CPF minimum sum to be revised upwards to S$131,000

[dankos]

fat ass,

u r assuming that the minimum sum won't be raised further. dumb :oIo:

 

[Char_Azn]

fat ass,

u r assuming that the minimum sum won't be raised further. dumb :oIo:

They rise it by a grand total of 6.1 percent in 8 years!!!! Wow that's SOOOOOoooooooo high. Assuming it somehow manage to reach 250K by the time U and I retire, that's a whopping $275 in your special account every month.

 

[dankos]

They rise it by a grand total of 6.1 percent in 8 years!!!! Wow that's SOOOOOoooooooo high. Assuming it somehow manage to reach 250K by the time U and I retire, that's a whopping $275 in your special account every month.

dumbfuck fatass,

tell that to the old folks who will never see their cpf in 1 lump sum,

btw, dun surf the net during office so much. i am compiling the list whenever i see u post on line during office hours. u never know when i will itchy fingers and email to your boss/HR/MD.

 

[dankos]

btw my new signature rocks.

 

[Lucian Darth]

Sianzzz like that how? Day light robbery isn't it? Work our asses off till 55 then cpf can't hit ms only can't take $. 天理何在！！！！！！

 

[no_faith]

And U seriously think you won't get any increment for 35 years meh?

i ponder

 

[Char_Azn]

dumbfuck fatass,

tell that to the old folks who will never see their cpf in 1 lump sum,

btw, dun surf the net during office so much. i am compiling the list whenever i see u post on line during office hours. u never know when i will itchy fingers and email to your boss/HR/MD.

It's great to know that pple in here dun believe in free speech and would go out of their way to ruin another person just because they have a difference in opinion. The truth hurts doesn't it

btw my new signature rocks.

Strangely enough, your signature points to the fact that I don't actually work for the government and I actually works for the pple I've always claim to be working for

 

[Char_Azn]

i ponder

Doing some calculations using a spreadsheet(See attachment)

Base on SA alone(simplistic ones, actual figure should be higher since the % of contributions to SA goes up between the age of 35-55 goes up). I am taking the lowest percentage at 5.5%. Someone earning $1820(I use this figure for easy calculation) puts $100 into SA every month, so $1200 a year.

Say he works for 35 years. with an annual increment of 1% and 4% interest in SA he will get 105000 at the end of 35 years

So seriously speaking if we factor in extra contribution between the age of 35-55, the annual bonuses, as well as the ordinary account, most pple will reach the minimum sum.

 

[annexa]

Work for 35 years ah? Very clever right you?

Poly grads are 20 years old when they get Diploma. Guys do NS so will be 22 years old. If work for 35 years, girls will be 55, guys will be 57 years old.

Girl Uni grads will be 22 or 23 years old when finish Uni. 23 years old if they take Honors. Guys add 2 years for NS will be 24 and 25 years old when come out to work. If work for 35 years Uni girls will be 59-60 years old, guys will be 61-62 years old.

I thought original retirment is 55 years old? Somebody screw up the planning so we cannot finish shit at 55 years old is it? :oIo: :oIo: :oIo:

Assuming U work 35 years, no increment over the 35 years and just the amount in your Special account alone(U can't touch it anyway). If U have a monthly income of $2700(works out to about $150 to special account * 12 mths * 4% interest), U will already be able to reach the minimum sum after 35 years. That doesn't even include ordinary account and whatever extra money that comes in via Bonuses. And U seriously think you won't get any increment for 35 years meh?

 

[annexa]

And also gahmen promise us job security for 35 years is it? Confirm no retrenchment is it? Last time got lifelong employment, no FTrash policy, no asset inflation policy. Now how? KNN

 

[Char_Azn]

Work for 35 years ah? Very clever right you?

Poly grads are 20 years old when they get Diploma. Guys do NS so will be 22 years old. If work for 35 years, girls will be 55, guys will be 57 years old.

Girl Uni grads will be 22 or 23 years old when finish Uni. 23 years old if they take Honors. Guys add 2 years for NS will be 24 and 25 years old when come out to work. If work for 35 years Uni girls will be 59-60 years old, guys will be 61-62 years old.

I thought original retirment is 55 years old? Somebody screw up the planning so we cannot finish shit at 55 years old is it? :oIo: :oIo: :oIo:

I just used a random figure as an example.

$1800 is lower end poly pay + I use a very low increment figure AND not including bonus and ordinary account which means most of us should easily reach that minimum sum way before you reach 55.

Obviously if you are a uni grad you will be earning more, if the amount can be quite easily reach by the Special account alone, retrenchment or loss of income for short periods of time should not be a major factor

 

[dankos]

It's great to know that pple in here dun believe in free speech and would go out of their way to ruin another person just because they have a difference in opinion. The truth hurts doesn't it



Strangely enough, your signature points to the fact that I don't actually work for the government and I actually works for the pple I've always claim to be working for

fatass

i will take my time to torture u. Dun be too sad if u get a fucking D for your apprisal.

