Why your CPF beneficiaries & THEIR beneficiaries may never get your CPF when you die

Confuseous · Oct 13, 2011

If age 62 to pay out is no longer manageable, let’s push it to 65 and see whether there will be enough available. If not, 70 could be the next red letter day.

The other big red letter day is when all the oldies start to fall and their minimum sums in both the retirement and Medisave accounts are due for pay out. That day can come pretty soon as many oldies are past 60s. And if it comes, and not enough money to pay back, do not be surprised, a new ruling may come forth.

Let me try to guess. Just a guess, call it a wild guess, the sum left in the CPF of deceased members could be transferred to the special accounts of the beneficiaries. Ouch! No cash out

Many CPF holders would die with plenty of money in their CPF, through the minimum sum and Medisave schemes. And this money will go to their beneficiaries. One of the presumed reasons why the goal posts were shifted to 55 was that at that point in time, there may not be enough money to pay out when too many are taking their money out at the same time.

http://mysingaporenews.blogspot.com/2011/10/where-would-next-goal-post-be-placed.html

tonychat · Oct 13, 2011

Re: Why your CPF beneficiaries & THEIR beneficiaries may never get your CPF when you

the problem is, when the minimum age is being pushed upwards, sinkies are ball-less quiet about that on the streets and let that happened.

If there is a huge mass protest, they might know the truth about the CPF.

That is why they make sinkie like serf to be ball-less so they can hide the truth. I am still waiting for the ticking time bomb to explode and i will enjoy the last laugh.

Leongsam · Oct 13, 2011

Re: Why your CPF beneficiaries & THEIR beneficiaries may never get your CPF when you

Confuseous said:
Let me try to guess. Just a guess, call it a wild guess, the sum left in the CPF of deceased members could be transferred to the special accounts of the beneficiaries. Ouch! No cash out

If you're not happy with the CPF scheme, why don't you take to the streets and occupy the area around the CPF building. That'll force the govt to show their hand.

That's what the rest of the world is doing now that they've put up long enough with govt incompetence.

There's no point whining in this forum. Nobody is going to take any notice and things will still be the same when you reach 75.

johnny333 · Oct 13, 2011

Re: Why your CPF beneficiaries & THEIR beneficiaries may never get your CPF when you

I know many who have escaped from Spore & taken out their CPF. With so many runroaders I worry the PAP will try to close the loop hole before I've had to escape:(

Cruxx · Oct 13, 2011

Re: Why your CPF beneficiaries & THEIR beneficiaries may never get your CPF when you

There's a better solution than taking to the streets: educate the ignorant, exploited hoi polloi. :smile:

depeche · Oct 13, 2011

Re: Why your CPF beneficiaries & THEIR beneficiaries may never get your CPF when you

CPF is GOV reserve...

eErotica69 · Oct 13, 2011

Re: Why your CPF beneficiaries & THEIR beneficiaries may never get your CPF when you

tonychat said:
the problem is, when the minimum age is being pushed upwards, sinkies are ball-less quiet about that on the streets and let that happened.

If there is a huge mass protest, they might know the truth about the CPF.

That is why they make sinkie like serf to be ball-less so they can hide the truth. I am still waiting for the ticking time bomb to explode and i will enjoy the last laugh.

There you go again talking cock!

Wage should be determined by demand and supply and not fixing it. What's the point of having minimun wage for the sake for just having it ?Thailand has minimun wage of THB 300 (S$12.50) per day, so you are going to praise Thailand again for having a minimum wage and Singapore not having any? You think Thailand is better with a min wage of $12.50 comparing to no min wage in Singapore? Maybe for you yes lah, you earn less than $10 a day!

Even in Thailand, there are now lots of pressure against the idea of minimum wage as the companies may not be able to sustain the coist!

eErotica69 · Oct 13, 2011

Re: Why your CPF beneficiaries & THEIR beneficiaries may never get your CPF when you

Leongsam said:
If you're not happy with the CPF scheme, why don't you take to the streets and occupy the area around the CPF building. That'll force the govt to show their hand.

