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cpf is my money
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redbean



Joined: 07 Mar 2006
Posts: 13465
Location: singapore

PostPosted: Thu Apr 09, 2015 8:18 am    Post subject: Reply with quote

CPF – From compulsory savings to compulsory taxation
It was meant to be compulsory savings for retirement. Now it is more like compulsory taxation by the govt. The latest clause that demands all Singaporeans who are overseas to pay for Medishield Life is as good as that. The govt does not care or bother you need the Medishield Life coverage as you may be away for 20 or 30 years or more, but you are legally required to pay up. The govt does to care if you are paying for another medical insurance in your domicile country and no need for the Medishield Life, it still wants you to pay, all because you are a Singapore citizen. If this is not compulsory taxation, what is? It even overides double taxations. At least double taxation could mean exempted from one country or paying one side. This one is so aloof, it doesn’t care what you are paying and how much you are paying or that you are paying for a better medical coverage, you pay up because you are a Singapore citizen. You are so blessed!
Who do you think benefits most from your compulsory saving/taxation? Obvious right? The first and biggest beneficiary from your compulsory saving/taxation must be the HDB. Here everyone would have to cough up at least $500k in his life time or more than a million to pay for ‘affordable’ public housing. Now you would have to pay a life time for Medishield and again who is the beneficiary? And whatever money left would be stucked in the two minimum sum schemes, to benefit who in the form of cheap loans? And the loans would only be repaid when you die or if you are alive, in small tokens. It means that you are extending a loan with your life savings to the govt until you die. And if you are stupid enough to will it to the CPF account of your loved ones, the loans could be extended in perpetuity. To benefit who?
Your compulsory savings are for whose benefits? Do the daft Sinkies know what is happening to their CPF savings? All their CPF savings kena tangkap for life! Does the PAP really believe that it do anything it wants with the people’s life savings and can get away with it without any serious repercussion in the GE, that the people do not mind, do not care and submissively accepted this fait accompli?
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redbean



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PostPosted: Mon Aug 03, 2015 8:44 am    Post subject: Reply with quote

Medishield Life – CPF owes you or you owe CPF money?

I quote here a couple of paragraphs from Leslie Chew’s article titled, ‘With friends like these, you don’t need enemies’ posted in TRE. In his concise post he explained why and how our savings in the CPF would turn from a credit to a liability with the introduction of Medishield Life. For now many people with money in the CPF are smiling thinking that the CPF owes them money. Once they retired and started to pay and pay for the Medishild Life till they reach 80, 90 or older, without an income, they will deplete whatever savings left in the CPF, including all the minimum sums, to service this insurance scheme that many don’t need and did not want’

Here’s the quote,

‘And now, he set(s) up a new company and force(s) your whole family to buy his insurance. The premiums will be deducted from the money he owes you. Opting out is not an option, as he will just deduct whether you like it or not. Furthermore, he alone will get to decide on how much the premiums are and you have no say.
Eventually, the premiums are going to wipe out whatever amount he owes you. That is when things get interesting. Now instead of him owing you money, you owe him. And with that, you have to pay him cash for the premiums he demands. If you fail to pay, he will file an injunction to prevent you from leaving the country, even if it is just for a short trip to relax in nearby JB, till you somehow manage to cough up money to pay him. On top of that, he will demand that you pay as high as 17% interests on whatever he says you owe him. If you keep refusing to make payment into his scam, he will have you thrown in jail.’


The ingenious Medishield Life Insurance scheme, a compulsory scheme designed and decided unilaterally and arbirarily by the Govt, will change the status of creditors to debtors and vice versa. This is what you paid millions of dollars for, for brilliant people and their brilliant schemes? It is simply too brilliant, or is it that the people are just too daft to say no?

There are several aspects of this Medishield Life that are simply vicious and unjust. Many people are losing their jobs in their 40s and 50s despite the raising of retirement age. How are these people going to service the premiums for the next 30 or 40 years or more? Many retiring in their 60s would also have problems doing so?

And there are Singaporeans overseas paying high taxes and insurance in foreign countries but must contribute to this Medishield Life when they are not using it? How can this be? The govt does not see anything wrong about it. Yes, to them forcing Singaporeans overseas to pay this tax is their right? Yes, it is no longer a CPF savings but a life time tax for all Singaporeans, to be paid from birth to death, regardless of age. The Govt has converted a CPF savings scheme into a life time taxation. The hideous part, other than those living and working abroad are compelled to pay, the babies and the oldies, retirees in their 70s, 80s, 90s, 100 year olds, must pay.

