Government may make buying annuity compulsory: Lim Boon H
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This is simply ridiculous! I have always been pro government but this is really too much for me! I think annunity is stupid n ridiculous all this while n I will really be damn mad if it is made compulsory! If u just do the simplest of calculation by taking (700-500) x 20 years, u can afford to pay yrself until 90 years old at 500pm without buying any annunity! Y must give the insurance co my money n they pay me 500 per mth for the rest of my life???!!!! Which will probably not be more than 80 in any case and the rest of my hard earned $ will go to the insurance co! At least leave it in CPF I can use the remainder $ to buy a big paper hse n paper yacht for myself
Government may make buying annuity compulsory: Lim Boon Heng
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 -
I have a prediction............
I predict your thread will be locked.
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But he has explained it very clearly in layman terms to anyone wondering what is annuity.Originally posted by maurizio13:I have a prediction............
I predict your thread will be locked. -
Yeah.. and in lay men term is called LPPL...Originally posted by bigmouthjoe:But he has explained it very clearly in layman terms to anyone wondering what is annuity.
I say screw the government... they realize they have generated a large number of old folks and now quickly absolves themselves from responsibilities and makes the people squeeze out more money for this stupidity...!
By now, How many of the 66.6% have woken up already?? -
I m just venting my frustration for making it compulsory. I dont mind having to set aside minimum sum in CPF coz I know the government will have to make policy that caters to all and there r really alot of ppl out there who will squander away their money if nothing is set aside. But to make buying annunity compulsory is beyond me. Statistically most ppl will die before 90 that's y insurance companies want to sell annunity to ppl coz they can make $ from there. So y let these companies take my money when I die? If I dont buy annunity, I can pass my $ to me loved ones instead! Once I buy annunity, that's it, u die the next year, all yr money gone! Sianz
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This is duplicate posting of the same topic. Mod will close your thread later.
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Hee...hee...surprised that my topic is still around
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government say what u do what
dun question -
It is sheep like u that we have such a government today. If u ever live in the europe, you will know that they treat elders as treasure, with respect rather than a burden. Here they dun respect the elder and think of them as trash. I rem. once in the news that some MP actually said that: we as a singaporean should be more understanding when we got old and be ready to accept death. Rather then carry on living and be a burden to the society. In layman, go die if u are too old, sick and cant work. Ur usefulness is up, time to die. Remind me of that horse in the novel "animal farm". In a communist country, we have no right, but over here, it is sheep like u that bin away our rights and vote for such a party.Originally posted by Tizi Melissa Othman:government say what u do what
dun question
Now instead coming up with way to help the old or lower class build up a stronger and larger CPF that will last till death, they come up with such crappy solution and worse, u have no say in it. That is the best they can come up with after the pay raise? Then my 10yrs old nieces should get a pay raise too. Since she can also do the math.
It is one thing to be living in a nanny state and another in a dictator run state.
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survial of fittestOriginally posted by EarlNeo:It is sheep like u that we have such a government today. If u ever live in the europe, you will know that they treat elders as treasure, with respect rather than a burden. Here they dun respect the elder and think of them as trash. I rem. once in the news that some MP actually said that: we as a singaporean should be more understanding when we got old and be ready to accept death. Rather then carry on living and be a burden to the society. In layman, go die if u are too old, sick and cant work. Ur usefulness is up, time to die. Remind me of that horse in the novel "animal farm". In a communist country, we have no right, but over here, it is sheep like u that bin away our rights and vote for such a party.
Now instead coming up with way to help the old or lower class build up a stronger and larger CPF that will last till death, they come up with such crappy solution and worse, u have no say in it. That is the best they can come up with after the pay raise? Then my 10yrs old nieces should get a pay raise too. Since she can also do the math.
It is one thing to be living in a nanny state and another in a dictator run state. -
stfu if u cannot support ur answer, thksOriginally posted by Tizi Melissa Othman:survial of fittest -
Wow... talk about independant thoughts. Or rather can I say the lack of it? So much for building a nation of thinking people.Originally posted by Tizi Melissa Othman:government say what u do what
dun question
Why not produce robots instead? -
Citizens will be right in wondering whether monies earned by them can be spent by them in any way they like?
For example, can citizens have their right not to pump petrol in their own country and refuse to top up their petrol tanks when they cross the border to another country.
For example, if they want to squander away their own monies before 62, can they do so without getting into trouble with the government or any one else.
After all the government has not granted any welfare or any assistance to them and there is no subsidy in public housing or earning of their wages on citizens' behalf.
After all if citizens have no monies left at 62, the government does not owe citizens any duty or responsibility to feed them and some of them have committed suicide with government merely saying that there is no free lunch or welfarism.
So why must government own people's monies or their CPF. -
You are not fit ! You are ignorant !Originally posted by Tizi Melissa Othman:survial of fittest -
Mr Lim's idea must be right and must be supported. The more the merrier. Don't wait till you have natural call then you look for toilet. Build more so that toilets are also there for you to use. As mentioned by one of the MP. Great idea.