CPF Sinking fund

[slohand2]

The cap on the medisave and RA keeps getting higher with every year. The semi retired are not spared. With my miserly pay working part time, they wrote to say I must top up. Besides our flat the CPF is already tying up a lot of our monies, yet they want more. Most of us wont get to see the funds, maybe our next of kin see a portion. How to like the PAP policy ?

Our flat is only valued at half of the minimum sum (less than 70k) should we choose to pledge it against the amount. That is crap ! It has no value beyond that, because you cannot pledge it with a commercial bank. Talk about asset enhancement. Sure, you can sell it or downgrade or migrate. To those folks who are excited about paying high prices for a HDB flat, think twice.

You will never understand the depth of the screwing until it hurts

[Narong Wongwan]

Vote PAP out next GE can revert back to 55 withdraw all CPF monies bo?

[chonburifc]

I understood this and hope more sinkees will wake up from their first world millionaires wet dream.

Money not in your pocket is not your money. It belongs to HC.

[slohand2]

Vote PAP out next GE can revert back to 55 withdraw all CPF monies bo?

First, we need to find an Opposition party who will raise this issue and champion it, provided if there is any left, surely the new government can revert the original spirit of CPF. Oh we may need a new Prez too as he is paid to block any changes.

i find it silly that when we sell our flats we need to repay interests on our own monies (this has been discussed elsewhere). Of course what is most irritating that instead of withdrawing our monies at 55, I am actually contributing to make up the deficits(?)

Our own scholars really screws us with their win win policies in favour of the PAP

[chonburifc]

i find it silly that when we sell our flats we need to repay interests on our own monies (this has been discussed elsewhere). Of course what is most irritating that instead of withdrawing our monies at 55, I am actually contributing to make up the deficits(?)

Someone is going to ask you who you vote for?

[TheMan]

What a sad situation

[chonburifc]

What a sad situation

Sinkees have a choice!

Today, just got a HK couple seeking my advice for long term residence and I advise them accordingly what to do. Of course, I get water money for making things much easier for them.

[LeMans2011]

The cap on the medisave and RA keeps getting higher with every year. The semi retired are not spared. With my miserly pay working part time, they wrote to say I must top up. Besides our flat the CPF is already tying up a lot of our monies, yet they want more. Most of us wont get to see the funds, maybe our next of kin see a portion. How to like the PAP policy ?

Our flat is only valued at half of the minimum sum (less than 70k) should we choose to pledge it against the amount. That is crap ! It has no value beyond that, because you cannot pledge it with a commercial bank. Talk about asset enhancement. Sure, you can sell it or downgrade or migrate. To those folks who are excited about paying high prices for a HDB flat, think twice.

You will never understand the depth of the screwing until it hurts

There is something wrong here. You will only be asked to "top-up" medisave if you are self-employed, failing which you can't renew your business licence.
If you are an employee and your medisave is below the cap, your company's monthly contribution will simply be distributed according to rates applicable to your age into ordinary, special and medisave - they do not ask you to "top up" your medisave as an employee. You've got some facts mixed up... not that i am agreeable to this SeePeeF thingy. Also there is no such thing as "cap" for retirement account... only medisave have.

Looking at your post which says "First, we need to find an Opposition party who will raise this issue and champion it, provided if there is any left"... i can see that you are a muddle-headed person and deserve what you are getting.

[chonburifc]

There is something wrong here. You will only be asked to contribute medisave if you are self-employed.
If you are an employee and your medisave is below the cap, they will not ask you to top up. You've got some facts mixed up... not that i am agreeable to this SeePeeF thingy. Also there is no such thing as "cap" for retirement account... only medisave have.

Bro, to be frank, even myself also have problem comprehending what is my CPF entitlement and what is not.

For some unknown or known reasons, CPF rules has been changing and changing.

Anyway, I have in my mind written off CPF thingy so not too bad for me. Just that need to make sure I stop contributing to CPF to feed HC's gambling habit.

[slohand2]

There is something wrong here. You will only be asked to "top-up" medisave if you are self-employed, failing which you can't renew your business licence.
If you are an employee and your medisave is below the cap, your company's monthly contribution will simply be distributed according to rates applicable to your age into ordinary, special and medisave - they do not ask you to "top up" your medisave as an employee. You've got some facts mixed up... not that i am agreeable to this SeePeeF thingy. Also there is no such thing as "cap" for retirement account... only medisave have.

Looking at your post which says "First, we need to find an Opposition party who will raise this issue and champion it, provided if there is any left"... i can see that you are a muddle-headed person and deserve what you are getting.

