Up to 75% have insufficient funds to retire on
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hmm..
it's hard to save in sg.. retirement, education, housing wateva.
my cpf contribution is a meagre amount, it will take close to half a year before contribution reaches 1 k
my take home salary is low, after settin aside money for food, tranport, loans, bills, and etc, i do not have enuff for savings.
in fact, i'm thinkin of cuttin the budget for food, but that's already very low.
insufficient funds to retire? i dun even have sufficient funds for me to take on p/time studies! even if i save for another 5 years? -
Then TV would play those stupid ads that tell us we have to deal with depression and etc...Originally posted by av98m:Our govt seems to have this strange obsession with "keeping the workforce young" that is paving the way for ageism in Singapore. It is however not applied across the board as you can see many ancient specimens still sitting on their asses in parliament and other top positions in both the private sector and GLCs.
It is ironic, to say the least, that the cpf scheme, with its monthly deductions, high minimum sum requirement, late withdrawal age(assuming you even have anything left to withdraw) causes the most suffering for the very people that cpf is supposed to help, the lower income group.
I also know some people, who for one reason or another have been unable to get employment after being laid off, are finding it hard to make ends meet. Now, they have very healthy cpf balances (200k ++) but they can't touch a single cent for another 15 years or so. One commented that he'd probably have to kill himself to get the govt to release the money to his family.
The policy makers are really driving hoards of us out of the country or to our early death and yet they sit on their fat arse and kept increasing their pay with no justification. This whole system is created to only keep the rich richer with parasidic system. I admire the last Malaysia Premier and he said what he promised to do. At least I do not see so much interference from him after he stepped down and let other people take on the job. Having the presence up there, holding talks and seminars, holding sessions with people to convince them to part their hard earned liquid cash for lift upgrading, convincing us casinos are the way to go for the future of sg, just tells me someone is power hungry, cannot deal with letting go and possibly do not trust the new generation to even run the show "properly".
Not that I wanna be a cynic but seriously, the conclusion hit me quite some time back that as long as we are not born rich, chances of having a comfortable rich life is zero in sg even when we work 30 hours a day.
Perhaps sg will be a hotel state one day. no singaporean want to be in sg unless they are so dirt poor they cannot migrate or they happen to work for the civil service. Only foreigners are willing to come work in sg because they are highly paid and valued and sg is a launching pad into US/AUS/EU. -
Then TV would play those stupid ads that tell us we have to deal with depression and etc...Originally posted by av98m:Our govt seems to have this strange obsession with "keeping the workforce young" that is paving the way for ageism in Singapore. It is however not applied across the board as you can see many ancient specimens still sitting on their asses in parliament and other top positions in both the private sector and GLCs.
It is ironic, to say the least, that the cpf scheme, with its monthly deductions, high minimum sum requirement, late withdrawal age(assuming you even have anything left to withdraw) causes the most suffering for the very people that cpf is supposed to help, the lower income group.
I also know some people, who for one reason or another have been unable to get employment after being laid off, are finding it hard to make ends meet. Now, they have very healthy cpf balances (200k ++) but they can't touch a single cent for another 15 years or so. One commented that he'd probably have to kill himself to get the govt to release the money to his family.
The policy makers are really driving hoards of us out of the country or to our early death and yet they sit on their fat arse and kept increasing their pay with no justification. This whole parasidic system is created to only keep the rich richer. I admire the last Malaysia Premier and he said what he promised to do. At least I do not see so much interference from him after he stepped down and let other people take on the job. Having someone's presence up there, holding talks and seminars, holding sessions with people to convince them to part their hard earned liquid cash for lift upgrading, convincing us casinos are the way to go for the future of sg, just tells me someone is power hungry, cannot deal with letting go and possibly do not trust the new generation to even run the show "properly" and is just there to ensure all future generations of leaders are from the same family. Wah! Isn't that what the China Emperors do? Did we go back in time to feudal times? maybe the education system should be scrapped as it teaches us how to question things. We are still put in cages, after having all the education/exposure.
Not that I wanna be a cynic but seriously, the conclusion hit me quite some time back that as long as we are not born rich, chances of having a comfortable rich life is zero in sg even when we work 30 hours a day.
Perhaps sg will be a hotel state one day. no singaporean want to be in sg unless they are so dirt poor they cannot migrate or they happen to work for the civil service. Only foreigners are willing to come work in sg because they are highly paid and valued and sg is a launching pad into US/AUS/EU. Perhaps singaporean might become endangered as a species that we might be kept in a zoo in US to prevent our total elimination cause sg environment is so harsh on singaporeans, there's no way to survive. -
For the rest of us, drive taxi, clear plates at foodcourt or work in fastfood restaurant lor. I'm already seeing a significant increase in the number of elderly reaching into rubbish bins for drink cans to sell, collecting old boxes, or worse, eating others' leftovers at fiood centres.
