Singapore has the lowest pensions spending (0%) in the world?

makapaaa · Oct 26, 2014

[h=1]SINGAPORE HAS THE LOWEST PENSIONS SPENDING IN THE WORLD?[/h]
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25 Oct 2014 - 8:22am

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We refer to the OECD paper on pensions spending.

OECD countries’ pensions spending?

It states that “Public spending on old-age benefits averaged 7.8% of GDP in 2009, compared with private pension benefits of an average of 2.2% of GDP in the same year (in the countries for which data are available over the period 2004-10).

Public spending on old-age pensions is highest – greater than 10% of GDP – in Austria, France, Germany, Greece, Italy, Japan, Poland, Portugal and Slovenia. By contrast, Australia, Iceland, Korea and Mexico spend 4% of GDP or less on public old-age pensions.”

Singapore does not spend any money?

- As Singapore’s CPF system is essentially contributions by the people – does it mean that our government pensions spending is almost zero?

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Annual contributions exceed withdrawals?
Also, annual contributions has and continues to exceed total annual withdrawals.
Implicit tax on CPF?
Moreover, we are the only country in the world which keeps excess annual returns – estimated to be about 3% – to itself, at the expense of the pension scheme’s members.

S Y Lee and Leong Sze Hian

winnipegjets · Oct 26, 2014

It is zero spending on pension because there is no pension.

In fact, the Government is making money from our 'pension' contribution ....they get 7 percent return and give us back 2.5 percent.

frenchbriefs · Oct 26, 2014

Singapore has the best pension system in the world.so good the British even rejects it.who we kidding?Singapore has the stupidest population in the world.that's why our system works so well here even though its pure lunacy....a government that bleeds u dry just to put a roof over ur head and pay for ur medical.and use the billions they save to expand their trillion dollar wealth funds and enrich their companies.

Why does ah loong sue Roy and is afraid to show up in court?what is he afraid of?that people might start poking around and asking questions about CPF?

SgGoneWrong · Oct 26, 2014

Who says our country has zero pension zero spendings? Our retired ministars not on pension on what?

frenchbriefs · Oct 26, 2014

SgGoneWrong said:
Who says our country has zero pension zero spendings? Our retired ministars not on pension on what?

pensions are usually for people who are quite poor or working class or lowly paid administrators that depend on a stipend to support themselves.....minister pension used to be relevant in the past when ministers only make a tiny fraction of what they do now.....to make sure our top civil servants are taken care of when they leave service,but now minister are like rockstars and ceos earning massive salaries,what do they need pensions for?

SgGoneWrong · Oct 26, 2014

frenchbriefs said:
pensions are usually for people who are quite poor or working class or lowly paid administrators that depend on a stipend to support themselves.....minister pension used to be relevant in the past when ministers only make a tiny fraction of what they do now.....to make sure our top civil servants are taken care of when they leave service,but now minister are like rockstars and ceos earning massive salaries,what do they need pensions for?

Still, money spent on these jiakliaobees are pension spendings. The millions of dollars a year (hopefully not a billion) spent on pension should be declared.

Leongsam · Oct 26, 2014

It's a stupid headline because Singapore does not have a state pension. It has CPF which is a much better scheme.

eErotica69 · Oct 26, 2014

frenchbriefs said:
Singapore has the best pension system in the world.so good the British even rejects it.who we kidding?Singapore has the stupidest population in the world.that's why our system works so well here even though its pure lunacy....a government that bleeds u dry just to put a roof over ur head and pay for ur medical.and use the billions they save to expand their trillion dollar wealth funds and enrich their companies.

Why does ah loong sue Roy and is afraid to show up in court?what is he afraid of?that people might start poking around and asking questions about CPF?

Tonychat, yet another gong chee bye post by you to attack Singapore even before thinking!! Whatever the Brits reject means is bad? Don't be an idiot. How about your matland's EPF, isn't it copied from us?

British and some Western countries already have their Pension Funds in placed for ages. To abolish it and fund it with a self-contributing pension fund (like CPF) will be political suicide. Voters will not accept that as the are dependent on it.