The Govt does not think there is anything wrong with this philosophy and policy. How could they see anything wrong to collect money from the people, from the young and old who have no income, and the Singaporeans working and staying overseas?

Can the people see anything wrong with these? Would they be infuriated to want to do something, to want change?

What do you think? Can you still smile at your CPF statements?
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redbean



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PostPosted: Mon Aug 24, 2015 9:24 am    Post subject: Reply with quote

Silver Support Scheme – Your money or my money?
The govt has announced the Silver Support Scheme to pay a stipend to honour the pioneer generation and as a form of retirement benefit.
According to the Straits Times, “Seniors to enjoy payouts from 2016” (Aug 1Cool – “150,000 eligible Singaporeans, aged 65 and above, to get a quarterly payout of $300 to $750 from early next year.”
The details have yet to be published and theoretically all the pioneers will get something. There is something like 500,000 pioneers out there which means that more than 2/3 will not be getting this stipend.
Where is this money coming from? Is the govt dipping into the reserves or is it taking from the interests accrued from the CPF savings it has ‘tangkap’ from the pioneer CPF members?
The other question is that for the sum of the stipends, tens of thousands or hundreds of thousands, belong to the people, is it a fair trade off for the pioneer generation to receive the stipends? Should the pioneer generation be grateful, be thankful to such a generous govt, out of the blue offering to pay them a few hundred dollars every quarter? Or should they cry foul, and demand to have their CPF money back?
Some pioneers would be grateful, especially the older cohorts that have little in their ‘tangkap’ accounts. But for those with hundreds of thousands in jail house rock, I don’t think they are happy with the peanuts being returned to them.
Where is the money or where is my money?
Who do you think? Happy, grateful or angry, feel cheated?
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redbean



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PostPosted: Wed Dec 02, 2015 8:25 am    Post subject: Reply with quote

Changes at CPF that will affect your Medisave Savings
Below is a copy from the CPF website on Medisave Savings, Q&A. You may want to know the Basic Healthcare Sum which is the Medisave Contribution Ceiling sum.
Is there a ceiling on the Medisave balance?
Yes, the current Medisave Contribution Ceiling (MCC) is $48,500. The Medisave Contribution Ceiling keeps up with inflation so that Singaporeans will have sufficient savings to meet their healthcare expenses.

For members below 55 years old, any Medisave contribution in excess of MCC will be transferred to their Special Account and/or Ordinary Account (if their Special Account savings have reached the current Full CPF Retirement Sum).

For members 55 years old and above and who have not set aside Full Retirement Sum or Basic Retirement Sum (with sufficient property charge/pledge), the excess Medisave contributions will be transferred to their Retirement Account. For those who have set aside the applicable retirement sum, the excess Medisave contribution will be transferred to the Ordinary Account.

Government pensioners under the Fixed Amount on Ward Charges Scheme (FAW) do not need to have Medisave whereas pensioners under the Co-payment on Ward Charges scheme (CPW) need to contribute to Medisave for up to 30% of the current MCC.

The MCC will be renamed as the Basic Healthcare Sum (BHS) from 1 January 2016. The BHS is designed to be enough for a CPF member’s basic, subsidised healthcare needs in old age. Amounts above the BHS will be transferred to the member’s SA, RA or OA, similar to the MCC.

The BHS will be set at $49,800 on 1 January 2016 for all CPF members. The BHS will be adjusted yearly in January to keep pace with the growth in Medisave use by the elderly. The BHS will be fixed when members turn 65, and this amount will not change for the rest of their lives. Therefore, all members aged 65 and above in 2016 will have the same BHS of $49,800 for the rest of their lives.
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redbean



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PostPosted: Sun Dec 20, 2015 9:24 am    Post subject: Reply with quote

CPF – A reflection

Conveniently no one would like to talk about this subject anymore. It is best to let it die quietly, that everything is now normal, your CPF is no longer your savings to enjoy on their retirement.

The inconvenient part about social media is that it has a long of space to bring out dead issues, forgotten issues and uncomfortable issues.

