Minimum sum spin: People who can meet minimum sum increased

wwabbit said:

Every country has a pension/social welfare scheme, ours is the CPF. It's a necessary evil and the government has to balance taxing and providing pensions. In politics, it's generally something that candidates all over the world steer away from because it's damn near impossible to find a better solution that will satisfy the needs of the system without getting into long drawn debates that voters don't really understand anything about.

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You missed the point totally. No one here is challenging the necessity of a pension/social welfare. What the forummers are saying is that in S'pore, the withdrawal age keeps getting deferred and the minimum sum keeps getting larger. Moreover, the PAP keeps coming out with various schemes to retain our CPF monies as long as possible. That's what the people are fed up about. They are arguing against the need for a CPF scheme per se.

freedalas said:

You missed the point totally. No one here is challenging the necessity of a pension/social welfare. What the forummers are saying is that in S'pore, the withdrawal age keeps getting deferred and the minimum sum keeps getting larger. Moreover, the PAP keeps coming out with various schemes to retain our CPF monies as long as possible. That's what the people are fed up about. They are arguing against the need for a CPF scheme per se.

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Sorry, there's a typo in the last sentence of my earlier post. It should read "They are not arguing against the need for a CPF scheme per se'.

Basically, the CPF is designed to ensure little or no transfer of inter-generational wealth => it is THE INHERITANCE TAX, in the form of your coffin HDB apartments. Knowing the stupid senile man and his warped beliefs of a class system, only 10% at any time will be shielded from the inter-generational wealth tax, 20% can try to shield somewhat, the other 20% have to try much harder and the remaining 50 remain slaves. At the same time, CPF serves to lock national wealth which then gets squandered on silly investments. If the wealth were spent on building better public infrastructure that is ergonomic, more greenery, buy better machines that can be operated by old folks so they can stay employed with dignity and contribute economically with detriment to their healths, this LKY system might work. But LKY is a selfish bastard.

SINGAPORE: The percentage of active CPF members who meet their Minimum Sum at age 55 has been improving over the years, from 36 per cent in 2007 to 45 per cent in 2011.

Speaking in Parliament, Deputy Prime Minister and Manpower Minister, Tharman Shanmugaratnam said this will improve with each successive cohort, as educational profiles improve and lifetime incomes rise.

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According to CPF AR 2010, active CPF members are defined as having at least 1 contribution in the current or last 3 months. Self-employed people are also considered as non-active (Self-employed people usually do not have big balances in their CPF account anyway).

Out of 3.34 million CPF members, only 1.70 million are active. % of active members is 50.9%. Given that only 45% of active members can meet the MS scheme, we can calculate and worked out that 22.9% (or 2 out of every 9 people) of all CPF members meet the minimum sum scheme.

The actual figure (as measured against all CPF members reaching 55) could be much lower than 22.9%, since there are likely more non-active members in the near 55 age group, as compared against those in the younger age group.

One can conclude that very few of those reaching 55 actually meet the MS scheme (maybe <15%), as compared to the headline statistic of 45%.

Put it this way.
They are using sinkies $$ to invest in other countries, and keep their economy growing.
They provide $$ for other countries to spend, provides jobs for them, and substain their eruo
countries high wages.
Euro nations trying to resist any takeover of companies and monopoly of shares by foreign investors
Yet Temasick keep pumping $$ to them.
Back home, sinkies getting harder and harder to find jobs, stagnant or reduced pay, resulting in lower
quality of living. Housing prices increasing meaning longer debt.
Such an irony.
These foreigners, whether local or overseas are laughing at us pitiful sinkies.
Muhahahaha.