Hahaha.

 

[KNNBCCB]

How have you been doing, tuan?

i am still in one piece boss ...

boss you huat lately or not?

any new students intake bor?

 

[Char_Azn]

I went home and re-did the simple spreadsheet I did in 2 min with a more accurate one

New spreadsheet includes
Added OA column

Change in SA rates according to age 6% contribution from 25-34, 35-44 = 7%, 45 - 55 = 8%, 1% after 55

Appropriate changes made to OA column as well

Estimate uses a 25 yr old uni grad with a starting pay of $2500 at 1% annual increment with no bonus(seriously the guy should quit his job if he has a 1% increment with no bonus for 30 years). The low increment and lack of bonus should be more then enough to offset retrenchment or loss of job for short period of time

OA Amt - 6000 annually for housing payments(assuming 2 parties paying home loan of $1000 a month 4 rm flat)

CPF and Housing estimate from CPF and HDB website

 

[SINgaporean]

I honestly think Singapore is broke.... Casino CPF etc... V clear sign any analyst can tell you

 

[Lucian Darth]

Hack lah! Think bottom feeders like me won't be seeing our CPF $ anymore. Congratulations to those who can hit the minimum amt. Spend it in remembrance of poor souls like us.:(:(

 

[Silencer]

Char_Azn

You need to leave out the Ordinary account in total as most would use that for their housing loan.
Your projection of $101K for starting salary of $2,500.00 at age 25 would not be enough to buy a 3-room HDB flat.
You also need to consider the poor will definitely use their CPF to offset their children tertiary education when time comes.

 

[Bigfuck]

Char_Azn

You need to leave out the Ordinary account in total as most would use that for their housing loan.
Your projection of $101K for starting salary of $2,500.00 at age 25 would not be enough to buy a 3-room HDB flat.
You also need to consider the poor will definitely use their CPF to offset their children tertiary education when time comes.

The guy cannot count. You factor in the MA, OA and house, you get negative.
Sure, I can do a more thorough one, but it will not change the negative outcome and it is very very negative.

 

[Char_Azn]

Char_Azn

You need to leave out the Ordinary account in total as most would use that for their housing loan.
Your projection of $101K for starting salary of $2,500.00 at age 25 would not be enough to buy a 3-room HDB flat.
You also need to consider the poor will definitely use their CPF to offset their children tertiary education when time comes.

Read my post again, I factor in housing already. I took the estimates from HDB website. For a 4 rm house in Yishun monthly payment over 30 years was 900, I put it at 1000 split into 2(500 * 12 months) so the ordinary account for the 1st 30 years the amt -$6000. That's why the ordinary account amt is so pathetic.

If you can tell me how much is the tertiary education amt I can add it inside. But as far as I remember, if you take out money from your parents account for education U need to pay back so that should also be offset.

I know the spreadsheet is not perfect, it will not be able to look into every scenario, I am open to suggestions to make it more accurate.

I created that thing to see if the minimum amt is a realistic target that most pple can reach. CPF also applies to me, I am just as concern about it as everyone else.

However base on my calculations, if you are earning >$2500 and currently in your late 20s early 30s, chances are, you should have no problem whatsoever reaching the minimum sum, even if they raise it by 50% by the time you turn 55, you should be able to get there since I use only a 1% annual increment and NO BONUS AT ALL, not even AWS. The pay you get at 60 is only $3500 a month which is a very realistic pay to reach even by today's standards.

 

[jiakhongleow]

Sinkies should from class action and take LKY and his PAP to international court, if kangaroo court is dodgy, for breach of agreement on CPF payout at age 55. This fucking scam should apply only on that year onwards when it was introduced.

This law should not affect those contributions paid before that introduction of the scam and Skinkies shd be entitled to their full CPF withdrawal up to that year it was introduced.

Once again, fucking Sinkie no guts to overthrow this fucking PAP party for their fucking scam on CPF issue. PAP is just a party and not a gahment but Sinkies just can't tell the different.

This time the raise is 6.5 percent. Let us say you start working now for 35 years. In 35 years time, your minimum sum is 8000*35+123000=SGD 403000. Your MRA, if they are nice will be 27500+34*2500= 112500. You make 2400/mth and stay that way for 35 years with no unemployment (haha). Weighting the CPF contribution rates and interests, you get 3.03 percent (rounded up. I ignore 60K 1%thingy as the bond float will cancel it out soon). So, you make $621,771.02 and if you minus out the two other sums, you get 106271SGD. But wait, what about the house? You marry now and buy a 250K HDB, and you and your wife pay the 5 percent down payment and split the loan in between for 30 years at 2.6 percent. You pay for your part, SGD172485.41 and you find you are -SGD66214.41 for you CPF. So you cannot withdraw but pledge the hdb! So tell me what to withdraw?