CPF Payout At The Age of 80?!!
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I heard a few peeps talking about it in our Night Owls Chatterboxes, and then read this article : http://www.channelnewsasia.com/stories/singaporelocalnews/view/326080/1/.html
This IS getting ridiculous!! Not only do most people die before the age of 80, even IF we do survive, WHAT can we do with the money at the age of 80? We might be demented / stroked out / at death's door so the CPF that we worked so hard our entire lives to accummulate will not be enjoyed by us! We won't be able to enjoy the fruits of our labour!
The CPF was designed to guard the welfare of Singaporeans, but now, it has become more like a ready source of funds for the govt to tap into, and they are now trying to hold on to that money for longer and longer periods of time, denying Singaporeans the right to retire early and still be able to enjoy life a bit without having to work, and just before dying off.
I cannot believe they can pull off such a preposterous scheme!
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they don't give a flying rat's ass anymore...
so.. we don't put these flying rats into parliament next round..
simple right?
hmmm.. when is the next general elections?
i wonder if the opposition will drop the ball again and allow that asshat charlatan piece of decomposed radioactive hammered turd CSJ (whom i think is a MIW mole) hijack the whole elections with his disgraceful and trivial nonsense again?
or will they step ane be counted... ask the correct hard-hitting questions.. and make the MIW sweat bullets... and reveal that schism i suspect is happening in the MIW..
something has to give...
it is up to the opposition to hurt them until it gives...
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Originally posted by Rhonda:
I heard a few peeps talking about it in our Night Owls Chatterboxes, and then read this article : http://www.channelnewsasia.com/stories/singaporelocalnews/view/326080/1/.html
This IS getting ridiculous!! Not only do most people die before the age of 80, even IF we do survive, WHAT can we do with the money at the age of 80? We might be demented / stroked out / at death's door so the CPF that we worked so hard our entire lives to accummulate will not be enjoyed by us! We won't be able to enjoy the fruits of our labour!
The CPF was designed to guard the welfare of Singaporeans, but now, it has become more like a ready source of funds for the govt to tap into, and they are now trying to hold on to that money for longer and longer periods of time, denying Singaporeans the right to retire early and still be able to enjoy life a bit without having to work, and just before dying off.
I cannot believe they can pull off such a preposterous scheme!
That's it. Mutiny!
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Originally posted by Rhonda:
I heard a few peeps talking about it in our Night Owls Chatterboxes, and then read this article : http://www.channelnewsasia.com/stories/singaporelocalnews/view/326080/1/.html
This IS getting ridiculous!! Not only do most people die before the age of 80, even IF we do survive, WHAT can we do with the money at the age of 80? We might be demented / stroked out / at death's door so the CPF that we worked so hard our entire lives to accummulate will not be enjoyed by us! We won't be able to enjoy the fruits of our labour!
The CPF was designed to guard the welfare of Singaporeans, but now, it has become more like a ready source of funds for the govt to tap into, and they are now trying to hold on to that money for longer and longer periods of time, denying Singaporeans the right to retire early and still be able to enjoy life a bit without having to work, and just before dying off.
I cannot believe they can pull off such a preposterous scheme!
omg
if i retire at 62
i must depend on my savings from 62 to 80, 18 years?
please tell me this is not true!
after that then can draw the CPF amount which i will use for 2 to 5years before i die, that is if i am still alive at 80 and will live to 82 or 85?
so after i die, who gets my CPF money if i don't have children?
my nephew and nieces?our parents' CPF money will be ours when they die?
(but my parents didn't/doesn't have CPF...)so we accumulate CPF for the next generation?
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Originally posted by HyperFocal:
Fancy a 'lifelong income scam'?
Loh Chee Kong
WHAT was floated as a risk-pooling annuity — which families will not get back if members fail to live beyond 85 years — could now turn out to be a refundable "lifelong income scheme" that starts dishing out monthly payments to members from the age of 80.
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The reasons? Singaporeans do not want their money to fall into others' hands, and they do not believe they will live until 85.
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Even the proposal's original title, "National Longevity Insurance Scheme", has gone out the window, to be replaced by what will now be known as the "National Lifelong Income Scheme" — and subject to the Government's green light, it will be managed by the Central Provident Fund (CPF) Board.