What is happening to your CPF savings? Why are you saving for a life time for? Who is benefiting from your life time saving? You?

Should someone that have saved a lifetime, 30 to 40 years of big savings, not peanuts, 40% to 50% of your monthly income, shouldn’t the saver feel rich and could retire happily and live graciously?

Why are such people still complaining about money no enough when a foreign worker, a maid, not even at the executive level, could work for 10 years or sold here and could return and live a life of relative plenty?

No one wants to think about their CPF savings anymore. It is gone, fait accompli. Oh, to be used to provide medical protection for life. No need to worry about sickness anymore. Just make sure you have enough savings outside your CPF savings to live and enjoy life and enjoy the medical protection.
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redbean



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PostPosted: Mon Jan 11, 2016 8:22 am    Post subject: Reply with quote

Basic Healthcare Sum

According to the CPF’s definition, The Basic Healthcare Sum (BHS) is an estimate of what you need to save up for your basic subsidised healthcare needs in old age, and will be set at $49,800 from 1 January 2016 for all CPF members.

With effect from 1 Jan 16, the Medisave Minimum Sum of $43,500 in the CPF will be converted to a new scheme called the Basic Healthcare Sum and this would be fixed at $49,800 for life. There shall be no further increases unlike the Medisave Minimum Save when the principle of moving target was applied, ie, it can go up and up at the discretion of whoever deems fit. Hopefully this $49,800 jail house rock payment would not be raised again but there is no guarantee that this would be the case.

So it seems that the ransom to be paid to the govt is settled as far as the $49,800 lock up sum is concerned. But does anyone want to know why is there a need for this Basic Healthcare Sum when everyone is already covered by a Medishield Life Scheme? Is it not that the Medishield Life Scheme is to provide basic healthcare protection for the citizens, from birth to death? Why is there another need to set aside another $49,800 in the Basic Healthcare Sum to provide for basic healthcare needs? Is this not double coverage, double payment for basic healthcare protection?

Another question, why is this new change imposed regardless of the age of the CPF contributors? What happens is that someone at 30 or whatever age, will have to top up his Basic Healthcare Sum to $49.800. A person in his 60s, 70s, 80s or older, would also be expected to have a similar sum of $49,800 locked up. Is there anything wrong, illogical about this? Those who have passed their CPF age would have many computations of higher contributions frozen when they hit 55 or whatever the cut off point. Why is this Basic Healthcare Sum be applied retrospectively to everyone regardless of age? I hope I am wrong on this, but no qualifications on this so far.

Shouldn’t those who are already withdrawing their CPF savings under the older regulations be left untouched or their Basic Healthcare Sum be at $43,500 at most? What kind of thinking or reasoning is behind this? What’s wrong with collecting more money? With the Medishield Life Insurance Scheme, there should be no need for the Basic Healthcare Sum.
Let’s return to the concept and purpose of Medishield Life. What is MediShield Life? Below is CPF’s definition:
‘MediShield Life, similar to MediShield, is an individual basic universal healthcare insurance scheme which helps to pay for large hospital bills and expensive outpatient treatments, such as dialysis and chemotherapy for cancer. It targets Class B2/C wards and subsidised treatment in public hospitals….
MediShield Life provides better protection for all Singapore Citizens and Permanent Residents for life, regardless of age or health condition.’
Should not the Medishield Life protection be enough for the CPF contributors? What the hell is this Basic Healthcare Sum for? It is definitely not another health insurance scheme and there is no mention of the benefits that it is supposed to provide. It is just like a protection money to be held at ransom.

Can anyone enlighten on this Basic Healthcare Sum and why should there be such a big sum of money to be retained when everyone is already covered and protected by the Medishield Life Insurance scheme?
How much more or how many more insurance schemes should the people be made to pay for? Paying Medishield Life for life not enough, still need to have $49,800 lock up for life? What are its uses and what would happen to this sum of money after the CPF contributor passes away? What kind of interest rate is this sum getting?
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redbean



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PostPosted: Tue Apr 19, 2016 9:12 am    Post subject: Reply with quote

