Has PAP crossed the red line on latest CPF nomination changes?

The govt seems to be very comfortable with all the changes introduced to hold back the people’s life savings in the CPF. I must admire the govt’s confidence that the people will go along, albeit some kpkb, but nothing will happen. And it is all up to the govt and the CPF account holders are just hapless daft Sinkies that cannot do anything to protect their life savings. I am not going to say how far more or what else would break the camel’s back. In m view the back has been broken and now it is a matter of how the people will react to this violation of their life savings.

All the excuses and forced reasons to keep the people’s savings have not gone down well with the people. The majority does not believe any tiny wee bit of what was thought as good and logical reasons. No way. Even if the people are daft, they will not be so daft as to have their life savings snatched from their hands when they badly needed them. Does the govt really feel so confident that everything is fine?

The first red line that was crossed was the change in withdrawal date. The others were the Medisave Account, the Minimum Sum Accounts, the Retirement Accounts, Special Account and the latest, the Medishield Life. It was full withdrawal in cash at 55 with none of the abovementioned. The incremental changes introduced over the years have practically changed the CPF into something else. The CPF is the people’s savings, not a Charity to the govt, not a Pension Fund of the govt. How audacious for anyone to think he can meddle with it like it is his own money or his grandfather’s money?

How could the govt think that it can do all these things and get away with it? The number of oldies affected by these changes will grow daily. And so will be the anger. No? The people have no choice. We the govt will decide what to do with the people’s life savings. We will decide how to make use of the people’s life savings, like it or not, like compulsory payment to CPF Life and Medishield Life. We will change the rules whenever we, the govt, find it prudent and necessary to do so, according to what we think should be done. Your money?

The govt can think that way, can do as it like. The people, the owners of their life savings would also be thinking how to get their money back. And if voting out the govt is what it takes to get back their money, they will do so. Don’t count on it that the people are hapless and daft and will willingly allow the govt to hold their life savings for as long as it wants and to do as it pleases. The govt has breached the trust of the people by not returning the money to the people at 55. Now it is so hazy as to how much and when would the people be able to get their money back in full.

When would be Judgement Day?

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I still get friends and relatives telling me: "Where can you get 4% return without risks other than the CPF SA?"

What do you think?

winners said:

I still get friends and relatives telling me: "Where can you get 4% return without risks other than the CPF SA?"

What do you think?

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This forum is usually ahead of the curve when it comes to the criticism of the PAP. The number of IBs hanging around is a testament to this.

I wouldn't worry too much about the ignorant masses. When it comes to $, word will soon get around that they can't touch their CPF. When that happens there are going to be plenty of angry aunties & uncles.
In fact I am surprised they announced these changes before the GE Obviously someone miscalculated

winners said:

I still get friends and relatives telling me: "Where can you get 4% return without risks other than the CPF SA?"

What do you think?

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dese r dose who read oni dat 154th n in their minds, evryting dat dat 154th says is gospel tooth ...

if u ask dem anyting, u wil notis dat dey simply parrot wat is printed in dat 154th ... dun even haf their own blains 2 tink ...

u can c dem here oso ... parroting n quoting from dat 154th wifout shame n blains ...

Actually, I don't have the heart to tell them that just across the causeway, their EPF was paying 6.35% in 2013 and without all those restrictions on withdrawals upon reaching retirement age.

No wonder Sinkies are really daft indeed.

winners said:

Actually, I don't have the heart to tell them that just across the causeway, their EPF was paying 6.35% in 2013 and without all those restrictions on withdrawals upon reaching retirement age.

No wonder Sinkies are really daft indeed.

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Do you know RM depreciated 7.7% against SGD from April 2013 till May 2014??? Basically you get less... Do not tell 1 side of the story...

Yingge said:

Do you know RM depreciated 7.7% against SGD from April 2013 till May 2014??? Basically you get less... Do not tell 1 side of the story...

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RM depreciate 10% to sgd also not a concern as malaysia pensioners spend their RINGGIT in MALAYSIA dude!!!!

And Singapore cost of living is much lower across all consumption categories during the same period? Do you even know how the whole things works?

Yingge said:

Do you know RM depreciated 7.7% against SGD from April 2013 till May 2014??? Basically you get less... Do not tell 1 side of the story...

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I realised that he did not know what he wrote.

sleaguepunter said:

RM depreciate 10% to sgd also not a concern as malaysia pensioners spend their RINGGIT in MALAYSIA dude!!!!

Click to expand...

Yingge said:

Do you know RM depreciated 7.7% against SGD from April 2013 till May 2014??? Basically you get less... Do not tell 1 side of the story...

Click to expand...

Don't talk cock lah. If you want to compare than do I have to tell you that the Ordinary Account is giving only 2.5% for donkey years already. Only the first S$60k enjoys the preferential rate.

