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'Tis The Season To Top Up Your CPF Account?

Porfirio Rubirosa

Alfrescian
Loyal
Thursday, December 11, 2008
'Tis The Season To Top Up?


Is CPF misrepresenting and misSelling with advertisement like this that appeared on Sunday Times.

"Save More! In today's market, CPF is the safe way to grow your money. Top-up* your and your loved ones' CPF accounts to earn up to 5% interest, risk-free.

*You can top up to the prevailing Minimum Sum of $106,000. Minimum Sum is updated annually in July. The top-up will go to the recipients' Special Account if they are below the age of 55 or their retirement account if they are 55 years or older.

Pardon my concern, but why is there no notice given that once topped up, recipients cannot withdraw their money like from a bank. Recipients can only withdraw their money in drips and draps by instalment only after age 62, 67 or 85, whatever age CPF thinks fit. CPF can change withdrawal age (shift the goalposts) anytime they like. When I was first forced to deposit in the 60's, they promised me that I could get it all at 55. When I reached 55, they told me a different story!

What I'm concern with is:

This advertisement reminds me of misrepresentation and misselling which is such a hot number since the Lehman and DBS fiasco.

Is the CPF so broke that it needs to advertise for more funds to be in its kitty?
Has CPF gone down the slippery slope like GIC, Temasek and Town Councils in getting their hands burned with toxic investment?
Is it wise of CPF to spend so much money (tens of thousand dollars) in a full page, full colour ad to attract depositors?

What are the returns (ROI?) for such ads?
Is it just me being concerned about my fellow citizens being mis-sold by a "great leaders' idea" or have I touched on a "pappy knows best" unmentionable subject?

I don't know. All I know is money put in CPF is damned bloody difficult to get out. Even if I'm old, jobless and sick with major and chronic illnesses like heart attack, stroke, lipid disorder, hypertension, they only allow me to withdraw a maximum of of $300 per year for my medicines and doctors' consultation. Don't they understand that my Medisave is my hard earned money to take care of myself when I'm sick and not theirs to have and to hold or to lend it to elite borrowers to gamble away in toxic products!

Giving lucky draws to tempt aunties and uncles to top up Medisave (in previous Sunday Times) and advertisment such as above seems to show the desperation of CPF to fill their vaults with more money. For why, I'll never know.

Some may feel that CPF has the altruism of helping Singaporeans save for their retirement and old age. I don't know. If there's a kind heart, they would not charge me an additional administrative fee over and above what I need to pay for my outpatient charges and medicines. I guess they break your legs first, then they force you to walk. Since you can't walk, they charge you a fee to use their crutches. You've got no other choice.

I'm no financial or CPF expert. I'm writing based on my personal experience.

feedmetothefish.
 

samurai1110

Alfrescian
Loyal
All advertisers are guilty of this misdemeanor.
Why only pick on this one?
U have axe to grind?
Or maybe u are 'trojan horse' sent here by outsiders to upset the apple cart of our well functioning machinery.:(
 

kakowi

Alfrescian
Loyal
the issues raised are reasonable and very much in the minds of many

hopefully the PAP will give a fair and accurate report

with the economy in recession, inflation high over the last two years, everything in the economy monetized, there is little scope to gain extra revenue

cpf is one of the few remaining ways

hence the raising of such issues
hence the need for a transparent reply - "no, it is not true" backed by a prime ministerial statement, endorsed by the auditor-general - will be sufficient to calm the public of their fears


Finally, if citizens cannot raise their fears and sincerely hope for answers, to whom can they turn to?
 

samurai1110

Alfrescian
Loyal
The world's state of economic well-being today is environment the 'fear-mongers' delight in.
These trouble-makers must not be left alone and ignored otherwise we do so at our perils!:(
 

samurai1110

Alfrescian
Loyal
Could your obsessive, biased & negative interpretation & criticism of what PAP does or not have anything to do with my views?:p
 
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