自导自演
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Govt accepts Longevity Insurance Committee's recommendations
By S Ramesh, Channel NewsAsia | Posted: 12 February 2008 1215 hrs
Photos 1 of 1 
SINGAPORE: The government has studied and accepted the recommendations of the National Longevity Insurance Committee.
In his letter to the committee's chairman, Professor Lim Pin, Manpower Minister Ng Eng Hen described the committee's report as a landmark document which will significantly strengthen the CPF system.
Dr Ng said the government has also accepted the committee's recommendation that the CPF Board administers the scheme as this will give Singaporeans the assurance that the scheme is viable and properly administered.
The minister said the CPF Board will be taking on significant risks and responsibilities as operator, and since life expectancy can change further and interest rates vary over the long term, the CPF Board must ensure the financial sustainability of the scheme.
Dr Ng added in his letter that the Lifelong Income Scheme, which has been named 'CPF Life', will greatly enhance CPF savings for Singaporeans.
This is because under the old system, many would have depleted their savings after 20 years, despite having many more years to live.
With the new scheme, CPF members need not worry that they will outlive their CPF savings as they will receive an income for as long as they live.
CPF Life, which will start in 2013, will automatically cover all CPF members aged 50 and below this year.
According to the report submitted by the committee, 60 percent of the approximately 35,000 active CPF members will have at least S$67,000 in cash in their Retirement Account.
The committee also recommended that the income scheme be seamlessly integrated with the CPF Minimum Sum Scheme so that both can fulfil the same objective of providing a basic income for retirement.
The NLIC report also suggested that the property pledge, which forms up to half of the full minimum sum, be used to provide a lifelong income when it is redeemed.
How CPF Life will work
When participants join the scheme, their minimum sum balances will be split into two parts. The larger part will remain in the Retirement Account, while the smaller part becomes the refundable premium.
The Retirement Account pays a monthly income from age 65 till the lifelong income payout age chosen by the CPF member.
The refundable premium continues the same payment from the payout age for as long as the member lives.
Participants can choose the "Long Life Income Payout Age" – from 65 to 90 – or be placed into the default "Refund 80" which means their payout age will start from 80.
Once the payout age is chosen, no changes will be allowed.
However, Prof Lim's committee recommended that the government allows and facilitates an opt-in for older members, and those who do not have enough balance in their accounts.
The report also stressed that the premiums to fund the Lifelong Income Scheme will be affordable.
Preliminary calculations indicate that for men, it will be 24 percent of the minimum sum and for women, 28 percent of the minimum sum.
Dr Ng concluded that the committee's recommendations will help Singaporeans retire with a peace of mind.
- CNA/so -
Oh yes, really crap.
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... the report is nothing but just talking to themselves...
... cut all the crappy wayanging & just do it... see what happens when 2013 comes - a lot of Singaporeans are now beginning to pack their luggages already...
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a lot of Singaporeans are now beginning to pack their luggages already...
Sadly.... with all those packed bags..... sooo many of them still around......
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The problem lies in the difference between reports based on mandatory government enforced programs and schemes based on market competition.
Also most reports are made with some fundamental assumptions. I don't know what those assumptions are so I'd have no idea if the reports are realistic.
Without more information, I can't really tell very much.
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"Prof Lim's committee recommended that the government allows and facilitates an opt-in for older members," - why allow opt-in but don't allow people to opt-out?
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Originally posted by phil30k:
The problem lies in the difference between reports based on mandatory government enforced programs and schemes based on market competition.
Also most reports are made with some fundamental assumptions. I don't know what those assumptions are so I'd have no idea if the reports are realistic.
Without more information, I can't really tell very much.
what 'THEY' said are always 'REAL' de....is for our own 'GOOD' !!!!!!!!!
they plannd for our birth, planned for our education, planned for our job, planned for our future........& now!!! even wan to plan for our own MONEYYYYYYY........
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In fact would any kind soul here explain how this annunity thing works? How much/percent of our min. sum wld be devoted to it? Also, if say we renounce our citizenship after this compulsory scheme is burdened on us, would we be able to get full refund back?
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Originally posted by extrinsic:
In fact would any kind soul here explain how this annunity thing works? How much/percent of our min. sum wld be devoted to it? Also, if say we renounce our citizenship after this compulsory scheme is burdened on us, would we be able to get full refund back?