Entrepreneurship is not just for the young
Jonathan Chee wrote an article published in the Today Online calling on the govt to think of giving the seniors a helping hand as well in funding for entrepreneurship. The govt’s scheme is mainly targeted at the younger set for good reasons. The young have so many more years to go, why help the ‘ah pehs’ and the ‘ah mahs’ who should be looking after their grandchildren or sailing into the sunset in their golden years, or pushing carts for exercise?
Here is a bit of Johnathan’s article published on 14 Apr.
‘Entrepreneurship is for all, regardless of age (“S’pore to create space for ‘winners’ to emerge: Heng Swee Keat”; April 8, online).
“Colonel” Sanders founded Kentucky Fried Chicken in his 60s, and Mr Ray Kroc established McDonald’s when he was 52. If Singapore focuses only on the youth, then we would lose the opportunity to have senior entrepreneurs like them….
The Government can give a hand to these experienced Singaporeans by allowing them to borrow from their CPF for their ventures, or lend them working capital based on their CPF balance….’
Though Jonathan’s call is valid as many oldies would like a chance to have another go at the challenge of going into a project or venture of their own, be their own boss for once, not the driving taxi type of boss, there is a catch. Once the CPF is mentioned…this is a very sensitive subject. Don’t ever dream of touching it. There is nothing much left after Medishield Life and Medisave Life and the Minimum Sums.
If the seniors were to allow to use their CPF savings and failed again, there is no turning back. But another point, where got money left with everything locked up, all top priority items, spent already or designated and set aside, cannot touch. The CPF owners like Jonathan will have the last right to decide what they can do with their savings. The govt has the first right to decide what they want to do with the people’s CPF life savings and how much it wants to ‘tangkap’ for the good of the people.
Like they said, Jonathan would have to ‘tan ku ku’, if he knows what the govt’s plan on his CPF. That is real entrepreneurship. Making millions pay for something with no right to say no and no effort, no special skills or technology, no rent to pay. And don’t ever think of touching the CPF minimum sum. Not your money anymore.
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redbean



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PostPosted: Thu Jul 14, 2016 8:11 am    Post subject: Reply with quote

Is our CPF money a pension fund?
What is a pension fund? A general definition from Investopedia for pension fund is, ‘A pension fund is a common asset pool run by a financial intermediary on behalf of a company and its employees, to generate stable growth over the long term and provide pensions for the employees when they retire.’
Is the CPF savings a pension fund? The money is contributed by the employers and employees but it stops there. There is no financial intermediary to invest the fund on behalf of the company and employees to generate a stable growth over the long term and to provide pensions for the employees. There are agencies taking the funds directly or indirectly to invest for their own interests, to make profits for themselves, and the returns to the owners of the fund are incidental or secondary. The primary objectives of agencies utilizing the CPF funds for investment is for their own benefits, without the approval of the owner of the CPF savings, without any agreement that they are investing their savings for their benefits. Only the CPF Board has a small role in this direction, by buying govt bonds and to return the proceeds to the owners of the CPF savings. That is far from managing and investing a pension fund.
Chris Kuan has made some comments on Roy Ngerng’s article on the CPF fund. This is what he said.
‘The “funnelling of CPF funds” thingy inferred by Roy is no different from any first world country in the way pension funds invests in government bonds and then how the proceeds move around in the government.
Typically public and private pension funds are required to hold a certain percentage of their assets in government bonds either because it is a regulatory requirement or because it is the prevailing asset allocation strategy. On a regular basis, the government will issue government bonds and a variety of investors buy them including pension funds. The debt proceeds from the issuance of the bonds are then for the government to use at its sole discretion. In most cases, the proceeds are used to cover the shortfall of revenues over expenditures, i.e. used for spending.
However nobody in the first world countries will say that the monies spent are “pension” monies in the same way we should not be calling the monies the Singapore government has given to Temasek or for GIC to manage are “CPF monies”.
So this “funnelling” is not exceptional. The exception is the design of the Special Singapore Government Securities (SSGS) issued to Central Provident Fund (CPF) and maybe the coercive nature of the relationship between CPF and the government but even the latter may not be so exceptional if we think CPF as more akin to a first world national social insurance fund than a pension fund.’
What is wrong with Chris Kuan’s analogy that our CPF fund is similar to other pension funds? In the first place, our CPF savings has never been called a pension fund. The second point is that there is no direct relationship between GIC and Temasek as the fund managers of the CPF savings. For a long time, both funds even denied investing the CPF funds until quite recently when they admitted to have used the funds indirectly to invest. But there is no agreement or commitment by Temasek or GIC that they are the fund managers of CPF funds and whatever commitments to invest and to return the profits to the owners of the CPF funds. How then can these two funds be recognized as the fund managers of CPF funds?
This is definitely very exceptional for anyone to say that GIC and Temasek are the fund managers of the CPF funds and the CPF is a pension fund managed by these fund managers. They are not. They exist for their own agenda and mission, and have no direct relationship or link with the CPF fund.
What do you think of Fund managers managing the CPF fund without an official agreement and commitments, without any terms of reference as to how the funds will be invested, and how the profits should be returned to the owners of the fund? I really cannot remember reading any such agreements that the GIC and Temasek are the official fund managers of the CPF fund and have a direct fiduciary duty to the owners of the CPF fund.
Please correct me if I am wrong. Can we assume that the GIC and Temasek are the fund managers of our CPF fund? Where is the agreement? CPF savings is far from an international fund in the West as described by Chris Kuan. There is no active investment strategies by the CPF Board to maximize profits for the CPF savers other than the rudimentary buying of govt bonds.
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redbean