According to a govt. statistical study, about 10%, or about 340,000 Sporeans are at or below the OECD poverty line, ie having a monthly income of half the median income or less. Many in this category are old folks with no work or menial work and little savings.
Further, about one third of Sporeans are unskilled with another one third semi-skilled. By the time these ppl retire, many if not most, will also have little by way of savings. So unfortunately, this is going to be a problem that will not go away anytime soon.
For ppl with some education or required skills, they may be able emigrate to down under or elsewhere. They may not be welcomed by the locals but thatÂ’s another story.
For the other ppl earlier mentioned, thereÂ’s simply little option. -
It's already a hotel state. As far as the civil service is concerned, that applies only to ministers, MPs and PAP members/appointees. For the rest, the iron rice bowl was smashed a long time ago and replaced with one made of ricepaper. Refer the all the previous straits times articles on cutting of jobs, outsourcing, economy drive etc etc. Or just talk to anyone working in the civil service, he or she will be able to tell you a lot of things that the newspapers will not print.Originally posted by mistyblue:Perhaps sg will be a hotel state one day. no singaporean want to be in sg unless they are so dirt poor they cannot migrate or they happen to work for the civil service. Only foreigners are willing to come work in sg because they are highly paid and valued and sg is a launching pad into US/AUS/EU. -
Its actually quite scary how well educated the taxi drivers are these days. I had one guy drive me the other day that has an MBA.Originally posted by suntze:For ppl with some education or required skills, they may be able emigrate to down under or elsewhere. They may not be welcomed by the locals but thatÂ’s another story.
For the other ppl earlier mentioned, thereÂ’s simply little option. -
Ah I don't believe in their propaganda engine. I only believe in what I see everywhere.Originally posted by av98m:It's already a hotel state. As far as the civil service is concerned, that applies only to ministers, MPs and PAP members/appointees. For the rest, the iron rice bowl was smashed a long time ago and replaced with one made of ricepaper. Refer the all the previous straits times articles on cutting of jobs, outsourcing, economy drive etc etc. Or just talk to anyone working in the civil service, he or she will be able to tell you a lot of things that the newspapers will not print. -
This is just so depressing. And to think our great system tells us to upgrade ourselves ...Originally posted by av98m:Its actually quite scary how well educated the taxi drivers are these days. I had one guy drive me the other day that has an MBA.
So will our kids in future tell us they aspire to study to MBA and become the toilet cleaner -
The big pertinent question is; What the H-E-L-L, can we do about it?
Will they listen to us? Will they listen? Did they ever? -
Neither... 70 is the worse case scenerio. I have seen too much instances where a person stopped working and becoming senile/handicap.Originally posted by av98m:I must say you're very optimistic about your life expectancy, and employability.
One of the best way is to drop dead at work.
As for employability... anything will do lah.... i dun mind working as a street cleaner in my 60's as long as it pay the bill and put food on the table. -
Heard this in a financial planning talk. "In yr 1980, life expectancy of a singaporean male is 69. If you retire at 60, you only have 9yrs and your CPF or whatever savings should be enough to last. In yr 2000, life expectancy of a male singaporean is 81. If you got retrenched at 55 and have no job, you are expected to depend only your CPF for 26 yrs!!!" Think about that.Originally posted by dragg:dont understand why they could be bothered to raise the retirement age to 65 when employers are practising ageism.
Raising the retirement age to 65 is only meant to justify the government's decision to delay paying out our CPF. The reality is how many of us will continue to be employ after 50?? I was told in Singapore, if you were retrenched or have no job after 45, it is not likely that you will find another job. In this world, only in singapore are jobs created with title like MM for ppl like LKY. If those with MBA are driving taxi, then we may need a degree to sell karanguni. -
They might argue and say that NYC cab drivers have degrees too and this is the result of a general increase in educational standards, but don't be fooled by all that smoke.NYC still has opportunities because the whole of America is their hinterland and no one can force you to stay in the Big Apple.
Don't forget about the minimum wage issue.Minimum wage in France is 7.19Euros per hour.And are they in depression or in danger of becoming obsolete?No.
The only reason why we do not have a minimum wage is because the govt wants us to remain as an Asian Maquiladora, whose existence is to be the manufacturing pillar for MNCs.We cannot let the wage issue be our yoke of burden.How low will our wages be depressed?Doesn't this look like regression of our workforce and commercial sectors?Why are we being asked to work like the Chinese or the Indian nationals at their wages when our standard of living is so high?There is no sense in that and the only reason why wages are pressed low is so that bulky and bloated GLCs can gain a false sense of cost efficiency.
