Legal age of Retirement - what does it imply ?
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Hello forum,
PM must headhunt for 4th generation of leaders before next GE: MM Lee
I am curious to find out, since it affects all of us, what does it mean by legal retirement age?
By Dominique Loh, Channel NewsAsia | Posted: 17 August 2007 2232 hrs
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The Minister Mentor also urged those above 60 years old to continue working.
He said the CPF drawdown age or retirement age will have to move up to life expectancy minus 20 years.
Legal age for retirement will have to go up from 62 to 65 and to 67.
Eventually, he added, all those healthy and able to work, should be able to work regardless of age. - CNA/ch
Please help confirm my understand is correct:
1. Does it mean I cannot / am not allowed to retire at any age I choose?
>>> I do not think so. I can retire at anytime I like. No restriction. As
long as I happy.
2. Will it be ILLEGAL for me not to work and retire at the legal retirement age? 62 -> 65 -> 67.
>>> I think LEGALITY only applies to those who work in companies and that legal retirement age simply only applies to an employee for him to qualify receiving the retirement 'gratuity' or something.
3. Will a person be arrested, trialed , sentenced and locked for not continuing to work till 62 / 65 /67?
>>> I think not. Again, it only applies to a salaried person ,aka an employee. The soldier of corporations.
Thanks!!
Regards
R. -
The legal retirement age simply means the age where you may officially receive your instalments from your CPF.
One can retire any age he wants. -
Agree......Originally posted by Rock^Star:The legal retirement age simply means the age where you may officially receive your instalments from your CPF.
One can retire any age he wants.
Example - 1
U kena $1 million at ToTo. U decided to 'retire' at the age of 35. Will there be police or MIW waiting for you at home, demanding u to return to work
Will anyone force you to go back to work
Example - 2
At the age of 62.... u find your life saving + CPF money disappear... kena cheated, stolen, bad investment..... etc. Could u now afford to still say u don't intend to work but still wants to 'retire'
To be honest.... our fear is not about what age the Govt think the retire age should be...... but more about will the Govt again rise the age when we could withdraw our CPF........ Therefore, the legal age of retirement is meaningless..... the time when we could get our CPF is the more important thing.....
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just something the government do to increase the labour force because of their 2 child policy being terminated too late such that the birth rate is now decreasing... bringing about a possible future shortage of the labour force.
Make you work longer = cheaper way of maintaining the current work force
Work force maintained = economy better = top 8 earners earn as much or even more
Minister salary pegged to median of top 8 earners, and thus they earn more
In the end, decreasing birth rate problem still not solved. As the population ages further and the birth rate decreases further, the easiest way is of course... To raise the legal retirement age! -
In short, it just means raising the age (which, by extension, would yield a prolonged period of time where your hard-earned cash remains in the fascists' control) to which you will be mercilessly exploited by this regime.Originally posted by reddressman:Hello forum,
I am curious to find out, since it affects all of us, what does it mean by legal retirement age?
Please help confirm my understand is correct:
1. Does it mean I cannot / am not allowed to retire at any age I choose?
>>> I do not think so. I can retire at anytime I like. No restriction. As
long as I happy.
2. Will it be ILLEGAL for me not to work and retire at the legal retirement age? 62 -> 65 -> 67.
>>> I think LEGALITY only applies to those who work in companies and that legal retirement age simply only applies to an employee for him to qualify receiving the retirement 'gratuity' or something.
3. Will a person be arrested, trialed , sentenced and locked for not continuing to work till 62 / 65 /67?
>>> I think not. Again, it only applies to a salaried person ,aka an employee. The soldier of corporations.
Thanks!!
Regards
R. -
it mean they think you can retire, you retire but leave those CPF thingy alone coz you wouldn't know how to take care of them.
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just now channel U got show a program about italians in one of their island work till 90-100. Program suppose to feature the longest living people on Earth. But people in this island work till they die.
There's not such thing as retirement age. Got work got money, no work no money. -
In some ways, I'm happy that there might be a Law that would allow me to work beyond 62 if I wanted too..... Like I said earlier, without enough money in S'pore, there is no way one could 'retire'. If I end up like this..... a law that prevent my employer from firing me due to age is good.
But some problem will comes with such laws....
1) Will the Govt then used the increase in retirement age as an excuse to reis the CPF payment age as well
2) Could the employer us other excuse to sack me (loophole in the law) -
Whatever the govt says is just a guide.
People as early as 40 have begun retiring, having build up their own personal 'egg nest' and having their investments in order.
In any case, it is only normal to stay relevant so long as the body and mind is able. One shouldn't have a prefixed 'retirement date' locked in for future reference.
On a flip note, our population is aging rapiding. The stop at two policy is still prevalent among young couples, who cannot cope with managing more children while busy with their own careers. This domino effect springs the influx of 'foreign talent'; the allure to settle in SG is also extended to the more affluent 'talent' to make up the numbers.
