13% of students who borrowed from parents' CPF accounts have
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13% of students who borrowed from parents' CPF accounts have not paid back money
SINGAPORE: Manpower Minister Dr Ng Eng Hen said Tuesday that 13 percent of students who had borrowed from their parents' CPF accounts for tertiary education have not been able to pay back the money despite the Board's enforcement efforts.
To better prepare Singapore for the needs of the ageing population, Dr Ng said the Ministry should not extend the use of CPF for educational purposes.
He told Parliament there were other existing avenues through which students could obtain financial assistance.
He stressed that only 40 percent of active CPF members turning 55 are able to meet their CPF minimum sum.
Hence, Singapore should help members set aside more CPF savings in the future, instead of allowing withdrawals for more purposes. - CNA/ir
Looks like they really want us to hoard our CPF til 65. Without that CPF 'loan' which i'm returning With interest, i may have had to work after my 'O' levels before i took on my diploma.
Come on man. By keeping more CPF money in our accounts, guess who stands to gain more? -
I'm not with the government but this is one policy which i feel should be enforced.
most of the ageing population do not have enough savings for their retirement and if the govenment allow them to withdraw their cpf's for children's education purpose,guess what are these people going to have to eat after they retire?
Singaporean are a bunch of fucktards who thinks A SMOOTH EDUCATION PATH IS NATURALLY THEIRS.
THINK AGAIN.
THEY HAVE BEEN SPOONFED SINCE PRIMARY SCHOOL WITH EVERYTHING PAID FOR BY THE GOVERNMENT.
Thus,they take it for granted that there should be any hiccup along their learning process.
If u don not have the means to support yourself thro uni or poly,then start working and save up.
There's already13% who have not return the $ so i believe this is set to follow a tread especially with mentality of our youngsters.
I always respected the americans who work for few years or some even till they are 50years old before enrolling into a university. -
Is he making an assumption that the sons and daughters of Singapore will not support their parents in future, thus he needs to better prevent the CPF monies of the parents from going into "unnecessary" uses?
Then following his viewpoint, shall we also prevent CPF monies being used in so-called investments that allows people to get a higher return as these incorporate some risks? If the CPF board cannot achieve a higher return on the people's CPF from the paltry 2.6% (is it?), why shall such investments be allowed?
But in another of my opinion, I do agree with his viewpoint. People can borrow from banks and there are financial assistance programs (though their criterias can be softened at times) so I can see where he's coming from. But at the same time, I dislike his "hard" approach in "convincing" a change to the current policy. Maybe that is his way, his mentality and what he believes in. However, I am definitely not a fan of hard-selling, though I do not have a choice of it. -
Originally posted by boka:I'm not with the government but this is one policy which i feel should be enforced.
most of the ageing population do not have enough savings for their retirement and if the govenment allow them to withdraw their cpf's for children's education purpose,guess what are these people going to have to eat after they retire?
Singaporean are a bunch of fucktards who thinks A SMOOTH EDUCATION PATH IS NATURALLY THEIRS.
THINK AGAIN.
THEY HAVE BEEN SPOONFED SINCE PRIMARY SCHOOL WITH EVERYTHING PAID FOR BY THE GOVERNMENT.
Thus,they take it for granted that there should be any hiccup along their learning process.
If u don not have the means to support yourself thro uni or poly,then start working and save up.
read especially with mentality of our youngsters.
There's already13% who have not return the $ so i believe this is set to follow a t
I always respected the americans who work for few years or some even till they are 50years old before enrolling into a university.
Now. This is being too critical isn't it? It is generally accepted that in Singapore, the higher your education level the higher your pay. If one comes out after O levels, and chooses to work at probably a rate of 800-1100 (tops), excluding CPF (160-220) and other expenses (transport and food, conservative estimate at $5 per day), they would get maybe 540-780 a month. And that's if they're convservative and not spend on anything else.
In order to place their entire focus on studies, they would need to work for at least 3-4 months full time, depending on the job they get. The O levels end in around mid november? Hopefully they are able to start working in December, and with polytechnics starting their courses earlier, around march? That would give them just enough for their studies.
What about their allowances? Are we expecting them to just study and work, and not care about entertainment til they're in their mid twenties or something?