Scrap GLC interference in the market and remake their role into one of a incubator agency, not another form of unfair competition in the market.Let them play the overseas markets, but they should be banned from business ventures in-country.
We have to move beyond low end manufacturing and develop a academic and research sector that is free from state interference in areas of output.Liberalisation of the economy will not be sufficient if its done at face value and nothing is done to stop the increasing gobbling up of the market share of every sector by GLCs. -
All these are not going to change in our lifetime. Unless you are an elite, else leave this place.
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This is my home. A home is not a hotel. Leaving this place is not an option, otherwise why do we bother to discuss issues here.Originally posted by trueno86:All these are not going to change in our lifetime. Unless you are an elite, else leave this place. -
PAP will never go unless they scrap GRC..so why be a slave of the party... leave sg if u can..be back only when u are rich
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Ever considered the "Silver Haired Scheme" for Singapore retirees planning to migrate to malaysia?
http://pgoh.free.fr/rich_foreigners.html -
Learning from history, even changing a dynasty or toppling a king who did not care for his people took years and with much blood. In today's context, making changes to a system that has already produced benefits for some elite with spillover for the rest is certainly much more difficult. Especially so when this must be done in a democratic and peaceful manner. Discussions in such forum are to bring to the awareness of the people of singapore what we do not know and what we should be striving for, the high moral objective of freedom of speech, etc.....Originally posted by I-like-flings(m):PAP will never go unless they scrap GRC..so why be a slave of the party... leave sg if u can..be back only when u are rich
If everyone with such awareness run away, no change will ever take place. Imagine if LKY, GKS, TCC, Rajaratnam,....all ran to UK, India, Malaysia or Australia, and Lee SC ran to China....nothing would happen to singapore independence.
We are here talking only, many are putting their theories here for discussions only, how many of us here are actually prepared to take actions? I hope nobody is thinking that by talking here PAP will scrap GRC or make changes.
It is never easy, but if all we think of is to leave this country if things don't change, then leave, why bother to come back when you are rich? to show off to those who can't make it?
Get your mindset right or you lose your moral ground in discussing singaporean issues. -
Largely, I believe a lot of us are just frogs in a deep well.
Unable to make the leap, we tend to "croak" a lot.
Then, a lot of us will depend on our offsprings who will hopefully possess longer and more powerful hindlegs to leap out of this well and come pull us out as well.
Taking action? Who can? Who dares? There's too much of our livelihood at stake. We are mostly tethered by our testicles. -
Its actually quite scary how well educated the taxi drivers are these days. I had one guy drive me the other day that has an MBA.
I know of a guy who has a Poly dip in mech engr. He is 48 yrs old and he is working as a part time cleaner (after years of looking for a proper job). -
In my opinion, leaving is the only option. I have my family here whom I can call my own,but not my own home or house. The car I drive does not even belong to me. I don't know about others, but I voice out in this forum because I can't leave this place yet. I need to let off steam/whine or rather discuss what I am going to do when the time comes.I am a true Singaporean and I wanted to contribute too...but hey..it's just debts and loans to cope with a modest 3 member family...staying in hotels also need not slog so hard rite? Room service, anyone?Originally posted by sgdiehard:This is my home. A home is not a hotel. Leaving this place is not an option, otherwise why do we bother to discuss issues here. -
Actually one way to stay employed after 50 yrs of age is to set up your own business... At least still can try to make some money... (Assuming u got some business sense) Then you can hire all the old people to work for you!
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Ever heard that "a house is not a home." Many people own houses must not a home. Learn to value your home, askwhat you can do for the family. You are really not coping with a 3 member family, you are coping with a house and a car. Most ppl in major cities in the world don't own the house they live and they don't drive, and they are proud to be Hongkonger and Newyorker. if renting a house and take MRT makes your family happier would you do it?Originally posted by trueno86:In my opinion, leaving is the only option. I have my family here whom I can call my own,but not my own home or house. The car I drive does not even belong to me. I don't know about others, but I voice out in this forum because I can't leave this place yet. I need to let off steam/whine or rather discuss what I am going to do when the time comes.I am a true Singaporean and I wanted to contribute too...but hey..it's just debts and loans to cope with a modest 3 member family...staying in hotels also need not slog so hard rite? Room service, anyone?
If you can't even make it renting a house then forget about staying in hotels.
You wanted to contribute to singapore? how? done any social work? fund raising? participated in any activities that give no monetary returns?? There is a difference between letting off steam/whining and talking/talking.
do your sum right if migrating is what you want. -
If there is no CPF, do you think people will save? No. People will not save, or at least the majority will not save. -
hdb housing loans drain the CPFOriginally posted by Parka: If there is no CPF, do you think people will save? No. People will not save, or at least the majority will not save.
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So, how do we correct this?Originally posted by SnowFlag:hdb housing loans drain the CPF