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PostPosted: Thu Aug 11, 2016 8:35 am    Post subject: Reply with quote

Why I did not bother to read about the latest CPF schemes?
It does not affect me at all and would not affect may CPF holders today and in the future. Savings and more savings are luxuries only for the rich and people with a lot of money to save. Many will be living a hand to mouth existence and savings and more savings will mean they need not have to eat and live today and hopefully they will live long enough to benefit from their savings.
I will leave it to those who still have some CPF savings to sweat over these attractive schemes. To those that would not be affected, why bother? And many people down the line, the young, are unlikely to benefit from whatever schemes that they are scheming. How so? How much can the young of today, and the parents of today be left with in the CPF is they have to pay for their million dollar properties and the compulsory Medishield Life and all the minimum sums to be locked up?
No need to bother about those unable to afford million dollar properties as they would not have much to put into their CPF anyway. The 3 or 4 rm HDB flats would have exhausted whatever they put into their CPF, nothing much left to be schemed or benefit from any schemes.
True or not?
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redbean



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PostPosted: Fri Sep 16, 2016 8:22 am    Post subject: Reply with quote

CPF Investment Scheme – Another bird brain scheme to be shelved
Actually not nice to call this a bird brain scheme. Dunno whose stupid idea was it. Ok not nice to say stupid idea also. When it was started, remember, the media was flooded with glowing reports about how such investments in equities would grow in the long term, 20%, 30% etc etc. Definitely, guaranteed, better returns than putting the money in fixed deposits. Sure make big profit one. And every CPF member was encouraged to dump their lifelong savings into stocks. If I am not mistaken, it started with 90% of CPF savings allowed to invest in stocks.
Some 20 years down the road, many CPF members got their fingers burnt until ‘chow tar’. Dunno how many billions were lost in the stock market by CPF members. Anyone dares to print the real figures on losses? It is frightening if you know the real numbers.
The damage control came in and the sum allowed to gamble in stocks, oops, invested in stocks, was drastically reduced, frantically. But too late, billions were washed away in the stock exchange longkangs. Many CPF members are still licking their wounds quietly.
Today the figure quoted by Tharman, ‘The DPM said that 45% of investors made losses while 85% of investors earned less than 2.5% on their OA, thus calling the CPFIS “not fit for purpose”. 85% made profits, from when to when? This is only the tip of the iceberg. But it is frightening enough for Tharman to call for a review of this bird brain scheme that resulted in many CPF members losing a big chunk of their life savings. And now the govt is complaining that CPF members did not have enough savings for retirement. And mind you, does anyone know how much is wiped out by the silly asset enhancement scheme when HDB prices were marked and priced to market? And also the billions wiped out by the MedishieldLife plans.
Too late, too late, too bloody late! All the money lost is like water under the bridge. No more, habis leow. Now where is the joker that came out with this bird brain scheme? Cry also no tears left. Who was the pipe piper?
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redbean



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PostPosted: Mon Oct 03, 2016 8:20 am    Post subject: Reply with quote

