and colour than be a dud running around the garden of Eden, and not knowing that I am naked and not knowing why Eve is created for man.

And of course to live with the consequences of your choice and free will. Laughing
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redbean



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PostPosted: Wed Jun 28, 2006 8:16 am    Post subject: Reply with quote

Ahhh finally it is here, taxi fares are going up. With the prices of oil shooting skyhigh, how can taxi fares remain unaffected. It is only natural and something of a must happen. Next on the line will be bus fares and mrt fares. Another two natural comrades. And don't forget school buses.

Oh yes, electricity bills. Sure must go up. This means that all business cost must go up as their electricity bills must surely go up. And what do all these means, everything is gonna go up.

Perhaps, maybe, or hopefully, some wise genius can bring down the price of oil. And I thought I remember some people said they can do that. Definitely not Chiam or Low Thia Khiang.

What is interesting is to know that tariff rates are pegged at a higher future price. This means the rate used to price today's power rate is higher than today's oil price. How clever. How not to make profit.? This is the beauty of being privatised. Just care about how much to make and ensure that the system or methodology favours the bottom line and not the pocket of the consumers.

Three cheers to privatisation.

I only hope that no smart alec is going to say, since oil prices are going to go higher in the future, lets prepare the people for higher oil prices and price the power bill to some future price of oil say at $100. Then the people will know how to save or conserve the usage of electricity at home.
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Grunt



Joined: 10 Mar 2006
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PostPosted: Wed Jun 28, 2006 2:35 pm    Post subject: Reply with quote

Quote:
I only hope that no smart alec is going to say, since oil prices are going to go higher in the future, lets prepare the people for higher oil prices and price the power bill to some future price of oil say at $100. Then the people will know how to save or conserve the usage of electricity at home.


In fact they have somewhat implemented that very long ago !

If you use the water or electricity above the national average
you be charge extra for those units that are above at a higher
cost.

This is to teach you to save and conserve the country resources.

You never look at your PUB or SP bill meh !
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redbean



Joined: 07 Mar 2006
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PostPosted: Thu Jun 29, 2006 8:26 am    Post subject: Reply with quote

Poor Singaporeans getting poorer.

The latest General Household Survey shows that the lower 20% household income dropped by 20% to $1,180. And the 30 percentile dropped by 5% to $2,190.

Here we are talking about a household's income, the income of two breadwinners.

And ironicall the top 10% household income gone up by 14.8% or $16,480.

But the survey did not show the top 3% household income. This is very likely to be from $1 mil to $2 mil for a year or probably a 100% rise. Just extrapolating on the incomes of individuals which went up by $1 mil to $2 each. And if the household has two super income earner, the net increase could be $3 mil or $4 mil.

But all these are natural, unavoidable and expected as the supertalents must be paid highly or else they will be poached by other MNCs and will be a lost to the country. We cannot affford to lose our CEOs in SIA, NOL, Singtel, PSA etc etc and all the banks to foreign companies.
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redbean



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PostPosted: Fri Jun 30, 2006 10:32 am    Post subject: Reply with quote

The economy is improving. More jobs are created. Unemployment is down. It is time for more fare hikes and fee hikes.

What about me, the bottom 30%? My salary is still going down and down. Crying or Very sad
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