Why do we need CPF?
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Why do we need CPF?
Can't we just save some earnings in the bank every month? People can also devide them into the same percentage as CPF. By this, the govt. can't 'invest' in our hard earned CPF.
For e.g. My family. When govt. 'borrow' a % of their CPF $ to bail something out etc. They complain. However, they kept emphasizing that w/o CPF, is sure fail. ???
Any comments?
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Originally posted by huzane89:
Why do we need CPF?
Can't we just save some earnings in the bank every month? People can also devide them into the same percentage as CPF. By this, the govt. can't 'invest' in our hard earned CPF.
For e.g. My family. When govt. 'borrow' a % of their CPF $ to bail something out etc. They complain. However, they kept emphasizing that w/o CPF, is sure fail. ???
Any comments?
Another good idea that dishonorable despots used as a means to take as much from the people as possible and put in as much public money into their own pockets as possible.
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You cannot trust dishonorable people... they take what is good and twist it into something that allows them to take as much public money as possible...
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Originally posted by huzane89:
Why do we need CPF?
Can't we just save some earnings in the bank every month? People can also devide them into the same percentage as CPF. By this, the govt. can't 'invest' in our hard earned CPF.
For e.g. My family. When govt. 'borrow' a % of their CPF $ to bail something out etc. They complain. However, they kept emphasizing that w/o CPF, is sure fail. ???
Any comments?
most of us have quite a bit of problems with savings, one ex colleague of mine used to borrow from me regular because he couldn't make ends meet.(he spends as much as he makes) i can't imagine 40 years down the road what he do without cpf.
CPF itself is a good idea for most of us, and it provided a source of funds to the govt. if you allow people to put in bank and let them touch it it'll be gone for a lot of people very soon. so its sort of a win win initially.
Andrewpkyap's saying also semi-correct minus the insults, it got twisted into something else that made people feel unhappy. can't say for sure who's correct but when you get lawS added that keeps money off your hands and surveys that say companies don't mind the cpf rather cost taken off elsewhere but govt say companies mind no need to consider elsewhere, can stir up a lot of negative feelings.
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Originally posted by oldbreadstinks:
most of us have quite a bit of problems with savings, one ex colleague of mine used to borrow from me regular because he couldn't make ends meet.(he spends as much as he makes) i can't imagine 40 years down the road what he do without cpf.
CPF itself is a good idea for most of us, and it provided a source of funds to the govt. if you allow people to put in bank and let them touch it it'll be gone for a lot of people very soon. so its sort of a win win initially.
Andrewpkyap's saying also semi-correct minus the insults, it got twisted into something else that made people feel unhappy. can't say for sure who's correct but when you get lawS added that keeps money off your hands and surveys that say companies don't mind the cpf rather cost taken off elsewhere but govt say companies mind no need to consider elsewhere, can stir up a lot of negative feelings.
CPF is like extra money for employees, since the employers has to pay 20% more salary.this is help tax the rich, help the poor system.
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Originally posted by skythewood:
CPF is like extra money for employees, since the employers has to pay 20% more salary.this is help tax the rich, help the poor system.
Those who earn damn a lot, also get paid damn a lot by employers to CPF
Anyway, the employers' CPF contribution has not reached back 20% yet (pre 97 levels).
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employers have to pay CPF for employees too. I am sure those registered under pte ltd are included. How abt those who are under sole proprietorship? Is it required. Coz, I have heard that MOM law does not apply to all co.s.
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Originally posted by huzane89:
Why do we need CPF?
Can't we just save some earnings in the bank every month? People can also devide them into the same percentage as CPF. By this, the govt. can't 'invest' in our hard earned CPF.
For e.g. My family. When govt. 'borrow' a % of their CPF $ to bail something out etc. They complain. However, they kept emphasizing that w/o CPF, is sure fail. ???
Any comments?
You have no self-control and discipline to save it yourself
You will definitely spend all and have none for your old age.
You cannot depend on the government to cough up money for your old age.
Because PAP says so.