CPF – Coffin money kena tangkap
This is the most cruel thing to do to anyone. The coffin money is what a person has left for his last journey, to have a decent burial. When one accuses another of robbing his coffin money, it is a very mean and heartless thing to do. Some called it ‘or sim kua’ or 黑心肝.
Going back in time, anyone remember what was the purpose of CPF savings? Yes, it was a simple saving scheme for old age, for retirement, a kind of coffin money. Over time, when the savings got too big, someone decided that housing was also very important, having a roof over one’s head was a basic need. So some CPF money was allowed for the people to buy a home. $7k or $10k, quite affordable and would not erode the savings. Still a lot of money left for retirement and to buy a coffin. Then HDB prices gone up, $30k, $50k, now $300k, $500k, $1m, and still some donkeys said very affordable. But after paying for a home, what is left in the CPF for retirement and for a coffin? Hardly any, barely any left. Don’t talk about the hare brain scheme of allowing 90% of CPF money to play the stock market. That is another pathetic and heartbroking episode to many oldies.
Now, did anyone put their savings into their CPF to buy medical insurance? What is that? Never heard of! The CPF is about retirement and coffin money. Who wants to save to buy insurance with their retirement and coffin money?
How much of your CPF money has been ‘tangkap’ and set aside for medical and insurance? When has the CPF been turned into a medical insurance scheme against the wishes of the people? Do the people, the savers, have a say in their money? Why is the money now gone, to pay for insurance, to pay for medical insurance whether you need it or not?
What happens to the main objectives of retirement savings, of coffin money? Where is my money for retirement? Not enough, why not enough for retirement? Who has been robbing me of my CPF savings? After saving a life time, at more than 50% of one’s income, still not enough for retirement, not enough for coffin money?
Who has been so cruel to dip into the people’s coffin money?
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redbean



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PostPosted: Fri Oct 14, 2016 8:36 am    Post subject: Reply with quote

CPF is not your money, or is it your money?
This is a comment posted in a thread in TRE.
‘oxygen:
October 10, 2016 at 11:45 pm oxygen(Quote)
CPF IS NOT OUR MONEY as we have been told in the political dog house – is it not true that our CPF – being part of our reserves – HAVE ALREADY BEEN SQUANDERED ALREADY?
And the enhanced nomination scheme for CPF aims to squander the CPF savings of surviving next generation?
WE ARE NOT FOOLS – bar the 70% TOO STUPID TO EVEN KNOW THEY ARE STUPID’

Many in the know could not forget the clever NMP who uttered this in Parliament. Pardon me, I could not remember her name, but we all know who she is.
If I could remember, after she uttered this remark, that the CPF is not the people’s money, not exactly and she justified that some parts of the CPF contributions were contributed by the employers, and with her legal trained logic, she declared the CPF is not the people’s money.
Was there a thunderous applause after she said this? I am not sure but I think everyone on the side of the majority in govt had a wide grin on their faces, and nodding their heads happily. Never mind why or what they were grinning at. I could remember one very important thing,no one spoke or sought clarification after this remark to confirm if the CPF is the people’s money or not. Correct me if I am mistaken.
Do you think every Singaporean ought to know, want to know what is the govt’s stand on this, whether the govt agreed or disagreed with her? Don’t you think the govt owed the people an explanation on this utterance, whether it is true or false? Never mind if it does not matter, that the people still has no control over their CPF money and legislations can be introduced to do whatever with their CPF money without their consent. I can understand, and I know, many of you have already resigned to the fate that the CPF money is not your money and did not want to say or do anything. It is water under the bridge. Too late.
Would any MP want to revisit this matter, to question this loose utterance and demand the govt to take a stand, to explain to the people whether the CPF is the people’s money, the money of the CPF account holders, the people’s savings, the people’s coffin money?
Or is it not important anymore, overtaken by events, the reality of the CPF being legislated away to buy MedishieldLife and to be stuck in the minimum sums said it all? No need to bother?
Anyway daft Sinkies do not bother anymore. So what is the point?
Only in this country where the people saved a life time for retirement and when they are expected to withdraw their money for retirement, they found that it could not be done. And the best part, they accepted it as part and parcel of life, even a good thing.
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redbean



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PostPosted: Sat Jan 14, 2017 9:01 am    Post subject: Reply with quote