Raising our retirement age does not address the dwindling birth rates, and how it will impact the coffers of the govt in 20 years time when dependency numbers swell. -
If there is a ''legal age'' for retirement, does it make it ''ILLEGAL'' to retire any age earlier than ''the legal age'' ? -
monetize your cpf by buying a properties for rental income. -
official retirement age is 20 yrs below life expectancy, that means 20 years to live on retirement. then question mark on why a need for annuities? as i understood, annuities kick of 5 to 6 years after the retirement age. that means only 14 to 15 years of drawing on the annuities.Originally posted by reddressman:quote
M must headhunt for 4th generation of leaders before next GE: MM Lee
By Dominique Loh, Channel NewsAsia | Posted: 17 August 2007 2232 hrs
:
:
The Minister Mentor also urged those above 60 years old to continue working.
He said the CPF drawdown age or retirement age will have to move up to life expectancy minus 20 years.
Legal age for retirement will have to go up from 62 to 65 and to 67.
Eventually, he added, all those healthy and able to work, should be able to work regardless of age. - CNA/ch
i am confused. -
LKY sets a very high personal standards for us all Singaporeans by working at 80 plus himself. I am thinking it is incredible. he might expect as high a standard from every Singaporeans.
first, he did not choose to emigrate when he was young. he actually chose to stay put on a swampy island at his time. All of us would have chosen to emigrate if we were given a choice.
then, he chose to continue to work till his last days even he has tons of money.
for this, i personally cannot match on both counts, not a single bit. -
SINGAPORE : Prime Minister Lee Hsien Loong is expected to map out the road ahead for Singaporeans in his National Day Rally speech to be delivered on Sunday evening.
Mr Lee will focus on issues like tackling the widening income gap, improving the CPF and housing policies and how to prepare for an ageing population in his rally speech.
He's also expected to elaborate on strategies to enable Singaporeans to work longer in order to have enough savings and providing quality education for all.
Prime Minister Lee will be speaking at the National University of Singapore's Cultural Centre.
This is the first time Nominated Members-of-Parliament and opposition MPs have been invited to the event.
About 100 principals, teachers and unionists are also expected to attend the rally.
The National Day Rally speech will be delivered at the University Cultural Centre which the Prime Minister visited on Friday.
Mr Lee will speak first in Malay and Mandarin, starting at 6.45pm. The National Day Rally speech will continue at 8pm in English.
The speech will be broadcast live on MediaCorp's radio and TV channels. - CNA/ls -
according to CPF website www.cpf.gov.sg, we can draw out lump sum money from our ordinary account at 55. Only our retirement account is "locked" away. -
its all about the cpf.
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They should put Bruce Willis' ''Die Hard'' series on all TV channels - and LHL will sound more interesting ... ''Picture-in-Picture''Originally posted by Daddy!!:SINGAPORE : Prime Minister Lee Hsien Loong is expected to map out the road ahead for Singaporeans in his National Day Rally speech to be delivered on Sunday evening.
Mr Lee will focus on issues like tackling the widening income gap, improving the CPF and housing policies and how to prepare for an ageing population in his rally speech.
He's also expected to elaborate on strategies to enable Singaporeans to work longer in order to have enough savings and providing quality education for all.
Prime Minister Lee will be speaking at the National University of Singapore's Cultural Centre.
This is the first time Nominated Members-of-Parliament and opposition MPs have been invited to the event.
About 100 principals, teachers and unionists are also expected to attend the rally.
The National Day Rally speech will be delivered at the University Cultural Centre which the Prime Minister visited on Friday.
Mr Lee will speak first in Malay and Mandarin, starting at 6.45pm. The National Day Rally speech will continue at 8pm in English.
The speech will be broadcast live on MediaCorp's radio and TV channels. - CNA/ls
Are they trying to politicize the 100 Principals, Teachers and Unionists - or could they not find the same flag waving NDP crowd to attend ?
Or is LHL attempting to justify the wide income gap that he and his PAPa have created, when he and his Cabinet Ministers are doing less than the Principals, the Teachers and the Unionists ?
If they are prepared to invite the NMP and MP from the Alternative Parties as audience, perhaps they should consider more reserve seats after the next election.
IF you are paid a ''Pension'' PLUS ''a MILLION Dollars a Year'' - anyone will work forever.....Originally posted by Daddy!!:LKY sets a very high personal standards for us all Singaporeans by working at 80 plus himself. I am thinking it is incredible. he might expect as high a standard from every Singaporeans.
When you know that you are standing on ''VIRGIN'' ground, and you are the 'First in Line'' to break it, will you not stay ?
first, he did not choose to emigrate when he was young. he actually chose to stay put on a swampy island at his time. All of us would have chosen to emigrate if we were given a choice.
My apologies for the pun, did not mean anything more ''blue than blue''.
Why will he not simply retire and enjoy the million dollars that he is paid from the State Treasury, and his own Lee & Lee ?
then, he chose to continue to work till his last days even he has tons of money.
