13% of students who borrowed from parents' CPF accounts have
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Once a puppet always a puppet.
Let's vote them out. -
Originally posted by bigmouthjoe:
And if u do not have enough for your old age?
I can tell you what is crap. What you said is pure crap. Why don't you say that they should scrape the CPF all together since it is no use, anyway we can all pick cans and flip burgers till the day we die... since we are so full of spirit!
The CPF is our money, if I want to use [b]MY CPF for MY CHILD so that he or she can have a good future, it is MY DECISION. You go babysit your own freaking child and LEAVE MY CHILD'S FUTURE ALONE OK?!
What crap![/b]
sit back and expect to be fed?
what u have just said is blunder stupidity.
An all time classical dumbness.
I said if one does not even have enough finace to see himself through poly then he should serve NS first,save the $ which he earns during his time of service and then pay for his school fees.
you are expecting everything to be nicely laid out for in your road ahead.
If my cousin can flip burgers thro uni to pay for her school fees in uk which is A ASTRONOMICAL AMOUNT THEN I DONT SEE HOW ONE CANNOT SAVE THEIR POLY FEES THROUGH NS.
And one of the forumlites here still commented on the fun a person would be missing out if he works to save up for school fees.
AS USUAL CRAP!!
It's the stupid sgnaporean mentality of "i must have a good education,smooth journey and at the same time have my share of entertainment and all this must not be comprimise"
FUK U!
I cant believe such thinking still exist in someone older than me.
U guys make it so rosy a picture.
Do not have enough money,dig the CPF and Still insufficent?DIG THE BANK LOANS.
PLS TRASH SUCH MENTALITY AS IT MAKES U LOOK LIKE A WORTHLESS PERSON WHO SPEND FUTURE MONEY.
I do not support the PAP but this one policy i see the need for them to enforce because if every parents are going to use their retirement piggy for education that can easily amount to 100k,then what is going to happen when they fall ill?or how can they support themselve through retirement.
U might say they can turn towards their children.
What joke,what more do the local youngsters care aside fun,fame,money and girl?
Again 13% have not yet returned the amout borrowed from the CPF.
what if these people,their parents are retired and their sons are still in the midst of studying or serving NS.
What happens then?
no doubt i have alot of doubt reagrding pap policies but we as humans should judge issues based on what it is and not who the speaker is. -
Let me say it once and for all.
Do not presume to tell people what they should do with their money. That goes for those in support as well.
So what, now everyone wants to play policymaker is it? Since when did everyone started caring?
If I make the choice to pay for my kids, and I am willing to risk they not paying me back, what gives you the holy-assed right to tell me that I'm a doofus and that I'm a parasite by association?
Idiots. -
I believe the govt has good intentions here. The repayment with interest is meant to ensure as if your parent's CPF has never been touched. This helps one towards the accumulation of retirement funds.Originally posted by _Aaron_:But seriously, even if we do take a loan from our parent's CPF, why on earth do we need to return it with Interest? I mean, isn't it our parent's money? We should know what to do with our CPF instead of the govt running it for us.. -
I also believe that the govt has to play a part in managing CPF funds for Singaporeans. Not everyone is financially savvy. I hear a lot of talk that it's "our money" but seriously, if we are able to take our CPF contributions and put it in our bank accounts, can we ensure a tidy retirement amount in our golden years? You may but not everyone can.
Bank accounts tend to fluctuate in order to meet short and long term expenditure. Forced saving is the way to go for those not financially or investment savvy.
However, there are a few ways that the govt has abused this authority to manage CPF funds.
1) Raising retirement age. Singaporeans do not have such a long life expectancy yet for the age to be raised to 65.
2) If HDB prices were not so high, then surely more Singaporeans can meet the minimum sum by the age of 55.
Instead of acknowledging that HDBs are overpriced, which in my opinion is the chief reason for many not achieiving their minimum sums, they rectify error with error by attempting to raise the retirement age.
Perhaps instead of raising the age, the govt should invest money to educate retiring Singaporeans on how they can park their money in bonds and funds, so that they shall have more cash for their golden years.
But what does the govt do? Increase age to 65. Simple. Hassle free. I have to shake my head in disagreement here. -
this is the most ridiculous thing i have ever heard.Originally posted by Rock^Star:I believe the govt has good intentions here. The repayment with interest is meant to ensure as if your parent's CPF has never been touched. This helps one towards the accumulation of retirement funds.
paying myself interest!!! -
The issue is that people used to be able to take out their funds at 55, and that parents can choose to waive the repayment component of the CPF education loan when they reach 55.Originally posted by Rock^Star:I believe the govt has good intentions here. The repayment with interest is meant to ensure as if your parent's CPF has never been touched. This helps one towards the accumulation of retirement funds.
Can we trust the government to have the right to take this fundamental choice and liberty of decision from the parents? I think not. -
very good point but what happens when u depleted your savings and your children is unable to return or does not want to return.Originally posted by LazerLordz:Let me say it once and for all.
