SDP - Mar 2015 - SDP's stand on CPF return firm

SDP's stand on CPF return firm


http://yoursdp.org/news/sdp_39_s_stand_on_cpf_return_firm/2015-03-06-5972


Added on: Friday, 6 March 2015

by the Singapore Democrats

SDP's stand on CPF return firm


http://yoursdp.org/news/sdp_39_s_stand_on_cpf_return_firm/2015-03-06-5972


The Budget debate currently going on in Parliament has shown MPs demonstrating support for the CPF Minimum Sum Scheme. This scheme is aimed at retaining the CPF savings of retirees.

The SDP reiterates our stand: We want to see all of a member's CPF savings returned to him or her at the age of 55. No 'ifs', 'ands' or 'buts'. Here's why:

The only reason the PAP has advanced for the scheme has turned out to be a flimsy excuse; its rationale is that retirees will squander their savings. But it provides no data to back up its claim. How many retirees actually blow away their nest-egg? Repeated calls for the Government to supply such information has met with stony silence.

The PAP says that it is afraid that retirees, having squandered their savings, will turn to the state for handouts. This is the reddest of red herrings. For more than half-a-century, the PAP hasn't bothered with how the poor elderly survived. Many end up have to work to feed themselves, collect cardboard for sale, or rummage through dumpsters.

But when they want to retain our savings, all of a sudden it is concerned about poor retirees depending on the government.


More important, do retirees have enough to survive on in the first place? Is the Minimum Sum Scheme a ploy to distract Singaporeans from the fact that most of their retirement savings have been siphoned off for housing and healthcare?

But the biggest issue with the scheme is that the Government continues to stonewall calls for it to be transparent with GIC and Temasek funds, which are widely believed to include our CPF reserves.

No one should support the retention of our savings when the Government refuses to tell the people how much CPF funds it manages, how much it loses or profits, and where these funds are invested.

The books must be opened so that the people can see how much there is in the CPF kitty without which we will never know if the Minimum Sum and the raising of the amount withheld are merely schemes to withhold the money in order to prop up depleted coffers.

For those who want to have their CPF returned to them in instalments, the SDP has proposed an opt-in scheme where retirees can voluntarily ask for their accounts to be withheld. (See here)

Click this link ---> http://yoursdp.org/news/unseemly_for_pm_to_haggle_with_citizens_over_cpf/2015-02-09-5953

Singaporeans are not an unreasonable people. No one is demanding that the state support them in their old age and no one is asking for taxes to be raised so that they can live off welfare. All they want is for their CPF savings – savings which they worked their whole lives for – to be rightfully returned to them as the PAP originally promised.

The SDP will fight for the Government to honour that promise.

I took the time to read the SDP plan on the CPF issue......and I like to say, I'm all for it.......

Hence, come erection, you know which box I'll be crossing out..........

On the surface, CPF is a good thing, but allowing it to be used for HDB purchase has directly numbed
most members over the years that their salaries are not paid enough for them to retire and this illusion
had allowed Ministry of Manpower to side-step the issue of minimum wage and equitable wage, because
after having used their CPF for HDB mortagage, many forgot that CPF is for retirement and they will have
to earn to pay for their home and if this was the case years ago, the working population would have woke
up to realize it is Money No Enuff years ago and would have questioned the gabment and ask why Money No Enuff
and yet the Ministars have their salaries pegged to millions and CPF continue to pay 2.5% interest when GIC and
Temasek Holdings register double digit returns on the members' CPF funds, yet we're paid a paltry 2.5% all these years
and with conditions attached too.

If this is not siphoning of funds and stealing from CPF members and at the same time, numbing the members to the fact that they're underpaid all these years and will never be able to save enough for their retirement, then PAP is taking everyone for a ride and still
claim it has done a great job and paying themselves millions and majority is left with a lemon when they get old. finally, the gabment has the cheek to say we did not work hard enuff when the culprit is the suppression of our wages and the HDB prices sky-rocketing until it becomes unaffordable. How can a Bishan 5 room executive flat costs $1 million in the resale market? It's a bubble created to channel CPF funds from retirement needs to speculative adventure, all because the gabment wanted to preach its asset enhancement scam and when HDB property prices subsided, many are stuck with negative value for many years and hoping for HDB prices to go up and by this hope, will continue to vote for PAP because many are afraid the property prices will crash and burn if PAP is ousted out. So, the intention is evil to the core and the policies serve only to enslave the majority and slow-boil the frogs until they boil to death without them knowing what hit them until it is already too late. Pure Evil!!!

Enuff is Enuff!!

I support SDP on this!! WAY TO GO!!

Hi bro. Sinkie, thank you for your post and your encouragement for the SDP!

Sinkie said:

I took the time to read the SDP plan on the CPF issue......and I like to say, I'm all for it.......

Hence, come erection, you know which box I'll be crossing out..........

On the surface, CPF is a good thing, but allowing it to be used for HDB purchase has directly numbed
most members over the years that their salaries are not paid enough for them to retire and this illusion
had allowed Ministry of Manpower to side-step the issue of minimum wage and equitable wage, because
after having used their CPF for HDB mortagage, many forgot that CPF is for retirement and they will have
to earn to pay for their home and if this was the case years ago, the working population would have woke
up to realize it is Money No Enuff years ago and would have questioned the gabment and ask why Money No Enuff
and yet the Ministars have their salaries pegged to millions and CPF continue to pay 2.5% interest when GIC and
Temasek Holdings register double digit returns on the members' CPF funds, yet we're paid a paltry 2.5% all these years
and with conditions attached too.

If this is not siphoning of funds and stealing from CPF members and at the same time, numbing the members to the fact that they're underpaid all these years and will never be able to save enough for their retirement, then PAP is taking everyone for a ride and still
claim it has done a great job and paying themselves millions and majority is left with a lemon when they get old. finally, the gabment has the cheek to say we did not work hard enuff when the culprit is the suppression of our wages and the HDB prices sky-rocketing until it becomes unaffordable. How can a Bishan 5 room executive flat costs $1 million in the resale market? It's a bubble created to channel CPF funds from retirement needs to speculative adventure, all because the gabment wanted to preach its asset enhancement scam and when HDB property prices subsided, many are stuck with negative value for many years and hoping for HDB prices to go up and by this hope, will continue to vote for PAP because many are afraid the property prices will crash and burn if PAP is ousted out. So, the intention is evil to the core and the policies serve only to enslave the majority and slow-boil the frogs until they boil to death without them knowing what hit them until it is already too late. Pure Evil!!!

Enuff is Enuff!!

Click to expand...

truthseeker said:

I support SDP on this!! WAY TO GO!!

Click to expand...

Hi bro truthseeker, thank you for your support for the SDP!

I notice you are new to the SBF and here is a warm welcome to you!

Hope you will post more often and get out of moderation soon!