Here's More Crap from Our Government - CPF related
-
Seriously, I think they have used up people's CPF money and need more time to replace it...
Withdrawal age of CPF Minimum Sum may be raised to 65
Posted: 20 June 2007 1659 hrs
SINGAPORE: The age when a person is allowed to withdraw the CPF Minimum Sum could be raised from 62 to 65 in the near future.
This is one suggestion by Minister-in-charge of ageing issues, Mr Lim Boon Heng, who has just returned from a study trip to Japan.
Under the law, CPF withdrawal is tied to the prevalent retiring age. So if the retiring age is raised, then the CPF drawdown age would be raised as well.
In May, a tripartite committee studying the issue of employing older workers in an ageing workforce said hiring older workers beyond the age of 62 would become part of Singapore's employment laws within the next five years.
To cope with an ageing population, Japan and some European countries are already raising the age at which national pensions are paid out to 65 and beyond.
By 2013, all Japanese will not be able to draw out their national pensions until they are 65.
Singapore may follow-suit, with its CPF system. That is because the average life expectancy of the elderly is now 82. So Singaporeans need to think about how to stretch their savings.
Mr Lim said: "I think it is quite reasonable to raise it to 65, if our objective is to raise the employment rate of this group of people, but I think we should do so cautiously.
"So we should make employment happen. We should not leave people in a situation where they can't get a job and yet the minimum sum drawdown age is raised. So we must first make sure... that the employment rate [is] going up."
The government is already getting employers and employees to negotiate terms of re-employment, once the worker hits the retirement age at 62.
Extending this retirement age is not a law yet, as the government first wants to explore what types of issues will crop up and how they can be resolved.
In Japan, the reemployment law states that the employer is obliged to offer a job to someone who has reached the age of 60 until he is 65.
But how this is done is open to discussion. For example, employers can pay the worker less, or arrange for another job for the worker.
And the Japanese government is now thinking of raising the retirement age to beyond 70.
It has even set a target of 90 per cent employment for those aged 60 to 65 by the year 2030.
Currently, 52.6 per cent of Japanese in this age group are employed.
In Singapore, this figure is 41.9 per cent.
During his study trip, Minister Lim also visited nursing homes and day care centres in Japan.
Many of the elderly in these centres are subsidised by a long-term care insurance implemented by the state seven years ago.
But since it kicked in, financial outlay grew from S$45 billion to S$87 billion last year.
So it is becoming clear to the Japanese that this is unsustainable.
Mr Lim said such an example showed that the responsibility of caring for the old, should not rest on the state.
"As the Japanese are realising, it is the family that should look after the old and it is the community that should support the family to look after the old. This is the lowest cost option for any society," said Mr Lim.
And to help families, Singapore could take a leaf from Japan's example, where there are courses for caregivers, who also have a support network.
Mr Lim is also against giving state funding to these caregivers.
In Japan, families cannot claim from the long-term care insurance when they stay home themselves to look after the elderly, but they can claim if they hire external help.
"This is a choice which people have to make based on their set of values. And the set of values that I would like to maintain and promote is that it is the duty of the family to look after its old.
"Payment to family members breaks that link and I think it would cheapen the care that the family members give to their old if we equate that with payment," said Mr Lim.
Also, there is already the Eldershield plan, which allows the individual or his family to decide what to do with the payouts.
As for singles, Mr Lim said there are provisions made for them, such as the building of studio apartments.
But as far as possible, he wants to encourage even singles to live in their own homes, and better still with their families. - CNA/yy -
I guess it is time to pack up and leave,should the opportunity arrives.
-
Those bloodsuckers.
-
nanny think you can't take care of yourself
-
Originally posted by ShutterBug:Singapore may follow-suit, with its CPF system. That is because the average life expectancy of the elderly is now 82. So Singaporeans need to think about how to stretch their savings.
The current system pays out CPF from age 62 till 82. If they raise it to 65, then it pays till 85. Do Singaporeans really need to stretch their savings any further if most die by age 82?
Mr Lim said: "I think it is quite reasonable to raise it to 65, if our objective is to raise the employment rate of this group of people, but I think we should do so cautiously.
"So we should make employment happen. We should not leave people in a situation where they can't get a job and yet the minimum sum drawdown age is raised. So we must first make sure... that the employment rate [is] going up."
Why is ST writing as if raising retirement age from age 62 to 65 helps employment rates for this age group??
In fact, employers are more than willing to hire this group of citizens since their CPF contribution rates are the lowest.
The only reason I see is that the govt wants to increase the CPF pool of money, therefore they delay the pay out.
During his study trip, Minister Lim also visited nursing homes and day care centres in Japan.
Many of the elderly in these centres are subsidised by a long-term care insurance implemented by the state seven years ago.
But since it kicked in, financial outlay grew from S$45 billion to S$87 billion last year.
I know little about Japan's pension policies but I have read before that Japan's pension is becoming a liability to the country.