Maybe I have not expressed myself clearly. I refer to the rising minimum requirements for Medisave, which was met, but due to the rising requirements, I am required to top up. The same will apply to those who are working, they will need to keep topping up until the minimum is met, unless they stop working. Hope that clarifies.

so cap is the wrong word, maybe minimum requirement is the more appropriate.

Dont understand why you think Im muddled. CPF issues were never raised by any opposition parties, so in answer to a forummer who asks if the 55 age withdrawal could be revisited, thats my opinion.

What Im getting is not peculiar to muddled headed people, all of us get it, including you.

Peace be with you

[chonburifc]

Unfortunately, as long as pappies remains a majority, whatever brought up by oppos in parliament will be shot down. Sinkees gave pappies the chance to during 2012 GE to continue screwing the Sinkees.

The next possible opportunity will be in 2016 GE.

[johnny333]

First, we need to find an Opposition party who will raise this issue and champion it, provided if there is any left, surely the new government can revert the original spirit of CPF. Oh we may need a new Prez too as he is paid to block any changes.

Who did you vote for

The opposition are still outnumbered by the PAP. They have to focus on those who voted for them & have little bandwidth to fight for all Sporeans.
So if you want someone to represent you in parliament you will have to 1st vote for them. Don't forget that there are many other issues that they are facing e.g. town council costs, looking after the estate, obstruction from the PAP.....

If however you are waiting for an "ideal" person before you give them your vote, then be prepared to wait a long, long time.

[Narong Wongwan]

talking about this yesterday a property agent friend just called up to borrow $4k because he's been owing CPF medisave for 2 years....

There is something wrong here. You will only be asked to "top-up" medisave if you are self-employed, failing which you can't renew your business licence.
If you are an employee and your medisave is below the cap, your company's monthly contribution will simply be distributed according to rates applicable to your age into ordinary, special and medisave - they do not ask you to "top up" your medisave as an employee. You've got some facts mixed up... not that i am agreeable to this SeePeeF thingy. Also there is no such thing as "cap" for retirement account... only medisave have.

Looking at your post which says "First, we need to find an Opposition party who will raise this issue and champion it, provided if there is any left"... i can see that you are a muddle-headed person and deserve what you are getting.

[slohand2]

Who did you vote for

The opposition are still outnumbered by the PAP. They have to focus on those who voted for them & have little bandwidth to fight for all Sporeans.
So if you want someone to represent you in parliament you will have to 1st vote for them. Don't forget that there are many other issues that they are facing e.g. town council costs, looking after the estate, obstruction from the PAP.....

If however you are waiting for an "ideal" person before you give them your vote, then be prepared to wait a long, long time.

Oppo all the way, be it blind, deaf or dumb. I realise we need to cut their numerical advantage before any change can take place. Right now the ruling party rubber stamps to our detriment.

[king_of_abalone]

Sinkies sink their hard earned money in this sinking fund in this sinking cuntry

[Narong Wongwan]

Vote the pappies out next GE and hope that there is still some money left inside

[leetahbar]

those who used cpf to buy the so-called "trustee stocks" shall be in for a terrible surprise after they sell their holdings. most trustee stocks are now degraded into junk penny-stocks. if u sell, probably u gotta to payback cpf the losses and the interests accrued "if u hadnt use the cpf money to invest".

who is the ultimate winner here?

[Jlokta]

I understood this and hope more sinkees will wake up from their first world millionaires wet dream.

Money not in your pocket is not your money. It belongs to HC.

This is dead correct, you'll see a statement but not the actual $$.

I suspect that CPF could be dryer than my wallet. ie. boh lui one.

[johnny333]

those who used cpf to buy the so-called "trustee stocks" shall be in for a terrible surprise after they sell their holdings. most trustee stocks are now degraded into junk penny-stocks. if u sell, probably u gotta to payback cpf the losses and the interests accrued "if u hadnt use the cpf money to invest".

who is the ultimate winner here?

After consumers bought these so called "trusted stocks" the gov't allowed the banks like DBS to start charging holding fees for who knows what
I have other unit trusts from outside of Spore & I am NOT charged any fees by the banks for only holding these unit trusts

Local banks are also allowed to skive. I used to get regularly statements & now I have been notified that they will stop sending me any kind of reports. I'm expected to go to their site to download the information
It's obvious to me that they are cutting their own costs while still charging account holders like me $

If I'd known in advance that they were going to charge $ I definitely would have avoided investing using my CPF
It is criminal the way the gov't changes the rules to allow big business to profit at the expense of small time investors.

This is why I am totally out of the Spore market & have ALL my $$$ invested elsewhere.