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Professor Lim Pin, who chairs the committee tasked to craft the nuts and bolts of the plan, said: "The title, 'longevity insurance", does not give a positive connotation of longevity, right? If you die early, you'll lose out. Now, we've thought out a new name … Who doesn't want a lifelong income?"
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He was speaking to journalists on Wednesday, in offering a sneak peek into his committee's recommendations submitted to the Government. The full recommendations will be unveiled on Feb 12, just ahead of Budget Day.
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After more than four months of formal feedback gathering from some 600 people — on an emotive policy the Government acknowledges is a tough-sell to the masses — Prof Lim said two main issues stuck out.
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One is the scepticism that one in two Singaporeans would live beyond 85, the hard statistics notwithstanding. Prof Lim said lowering the starting point for payouts to a "compromise" age of 80 would make it "easier" for people to accept the scheme.
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He also noted, experts have also found "no robust data" to support the perception that the rich live longer and thus, should pay higher premiums.
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Currently, CPF members can depend on payouts from their Minimum Sum until they reach 85. But should the Government accept the suggestion to allow annuity payouts from age 80, Singaporeans hitting 55 could choose the age at which they actually want to start receiving the monthly annuity payments, said Prof Lim.
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Those already above 55 when the change kicks in would be allowed to opt in, but at a higher premium.
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The second issue involved calls for refunds to be paid to the next-of-kin, should members die before reaching 85. "Refundability was a very important point," said Prof Lim, attributing this to the "Asian culture that you have to leave something for your family".
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Without going into details, Prof Lim gave the assurance that families could get back the capital sum in the event of an early death. And should the member choose to forego the refund option, they could get a larger monthly payout.
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Currently, some insurers offer refunds in their annuity schemes. For example, an NTUC Income customer can choose a "capital protected annuity" where the balance of the capital sum, minus monthly payments, is refunded to the next-of-kin should he die early. Only the interest earned is then left behind in the pool.
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For the national scheme to provide a full refund, former chief executive of NTUC Income Tan Kin Lian estimated that the cost "will increase by 30 to 50 per cent".
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Nominated MP Kalyani Mehta said it would be "reassuring" to Singaporeans for CPF to run the scheme, and "lowering the age to 80 would give people a better chance of enjoying the payouts".
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But Society of Financial Services Professionals president Leong Sze Hian felt the recommended tweaks to the annuities plan did not address his basic worry: Whether the national scheme, given the more attractive annuity products on the market that the better-off can afford, would end up serving "a pool of poor people".
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Pointing out how previous CPF plans, such as the Dependant and Home protection schemes, ended up being privatised or as poor cousins of financial products on the market, Mr Leong suggested the Government directly aid this group, who "already don't have much money in their CPF account in the first place".
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Associate Professor Mehta concurred that she could "see the lower middle-income group struggling to get involved" and "how they can be facilitated to be part of the annuity plan is the biggest challenge ahead".
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Inflation is another worry, said Mr Tan: "Many people consider the payout of $300 to be inadequate for today's cost of living. In 30 years' time, this sum will be so much smaller to serve the needs of the elderly at that time."
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Still, Prof Lim had little doubt the public would be receptive. "Initially, there was unhappiness: the Government taking my money to do something else, things like that … all sorts of wild talk. Now we are saying we are ensuring you a lifelong income — that's a very big undertaking."
from speakers' corner -
the thing about hyperfocal (aka the banned "shutterbug") is that he demands that the gabrament licks the ground he walks on before he says they barely meet his insane standards..
he's one of the resident lunatics on soapboxes who think their farts don't stink.. just like bobbyteh and andyboy...
and frankly, they're just tinpot dictator wannabes just like their "sworn enemies" the MIW..
worst of all, they don't even know the difference between the gabrament and the country.. to them, attacking Singapore = striking a blow against the MIW..
they are playing into the hands of the MIW by being the most prominent and the most idiotic of the opposition, just like their deity, CSJ.. who does more damage to the opposition than the MIW can ever do, and raises the credibility of the MIW more than any spin doctor can..
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I can see more people moving to empty out their cpf accounts by buying flats/apartments etc.
I'm probably going to do the same.
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huh?
i thot it is a write-up by Loh Chee Kongdunno wat u toking
i seldom go to SC -
Originally posted by av98m:
I can see more people moving to empty out their cpf accounts by buying flats/apartments etc.