... i thinkn the best way is to write directly via email to CPF & ask them the exact questions you just posted... I've already done so for some of my friends who are seriously working on moving out of Singapore... they say what if one day, the "government" falls & reveals that they have but spent all of our CPF monies? ... this thought is terrifying... -
Originally posted by HyperFocal:
... i thinkn the best way is to write directly via email to CPF & ask them the exact questions you just posted... I've already done so for some of my friends who are seriously working on moving out of Singapore... they say what if one day, the "government" falls & reveals that they have but spent all of our CPF monies? ... this thought is terrifying...tks mate, cuz i read with horror just now when i saw post that says, ALL of your min. sum have to be devoted into annuity. if so, then i'm thinking how i can make the min. sum really vvv min.
i really hope ppl now realise their mistake in being a part of the 66.6% that makes this possible. thx so much guys, u guys are great.
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good topic heading lol
This is just a deja vu of the casino affair
and also many other policies -
Originally posted by extrinsic:
tks mate, cuz i read with horror just now when i saw post that says, ALL of your min. sum have to be devoted into annuity. if so, then i'm thinking how i can make the min. sum really vvv min.
i really hope ppl now realise their mistake in being a part of the 66.6% that makes this possible. thx so much guys, u guys are great.
Spend some money and get a copy of the Straits Times..else go CNA and see if you get anything.
Edit: prolly get more from ST
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Originally posted by hloc:
Sadly.... with all those packed bags..... sooo many of them still around......
Is your statement above true? So many still around and who are they? Or is it in your imagination? -
Is your statement above true? So many still around and who are they? Or is it in your imagination?
You mean after more than 2857 posting in SgForums..... you haven't read enough "I'm leaving, I'm going, I'm migrating" thread
By all count.... our population should have drop 40% by now..... -
Originally posted by hloc:
You mean after more than 2857 posting in SgForums..... you haven't read enough "I'm leaving, I'm going, I'm migrating" thread
By all count.... our population should have drop 40% by now.....You mean people don't need to do preparation for migration? It is possible due to some reasons they are delaying or have changed their minds because of some kind of commitment. By quoting 40% is a bit ridiculous.
May be you would like to state 100 good reasons why people should not migrate or should change their mind about migrating.
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I will nvr leave the country, it's so stable
Wat they give I'll just accept *include gst rabate*
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May be you would like to state 100 good reasons why people should not migrate or should change their mind about migrating.
Sorry dude.... I think each person should chose to stay or go as he/she likes.
Unlike some formrunner here.... I have never consider ppl who wants to leaves as 'Quitter' or anything else.... Each of us stay or leave accounting to our own wishes. Nothing wrong if you wanted to leave for a better life or staying for the same......
The only thing that pi*ses me off are those that keep saying they are going and yet still here. They are like using their 'Migrating Issue' to Blackmail others.....
"To much ERP.... I'm going" - "To high GST.... I'm going" - "Need to do NS.... I'm going" .......
For godsake..... if you want to go, JUST GO lah..... no need to act like a spoilt brat, threaterning to cry everytime something doesn't go your way.....
If you are not ready to go yet...... then keep your peace before you do......
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Originally posted by hloc:
Sorry dude.... I think each person should chose to stay or go as he/she likes.
Unlike some formrunner here.... I have never consider ppl who wants to leaves as 'Quitter' or anything else.... Each of us stay or leave accounting to our own wishes. Nothing wrong if you wanted to leave for a better life or staying for the same......
The only thing that pi*ses me off are those that keep saying they are going and yet still here. They are like using their 'Migrating Issue' to Blackmail others.....
"To much ERP.... I'm going" - "To high GST.... I'm going" - "Need to do NS.... I'm going" .......
For godsake..... if you want to go, JUST GO lah..... no need to act like a spoilt brat, threaterning to cry everytime something doesn't go your way.....
If you are not ready to go yet...... then keep your peace before you do......
These people you mentioned do not piss me off it is the gahmen PAP that piss me off and piss many people off. These people you mention do not affect my life so let them be but PAP is affecting the life of all of us.
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These people you mentioned do not piss me off it is the gahmen PAP that piss me off and piss many people off. These people you mention do not affect my life so let them be but PAP is affecting the life of all of us.
I have no doubt what you said is true.......
Which is why I have always said it is your FREEDOM to stay or go......
But if you are going..... then go..... don't just keep saying again & again & again some more but still here. It is soooo sicking to hear the same old stuff again & again & again some more but nothing happens. Just like the way Govt say ERP will help keep traffic free flowing again & again & again.... Ain't you tried yet.....
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Originally posted by hloc:
I have no doubt what you said is true.......
Which is why I have always said it is your FREEDOM to stay or go......
But if you are going..... then go..... don't just keep saying again & again & again some more but still here. It is soooo sicking to hear the same old stuff again & again & again some more but nothing happens. Just like the way Govt say ERP will help keep traffic free flowing again & again & again.... Ain't you tried yet.....
i'd rather rely on my freedom to vote -
i'd rather rely on my freedom to vote
Of course you could..... use it wisely....