Assholes – The CPF is the people’s life savings
Stop having more designs on the people’s life savings. The money is saved by the people over a life time for retirement. Do not think that it is your money and you can suka suka anytime decide what it should be used for without the people’s consent. Just take and take.
First you have compulsory CPF Life and then Medishield Life. Now what, compulsory Eldershield Life? Who the fuck do you think you are to decide for the people how to use their life savings? Don’t you think you have taken enough of the people’s money through the sale of HDB flats, the minimum sum schemes and the two compulsory CPF Life and Medishield Life Schemes? Not enough, now wanting to take more in another compulsory Eldershield Life Insurance Scheme?
The oldies did not have anything left for you to take. They need to eat and pay bills, and the few dollars left are all that they have. They no longer have incomes to feed your million dollar salaries. Spare the old folks. Stop having more designs on their money. If you really have a heart, cough up some money from the state coffer or divert the excess premiums collected from the other compulsory schemes for the oldies.
Remember, if your intention is ill conceived, you will have to answer for it one day. Don’t mess around with the blood, sweat and tear money of the hapless oldies. All these compulsory schemes were not part of the contract of CPF savings to start with. The people put money in the CPF for their retirement, not for you to do as you pleased. Their life time savings are not for you to take, not for you to spend. It is very easy to take the money from the defenceless oldies. Remember, there is no free lunch, what you take you must pay back in some ways.
Taking the people’s life saving like sing songs, no need to ask the people’s permission, just legislate it. Go and find out what is the meaning of ‘chek ark’. There is no good reason to take the people’s money against their wishes. It is as good as daylight robbery.
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what i posted is just my personal view. feel free to disagree.
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redbean



Joined: 07 Mar 2006
Posts: 13465
Location: singapore

PostPosted: Sun Jan 29, 2017 9:32 am    Post subject: Reply with quote

Iron Rice Bowl Shield
I have an inspiration. I am inspired by a dream, perhaps a hallucination while meditating. I saw an elderly carrying a shield. The shield was so heavy that it was weighing down on him. He was breathless. And there were angels around him adding more shields on top of him. If they kept on adding shields on this elderly, he would definitely be crushed to death. But the funny thing was that the angels were all smiling. They quipped, the shields were there to protect the elderly, to protect the elderly. The angels were all hearts, to care for the elderly.
Now I got the point. This inspires me to think about another shield, called Iron Rice Bowl Shield. You see, the pioneer generation people have lived through and seen through many happenings in life. Kopi used to be 10c a cuppa. Now $1.10. Go to Starbucks or CoffeeBean it could be $6. A buffet lunch used to be $15. Now it could be $100 or more than $200 per head, just for lunch.
What I am driving at is inflation. Many of the elderly need help to protect them from this inflation beast. If not their CPF savings of a few hundred thousand dollars or a few thousand dollars could end up worthless, like banana currencies. The elderly need kind hearted people to think for them, to plan for them, so that they can continue to enjoy their 3 meals through their golden years. They could not think for themselves.
Here comes my Iron Rice Bowl Shield. Make this a compulsory scheme like all the other schemes. It is for the good of the elderly. Tell them it is free and they will be very happy to join. No need cash, just deduct from their CPF savings. Free!
And give them choices. The basic scheme is called Iron Rice Bowl Economy. Under this scheme the elderly can eat at any hawker stall for the rest of their life, free, no need to pay. They will be issued with a Iron Rice Bowl Economy card. Just show the card and they can eat anything in the hawker centre for free. Perhaps can called the card the Compassion Card.
For those who were once from the middle class, they can opt for the Iron Rice Bowl Premium card. Holders of this card can eat in any foodcourt, also for free, for as long as they live. The ultimate lcard will be the Iron Rice Bowl Luxury card. This is like the platinum card. Holders of this card can eat in any restaurant for free also, and for the rest of their lives.
This Iron Rice Bowl Shield scheme will remove the element of inflation and all the elderly would be able to live without worries on their 3 meals. See how caring and proactive I am. I think for the elderly, I plan for them, to take care of them. OK, I am also an elderly, so I have vested interest in this scheme. I confess. I take care of the elderly to take care of my own rice bowl. So convenient, so simple and so generous and kind and compassionate. My heart is gold.
Ok, there are some fine prints in the scheme. The elderly would by then all be ‘lau kok kok’, not many teeth left. And their appetite would not be too good. So they would not be eating too much. Many would pass away before they can use their Iron Rice Bowl cards. And there are also Exclusion Clauses like no guarantee there will be hawker centres or food courts or restaurants near the homes of the elderly. And there is no guarantee on the quality and quantity of the food. And the ‘lau kok kok’ must find their own way to the hawker centres, foodcourts and restaurants. No home delivery. Only self service.
Other than these few exceptions and exclusion clauses, the scheme is just fine. There is just a little hitch. How to get this to Parliament and get it passed as a compulsory scheme to help the elderly? I know once it gets into Parliament, sure to get passed. This is a very thoughtful scheme. Maybe I should get someone from the majority party in Parliament to propose this and get it passed. If not it would be such a waste. The elderly ‘lau kok kok’ would not be able to enjoy and appreciate this great scheme of mine. And I too would not be able to benefit from it.
Anyone want to help to get this Iron Rice Bowl Shield passed and become a compulsory scheme for the ‘lau kok kok’ that cannot think or no energy to think any more, given up? I promise if this scheme is passed I will think of many more shields or schemes for the good of the ‘lau kok kok’ and to make their CPF savings work for them, make every cent works for them. Every scheme or shield would be free of course, just deduct from their CPF savings. Why not, after all CPF is not their money what?
Just give you a peep to the schemes or shields that I have in mind. CPF Protector Shield, to protect the CPF savings, Golden Farewell Shield, to cover all funeral expenses, Lau kok kok Charity Shield, to donate the money in the minimum sums that the lau kok kok left behind.
What do you think? I caring or not?
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what i posted is just my personal view. feel free to disagree.
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redbean