Anywhere the world over, insurance policies are a sure profit scheme. My guess is that Japan's payout for long term care insurance is too lenient. But neither should an insurance policy's payout be as stringent as our Eldercare. Eldercare requires a person to be severely disabled before any payout and worse, the sum only lasts a maximum of $400/mth for up to 6 years.
So it is becoming clear to the Japanese that this is unsustainable.
Why use the Japs as an example? Are they the best people to learn from just because they have the world's 2nd biggest economy?
Mr Lim said such an example showed that the responsibility of caring for the old, should not rest on the state.
"As the Japanese are realising, it is the family that should look after the old and it is the community that should support the family to look after the old. This is the lowest cost option for any society," said Mr Lim.
And to help families, Singapore could take a leaf from Japan's example, where there are courses for caregivers, who also have a support network.
Using Asian values as a reason why Singapore should not care for the elderly? He's got to have a better reason than that, especially since he earn millions a year. Try empathising with the average joe who has children to support and ageing parent to look after.
Mr Lim is also against giving state funding to these caregivers.
In Japan, families cannot claim from the long-term care insurance when they stay home themselves to look after the elderly, but they can claim if they hire external help.
"This is a choice which people have to make based on their set of values. And the set of values that I would like to maintain and promote is that it is the duty of the family to look after its old.
"Payment to family members breaks that link and I think it would cheapen the care that the family members give to their old if we equate that with payment," said Mr Lim.
Also, there is already the Eldershield plan, which allows the individual or his family to decide what to do with the payouts.
Eldershield is RUBBISH.
- CNA/yy -
Age raised to 65 , those retiree lao kok kok liao got so much money can do what ?
Want to travel around world also no strength liao , get so much money liao everyday at most go kopitiam drink kopi and what else -
funny how when gahmen use a example of another country like japan to follow suit in the increase of the withdrawal of the cpf.. is the japan or even korean system similar to s'pore? or has the gahmen forgotten that japan has a fairly large population.. ten times larger than s'pore so they is a justification for their gahmen to be raising the retirement age so that the aging population will not eat too much into the state budget.....but s'pore? i dun understand his justification even if we might not see the increase cpf age withdrawal limit in the near future, but to blabber it out after his trip to japan just shows exactly why he was there and what he has learnt.. aren't they the highest paid ministers oredi and they have to learn from japan whos ministers are paid 1/5 of their salary....makes u wonder just how 'capable' they make themselves out to be with their million dollar salary..
-
<"This is a choice which people have to make based on their set of values. And the set of values that I would like to maintain and promote is that it is the duty of the family to look after its old.
"Payment to family members breaks that link and I think it would cheapen the care that the family members give to their old if we equate that with payment," said Mr Lim. >
What else is new?
When Lily Neo asked for the Public Assistance to be raised, didn't Vivian also said that that would erode work ethics but they shamlessly upped their already astronomical salary. -
I think it's important to understand and look beyond the smokescreen masked behind the two paragraphs mentioned above to fully appreciate the criminal activities this regime pursues on the pretext of adopting the models used by other countries.Originally posted by ShutterBug:To cope with an ageing population, Japan and some European countries are already raising the age at which national pensions are paid out to 65 and beyond.
By 2013, all Japanese will not be able to draw out their national pensions until they are 65.
It is indeed true that many countries on the planet are raising the age eligibility for pensions (their terms vary from pensions to national insurance). However, it's important to draw a distinction between such pensions and the conniving CPF locals here are subjected to. For those state pensions mentioned, beneficiaries basically receive a periodical (usually monthly) stipend (through public funding) from the pension-eligible age to the last day of their lives. In essence, if by some elixir you have the means to live till 200 in the UK or the nordic countries, the pension effectively safeguards your living allowance for the rest of your lifetime - all funded by the state.
In this regime's context, however, whatever cash you have in your CPF account when you're 62 (or whatever age this regime eventually determines to be eligible for a local to withdraw his savings from his CPF) is rightfully yours. In essence, this regime is paying your monthly stipends with your own money till the day your savings run out (or your death, depending on which event occurs first). By the same comparison, if you lived till 200 and your savings run out when you turn 100, you're left to fend for yourself for the next century.
In light of the contrast, I find it laughable the nonsensical scheme run by this regime could even be remotely compared to pensions. After all, if someone were to extort money from you on the pretext of wanting to take care of you and dished out monthly stipends of his loot (which is effectively yours to begin with) in return, you would hardly associate such an act with philantrophy, would you? -
Think most folks look forward to a meaningful retirement at 60 or 62yrs old. But now have to wait till 65 to take out their hard earned savings???
Don't forget, the proposal is that post-60yrs old are to get a "pay-cut" cum cpf contribution cut, yet expected to work at the same productivity level. That is if they still have a job
Regulated retirement age can be 65, but cpf withdrawal can be 62, so that working PAST 62 is an option but not a MUST. -
If this is the election year, it is doubtful Minister Lim Boon Heng dare to be too smart to propose such further postponement of retirement.