Do not presume to tell people what they should do with their money. That goes for those in support as well.
So what, now everyone wants to play policymaker is it? Since when did everyone started caring?
If I make the choice to pay for my kids, and I am willing to risk they not paying me back, what gives you the holy-assed right to tell me that I'm a doofus and that I'm a parasite by association?
Idiots.
Yes,u wouldn't mind them not returning but your problem has become the society concern because the people will not be happy that their tax goes into paying your expenses in the age home.
The government has to set in and clear the pile of mess.
As if we do not have homeless people running about the streets,the society as a whoole do not wish to be weight down by more of such social problems.
Would a better way not be your son putting aside few years of prudent savings,borrow a little from you and the bank?THEN actually bite a hug amount off your CPF at one shot?
look,we all have to undestand that the ageing population is a growing concern. -
WEL SPOKEN!Originally posted by Rock^Star:I also believe that the govt has to play a part in managing CPF funds for Singaporeans. Not everyone is financially savvy. I hear a lot of talk that it's "our money" but seriously, if we are able to take our CPF contributions and put it in our bank accounts, can we ensure a tidy retirement amount in our golden years? You may but not everyone can.
Bank accounts tend to fluctuate in order to meet short and long term expenditure. Forced saving is the way to go for those not financially or investment savvy.
However, there are a few ways that the govt has abused this authority to manage CPF funds.
1) Raising retirement age. Singaporeans do not have such a long life expectancy yet for the age to be raised to 65.
2) If HDB prices were not so high, then surely more Singaporeans can meet the minimum sum by the age of 55.
Instead of acknowledging that HDBs are overpriced, which in my opinion is the chief reason for many not achieiving their minimum sums, they rectify error with error by attempting to raise the retirement age.
Perhaps instead of raising the age, the govt should invest money to educate retiring Singaporeans on how they can park their money in bonds and funds, so that they shall have more cash for their golden years.
But what does the govt do? Increase age to 65. Simple. Hassle free. I have to shake my head in disagreement here.
Everything revoles around the "mememe" mentality.
What they though of a noble act migh not be what it seems because if these people do not have the means to survie their old age,it becomes a social issues. -
You do not pay yourself interest.Originally posted by dragg:this is the most ridiculous thing i have ever heard.
paying myself interest!!!
I reiterate: "The repayment with interest is meant to ensure as if your parent's CPF has never been touched." -
can't do that already? WTFOriginally posted by LazerLordz:The issue is that people used to be able to take out their funds at 55, and that parents can choose to waive the repayment component of the CPF education loan when they reach 55. -
Originally posted by LazerLordz:The issue is that people used to be able to take out their funds at 55, and that parents can choose to waive the repayment component of the CPF education loan when they reach 55.
Can we trust the government to have the right to take this fundamental choice and liberty of decision from the parents? I think not.
U become a social issues if u do not have enough for your old age.
This whole "rights" thing might work VERY well if say "if u do not have enough for your old age,we instantly conduct a holocuast"
that way u don't become an issue to the society.
But no it doesn't work this way. -
This option to withdraw at 55 will also be gone in a few years, possibly as early as 2009.Originally posted by LazerLordz:The issue is that people used to be able to take out their funds at 55, and that parents can choose to waive the repayment component of the CPF education loan when they reach 55.
Can we trust the government to have the right to take this fundamental choice and liberty of decision from the parents? I think not.
Like you, I disagree with that too. Pls refer to my 2nd post at 10:24pm. -
if you withdraw money out from the bank do you put it back plus interest?Originally posted by Rock^Star:You do not pay yourself interest.
I reiterate: "The repayment with interest is meant to ensure as if your parent's CPF has never been touched."
this is silly. why do i have to top up the interest when i am using my own money? -
Well, the government has shown that every time it meddles, crap happens.Originally posted by boka:very good point but what happens when u depleted your savings and your children is unable to return or does not want to return.
Yes,u wouldn't mind them not returning but your problem has become the society concern because the people will not be happy that their tax goes into paying your expenses in the age home.
The government has to set in and clear the pile of mess.
As if we do not have homeless people running about the streets,the society as a whoole do not wish to be weight down by more of such social problems.
Would a better way not be your son putting aside few years of prudent savings,borrow a little from you and the bank?THEN actually bite a hug amount off your CPF at one shot?
look,we all have to undestand that the ageing population is a growing concern.
That's an adequate response to this whole shebang. It's mighty time the government shifts towards a more equitable national insurance system if it's really worried about an aging population. Many of my peers feel that it's time that we increase our income taxes in return for a social welfare scheme for retireees.
Secondly, are you so sure that there isn't a rising number of Singaporeans who prefer higher income taxes and a consequent strong safety net in their old age? Your assumption that people will not be happy, is very similar to the lines that the Ministry loved to spout for decades. You should not assume that society thinks A or society thinks B.