Also, the employee/employer contribution rates for the EPF and CPF are 11%/13% and 20%/16% respectively. This kind of forced savings mandated by the PAPies at 2.5% rate is really pathetic. Go and do your sums, I don't have to teach you right?

sleaguepunter said:

RM depreciate 10% to sgd also not a concern as malaysia pensioners spend their RINGGIT in MALAYSIA dude!!!!

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Today, a litre of RON95 petrol costs RM2.10 (S$0.82) in Malaysia against S$2.138 in Sinkie Land.

A 14kg tank of cooking gas costs RM29.00 (S$11.33) against a 12.8kg tank for S$28+ in Sinkie Land.

Malaysia has highway tolls, but they also have alternative arterial roads which you don't need to pay if you don't mind the slower speed. But in Sinkie Land, can you avoid the ERP if you want to go downtown? Practically no way.

Yingge said:

Do you know RM depreciated 7.7% against SGD from April 2013 till May 2014??? Basically you get less... Do not tell 1 side of the story...

Click to expand...

You mean the RM will never appreciate on the SGD in the next 50 years?

sleaguepunter said:

RM depreciate 10% to sgd also not a concern as malaysia pensioners spend their RINGGIT in MALAYSIA dude!!!!

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Ha..ha... I have living in Malaysia for the pass 1 year, the Kopi black from RM 0.90 to RM 1.1, kopi from RM 1 to RM 1.2... Water in Penang increase 20%, GST 6% coming up next year... What I am trying to say is that everything here increase price...

Currency depreciate, inflation goes up... Both not related???

winners said:

Today, a litre of RON95 petrol costs RM2.10 (S$0.82) in Malaysia against S$2.138 in Sinkie Land.

A 14kg tank of cooking gas costs RM29.00 (S$11.33) against a 12.8kg tank for S$28+ in Sinkie Land.

Malaysia has highway tolls, but they also have alternative arterial roads which you don't need to pay if you don't mind the slower speed. But in Sinkie Land, can you avoid the ERP if you want to go downtown? Practically no way.

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Are we talking about CPF interest rate compare to EPF interest rate or we are comparing the cost of living of both countries???

If you are comparing cost of living... We are wasting time... Singapore sure much expensive than Malaysia... Than we will compare Singapore pay and Malaysia pay... Never ending... Can we stick to 1 topic at a time???

I hope those the criticise the so called low yields of CPF takes into account the low interest rate environment in singapore. To buy property u pay 3% interest. Is tat not a good thing? Look at ozland. Their so called low interest rate is abt 5%.. And in oz now a house is abt 400k in a far away location. Which is about 20k a year in interest alone. In spore a flat for 500k is about 15k...in interst. so in oz u borrow less and pay more and on top of that. And everyone i know in spore has a bank loan. With higher interest rates. Heaps of working people will b worse off...so dont believe in the myth of high interest rates hor...

Poomer said:

You mean the RM will never appreciate on the SGD in the next 50 years?

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Are you telling me the interest rate on both CPF and EPF will not change for the next 50 years???

They were comparing the returns, you switched to exchanger rate. You should take your own advice.

Yingge said:

Are we talking about CPF interest rate compare to EPF interest rate or we are comparing the cost of living of both countries???

If you are comparing cost of living... We are wasting time... Singapore sure much expensive than Malaysia... Than we will compare Singapore pay and Malaysia pay... Never ending... Can we stick to 1 topic at a time???

Click to expand...

Yingge said:

Do you know RM depreciated 7.7% against SGD from April 2013 till May 2014??? Basically you get less... Do not tell 1 side of the story...

Click to expand...

Have you heard of the saying "A bird in the hand is worth two in the bush"

The PAP can make all the promises they want but many of us just want them to return what is rightfully ours. Why quibble over interest rates? Nowadays I can google for the highest interest rate or invest in bonds & get a regular payout.

Yingge said:

Ha..ha... I have living in Malaysia for the pass 1 year, the Kopi black from RM 0.90 to RM 1.1, kopi from RM 1 to RM 1.2... Water in Penang increase 20%, GST 6% coming up next year... What I am trying to say is that everything here increase price...

Currency depreciate, inflation goes up... Both not related???

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yes, msia also inflation but at the very least, neccessities are subsidied by the govt.

btw, msia govt need to cut spending and increase revenue to reduce deflict.

pap every farking yr surplus yet still find news ways to increase price. knn, got surplus they give fat bonus to themselves instead of returning a portion of it back to the masses.

sleaguepunter said:

RM depreciate 10% to sgd also not a concern as malaysia pensioners spend their RINGGIT in MALAYSIA dude!!!!

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It is a concern because when a country's currency depreciates, inflation rises because imports will all cost more unless the government is subsidising the whole system.

If the the whole economy is propped up by subsidies, it's a matter of time before things come to head and the currency collapses.

If you think interest rates are the only indicator that matters, why don't you convert all your SGD to Malawi $ and earn 25% straight away.

A $100,000 term deposit will earn you $25,000 per year.