CPF

[Zelphon]

PAP will tell the old lady to sell her landed property and downgrade to
5 rm HDB, if not enough downgrade to 4rm, 3rm, 2rm, and finally
1rm ...

Handsome

So your point is that the Govt should help the old lady equally regardless whether she owns $5 million or $200k worth of property? Does your position change if instead of owning property, she has all that assets in the form of cash in bank or stocks instead?

P.S. Just to avoid any misunderstanding, I am not a Govt hater or supporter but I have voted opposition all this while.

Whether she has a million dollar or having multiple assets is irrelevant here...

She has money in CPF...
She is already 76 years old..
She cannot touch her money because CPF shifted the goal post...
So is she entitled to collect her own CPF money?

[level13]

Give back our CPF, we will be on the government's side, says Ng Leng Hui
https://www.youtube.com/watch?v=tfQjKJtIbfg

To mr ng and those asking for cpf back:

Assuming the government give back all the money. Naturally some will use it to fund their retirement and some will spend it all. For those who do not have much left when they are old and sick, do they then expect the government to take care and foot their bills?

If your answer is yes, then most people will never want to save up for retirement because they know the government will step in to help. And where does the money come from? Its from the tax-payer. As a tax-payer, do you want your contribution to be spent in this manner?

[Zelphon]

Give back our CPF, we will be on the government's side, says Ng Leng Hui
https://www.youtube.com/watch?v=tfQjKJtIbfg

To mr ng and those asking for cpf back:

Assuming the government give back all the money. Naturally some will use it to fund their retirement and some will spend it all. For those who do not have much left when they are old and sick, do they then expect the government to take care and foot their bills?

If your answer is yes, then most people will never want to save up for retirement because they know the government will step in to help. And where does the money come from? Its from the tax-payer. As a tax-payer, do you want your contribution to be spent in this manner?

There are already many aged with no CPF because they were odd job labourers...

Now in the twilight years, they are trying to cope with excessive inflation and forced to work because they are unable to retire..

These are the pioneer generations...

They tolled hard as Singapore leaped from 3rd world to 1st world..

Should the govt take care of them??

[thefarside]

There are already many aged with no CPF because they were odd job labourers...

Now in the twilight years, they are trying to cope with excessive inflation and forced to work because they are unable to retire..

These are the pioneer generations...

They tolled hard as Singapore leaped from 3rd world to 1st world..

Should the govt take care of them??

Pioneer generation package not counted? Medishield life not counted? How many have been denied help that you know of? Specific examples please.

[CityFarmer]

Busy stirring Sh** in HWZ and SG TALK on the Hri Kumar's CPF forum and the PAP grassroots scum..

http://forums.hardwarezone.com.sg/eat-dr...12039.html

http://forums.hardwarezone.com.sg/eat-dr...11385.html

Well, please take note on the language used and links referred, for the reading pleasure of buddies here.

May be I didn't follow it closely, I don't see the need to refer to those links to support your point. IMO, the links will not increase the credibility of your points.

Please take note

Regards
Moderator

[Caelitus]

Decisions made in the past have to be reviewed when the environment we are in has changed. This is to ensure relevancy whether be it an increase in the minimum sum, roll-out of CPF LIFE etc. it is similar to how we review our life's goals and the supporting decisions as we grow older.

Funds in the CPF are meant for retirement. If they were taken out to fund the acquisition of a property, in a scenario where a person is asset-rich but cash-poor, the property should be monetised either through a sale or rental.

I still advocate education of our youth in prudence and financial literacy as the way forward. Without these two, it does not matter if stellar returns were guaranteed on your CPF and your reserves unlocked in old age. It will never be enough.

[piggo]

We are effectively paying a minimum tax of 36% on top of our income tax... but our social benefits pale in comparison to other countries with similar level of taxes.

It's also funny that contribution is capped at 5,000. So the people below averaged are effectively "taxed" more than the one above the average income bracket... So much for income redistribution.

Going by the logic of self sufficiency, CPF contribution should not have a cap. Living expectations varies pretty much according to income level... so 1.2k/mth may be sufficient to a typical singaporean worker. Same may not be sufficient to someone who have been earning 10k/mth or in the case of our leaders, 8k/day

[corydorus]

The CPF is to provide a min. baseline of retirement. I will not be surprise the CAP at 5K to grow later. The argument for higher contribution to higher income earner above cap is unwarranted. For people who have higher standard of living, they will be force to go for lower standard of living if the going gets tough. I do not see how this going to put an extra burden than those below the cap considering the min sum fund is released monthly.

[tanjm]

We are effectively paying a minimum tax of 36% on top of our income tax... but our social benefits pale in comparison to other countries with similar level of taxes.

It's also funny that contribution is capped at 5,000. So the people below averaged are effectively "taxed" more than the one above the average income bracket... So much for income redistribution.

Going by the logic of self sufficiency, CPF contribution should not have a cap. Living expectations varies pretty much according to income level... so 1.2k/mth may be sufficient to a typical singaporean worker. Same may not be sufficient to someone who have been earning 10k/mth or in the case of our leaders, 8k/day

A fallacious argument.

You have it the other way around. A tax is money taken from you to fund government expenditure, which may or may not benefit you. CPF is your own money, albeit released to you in carefully staggered intervals.

CPF contributions are exempt from tax. So the $5000 cap actually prevents richer people from escaping from their tax obligations. It is a tax revenue conserving measure from the government.

If you look carefully at the design of CPF, it is designed to benefit low to middle income people more than upper income people.

[safetyfirst]

G finds a reason to raise the minimum sum by pegging it to inflation.

i thought that the interest rate paid on our CPF money be pegged to inflation as well. Perhaps CPF monies should be invested in inflation linked special singapore government securites, that will be fairer instead.