Unless there are huge bones that could be dug up, or if you have skeletons to hide, you had better be around till your last day to make sure that you do not need to answer for those skeletons.
Do not try to match or challenge him, or you will be asking for it directly from him.
for this, i personally cannot match on both counts, not a single bit. -
Minister Mah is giving out more money housing grant to first time home buyers at end of 2007.
SINGAPORE : The Housing Development Board (HDB) is studying ways to help needy Singaporeans own their own home as well as to unlock the value of flats to aid retirement.
National Development Minister Mah Bow Tan said these plans will be rolled out by the end of the year.
He was speaking to reporters on the sidelines of a National Day Dinner in Tampines.
Low income families who dream of owning their own home might be a step closer to realising it, as the HDB is looking into improving the Additional CPF Housing Grant scheme which was implemented last year.
Currently, the scheme provides needy families with an extra grant of up to $20,000 to help them purchase their first flat.
"Even as home prices go up, it's important for us to keep public housing affordable to as many Singaporeans as possible, especially to low income (Singaporeans). So I think we need to look at how grants and subsidies can be tweaked," said the National Development Minister.
Separately, the HDB will also expand options for home owners to unlock the value of their assets beyond what's available now.
Currently, this includes downgrading to a smaller flat, subletting a unit and reverse mortgage, which hasn't been popular.
On the recent recommendation by the HDB Heartware Forum panel to give residents more say in estate upgrading programmes, Mr Mah said this will foster a sense of ownership among residents. A consultation process is expected to be worked out within a couple of months. -
LKY sets a very high personal standards for us all Singaporeans by working at 80 plus himself. I am thinking it is incredible. he might expect as high a standard from every Singaporeans.
quote:Originally posted by Atobe:
IF you are paid a ''Pension'' PLUS ''a MILLION Dollars a Year'' - anyone will work forever.....
i am thinking, what about paying the old guards who retired? Are they paid well ? I think our country should not forget them. -
I am amazed at the numerous replies. Thanks.Originally posted by Daddy!!:according to CPF website www.cpf.gov.sg, we can draw out lump sum money from our ordinary account at 55. Only our retirement account is "locked" away.
I have 2 questions:
1. cpf age was recently set at 62. And more recently it became 65. And all of a sudden recent, 67. And according to forum reply, this retirement age is based on assumption that singaporeans will generally live to 67 + 20.
Now, I wonder how many die due to whatever reasons before 67? Some simply die of lung cancers (many), kidney / diabetes problems (quite many), heart attacks (many), healthy-guy-running-sudden-death (not rare), cancer (many), etc. This means sadly they could not even enjoy their cpf before they die? Could they use it to prolong their life longer with the money? allowed to withdraw for this reasons?
2. Lets assume a current age of 40. Looking at the frequency and how fast this retirement age is changed, I worry what figure it will eventually end up to? age 40 to 67 is 27 long years away. How confident are we that in this period, the retirement age will not extend to even older age?
3. a reply was that at 55, we can withdraw a lump sum of Ordinary CPF account.
- around how many percent is this account? I mean I like to know roughly is it sizable amount. Of course needless to say it depends on your income level. But I hope to get a picture roughly how much is this?
- is this amount taxable at withdrawal?
- can the retirement cpf account be transferred to ordinary account for withdrawal and topup later? eg. need money urgently.
- what happens if cost of living is more than 700 per month to survive? work harder right? any inflation in 2 decades time? Does the interest cover the inflation?
Last but not least,
I like to say that Singapore systems are so amazing.
The policies implementation are the most efficient in the world.
Thanks to the citizens.
Without whom, there can be no singapore of today, the wonderful situation that is and will happen.
i would take this opportunity to applaud singapore for the ability to implement all policies without any obstacle. Simply Uniquely singapore. -
One way is the make your cpf low at the age of 60 to 70, as low as S$5K by buying a property for rental. You need to borrow from a bank and pay the mortgage using cpf to make this work. by doing this, you depletes the cpf and at the same time use the cpf to repay the bank loan, and you pocket the rental. time the bank loan tenure to end at 65. after which, collect property rental from the time you purchase till death.
the rental income will adjust to inflation and deflation.
many people are doing it. -
Originally posted by reddressman:i would take this opportunity to applaud singapore for the ability to implement all policies without any obstacle. Simply Uniquely singapore.
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One way is the make your cpf low at the age of 60 to 70, as low as S$5K by buying a property for rental. You need to borrow from a bank and pay the mortgage using cpf to make this work. by doing this, you depletes the cpf and at the same time use the cpf to repay the bank loan, and you pocket the rental. time the bank loan tenure to end at 65. collect property rental from the time you purchase till death.
the rental income will adjust to inflation and deflation.
many people are doing it.
any comments ? -
given his kind of job high salary and only think of new tactics of cheating ppl. mai gong 90 yrs old lah work until i die also can DOH.
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Someone pls tell LKY, there is only one LKY in this world.
