Give us back our CPF savings
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Media Release: Give us back our CPF savings
21 Jun 07
And the scheming continues.
The raising of the CPF withdrawal age to 65 is nothing more than another ploy to delay returning the peopleÂ’s hard-earned savings.
The reason advanced for the change, that Singaporeans are living longer than before, is as lame as it is ludicrous.
When workers retire and need a source of income, telling them that they cannot use their savings because they are living longer makes as much sense as telling a man dying of thirst that he canÂ’t drink his water because heÂ’ll need it later.
Whether they are in their 60s, 70s or 80s senior citizens need their retirement savings. How they budget their funds to last them through their remaining years is none of the PAPÂ’s business.
Worse, with the way the political system is what's to stop the PAP from raising the withdrawal age to 70 and beyond?
Think about it: The elderly are told that they have to continue to work – and for less pay, the GST is raised to 7 percent, hospitals and polyclinics raise their charges and now the withdrawal of the CPF savings is further pushed back.
With a government like this, who needs robbers?
This continual change of the withdrawal age coupled with the Minimum Sum Scheme, which allows the Government to return the savings to retirees in small monthly instalments, effectively means that Singaporeans will never fully get back their savings.
This has a pernicious side-effect. Seeing that the Government has no intention of returning their CPF savings, Singaporeans will resort to using whatever funds they have in their Ordinary CPF Accounts to pay for their HDB mortgages.
In other words, the sizes of their flats they buy will depend on the size of the monthly CPF contributions, not on whether they can afford it.
As it is Singaporeans are already putting in a worryingly high percentage of their income into housing, not by choice it should be added, compared to people in other countries. This leaves them little or no savings for retirement.
Of course the Government loves such an arrangement, it further engorges the its already corpulent pockets.
A recent survey conducted by the AXA Insurance Group revealed that while Singaporeans are the worldÂ’s biggest savers, they have the least amount of funds for retirement. Now we know where all the money is going to.
With a system as opaque and unaccountable as the one that presently exists, continuing to allow the PAP to retain our CPF savings is a dangerous arrangement. It is, however, one made in authoritarian heaven.
The people need to fight back.
Chee Soon Juan
Secretary-General
Singapore Democratic Party -
Absolutely true.
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Nice article from CSJ.
I always agree with with he writes, but very rarely agree with what he does. -
its difficult enough to get a job after 40.
now they want us to work until 65.
wth!!
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this time, i absolutely agree with CSJ...
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Originally posted by ShutterBug:
Exactly ... This hard-earned monies are used to make investments and keep the returns for themselves ...
A recent survey conducted by the AXA Insurance Group revealed that while Singaporeans are the worldÂ’s biggest savers, they have the least amount of funds for retirement. Now we know where all the money is going to.
With a system as opaque and unaccountable as the one that presently exists, continuing to allow the PAP to retain our CPF savings is a dangerous arrangement. It is, however, one made in authoritarian heaven.
The people need to fight back. -
I hate the govt...truly hate......i hope karma hit them ...and hit them hard for their greed and their uncaring elite face....
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Originally posted by ShutterBug:
Other than that, I agree with him, less the sarcasm.
[b]Media Release: Give us back our CPF savings
21 Jun 07
And the scheming continues.
The raising of the CPF withdrawal age to 65 is nothing more than another ploy to delay returning the peopleÂ’s hard-earned savings.
The reason advanced for the change, that Singaporeans are living longer than before, is as lame as it is ludicrous.
When workers retire and need a source of income, telling them that they cannot use their savings because they are living longer makes as much sense as telling a man dying of thirst that he canÂ’t drink his water because heÂ’ll need it later.
Whether they are in their 60s, 70s or 80s senior citizens need their retirement savings. How they budget their funds to last them through their remaining years is none of the PAPÂ’s business.
Of course PAP would love to hoard more money through the CPF system but if Singaporeans are allowed to withdraw all of their CPF at retirement age, the consquences could be disastrous.
There are a great number of people who are not financially prudent. Moreover, when suddenly handed with a large amount of money, they may not be able to handle it wisely.
There would be a lot of Singaporeans dying of poverty then.
Worse, with the way the political system is what's to stop the PAP from raising the withdrawal age to 70 and beyond?
Think about it: The elderly are told that they have to continue to work – and for less pay, the GST is raised to 7 percent, hospitals and polyclinics raise their charges and now the withdrawal of the CPF savings is further pushed back.
With a government like this, who needs robbers?
This continual change of the withdrawal age coupled with the Minimum Sum Scheme, which allows the Government to return the savings to retirees in small monthly instalments, effectively means that Singaporeans will never fully get back their savings.
This has a pernicious side-effect. Seeing that the Government has no intention of returning their CPF savings, Singaporeans will resort to using whatever funds they have in their Ordinary CPF Accounts to pay for their HDB mortgages.
In other words, the sizes of their flats they buy will depend on the size of the monthly CPF contributions, not on whether they can afford it.
Not necessary. He's generalising that Singaporeans will buy bigger houses so that PAP cannot touch their funds. I beg to differ unless he has statistics to show.
As it is Singaporeans are already putting in a worryingly high percentage of their income into housing, not by choice it should be added, compared to people in other countries. This leaves them little or no savings for retirement.
Of course the Government loves such an arrangement, it further engorges the its already corpulent pockets.
A recent survey conducted by the AXA Insurance Group revealed that while Singaporeans are the worldÂ’s biggest savers, they have the least amount of funds for retirement. Now we know where all the money is going to.
With a system as opaque and unaccountable as the one that presently exists, continuing to allow the PAP to retain our CPF savings is a dangerous arrangement. It is, however, one made in authoritarian heaven.
The people need to fight back.
Chee Soon Juan
Secretary-General
Singapore Democratic Party [/b] -
Let me urge all who can, to emigrate like what many of us have done....the only way you can get all of your cpf out is by throwing your passport back and renouncing....that's the only way.....of course, please establish yourselves in another place first bevfore you switch passports
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x 2 LOL Its almost like he has a split personality.Originally posted by ky13:Nice article from CSJ.
I always agree with with he writes, but very rarely agree with what he does. -
Don't know why...I also support this thread
Make people hired people that are 60 plus? Then the investors will packed up and go else where
Employers are asking what productive advantages do they have over cheap FTs ?