MPs offer ideas to improve CPF

[ghchua]

Hi ghchua,
I tot using ATM or IB both takes abt 1-2 working days.
U tried both methods before?

DBS IB is slower than ATM. This is because IB is a service request which is not immediate whereby ATM and phone banking is not. You can try a simple test. Use ATM or phone banking to do transfer and use internet banking to check your CPF Investment Account balance. It will be deducted immediately.

[funman168]

Thanks ghchua, will give it a try when my proceeds from recent share sale come in

Hi ghchua,
I tot using ATM or IB both takes abt 1-2 working days.
U tried both methods before?

DBS IB is slower than ATM. This is because IB is a service request which is not immediate whereby ATM and phone banking is not. You can try a simple test. Use ATM or phone banking to do transfer and use internet banking to check your CPF Investment Account balance. It will be deducted immediately.

[specuvestor]

I'm always in support of universal coverage of medical ailments that are not by choice.Hope in future Medishield Life will include critical illnesses.

I agree with this "PAP-writer". I agree with anything that makes sense:
http://www.straitstimes.com/news/opinion...-the-cherr

I also agree with this writer on the loophole of PR. As always, I believe in citizens, regardless of their origin, should have their priviledges:
http://blog.moneysmart.sg/opinion/should...-proceeds/

It's a bit strange because this writer seems to be a foreigner. But in this writeup he missed the point that I was saying in my earlier post: You have to agree that CPF is a retirement fund ie whatever you take out you have to put it back including opportunity costs. Many people miss this point entirely:
http://blog.moneysmart.sg/opinion/dear-c...-my-money/

When I have more time I would like to write further on the totality of the CPF system in my personal understanding in this thread, instead of very one-sided understanding or arguments here and there.

[opmi]

^^^ ya. Write something. Now is the best time to write. More people interested due to ROY VS LHL issue.


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[chongsk]

I encounter some problem with CPF before I think it is good to share with you. I like to advise those with working children to check your CPF statement carefully.

I insured my children under CPF's Dependant Protection Scheme (DPS) since they were young like many parents did.

My children are all working already for many years but their DPS and medishield insurances were still under my name that means their insurance premiums are still being paid from my medisave account to date.

CPF Act automatically will enroll a working person for DPS and Medishield Insurance as soon as he/she starts contributing into their CFP account. There upon they should be paying the premiums on their own.

Of course some may not be bothered about paying for their children but it may not be true for retirees

[Temperament]

CPF Act automatically will enroll a working person for DPS and Medishield Insurance as soon as he/she starts contributing into their CFP account.

This is very true. i suppose there is a "BLANKET REASON" for doing this. Only CPF Board knows.
It happened to my son also. i told CPF off why my son needed no DPS as my HDB flat is fully paid up long ago.

[specuvestor]

DPS is not the same as HPS which is for HDB payment insurance

DPs is like a death policy. I am not sure why CPF system was not able to pick up the fact that chongsk children started contributing to CPF.

[thefarside]

i told CPF off why my son needed no DPS as my HDB flat is fully paid up long ago

What is DPS? (from NTUC's income website)
DPS is a low cost term-life, opt-out insurance scheme that provides a basic coverage of up to $46,000. It aims to provide the insured and their families with some money to tide them over the first few years in the event of death or permanent incapacity.

For a few tens p.a. poorer families can get protection payout in the event one of the breadwinner dies. No cash out but deducted from CPF. Its not a bad scheme.

Question: What has your son's DPS has to do with your HDB flat's mortagage being paid up?

[HitandRun]

I insured my children under CPF's Dependant Protection Scheme (DPS) since they were young like many parents did.

Can die lah.... Don't even know what it is and can complain like hell!

[specuvestor]

I insured my children under CPF's Dependant Protection Scheme (DPS) since they were young like many parents did.

Can die lah.... Don't even know what it is and can complain like hell!

Pls read carefully what chongsk is saying and what temperament is saying