Thirdly, there is the issue of judicious usage of funds that one may never get to see or touch, realistically speaking. What's more, if the portion of the CPF funds utilised for education purposes is only a small percentage of the entire account, better it be used for a better purpose than letting it stagnate. -
A bank account's primary aim is to hold money for income and expenditure purposes.Originally posted by dragg:if you withdraw money out from the bank do you put it back plus interest?
this is silly. why do i have to top up the interest when i am using my own money?
A CPF account is meant for retirement. Since the govt has decided to relax the CPF many years back for education usage, then surely they would want the CPF account holder to have his money back as if "it had never been touched"?
Surely that helps retirement? But I can't say the same for raising the retirement age and doing away with withdrawal at age 55. -
better to let parent waive it and pay them back by cash then to return to those bloodsuckers
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Khaw Boon Wan has mentioned the "3 safety nets" for Singaporeans: Medisave, Medishield and Medifund.Originally posted by LazerLordz:That's an adequate response to this whole shebang. It's mighty time the government shifts towards a more equitable national insurance system if it's really worried about an aging population. Many of my peers feel that it's time that we increase our income taxes in return for a social welfare scheme for retireees.
Secondly, are you so sure that there isn't a rising number of Singaporeans who prefer higher income taxes and a consequent strong safety net in their old age? Your assumption that people will not be happy, is very similar to the lines that the Ministry loved to spout for decades. You should not assume that society thinks A or society thinks B.
If these are indeed safety nets, then they must be of poor, poor quality. I wouldn't mind paying more tax if the govt can ensure that I do not have to pay $500,000 for a cancer treatment when I'm old in 2040.
However, given the low taxes that majority of Singaporeans have paid all these years, it does take a bit of mentality change to adapt. Perhaps Boka's assumption that people will not be happy is not unfounded. Just that if higher taxes for more welfare is ever implemented, it has to be done in stages. -
how much do you think the interest is? do you seriously think it will make a difference to your retirement status?Originally posted by Rock^Star:I believe the govt has good intentions here. The repayment with interest is meant to ensure as if your parent's CPF has never been touched. This helps one towards the accumulation of retirement funds.
they use the money for investment purposes!!! -
And that amount used for education, is actually not a large sum in comparison to the amount you will actually need for retirement.Originally posted by dragg:how much do you think the interest is? do you seriously think it will make a difference to your retirement status?
they use the money for investment purposes!!!
If you are at a stage where 20k is almost all you have left for your retirement, then I'd say God bless you because your financial planning when you were alive, was damned shoddy. -
you comparing banks ( profit orientated organization) to your lao bei lao bu (your parents) on money loans? u idiot or what?Originally posted by boka:I'm going to say u don't have a choice under such circumstance.
because if you are going to keep emphasizing such scenarios,it is very easy for me to say why aren't the banks giving me a full pledge loan so i can study through uni instead of working my guts out with a diploma?
wouldn't it be so much better if i can get my degree and get a higher paying job to return that loan?
In life when u don't hve a choice u make full use of what u have to your advantage to acheive what u want.
As said earlier,my white uncle in britatin earns only 5k+ in the uk and he is unable to get a loan for her daughter.
So what did they do?
the daughter flip burgers throught university.
That should be the spirit.
U cant use what u gonna obtain as a reason to convince others to give u wat u need.
Because if that is the case,wouldn't it be a smooth ride to go to the bank asking loans to set up a MNC and telling them your gurantor is the future sucess of the company itself.
What crap!
haha
u dont make sense. crap more likely. you mean your success is guaranteed? i didnt say that in my post. dont anyhow infer. please dont twist my words and wack on the twisted meaning.
comparing SG to UK. lol. UK got welfare, SG have? -
the interest is little to the individual but a lot to the cpf board, accumulated.Originally posted by LazerLordz:And that amount used for education, is actually not a large sum in comparison to the amount you will actually need for retirement.
If you are at a stage where 20k is almost all you have left for your retirement, then I'd say God bless you because your financial planning when you were alive, was damned shoddy.
thats why they are so particular about it. -
Taking bits of interest from each member seems like a move made in desperation.Originally posted by dragg:the interest is little to the individual but a lot to the cpf board, accumulated.
thats why they are so particular about it.
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I can easily expose what u dun understand here.Originally posted by bladez87:you comparing banks ( profit orientated organization) to your lao bei lao bu (your parents) on money loans? u idiot or what?
haha
u dont make sense. crap more likely. you mean your success is guaranteed? i didnt say that in my post. dont anyhow infer. please dont twist my words and wack on the twisted meaning.
comparing SG to UK. lol. UK got welfare, SG have?
But i have a test to test so i dun wish to fight with a mongrel like u -
Simply outrageous. If I got the money in my cpf to give kids an education then I should be allowed to do so. Whether they want to return me anot is another matter altogether.
How much money I have left in my cpf for my retirement is none of the govt concern. Its not like the government will is going to have to provide welfare to you if you run out of retirement funds. Moreover, the 20k that your kid borrow from your cpf will probably last you an extra year at most.
What type of parents would want their kids to be flipping burgers during their studies? I definitely want to give my child the best and its using my own money.
Education is the best investment.