Government may make buying annuity compulsory
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CNA latest news
Government may make buying annuity compulsory: Lim Boon Heng
By Julia Ng, Channel NewsAsia | Posted: 14 August 2007 1745 hrs
SINGAPORE : The government may make buying annuity compulsory, said Mr Lim Boon Heng, Minister-in-Charge of ageing issues.
Speaking to reporters after a National Day Observance ceremony at the Mitsuboshi Overseas Headquarters on Tuesday, Mr Lim said the government is looking to build the annuity component into Singapore's plan for the ageing population.
With longer life expectancy, Singaporeans will have to work longer, beyond the present retirement age of 62.
The government is considering a law on re-employment, to get employers to guarantee their employees a job once they reach 62.
But it may not necessarily be the same job or the same salary.
Mr Lim urged employers and employees to start preparing for the re-employment law as soon as possible.
This is because the law would provide only a framework and not spell out how re-employment should be done.
Besides working longer, another way to prepare for old age is to have a form of insurance that caters to a longer lifespan.
And one way to do this is by buying an annuity.
Said Mr Lim: "If you have a full minimum sum in CPF, when you withdraw the CPF, CPF will pay you $700 over a month. But it's for 20 years. At the end of 20 years, you'll have nothing to withdraw.
"If you buy an annuity, the insurance company will pay you less - $500 a month. But the insurance company will have to pay you for as long as you live. And if you live to 100 (years old), they'll have to continue paying you till you're 100. Therefore it's a lesser monthly sum but you're insured a little longer.
"We may have to make it compulsory for everyone, but I think for now, we should explain to people what annuities are and how people can benefit, to get people to understand it." - CNA /ls -
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That is one of their many plans to earn money out of the ordinary Singaporeans. We have been for a long time been their "yao qian shu"! Sicko gahmen we have, speaks nothing but money money money. If you notice, almost every week or every month, without fail they come out with something to do with money and it is the ordinary Singaporeans paying the money.
Money rules in their world. They have not failed to create impression to the people that they love and worship money. Politics is not on money alone!!! Money money money, think when they die they also cover their mouths and whole corpse with money. Coffins will be decorated with money as well.
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annuity no good?
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IT SHLD BE AN OPTION !
NOT COMPULSORY !
-froths at mouth- -
another money sucking plan.
they think we are kids, don't know how to manage our own funds.
how many actually live through that 20 years. -
where the money come from? CPF again?
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money money money is all they care for. They demand and expect we are just to say yes to everything they want to do to earn our money. The recent launch of eldershield was really yucks. Many of those who are 40 and above make lots of noise that they are so highhanded. Just deduct the money from CPF and take it you have permitted them to do so , unless they contact the insurance company to terminate the plan.Originally posted by alwaysdisturbed:another money sucking plan.
they think we are kids, don't know how to manage our own funds.
how many actually live through that 20 years.
Really, PAP is the first hand gahmen in the whole world to earn money from the people through insurance. Damn it, PAP!
Buying annuity also means LHL do not want burden from the old age people, so now attempting this. Cold blooded, money faced PM does not deserve our respect. -
basically yes.Originally posted by Lin Yu:where the money come from? CPF again?
it also means that you "lugi" if u die earlier or doesnt go beyond 90 years of age. -
PAP treats our CPF account as bank account for them to dig money from.Originally posted by Ferret:basically yes.
it also means that you "lugi" if u die earlier or doesnt go beyond 90 years of age.
PAP = MONEY -
if i reach the retirement age, i will not be staying in this country -
where u going to stayOriginally posted by allentyb:
if i reach the retirement age, i will not be staying in this country -
Even at old age or one foot stepping into the coffin, they still don't intend to let you go. Suck until u become skeleton.
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rather put in insurance than there....
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Thank you 66.6
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An annuity guarantees one money till he dies but the overall payout is still much lesser than the current CPF system of payout.
Just wtf is the govt thinking?
Hell I would want to retire here! -
I say fcuk you and rot in hell 66.6.Originally posted by Manager433:Thank you 66.6 -
lets see the terms and conditions of this annuity thing......we could really end up with lesser $$$ if we are not careful......
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Nothing is firm at this point of time. hope they will not make it compulsory. This is a short cut way for the useless PM to solve problem. He thinks by using $$$ all problems can be solved. He is paid $3m to do easy job by taking short cut. Damn it!!! A good for nothing indeed!!! He has no heart for the people, he only has heart for himself and the family. Karma!!! karma!! What goes round, will come around. What goes up must come down! This is the style of a substandard PM.Originally posted by sg mata:lets see the terms and conditions of this annuity thing......we could really end up with lesser $$$ if we are not careful...... -
It is already confirmed!!!!Or otherwise, the bloody sg govt won't have announced it!!!Originally posted by qlqq9:Nothing is firm at this point of time. hope they will not make it compulsory. This is a short cut way for the useless PM to solve problem. He thinks by using $$$ all problems can be solved. He is paid $3m to do easy job by taking short cut. Damn it!!! A good for nothing indeed!!! He has no heart for the people, he only has heart for himself and the family. Karma!!! karma!! What goes round, will come around. What goes up must come down! This is the style of a substandard PM.
God Dam it!!!! Blood sucking PAP!!!! -
So what are they gonna do if I refuse to buy into their plan?
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"Nothing is firm" when the casino plan was announced.Originally posted by qlqq9:Nothing is firm at this point of time. hope they will not make it compulsory. This is a short cut way for the useless PM to solve problem. He thinks by using $$$ all problems can be solved. He is paid $3m to do easy job by taking short cut. Damn it!!! A good for nothing indeed!!! He has no heart for the people, he only has heart for himself and the family. Karma!!! karma!! What goes round, will come around. What goes up must come down! This is the style of a substandard PM.
"Nothing is firm" when GST hike was first raised.
Hmmmm.....
It may be good, but it may be bad.
Personally, it feels like a gamble, a gamble on your life. If you live too long, you earn more. If you die too early, you lose money. -
http://youtube.com/watch?v=2UYHfEwhbZ8Originally posted by Rock^Star:I say fcuk you and rot in hell 66.6. -
Really sicko and cold blooded LHL and LBH. What about people who hardly can make ends meet, where do they find the extra $$$ to buy the annuity? Damn it, lee hsien loong! Just wait, do more evil, see what you get from heaven! damn it, he is the coldblooded arrogant toad who is a substandard PM. By making it compulsory for people to buy annuity, this solves his worry that the old people will bring burden to him. Such a cold blooded and good for nothing PM, we don't need. Get him out!!!! Or go with good brothers when they go back at the end of the 7th month!Originally posted by eagle:"Nothing is firm" when the casino plan was announced.
"Nothing is firm" when GST hike was first raised.
Hmmmm.....
It may be good, but it may be bad.
Personally, it feels like a gamble, a gamble on your life. If you live too long, you earn more. If you die too early, you lose money.
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If they make it compulsory, they will give you no excuse to say no. Just wonder Is PAP in as our govt just to use $$$ to solve problems. If so, this is so simple job, we don't need any highly educated people to do the job, so we don't need them!Originally posted by LazerLordz:So what are they gonna do if I refuse to buy into their plan?
Hey, 66.6% voters, please put your brain to good use and vote wisely in the next election.