I'm probably going to do the same.
help me look at your estate when the goddamned market crashes? -
Originally posted by av98m:
I can see more people moving to empty out their cpf accounts by buying flats/apartments etc.
I'm probably going to do the same.
X 2 -
Originally posted by the Bear:
help me look at your estate when the goddamned market crashes?
will do.btw, they're trying for an en-bloc again.
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Originally posted by noopi:
huh?
i thot it is a write-up by Loh Chee Kongdunno wat u toking
i seldom go to SC
it's posted by hyperfocal, who along with andyboy and bobbyteh, WILL twist whatever the hell they can find to their own agenda.. which is bashing the gabrament, or demanding things as insane as cutting taxes to almost zero while giving everyone free almost everything..heck! they even blamed the increase in oil prices, food prices and commodity prices on the MIW and then blamed the stock market volatility on the MIW as if the MIW are gods or something...
they have no idea, lots of nothing to say and they say it loudly and often..
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Its good scheme.. =P to make u all 'invest' in flats and apartments , he he.. Citizens.. pls stay in Singapore.. Indefinately. Ur future and your place is guranteed.
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Originally posted by BadzMaro:
Its good scheme.. =P to make u all 'invest' in flats and apartments , he he.. Citizens.. pls stay in Singapore.. Indefinately. Ur future and your place is guranteed.
si housing agent BadzMaro -
About time the loonies of Speakers' Corner get bashed but whoa..... Bear giving them a mauling? Attaboy!
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Originally posted by <Precious>:
About time the loonies of Speakers' Corner get bashed but whoa..... Bear giving them a mauling? Attaboy!
What the bear has some truth in it. Some people oppose for the sake of opposing. lol!
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That is because they think we are stupid because we do not protest anymore...
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si lang lim pin
pin him on the wall by his cock
is he the one the chancellor or whatever fark of nus last time?
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these people have no more concience
darkened by dunno whatand after 80, i draw from CPF $300 a month?
let's say i live till 85
5yrs X 12 X $300 = $18,000?
wtf wtf wtf
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It is time to write an petition...
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Originally posted by caleb_chiang:
That is because they think we are stupid because we do not protest anymore...
are we stupid?or does he think we're stupid?
there is a difference...
66.6% from over 75% says a lot..
and if falls to around 50%, it'll say even more...
as citizens, we do what we have to do... and sometimes, it means forgoing crap like "upgrading" and whatever cosmetic things..
time to remind them that Ministers are named that because they minister to the people... which is to give service, care, or aid; attend, as to wants or necessities..
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This is just wrong.
Put aside all this garbage of about longevity insurance. What is the purpose of having CPF in the first place?
Its more important that people be able to access the CPF funds after they retire at the age of 65, otherwise, what would they do til the age of 80? People who live beyond 85 should have their living expenses PAID FOR by the government. That much is owed to them for contributing to the economy.
Do we really want a situation where there are there are old folks starving on $300 a month (@ unknown inflation rates), with just $20 in their bank account, and tens of thousand of dollars "tucked" away in their CPF? These proposals are getting ridiculous. Based on supposed "public opinion." Did any of you guys get interviewed for your opinions about this? Who are they getting "feedback" from?
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Originally posted by Shotgun:
This is just wrong.
Put aside all this garbage of about longevity insurance. What is the purpose of having CPF in the first place?
Its more important that people be able to access the CPF funds after they retire at the age of 65, otherwise, what would they do til the age of 80? People who live beyond 85 should have their living expenses PAID FOR by the government. That much is owed to them for contributing to the economy.
Do we really want a situation where there are there are old folks starving on $300 a month (@ unknown inflation rates), with just $20 in their bank account, and tens of thousand of dollars "tucked" away in their CPF? These proposals are getting ridiculous. Based on supposed "public opinion." Did any of you guys get interviewed for your opinions about this? Who are they getting "feedback" from?
No one got interviewedMost probably information from their boot polishers
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Originally posted by elindra:
No one got interviewedMost probably information from their boot polishers
maybe they interviewed the high-income FTs
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I was reading this article in the straits times while eating my morning prata (kosongs now, due to inflation) ....
there's this funny article about a study conducted by a goverment group about singkies' longeivity, health care needs etc .....
"study aims to show need for annuities scheme" .....
I was like ... "
" ... but hey ! it's a typical goverment high level committee .... you get what you want to read ....