Singaporeans were only allowed invest in unit trusts under CPFIS scheme in 1999, thus Ong Kian min's CPF members have 'no choice' but to lend their CPF savings to the Government is some what valid if his statement was made in 1999. The other choice was of course over invest in properties to avoid getting paltry returns. Shares weren't a good way to save for retirement as its not easy to diversify the risk in terms of both sectors and countries.
MP clarifies remarks in CPF debate
DURING the recent parliamentary debate on CPF reforms, I spoke about higher returns for CPF savings. My speech on Sept 19 was subsequently reproduced in parts in The Straits Times and by the various mass media.
I would like to put on record the following clarifications:
# My assertion that CPF members have 'no choice' but to lend their CPF savings to the Government is too sweeping and factually incorrect as individual members do have the choice, if they so wish, to invest their CPF savings under the CPF Investment Scheme in a wide range of investment products to enhance their retirement nest egg.
# To achieve higher returns on any investment, we must subject the investment to more risk, including the risk of loss of capital, and there is no certainty that any particular rate of return can be achieved in the future. Therefore, the illustration I used in my Parliament speech comparing a fixed interest of 4 per cent per year and an annual return of 10 per cent over 40 years was simply to demonstrate mathematically the theoretical difference between the aforesaid rates of return compounded over time.
It does not in any way suggest that the higher rate of return will be achievable over the next 40 years.
Ong Kian Min
MP for Tampines GRC
The lack of choices to save for retirement in the pre 1999 years has certainly contributed to the escalating HDB prices. Singaporeans have to over invest in properties to avoid getting paltry returns. This ironically eat up the retirement savings of Singaporeans as they have to fork out more and more for a 99 lease flat.Originally posted by Rock^Star:HDB prices have long eaten into a Singaporean's retirement fund and now when statistics have shown that fewer citizens are able to meet the minimum sum, they propose the longevity scheme to cover up their mistakes.
Originally posted by TheGoodEarth:It really speaks volumes about your intelligence when you think SGforums can be used as as a tool for political agenda. Speaker corner has neither wide readership and nor can reach millions of Singaporeans like Straits Times. Speaker's Corner can at best reach 500 people?
This is a fact that you and the many political vibers cannot SEE, pretend not to KNOW, hide the TRUTH, try to BLUFF and go around using this for SELFISH political agenda.[/color]
hahahha, that high and mighty attitude .... so your intelligence is very high? Your gripe is with ST? It speaks a higher volume about your intelligence when you think that everyone reads the Straits Times.Originally posted by kilua:It really speaks volumes about your intelligence when you think SGforums can be used as as a tool for political agenda. Speaker corner has neither wide readership and nor can reach millions of Singaporeans like Straits Times. Speaker's Corner can at best reach 500 people?
I thought you were the high and mighty one claiming NUS professors to be wrong ?Originally posted by TheGoodEarth:hahahha, that high and mighty attitude .... so your intelligence is very high? Your gripe is with ST? It speaks a higher volume about your intelligence when you think that everyone reads the Straits Times.
Originally posted by TheGoodEarth:By the way, ST has 1.35m readership.
Maybe you should go to NUS where the professors canÂ’t tell it right.
and you couple in the other tools such as media cork...Originally posted by kilua:By the way, ST has 1.35m readership.
Well, tell me if you agree with what this idiotic professor said: "Chinese who cannot speak Mandarin are not Chinese."?Originally posted by kilua:I thought you were the high and mighty one claiming NUS professors to be wrong ?
Originally posted by TheGoodEarth:[quote]Originally posted by Rock^Star:
The problem is, CPF can be used to buy property, shares, gold, education, insurance and for paying medical/hospitalisation expenses for themselves and immediate relatives.
Most CPF members have actually ALREADY withdrew their fund for any of these purposes!
Wake up lah. Do you know how much CPF money Temasek holds despite the wide uses of CPF? Come on, I'm waiting.
This is a fact that you and the many political vibers cannot SEE, pretend not to KNOW, hide the TRUTH, try to BLUFF and go around using this for SELFISH political agenda.
Let forumites judge.
Would you want the prices of your property to drop? Can you sell me your flat at the original HDB price? Please let me know, I want to buy.