Lets not even touch on NS and Uni yet...
Besides, 13% who has not paid up may still be in NS or studying, so how on earth would you expect them to pay up? I may even be in that 13%, considering my first payment is on September. -
Under such circumstance one will not have much choice but to work and sacificing on entertainment.Originally posted by _Aaron_:
Now. This is being too critical isn't it? It is generally accepted that in Singapore, the higher your education level the higher your pay. If one comes out after O levels, and chooses to work at probably a rate of 800-1100 (tops), excluding CPF (160-220) and other expenses (transport and food, conservative estimate at $5 per day), they would get maybe 540-780 a month. And that's if they're convservative and not spend on anything else.
In order to place their entire focus on studies, they would need to work for at least 3-4 months full time, depending on the job they get. The O levels end in around mid november? Hopefully they are able to start working in December, and with polytechnics starting their courses earlier, around march? That would give them just enough for their studies.
[color=red]What about their allowances? Are we expecting them to just study and work, and not care about entertainment til they're in their mid twenties or something?
Lets not even touch on NS and Uni yet...
Besides, 13% who has not paid up may still be in NS or studying, so how on earth would you expect them to pay up? I may even be in that 13%, considering my first payment is on September.
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"..they would need to work for at least 3-4 months full time, depending on the job they get. The O levels end in around mid november? Hopefully they are able to start working in December, and with polytechnics starting their courses earlier, around march? "
Now this is taking things for granted.
U people think that after the o levels,wait for a few mnths and u guys should get into a poly.
But what makes u think that u have to enroll right into poly if u do not have enough money?
Why can't it be serve NS first,save the money,then continue studies at a polytechnic?
That is why i said u get take it so naturally that education path should rightfully be smooth which shouldn't be the case.
U are all so used to the norm of having everything laid out smoothly in tearms of financial assistance from the government.
People in america do not have their school fees paid for and most work for a few years full time before going in a uni.
And u interwined Studies,work and entertianment together.
U see it in a way that we should at any one time have everything.
But no,such mentality is rotten because when u badly need something,u make temp sacrifices even if it means no fun. -
And u do have a point in that 13% of that figure who might be serving NS.
However,looking at the upthread now,how confidnent are we to say that most yougnster would actually return that amount of sum borrwed?
Even the increasing numbers of elderly being chuked into the old folks home is a worrying sign enough. -
I worked part time thru university and earned fees and pocket money. Took only $2000 from family for three years.
i think parent's retirement moeny shld not be touched because most people do not have enough for retirement. -
Exactly.Originally posted by Mat Toro:I worked part time thru university and earned fees and pocket money. Took only $2000 from family for three years.
i think parent's retirement moeny shld not be touched because most people do not have enough for retirement.
My uncle who's a westerner,her daughter worked almost everyday while in uni to pay for her fees. -
I don't think comparing Sg to america is a good idea. First of all the values are different.. there's no way we can get a car by 16, or move out by 18. They seem to have no problems doing that though.Originally posted by boka:Under such circumstance one will not have much choice but to work and sacificing on entertainment.
"..they would need to work for at least 3-4 months full time, depending on the job they get. The O levels end in around mid november? Hopefully they are able to start working in December, and with polytechnics starting their courses earlier, around march? "
Now this is taking things for granted.
U people think that after the o levels,wait for a few mnths and u guys should get into a poly.
But what makes u think that u have to enroll right into poly if u do not have enough money?
Why can't it be serve NS first,save the money,then continue studies at a polytechnic?
That is why i said u get take it so naturally that education path should rightfully be smooth which shouldn't be the case.
U are all so used to the norm of having everything laid out smoothly in tearms of financial assistance from the government.
People in america do not have their school fees paid for and most work for a few years full time before going in a uni.
And u interwined Studies,work and entertianment together.
U see it in a way that we should at any one time have everything.
But no,such mentality is rotten because when u badly need something,u make temp sacrifices even if it means no fun.
Think there's also minimum wage involved. Waitering or waitressing in the states can ensure you a living (may even get some share of the tips), but here in Sg the work we do is.. different.
And for uni, i've no doubt that most of us are working and saving up to go to Uni as well. I'm just talking about poly, diploma.