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Originally posted by huzane89:
employers have to pay CPF for employees too. I am sure those registered under pte ltd are included. How abt those who are under sole proprietorship? Is it required. Coz, I have heard that MOM law does not apply to all co.s.
Dun think so.
Like taxi drivers, I dun think they have much CPF
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Hmmm, i guess the majority of people don't have the self discipline to save themselves. so, that is fine. However, the govt. can't just take a small % of the people CPF $ as much as they like. I mean, NO ONE can touch that acct.
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Originally posted by eagle:
Those who earn damn a lot, also get paid damn a lot by employers to CPF
Anyway, the employers' CPF contribution has not reached back 20% yet (pre 97 levels).
those who earn damn alot have to pay alot more taxes too. those that really earn alot alot are the ones paying the cpf. no have 20% also has 16%, better than nothing.
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Originally posted by eagle:
Dun think so.
Like taxi drivers, I dun think they have much CPF
I think taxi drivers are considered as self employed rather than employee. -
Originally posted by huzane89:
I think taxi drivers are considered as self employed rather than employee.ya lor
similar to sole proprietorship mah
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Originally posted by eagle:
ya lor
similar to sole proprietorship mah
What I am implying to is those co. that is under sole proprietorship and have working ppl under them. Still need to pay their CPF? -
Originally posted by skythewood:
those who earn damn alot have to pay alot more taxes too. those that really earn alot alot are the ones paying the cpf. no have 20% also has 16%, better than nothing.
I'm specifically referring to someone earning 3 million paid by taxpayers monies, and still having CPF contribution also from taxpayers.
And some policy in 1997/1998 that says employers' CPF contributions have to be reduced because of recession, and will slowly be restored back as the economy recovers. Wait till now recession already.
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Originally posted by huzane89:
What I am implying to is those co. that is under sole proprietorship and have working ppl under them. Still need to pay their CPF?orh, I think need.
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Originally posted by eagle:
I'm specifically referring to someone earning 3 million paid by taxpayers monies, and still having CPF contribution.
And some policy in 1997/1998 that says employers' CPF contributions have to be reduced because of recession, and will slowly be restored back as the economy recovers. Wait till now recession already.
high importance means high pay, your ceo will also earn more.
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Originally posted by huzane89:
What I am implying to is those co. that is under sole proprietorship and have working ppl under them. Still need to pay their CPF?confirm need.
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Originally posted by huzane89:
Hmmm, i guess the majority of people don't have the self discipline to save themselves. so, that is fine. However, the govt. can't just take a small % of the people CPF $ as much as they like. I mean, NO ONE can touch that acct.
that's why they try to pay u interest in return lor
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Originally posted by skythewood:
high importance means high pay, your ceo will also earn more.
ok I get what you mean
Our PM is the most important of all PMs in the world.
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Originally posted by eagle:
ok I get what you mean
Our PM is the most important of all PMs in the world.
oh, you talking about PM ah... he is not that important person in the country bah...
minister has high pay is bad..
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Originally posted by skythewood:
oh, you talking about PM ah... he is not that important person in the country bah...
minister has high pay is bad..
we different frequencies
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Originally posted by huzane89:
employers have to pay CPF for employees too. I am sure those registered under pte ltd are included. How abt those who are under sole proprietorship? Is it required. Coz, I have heard that MOM law does not apply to all co.s.
Employers CPF contribution down from 20% to 13%Employees CPF contribution at 20%
ALL employers who employed employees under contract of service must paid CPF contribution.
For Contractors or SME who employed contract for service employeed is not compulsory to contribute CPF, but they are highly encouraged to do so as a benefit to their employees.
CPF is our nation social safety net, it was mend for saving and buying of property.
Today, there are more and more jobs under contract for service with foreign workers/talents/local professional/contractors who dun need employers to contribute CPF. It has become a hidden cost for employers, if employing Singaporeans, i need to contribute CPF, i rather employ a foreigner and pay levy, and if the foreigner is talented, no levy required.
Please note that there different between contract for service and contract of service ya. so please open yr eyes big big before u engage in any contract ya.
Angel
PAP
HR Director
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CPF have the best interest rates
As long as government dont collapse, your saving is safe