This is an irreversible scenario. Once the road to high prices (which has been a wrong decision right from the start) has been embarked on, there's no looking back. But it seems that HDB prices just get higher and higher. Look at the new flats in Fernvale as one example. The prices of four-room flats in the HDBÂ’s latest build-to-order project (Coral Spring) in Fernvale are between $188,000 and $252,000, compared to Fernvale Vista Phase 2 ($145,000 to $200,000) in May, and Fernvale Court ($138,000 to $177,000) two years ago.
PS: Don't forget to quote me the figure of CPF money that Temasek holds yes, otherwise you have no right to comment on this issue whatsoever.
This kind of a quote is rather subjective. To each his own opinion.Originally posted by TheGoodEarth:Well, tell me if you agree with what this idiotic professor said: "Chinese who cannot speak Mandarin are not Chinese."?
Like saying a deaf mute is not a human being.Originally posted by TheGoodEarth:Well, tell me if you agree with what this idiotic professor said: "Chinese who cannot speak Mandarin are not Chinese."?
Dear Gazelle,Originally posted by Gazelle:Since when did the government says that CPF monies ALONE is enough to satisfy every singaporeans retirement needs especially when the CPF monies are allowed to use for buy house/ ie. pay interest for your mortgage, investment in securities and education etc.
Plus, if Singaporeans are aware how much CPF money they have in their account, they should know very well if they are sufficient money for retirement.
thats because you have already collected all the money you have in your CPF plus interest at the age of 82 and there is nothing left for your children.Originally posted by reddressman:Dear Gazelle,
I forwarding a stranger's dilama to you, the wise one:
"when you die b4 85, Y your cpf money go to the Pool and not your Children".
not you as in gazelle you lah. 'You' means the 'you' of the stranger.
Originally posted by Rock^Star:
The problem is, CPF can be used to buy property, shares, gold, education, insurance and for paying medical/hospitalisation expenses for themselves and immediate relatives.
Most CPF members have actually ALREADY withdrew their fund for any of these purposes!
Wake up lah. Do you know how much CPF money Temasek holds despite the wide uses of CPF? Come on, I'm waiting. [Are you sleeping? I thought you are so highly intelligent that you don't have any intelligence on Temasek?]
This is a fact that you and the many political vibers cannot SEE, pretend not to KNOW, hide the TRUTH, try to BLUFF and go around using this for SELFISH political agenda.
Let forumites judge. [I have.]
Would you want the prices of your property to drop? Can you sell me your flat at the original HDB price? Please let me know, I want to buy.
This is an irreversible scenario. Once the road to high prices (which has been a wrong decision right from the start) has been embarked on, there's no looking back. But it seems that HDB prices just get higher and higher. Look at the new flats in Fernvale as one example. The prices of four-room flats in the HDBÂ’s latest build-to-order project (Coral Spring) in Fernvale are between $188,000 and $252,000, compared to Fernvale Vista Phase 2 ($145,000 to $200,000) in May, and Fernvale Court ($138,000 to $177,000) two years ago.
[hmmm..... little bit of intelligence here but didn't answer my question - wud you sell me your flat at original HDB price?]
If for the good of this country and fellow Singaporeans, I would rather the HDB not be resold for profit.Originally posted by TheGoodEarth:
Originally posted by Rock^Star:If for the good of this country and fellow Singaporeans, I would rather the HDB not be resold for profit.
This sounds very NOBLE but you are downright INSINCERE - you will not sell your flat to me at original price!
There are many other ways to make a profit such as through investment in private property, land banking etc.
Indeed, even at the IRs. But one sure way to make profit from property is HDB flats. To me it is a private property. I am not sure whether your HDB flat is a public one. If so, can I squat there?
Another thing is....if you know nuts about what you're talking regarding CPF funds, just seal it.....I mean don't talk through your arse.
hahaha, the self-proclaimed know-all. I have contribute more to CPF than you have eaten rice! I am not sure what you are eating all this while but I am sure that what comes out of your arse is awfully painful!
I am fully aware of Temasek's financial statements for the preceding year, are you?
Hmmm ..... so? And what's your purpose?
So before you try to debunk my statement that "the govt uses our money for investments but expect us to fund our own retirement", kindly understand the workings of the CPF first. Much appreciated.
Your statement is already bunk.... and you are expected to fund your retirement unless you want free lunch. Come with me to the old folks home and you will know how tired they get with their lunches there.
So please, you must work ... otherwise you don't have CPF. Knowing the workings of CPF won't do you much good unless you planned to work for CPF.
But if you are so hung up with the gahmen over CPF you can avoid this 'problem'. Do you know that?