• IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here.

    The OTHER forum is HERE so please stop asking.

Tan chuan-jin avoids giving straight answer on how cpf minimum sum is decided

makapaaa

Alfrescian (Inf)
Asset
[h=1]TAN CHUAN-JIN AVOIDS GIVING STRAIGHT ANSWER ON HOW CPF MINIMUM SUM IS DECIDED[/h]
<!-- /.block --> <style>.node-article .field-name-ad-box-in-article {float: left;margin: 15px 15px 10px 0;}.node-article .field-tags{clear: both;}</style> Post date:
9 Jul 2014 - 7:27pm





<ins style="margin: 0px; padding: 0px; border: currentColor; width: 336px; height: 280px; display: inline-table; visibility: visible; position: relative; background-color: transparent; border-image: none;"><ins id="aswift_1_anchor" style="margin: 0px; padding: 0px; border: currentColor; width: 336px; height: 280px; display: block; visibility: visible; position: relative; background-color: transparent; border-image: none;"><iframe name="aswift_1" width="336" height="280" id="aswift_1" frameBorder="0" marginWidth="0" marginHeight="0" scrolling="no" vspace="0" hspace="0" allowfullscreen="true" style="left: 0px; top: 0px; position: absolute;" allowTransparency="true"></iframe></ins></ins>


In parliament on Tuesday, NMP Lawrence Lien had asked Minister Tan Chuan-Jin how the government decided on the amount to set for the CPF minimum sum.

The newest Minimum sum is set at $155,000 and this amount would mean retirees can receive monthly payouts of about $1,200 a month for the next 20 years.

However, Lawrence Lien wanted to know how the government decided that this is an adequate amount for retirees to live on.

In response, Tan Chuan-Jin said that the government sets a "fairly stringent standard" on how to set the minimum sum.

He also simply said that about half of Singaporeans are able to meet the minimum sum when they reach 55 and that this figure included those who pledged their properties.

He went on to explain that CPF members could pledge their properties to the value of half of the minimum sum as this prevents them from "over-stretching" their needs.

Mr Tan also talked about other issues such as the raised retirement age of 65 years old and the fact that Singaporeans are working longer.

He also said that there are more employers hiring older workers which means that they can continue to save up for retirement.

Tan Chuan-Jin also pointed out that CPF is not the only thing that Singaporeans rely on when they retire, and given the fact that most Singaporeans own homes, they don't have large ongoing costs in their retirement.

He said that these various factors are what are used to determine CPF minimum sum.

Basically, Minister Tan rambled on about working longer and pledging properties to minimum sum before giving some general information about the fact that Singaporeans own homes and have other savings other than CPF.

It would seem that the government doesn't look at other, important factors such as cost of living when deciding on the minimum sum.

Do you think Tan Chuan-Jin gave a clear answer to NMP Lien's question?
 

winnipegjets

Alfrescian (Inf)
Asset
This annuity is a rip-off. You get $1200 per month for 20 years. What are you going to do after 20 years?

The better option is to put the money in a dividend paying etf - yielding from 4 - 7 percent. Your money is still intact and it keeps on paying you.

The PAP government's plan is to suck you dry!
 

halsey02

Alfrescian (Inf)
Asset
>Basically, Minister Tan rambled on about working longer and pledging properties to minimum sum before giving some general information about the fact that Singaporeans own homes and have other savings other than CPF>

Could anyone ,to be fair, explain to me, why must WE pledge our own properties to get our own money....are we borrowing from CPF or are we borrowing from a bank.

We take a banking facility from a commercial bank, normally, people in the past bring in....shares certificate, gold bars, house title etc..to PLEDGE, the bank's will decide the worthiness of these pledge's & make a decision & draw up a loan facility to be signed, the percentage of the loan etc..

WHY DO WE HAVE TO PLEDGE OUR OWN MONEY TO RECEIVED OUR OWN MONEY..who are we borrowing from or lending to?? PLEASE EXPLAIN TO ME?:eek:
 

winnipegjets

Alfrescian (Inf)
Asset
vote the PAP out!

Definitely. Let's hope the WP can do a good message to convince daft sinkees to stop trusting the PAP. There are enough examples to show that the PAP works against sinkees. The question is whether the WP dare to go on the offensive.

You don't fight the PAP by being nice.
 

Confuseous

Alfrescian (Inf)
Asset
Tan Chuan Jin is not exactly classified as one of the thinkers within the party - he is more a dispensable goat, unleashed to address issues which his seniors are not happy to have their views recorded. All he does is to bleat.
 

Fatboy

Alfrescian
Loyal
This annuity is a rip-off. You get $1200 per month for 20 years. What are you going to do after 20 years?

The better option is to put the money in a dividend paying etf - yielding from 4 - 7 percent. Your money is still intact and it keeps on paying you.

The PAP government's plan is to suck you dry!
Not dry not counted....
 

sochi2014

Alfrescian
Loyal
What if one day the min sum far exceeded what you got in your cpf?

Do you have to sell your house to top up??

Ask him this question!!
 

Thick Face Black Heart

Alfrescian (InfP)
Generous Asset
Tan Chuan Jin is not exactly classified as one of the thinkers within the party - he is more a dispensable goat, unleashed to address issues which his seniors are not happy to have their views recorded. All he does is to bleat.


No leh. Get the impression TCJ is quite well regarded in the party.
 
Top