Joined: 07 Mar 2006
Posts: 13465
Location: singapore

PostPosted: Thu Mar 30, 2017 8:34 am    Post subject: Reply with quote

The CPF scam, controversy or mirage
Can one call the CPF a scam, or is there a better word to describe this scheme if it is not a scam? Can someone find a more suitable word instead of calling it a scam? It is definitely a big controversy over what it is and what it is not. It is in many ways like a mirage, like real but not real, like your money but not your money.
When we started joining the CPF scheme, I belong to the pioneer generation, things were very simple. Put aside some money as a saving for retirement. At 55 one will get every cent in the CPF account and nothing more to do with the CPF.
I just signed onto my account in the CPF and to my horror, I still owe the CPF several hundred thousand dollars, from housing loan, interest on housing loan and funds taken out for investments. Hey, I have passed the withdrawal age many aeons ago and should be getting every cent out from my CPF savings. I do not want to have anything to do with the CPF. Why am I owing money to the CPF or owing money to myself? What kind of trickery is this?
And why should I be owing money due to interest on my housing loans, fully paid, when it is my money? Should not my account be clean u, closed, leaving at most only the ransom that the govt has passed as law to hold on to my money, refusing to return to me fearing that I may squander them in Batam? What ransom? Oops, sorry, I mean the minimum sums that I cannot touch, and now not even sure if they are my money. Some people said money cannot use or not use is not your money.
Singaporeans are so daft that they did not know the money they saved in the CPF is their money, or is it the govt’s money? When an NMP said it is not the people’s money, nearly the whole Parliament nodded in agreement without anyone standing up to say she was wrong, that it is not the govt’s money but belong to the people that contributed as their life savings. Is this an implicit agreement that what the NMP said was true? Is this morally right to turn the people’s sayings into something else? And the daft kwai kwai let the govt decide what the govt wants to do with the money. They have no say to their own savings! And another compulsory scheme is on the way, to use the people’s life savings as if it belongs to the monkey proposing it.
My dream is for a new party to come into power and remove all these unjust and unfair laws to keep the people from accessing their money saved over a life time. This thing must be stopped one day and the money be returned to the rightful owners. No amount of ‘conmunication’ can change the fact that the money belongs to the people that contributed them. Monkeys, please keep your fingers off the people’s money.
This is uniquely Singapore. Communication should be spelt ‘conmunication’.
And the best part, at my age when I could be called to meet the maker any moment, I still have to contribute to my CPF in Medisave. What shit is this? Is this a kind of robbery from the oldies? No, no, it is compulsory, the law said so. It is legal. Not sure if I got the spelling right for the word legal. Then what is robbery? Robbery is the law did not say so.
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