Postponing from 55 to 62 was as if not bad enough. If what he wants is to get employers to help employ older workers he also does not have to further postpone their getting their long-awaited nesteggs. How many people can be like him with so many millions not having to worry about getting the long-awaited nesteggs.
This goes to show that ministers and MPs nowadays have completely lost touch with reality because they are not the party affected by needs and necessity at 55. -
This is hilarious. If I work for 3 more years, I will have MORE income right? Then why should the gahmen keep my money longer in the name of helping me save for retirement? In fact, if I work until I die, like the gahmen seems to want us to do, I don't even NEED CPF.
-
*shrug.
I say the Govt needs someone to look after them as well, especially when they seem to love to fumble and fall through some occasional muddy patch.
When people of the 1970s to 80s start to retire and realise they don't have enough money... then they will realise they have been suckered. -
wahlao eh if im a old man lost my
job at 62 how to live in singapore
really want people to jump down frm mrt track
even with that 300sgd from the gov oso cannot have a decent 3 meal
and i think withdraw $ at the age of 60 is reasonable but 65
-
what a brilliant move .....
many private companies will start edging out older employees by 55 .... and certainly by 60 ......
what do you expect the retiring chaps to feed on when they retire ? ....
oh ... right, I was forgetting ....
there's always opening at taxi companies, Mcdonalds, janitorial companies, food court and hawker center cleaning services .....
perhaps some policy makers need to look beyond the ivory tower of their little ministerial department ... and take a look at how the private sector is like ... -
Hey! Hey! Hey! lim boon heng come hereÂ…fck you man!
You are take million dollar salary to go for study trip?
You are paid to come up with good and original solution to problems, man! -
where are all the pro govt poster to support their dear govt ideas? i like to hear a word or two of their 'justification'?
-
When we reach 55, we should be matured enough to handle our own money, why leave it with the govt?
The govt may not be the best to invest our money- they keep losing $$ overseas & the returns are not good.
Wait till 65, too old to enjoy & may be senile already! -
we r gonna be the 1st country in the world whereby the aged worked to their death...
how sad it is when u have to work till 60++ when u should be enjoying ur retirement at that age... -
i wonder if the pro-govt peeps gonna curse and swear when they realize they r still working at 60++...
that is IF they realize... -
oh no
-
It is so normal and usual of them to always quote examples and follow whatever really benefit them at the expense of the nation. By following Japan it benefits them!!!
Quote: "Mr Lim said such an example showed that the responsibility of caring for the old, should not rest on the state". Lim said this because this is what the cold blooded, arrogant LEE HSIEN LOONG has been telling us that he is not making Singapore a welfare state.
Young people already having problems getting employed, what more about the elderly? Use your brain, Mr Lim and Lee Hsien Loong, please put your brain to good use and not mere use your brain to think of how to satisfy your own needs and desires only. WE singaporeans have got enough of nuisance from you.
As for Mr Lim, you think it is easy to get employed in Singapore. Please be kind to put yourself in our shoes. If you people as our gahmen refuse to do things to help us and meet our needs, we don't need you as our govt. By the way Eldershield is just crap, crap, not of much benefit to the majority.
Damn downright sickening and selfcentred gahmen and PM we have in Singapore. They don't they refuse to follow examples of countries looking after the welfare of elderly BECAUSE IT DOES NOT BENEFIT THEM. IF THE SICKENING ARROGANT TOAD LEE HSIEN LOONG FOLLOWS THE WEST TO TAKE CARE OF THE ELDELY, HE KNOWS MAY BE HE WON'T BE ABLE TO DRAW SUPER HIGH PAY. So for his selfish motive, he keeps telling us he is not making S'pore a welfare state.
REally time to kick these selfcentred, arrogant gahmen out!!! Bring in new blood to rule Singapore!!
SINCE LEE HSIEN LOONG TOOK OVER AS PM, there have been far too many craps from him. We have enough!!!! He is just not cut out to be a PM.
-
come down the ivory tower and see la.
oh, is the lift being abolish? perhaps, helicopters are used right? -
They will play another set of game when election is drawing near. unfortunately, many folks will be taken in and vote for them.Originally posted by robertteh:If this is the election year, it is doubtful Minister Lim Boon Heng dare to be too smart to propose such further postponement of retirement.
Postponing from 55 to 62 was as if not bad enough. If what he wants is to get employers to help employ older workers he also does not have to further postpone their getting their long-awaited nesteggs. How many people can be like him with so many millions not having to worry about getting the long-awaited nesteggs.
This goes to show that ministers and MPs nowadays have completely lost touch with reality because they are not the party affected by needs and necessity at 55. -
They are desperate, they want our CPF money to do whatever, I guess!! Always do things to please themselves rather than serving the needs of the people appropriately. Sickening to all this sort of ruling party. They have gone too far. REap and sow, let's just see!!Originally posted by Panache1976:This is hilarious. If I work for 3 more years, I will have MORE income right? Then why should the gahmen keep my money longer in the name of helping me save for retirement? In fact, if I work until I die, like the gahmen seems to want us to do, I don't even NEED CPF.