After 65, you can borrow money from yourself if unemployed

[suicidalpap]

Plans to help older low-wage workers

SINGAPORE: A workgroup set up by government feedback portal REACH, which looked into manpower issues, has recommended better support programmes for low-income workers who are above 65 years old.

It recommended an unemployment credit, in which a worker who has been laid off can take a loan from his Central Provident Fund (CPF) account for three months.

The loan amount would be determined by the last-drawn salary of the worker, and would be subject to a cap of three months.

To fund the scheme, workers would contribute one per cent of their monthly income. The government would co-fund the scheme by making the same amount of contribution.

Those earning below S$1,000 may be exempted from contribution, with the government paying the full amount into the account.

The loan has to be paid back upon employment.

 

[suicidalpap]

If this is called help, help has lost its real meaning.

 

[annexa]

Pay me for 65yrs so you can borrow your own money under my admin. If you don't die by then.

 

[zuoom]

huh? what's that? borrow from own self?

 

[singveld]

CPF does not work, it makes citizen too poor and gov too rich.

 

[Muthukali]

Its the same when u owe yourself money in medisave. I/r will be charge if never top up. YOU OWE YOURSELF MONEY, ended up have to face the penalty. WTF theory.

 

[no_faith]

worst than ah long.

 

[halsey02]

Its the same when u owe yourself money in medisave. I/r will be charge if never top up. YOU OWE YOURSELF MONEY, ended up have to face the penalty. WTF theory.

I could not understand the logic of we owing ourselves money, especially the CPF thing....you withdraw your savings ( your money), when you sell off your property, you have to return YOUR money plus interest accrued to YOUR CPF acct...that is not only for housing, investments etc..

You are self employed, you have no money to contribute to YOUR own medisave account or default....you get prosecuted for not paying YOUR own account.

This is uniquely, YOUR sinGAPORE!! SINgapore boleh!

 

[Muthukali]

I could not understand the logic of we owing ourselves money, especially the CPF thing....you withdraw your savings ( your money), when you sell off your property, you have to return YOUR money plus interest accrued to YOUR CPF acct...that is not only for housing, investments etc..

You are self employed, you have no money to contribute to YOUR own medisave account or default....you get prosecuted for not paying YOUR own account.

This is uniquely, YOUR sinGAPORE!! SINgapore boleh!

Precisely, we take out our money to buy property, ended up put back everything when sold. Inaddition plus the i/r (duration) incurred for taking out cpf OA to buy the property. This thing is totally ridiculous.

 

[KNNBCCB]

Yahoooo !!!
Finally ! What a relieve !!!

I dont have to worry so much after 65 !!!
I can borrow my own money to buy myself
the most expensive wooden box !!!

nabeh !

 

[jw5]

Your CPF money is a loan from you to them whereby the loan repayment terms and interest rate are unilaterally determined and adjusted by them.

Wow, all these schemes to help the poor and needy are starting to sprout left right centre. Clear indication that elections are looming.

 

[halsey02]

Yahoooo !!!
Finally ! What a relieve !!!

I dont have to worry so much after 65 !!!
I can borrow my own money to buy myself
the most expensive wooden box !!!

nabeh !

If the 'last leaf drop off' leave this world before you, & you still owe CPF plus interest acrrued, he will be there to collect from you, and you will say "nabei"!

 

[halsey02]

Precisely, we take out our money to buy property, ended up put back everything when sold. Inaddition plus the i/r (duration) incurred for taking out cpf OA to buy the property. This thing is totally ridiculous.

The most ridiculous thing is, you are self-employed and you are unable to service your medisave payment , the word is YOUR, you will be prosecuted for not paying YOURSELF & it is a crime.

Think about that!...uniquely YOUR sinGAPORE!

 

[KNNBCCB]

If the 'last leaf drop off' leave this world before you, & you still owe CPF plus interest acrrued, he will be there to collect from you, and you will say "nabei"!

No more RIP but RIN.
Rest In Nabeh !

mati pun susah...:o

 

[halsey02]

No more RIP but RIN.
Rest In Nabeh !

mati pun susah...:o

mati pun susah encik....interest calculated in perpetuality!

 

[Forvendet]

Con job. At first it was savings till 55 and take back all your money, now it becomes their money and you can borrow only after 65. Another con job is Medisave for self-employed, equivalent to prepaying medical bills before you're hospitalised, if ever.

 

[halsey02]

Con job. At first it was savings till 55 and take back all your money, now it becomes their money and you can borrow only after 65. Another con job is Medisave for self-employed, equivalent to prepaying medical bills before you're hospitalised, if ever.

The trouble is SINgaporeans do not see this, what ever happened to the eldershield? or now CPF life?

Your money, your hard earn, blood, sweat & tears money, they say; you at 55 or 65 or....is not capable of managing your money, must keep with them. You will spend it on wine, woman, song & gambling...afterall it is YOUR money....but it becomes theirs to keep.

Uniquely YOUR singapore!!:p

 

[batman1]

The MIW policy is "U die is your own business ".So why the fark must we contribute CPF after 55 yo and to be managed by those White Termites ?

 

[sinren67]

Will i be caned or jailed if i die die refuse to return $$$ to myself?

 

[tanwahtiu]

If this is called help, help has lost its real meaning.

If this kind of idea were to come from a Havard grad and now is PM of Sinkieland, we are not surprised.