That's what the rest of the world is doing now that they've put up long enough with govt incompetence.

There's no point whining in this forum. Nobody is going to take any notice and things will still be the same when you reach 75.

Because this forum is for Internet Warriors!!

Cruxx · Oct 13, 2011

Re: Why your CPF beneficiaries & THEIR beneficiaries may never get your CPF when you

eErotica69 said:
There you go again talking cock!

Wage should be determined by demand and supply and not fixing it. What's the point of having minimun wage for the sake for just having it ?Thailand has minimun wage of THB 300 (S$12.50) per day, so you are going to praise Thailand again for having a minimum wage and Singapore not having any? You think Thailand is better with a min wage of $12.50 comparing to no min wage in Singapore? Maybe for you yes lah, you earn less than $10 a day!

Even in Thailand, there are now lots of pressure against the idea of minimum wage as the companies may not be able to sustain the coist!

What's next? Governments banning death? People have too much faith in the institution of government.

eErotica69 · Oct 13, 2011

Re: Why your CPF beneficiaries & THEIR beneficiaries may never get your CPF when you

Cruxx said:
What's next? Governments banning death? People have too much faith in the institution of government.

Hello Cruxx aka Tonychat,

It is not that people have too much faith. Just some people are Dr Chee By&'s doggies, i.e. opposing for the sake of opposing!

Cruxx · Oct 13, 2011

Re: Why your CPF beneficiaries & THEIR beneficiaries may never get your CPF when you

eErotica69 said:
Hello Cruxx aka Tonychat,

It is not that people have too much faith. Just some people are Dr Chee By&'s doggies, i.e. opposing for the sake of opposing!

Sinkies really can't read. Or think. I'm endorsing your views and you make it sound as if I'm Tonychat II. :rolleyes:

tonychat · Oct 13, 2011

Re: Why your CPF beneficiaries & THEIR beneficiaries may never get your CPF when you

eErotica69 said:
There you go again talking cock!

Wage should be determined by demand and supply and not fixing it. What's the point of having minimun wage for the sake for just having it ?Thailand has minimun wage of THB 300 (S$12.50) per day, so you are going to praise Thailand again for having a minimum wage and Singapore not having any? You think Thailand is better with a min wage of $12.50 comparing to no min wage in Singapore? Maybe for you yes lah, you earn less than $10 a day!

Even in Thailand, there are now lots of pressure against the idea of minimum wage as the companies may not be able to sustain the coist!

Before you should off your sinkie PAP infested shit, you should take a real look at what i write.

Originally Posted by tonychat
the problem is, when the minimum age is being pushed upwards, sinkies are ball-less quiet about that on the streets and let that happened.

If there is a huge mass protest, they might know the truth about the CPF.

That is why they make sinkie like serf to be ball-less so they can hide the truth. I am still waiting for the ticking time bomb to explode and i will enjoy the last laugh.

Is that big enough for you low life ball-less Sinkie???? If not, you can use the zoom function in your browser. If you do not know where it is, just google it.

Unrepented · Oct 13, 2011

Re: Why your CPF beneficiaries & THEIR beneficiaries may never get your CPF when you

Currently, if FT put money in SRS account, can only draw out after ten years, otherwise kenna penalty 5%, also can be deem redrawn all at one go...kenna high marginal tax rate:(

Your concern is very real, sikali also extended to cover normal account for roadrunners:o

johnny333 said:
I know many who have escaped from Spore & taken out their CPF. With so many runroaders I worry the PAP will try to close the loop hole before I've had to escape:(

chonburifc · Oct 13, 2011

Re: Why your CPF beneficiaries & THEIR beneficiaries may never get your CPF when you

"Your concern is very real, sikali also extended to cover normal account for roadrunners"

This sure will happen, only don't know when. Worst case senario, will delay payment of CPF of those who renounce their citizenships to discourage those intend to renounce.

nycheong · Oct 13, 2011

Re: Why your CPF beneficiaries & THEIR beneficiaries may never get your CPF when you

If no money can always increase FT levy. Are you aware that now 1 million FT x levy S$300(on average) = S$300M per month goes into the states. coffer.