Just like your cuntry's bumiputra policy, many sensibile politicians know that it is a fuck up policy. You think your political masters UMNO will dare to change this policy? Thje Malays will vote your UMNO bosses out of office. Even if DAP of PKR became the Government, they will not dare to change it...

eErotica69 · Oct 26, 2014

Leongsam said:
It's a stupid headline because Singapore does not have a state pension. It has CPF which is a much better scheme.

Yes it is better than pension fund for sure.

mojito · Oct 26, 2014

Rubbish! Mark up 200% subsidize by 20% may be profitable, but you cannot say spending is 0% ok? That subsidy is dunno how many percent of gdp ok, less than western countries but definitely not 0%. What are these guys smoking? :rolleyes:

frenchbriefs · Oct 26, 2014

eErotica69 said:
Tonychat, yet another gong chee bye post by you to attack Singapore even before thinking!! Whatever the Brits reject means is bad? Don't be an idiot. How about your matland's EPF, isn't it copied from us?

British and some Western countries already have their Pension Funds in placed for ages. To abolish it and fund it with a self-contributing pension fund (like CPF) will be political suicide. Voters will not accept that as the are dependent on it.

Just like your cuntry's bumiputra policy, many sensibile politicians know that it is a fuck up policy. You think your political masters UMNO will dare to change this policy? Thje Malays will vote your UMNO bosses out of office. Even if DAP of PKR became the Government, they will not dare to change it...

Has nothing to do with politics dumbass....if the CPF system is clearly superior and beneficial u think the British people wouldn't be jumping for joy and begging to implement it right away.obviously they are not idiots...they know its a terrible deal....u would be laughed out of court if u even dare bring CPF up in UK Parliament.

Every country needs to deal with issues of retirement, healthcare and whatnot....the question is who foots the bill?the rich the middle class or the poor?the government has to strike a reasonable balance.not push everything to the people and let them deal with it...sink or swim.

eErotica69 · Oct 26, 2014

frenchbriefs said:
Has nothing to do with politics dumbass....if the CPF system is clearly superior and beneficial u think the British people wouldn't be jumping for joy and begging to implement it right away.obviously they are not idiots...they know its a terrible deal....u would be laughed out of court if u even dare bring CPF up in UK Parliament.

Every country needs to deal with issues of retirement, healthcare and whatnot....the question is who foots the bill?the rich the middle class or the poor?the government has to strike a reasonable balance.not push everything to the people and let them deal with it...sink or swim.

Nothing to do with politics? Either you are ignorant or you are indeed a gong chee bye!!

The fact is that the Pension funds are putting financial burden on the Western Govt. But the cannot withdraw that the voters who are on pension funds will not agree. They will vote the Govt out.

Tonychat (aka frenchbriefs, soIsee, Attilathe Cunt) just like your country's bumiputra policy, you think it is a good policy or not? It must be good that your UMNO bosses are keeping it? If is better than Meritocracy Policy right? If not, then why aren't your UMNO bosses jumping for joy to embrace the Meritocracy policies?

frenchbriefs · Oct 26, 2014

eErotica69 said:
Nothing to do with politics? Either you are ignorant or you are indeed a gong chee bye!!

The fact is that the Pension funds are putting financial burden on the Western Govt. But the cannot withdraw that the voters who are on pension funds will not agree. They will vote the Govt out.

Tonychat (aka frenchbriefs, soIsee, Attilathe Cunt) just like your country's bumiputra policy, you think it is a good policy or not? It must be good that your UMNO bosses are keeping it? If is better than Meritocracy Policy right? If not, then why aren't your UMNO bosses jumping for joy to embrace the Meritocracy policies?

Then the government better start cracking eh?figure out how to tweek the numbers and make it work?go look at canadian pension fund.or u prefer a government that does jackshit,holds no responsibility and assume it should stay in power forever?or it thinks by raising min sum pushing back retirement age and whipping the citizen harder things will solve itself?may I remind u 21% of the elderly work in Singapore something u will never see in any developed country.