Please be kind, this is just an exchange of views, don't need to get so heated up~
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Its a loan, we don't even know where they got the 13% from. But i've no doubt most of us are trying to return the money back to the CPF Board, with interest.Originally posted by Mat Toro:I worked part time thru university and earned fees and pocket money. Took only $2000 from family for three years.
i think parent's retirement moeny shld not be touched because most people do not have enough for retirement.
They just gotta wait til we find jobs and finish serving our NS first. -
Irelevant examples.Originally posted by _Aaron_:I don't think comparing Sg to america is a good idea. First of all the values are different.. there's no way we can get a car by 16, or move out by 18. They seem to have no problems doing that though.
Think there's also minimum wage involved. Waitering or waitressing in the states can ensure you a living (may even get some share of the tips), but here in Sg the work we do is.. different.
And for uni, i've no doubt that most of us are working and saving up to go to Uni as well. I'm just talking about poly, diploma.
Please be kind, this is just an exchange of views, don't need to get so heated up~
What im trying to put across it the mentality that is inculated.
Signaproean are too pampered and expect everything to be laid out nicely for them.
That is wrong and if u want somethign badly,simple-work hard.
I'm sure this belief is universally held and there is no border restrictions. -
I was in the lift once in plaza sign and there was this mother who told her daughter angrily that she is withholding the sup card because she has chuked over to 3k+.
And yes it can be seen,the daughter dressed up really extravantly and has thick make up,u could easily mistaken her for a high class social escort from the way she wore.
She replied"pls la..only few k"
What does this mentality tells u? -
If you work hard without the proper qualifications.. i still don't think you'll go far, not in SG when they can just replace you with cheaper FT when your pay gets too high.Originally posted by boka:Irelevant examples.
What im trying to put across it the mentality that is inculated.
Signaproean are too pampered and expect everything to be laid out nicely for them.
That is wrong and if u want somethign badly,simple-work hard.
I'm sure this belief is universally held and there is no border restrictions. -
STill u don't get it.Originally posted by _Aaron_:If you work hard without the proper qualifications.. i still don't think you'll go far, not in SG when they can just replace you with cheaper FT when your pay gets too high.
i'm saying so what if u are a waiter or a 9-5 office boy?
it's merely a temp job for u to earn money for your education.
it's time to earn $ to get what u want.
h
I'm in the process of saving 25k within 5 years and yes i'm in poly now.
with my insurance bought by my parents added in and borrowing of 20k from my parents,it will be enough for it to pull me thro overseas uni.
Bottomline is work hard to get what u want,doesnt matetr where u are.
The same beliefs hold. -
Is it not obvious to the Minister that the 13% are unable to repay the monies to their parents' CPF Account for the simple reason that they are unemployed ?
Could this 13% be amongst the 2.4% unemployed in the annual statistcs update from the Manpower Ministry ?
Why not tell the whole truth, instead of half the truth ? -
I have got a deep suspicion that Singapore government keeps coming up with these CPF new rules and regulations so that we cannot touch our CPF money is because they invested our CPF money and do not have accessible money at the moment to return us, so coming up with these new laws and restrictions in order for us not to be able to take the money from our CPF accounts.
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well said.Originally posted by LifeIsWonderful:I have got a deep suspicion that Singapore government keeps coming up with these CPF new rules and regulations so that we cannot touch our CPF money is because they invested our CPF money and do not have accessible money at the moment to return us, so coming up with these new laws and restrictions in order for us not to be able to take the money from our CPF accounts. -
Wouldn't it make more economical sense if we could borrow a sum from our parents first, and then pay them later? Since with our dip, we would be able to earn more, and thus repay them easier later.Originally posted by boka:STill u don't get it.
i'm saying so what if u are a waiter or a 9-5 office boy?
it's merely a temp job for u to earn money for your education.
it's time to earn $ to get what u want.
h
I'm in the process of saving 25k within 5 years and yes i'm in poly now.
with my insurance bought by my parents added in and borrowing of 20k from my parents,it will be enough for it to pull me thro overseas uni.
Bottomline is work hard to get what u want,doesnt matetr where u are.
The same beliefs hold.