Unrepented · Oct 13, 2011

Re: Why your CPF beneficiaries & THEIR beneficiaries may never get your CPF when you

If this is the policy for effective solution, then no need for the ten year restriction on SRS account for FT liao.

nycheong said:
If no money can always increase FT levy. Are you aware that now 1 million FT x levy S$300(on average) = S$300M per month goes into the states. coffer.

johnny333 · Oct 13, 2011

Re: Why your CPF beneficiaries & THEIR beneficiaries may never get your CPF when you

chonburifc said:
"Your concern is very real, sikali also extended to cover normal account for roadrunners"

This sure will happen, only don't know when. Worst case senario, will delay payment of CPF of those who renounce their citizenships to discourage those intend to renounce.

I doubt there is anything the PAP can do to discourage people from leaving :smile:

I know plenty of people who have left, some who have left with their parents. I've yet to hear any of them voicing any regrets about leaving.

chonburifc · Oct 13, 2011

Re: Why your CPF beneficiaries & THEIR beneficiaries may never get your CPF when you

johnny333 said:
I doubt there is anything the PAP can do to discourage people from leaving

I know plenty of people who have left, some who have left with their parents. I've yet to hear any of them voicing any regrets about leaving.

Maybe too paiseh if they did not do well but at least they tried. I also kena cold water when I quit my job to runroad. Almost everyone say I crazy. Somehow, in the beginning, started to have doubts. But gradually, too busy to find ways to earn a living and soon forgot about the initial pains. After that, really no looking back.
My biggest problem right now is getting citizenship in my host country so I can renounce my SG citizenship to cash out my CPF money.

Unrepented · Oct 13, 2011

Re: Why your CPF beneficiaries & THEIR beneficiaries may never get your CPF when you

There is truth in the old saying that the grass is not greener on the other side. But its like person and job fit.... if the other side offers factors that are more important to you, then one can tolerate missing the not so important aspects of life that one left behind. :smile:

Imo, those who said you crazy, I trust they said it for one reason or another. But if comes from those who never really lived overseas for an extended period, but on work attachments or vactions, then I wouldn't put much weight on their opinions. For those who had experiences living overseas, its just a matter of personal preferences and choices in what one wants in life, like I said in first para :smile:

Hope you are not renouncing citizenship just for the sole reason of getting out the CPF money though. Even if you get it, be very prudent in your investments and ventures. :smile:

chonburifc said:
Maybe too paiseh if they did not do well but at least they tried. I also kena cold water when I quit my job to runroad. Almost everyone say I crazy. Somehow, in the beginning, started to have doubts. But gradually, too busy to find ways to earn a living and soon forgot about the initial pains. After that, really no looking back.
My biggest problem right now is getting citizenship in my host country so I can renounce my SG citizenship to cash out my CPF money.

johnny333 · Oct 14, 2011

Re: Why your CPF beneficiaries & THEIR beneficiaries may never get your CPF when you

chonburifc said:
Maybe too paiseh if they did not do well but at least they tried. I also kena cold water when I quit my job to runroad. Almost everyone say I crazy. Somehow, in the beginning, started to have doubts. But gradually, too busy to find ways to earn a living and soon forgot about the initial pains. After that, really no looking back.
My biggest problem right now is getting citizenship in my host country so I can renounce my SG citizenship to cash out my CPF money.

The people that I knew had worked & lived overseas. Quite a number had studied overseas & knew that it was better to live abroad. So it was easy for them to make the move since they already have friends overseas. However most of them emigrated to 1st world countries so citizenship is not a problem. You can become a citizen after staying for 5 years.

One of them who is now an Australian still comes back for a yearly holiday to see his parents. He told me that when people find out about his story, that he is now an Australian, they are happy for him because he escaped :biggrin:

The most common question I was asked when I 1st returned to Spore was why? I returned :eek:

Right now I have to decide if I want to retire in LOS or in some 1st world country & get my CPF. It is very complicated to be a Sporean :smile:

Why your CPF beneficiaries & THEIR beneficiaries may never get your CPF when you die

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