Only in 3rd world shitholes.

eErotica69 · Oct 26, 2014

frenchbriefs said:
Then the government better start cracking eh?figure out how to tweek the numbers and make it work?go look at canadian pension fund.or u prefer a government that does jackshit,holds no responsibility and assume it should stay in power forever?or it thinks by raising min sum pushing back retirement age and whipping the citizen harder things will solve itself?may I remind u 21% of the elderly work in Singapore something u will never see in any developed country.

Only in 3rd world shitholes.

Tonychat, you still have not answered me on your UMNO bosses bumi policy. Good or no good? If Meritocracy is so good, why aren't your UMNO bosses jumping for joy to embrace it?

I am not saying the CPF system is perfect. But your lame points that the Brits are not embracing it and so it is lousy is just pathetic!!

mojito · Oct 26, 2014

If Singapore implemented the NHS, it can then really be said that FTs contribute to Singapore. Otherwise they should shut the fuck up because they are not contributing to the provision of dignified retirement and minimum standards of living for people who have fallen through the cracks.

eErotica69 you chump the government is witholding CPF money from singaporeans, money that they dare not take from the hordes of foreigners on our shore for fear of international scrutiny on the manner in which returns are being made to the fund.

Fuck you and your PAP masters' agenda to mislead singaporeans from making this government accountable to its citizens.

winnipegjets · Oct 26, 2014

SgGoneWrong said:
Who says our country has zero pension zero spendings? Our retired ministars not on pension on what?

Sorry ...sorry ...I was referring to ordinary sinkees.

The elites are getting pensions, costing taxpayers at least a billion annually ...2000 elites, each getting $500k annually, adds up to $1 billion. Of course, we all know that many are getting $1 million in annual pension. I wonder how the PAP hide this info or do they even bother to report it.

eErotica69 · Oct 26, 2014

mojito said:
If Singapore implemented the NHS, it can then really be said that FTs contribute to Singapore. Otherwise they should shut the fuck up because they are not contributing to the provision of dignified retirement and minimum standards of living for people who have fallen through the cracks.

eErotica69 you chump the government is witholding CPF money from singaporeans, money that they dare not take from the hordes of foreigners on our shore for fear of international scrutiny on the manner in which returns are being made to the fund.

Fuck you and your PAP masters' agenda to mislead singaporeans from making this government accountable to its citizens.

What is gong chee bye reply yet again? Just because I think Pension funds is no good means I an PAP IB? Fuck you understand.

winnipegjets · Oct 26, 2014

eErotica69 said:
The fact is that the Pension funds are putting financial burden on the Western Govt. But the cannot withdraw that the voters who are on pension funds will not agree. They will vote the Govt out.

That's total bs. Look at the Canadian Pension Plan ....it is able to sustain current payout for 75 years. The Nordic countries pensions are okay too.
You got to starting checking the statements made by the PAP ministers instead of taking them as truth. PAP ministers are liars.

winnipegjets · Oct 26, 2014

eErotica69 said:
What is gong chee bye reply yet again? Just because I think Pension funds is no good means I an PAP IB? Fuck you understand.

Why pension fund is no good? Look at the Nordic countries ...people are happy and don't need to worry about their retirement life. They pay higher taxes but the major expenses in life - daycare, healthcare, unemployment insurance, education and pension - are taken care of. No major worries. The people there live well despite paying high taxes.

eErotica69 · Oct 26, 2014

winnipegjets said:
That's total bs. Look at the Canadian Pension Plan ....it is able to sustain current payout for 75 years. The Nordic countries pensions are okay too.
You got to starting checking the statements made by the PAP ministers instead of taking them as truth. PAP ministers are liars.

Thanks for the info.

Honestly I am not familiar with all Pension funds. But indeed many western ones does not work.

Wanna share a bit on the Canadian model work or funded etc?

Btw I am not here to defend CPF.

Singapore has the lowest pensions spending (0%) in the world?

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