CPF: Money Not Enough Again

[PhuaTeKor]

Does this statement "We are enhancing the CPF system to make CPF savings last longer for members." means "We will lock up your CPF longer and give out lesser to you every year when you reach withdrawal age" ?

http://en.wikipedia.org/wiki/List_of_countries_by_life_expectancy
Rank Country Overall Male Female Life expectancy at birth (years)
15 Singapore 80.0 78.0 81.9


CPF review to address longer lives
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Tuesday, Aug 23, 2011
By Gwendolyn Ng

AS LIFE expectancy increases up to 85 and beyond, the Government is reviewing the Central Provident Fund (CPF), which remains viable, Minister of State for Manpower and National Development Tan Chuan-Jin said yesterday.

Speaking at a forum held at the National University of Singapore, he said: "We are enhancing the CPF system to make CPF savings last longer for members."

This is because people underestimate how long they will live and how much they should save for retirement, Brigadier-General (NS) Tan said.

Family support continues to play an important role in retirement adequacy.

For instance, he said seniors could be supported through the Minimum Sum Topping-Up Scheme where members opt to top up their family members' CPF accounts. About $110 million in top-ups were made for parents and grandparents last year.

 

[po2wq]

Does this statement "We are enhancing the CPF system to make CPF savings last longer for members." means "We will lock up your CPF longer and give out lesser to you every year when you reach withdrawal age" ? ...

2 me, it means dese ...

1) u gotta put mor moni in2 cpf now ... wat u r putting in now is no enuff ...
2) u gotta have mor minimum amt now ... ur minimum amt is no enuff 2 last loong 4 u ...

 

[Conqueror]

Delay Tactic ?

How can they NOT pay you at 55 yo ? So, they had designed a delay tactical scheme like pushing the age to 63 yo or longer. The longer the time, the more money they can accumulate in the pool. Whether the pool is getting smaller because of losses or exchange rate, we don't know. So, by this time, more FTs and young Sinkies will have given more into the buffer as payouts to old folks. Old folks super happy ! Wait ! What has happened to the fund pooled in by the younger gen slaves ? Your guess.

How will a person tries to avoid paying you ? Ask you to invest again or tell you about the benefits of putting your money longer means higher rate of return like in all insurance plans. BUT, when it closes down (go bust !), you will cry father and cry mother and curse the agent and company then.