What i am doing and what you are doing are no different right? You are still going to borrow from yr parents after all. You do have the intention of returning them right? -
Firstly, the fact that most people in Singapore take their "education path" for granted and "expect" the government to do everything for them stems from the culture instigated by this regime on its own, isn't it? Then again, it's an inherent feature in most "nanny states". After all, are you seriously expecting an overly-domesticated cat to possess the survival instincts of its counterparts surviving in the wild?Originally posted by boka:People in america do not have their school fees paid for and most work for a few years full time before going in a uni.
And u interwined Studies,work and entertianment together.
U see it in a way that we should at any one time have everything.
But no,such mentality is rotten because when u badly need something,u make temp sacrifices even if it means no fun.
Back to your analogy. Are you aware Federal Grants are available to just about every American college student (and I literally mean every college - from private to public schools)? In addition, numerous private colleges and state governments actually provide further financial aid (which could come in the form of grants, loans or work-arrangement schemes) to facilitate the student's educational financial liabilities. To illustrate such policies in practice and the significance of them in helping students out, just look at how many of the country's top institutions (which charge in the range of USD40000-USD45000 annually - my figures could be a little off as it's been sometime since I left college but it should be roughly in that range) are actually only able to afford a need-blind admissions policy to Americans, but not to International Students simply because the dearth of Federal Grant/Aid available to foreign students would render it impossible for such colleges to provide sufficient financial aid to help these students through. (As far as I know, Harvard, Yale and MIT are the only colleges that has a need-blinds admission policy for International Students due to their excessively large endowment funds)
On a sidenote, many American college students spend a year or two doing internships or taking part in charitable/worthwhile causes before they begin college do so out of interest and to boost their CV (which is essential for those planning to attend graduate schools and a massive source for reference letters and endorsement) as much as for the money.
In Singapore, tuition grants are only granted to the local institutions which are effectively state-funded (the local universities and polytechnics) - if you were attending a private school, you wouldn't even get any form of state grants to help you tide things over. In essence, you're left to fend for yourself.
In essence, there's hardly any parallel between the 2 systems.
Why should the state be allowed to dictate how parents could help their children out with their own money?Originally posted by boka:And u do have a point in that 13% of that figure who might be serving NS.
However,looking at the upthread now,how confidnent are we to say that most yougnster would actually return that amount of sum borrwed?
Even the increasing numbers of elderly being chuked into the old folks home is a worrying sign enough. -
When you reach the age of 55 and beyond, you can decide if your child should pay back the money into the board.
The government has no business telling people what to do with their CPF money in this instance. It is a decision between the parent and the child. -
Some families are CPF rich but cash poor. What then?Originally posted by _Aaron_:Wouldn't it make more economical sense if we could borrow a sum from our parents first, and then pay them later? Since with our dip, we would be able to earn more, and thus repay them easier later.
What i am doing and what you are doing are no different right? You are still going to borrow from yr parents after all. You do have the intention of returning them right?
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Why instead of working for it would u want to borrow?Originally posted by _Aaron_:Wouldn't it make more economical sense if we could borrow a sum from our parents first, and then pay them later? Since with our dip, we would be able to earn more, and thus repay them easier later.
What i am doing and what you are doing are no different right? You are still going to borrow from yr parents after all. You do have the intention of returning them right? -
Ah...the wonders of studies....and the $$$ that is sucked along with it.
Our 'dreaded' education system's intent on paper qualifications plagues the heart of Singaporeans. Many still foolishly believes that a degree is the epitome of a solid starting pay and our people proliferate this flawed concept.
No wonder companies here are not paying more for experienced veterans. -
Justl like what you said earlier..Originally posted by boka:Why instead of working for it would u want to borrow?
I'm in the process of saving 25k within 5 years and yes i'm in poly now.
with my insurance bought by my parents added in and borrowing of 20k from my parents,it will be enough for it to pull me thro overseas uni.
Why borrow 20k from yr parents when you can work for it? -
Isn't that the greatest reason why we are allowed to dip into the CPF of our parents for a loan, in which we return later via instalements when we're working?Originally posted by LazerLordz:Some families are CPF rich but cash poor. What then?
And i like what walesa said, "Why should the state be allowed to dictate how parents could help their children out with their own money?"