Govt to consult stakeholders on CPF for older workers: DPM Tharman

[sengkang]

Govt to consult stakeholders on CPF for older workers: DPM Tharman
By Tan Qiuyi | Posted: 16 July 2011 1439 hrs
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SINGAPORE: Deputy Prime Minister Tharman Shanmugaratnam said the government will consult stakeholders and understand the ground feel when it looks into the labour movement's decision to review the CPF contribution rate of older workers.

Mr Tharman said the issue will have to be considered carefully to ensure that older workers are able to find work and stay in the job.

He said the government will monitor how the wage system changes over time and whether it will move away from a seniority-based structure to one that's more performance-based.

Mr Tharman said this in response to questions from reporters on the sidelines of a school event.

He was asked about the labour movement's decision to take a closer look at the current practice whereby the Central Provident Fund (CPF) contribution rates of workers are cut when they reach 50 years old, and cut further when they turn 65.

Unionists have suggested a review to enable older workers to save enough for housing, medical and retirement needs and to continue working.

Mr Tharman said: "So this is something we have to study over time, but let's not make changes in haste. Let's study this carefully, consult employers, consult the unions, find out the realities on the ground. And do the right thing for our older workers. That's what we're concerned about."

- CNA/:*:

 

[sengkang]

ccb, CPF money dunno how to return, just know how to cut.. knnbcb

 

[hairylee]

Ministers pay should also be performance based.

 

[CannonFairy]

wayang waste time

 

[silentisgolden]

A Retiree’s Experience with his CPF Monies


by Yaw Shin Leong on Friday, July 15, 2011 at 2:16pm

Earlier this month, a retired Hougang Constituent (Mr. L) shared with me that in his latest CPF statement of account, there was a transfer item of X dollars from his Ordinary account to his Medisave account. According to him he did not submit this particular request and was hence surprised that such a transfer was made without his prior knowledge and requested that the X dollars to be transferred back to his Ordinary Account.

Mr. L then wrote to CPF and received a reply explaining that it is a requirement for CPF to fully set his Minimum Sum in his Retirement Account and Medisave Required Amount (MRA) in his Medisave Account before he is eligible to withdraw from his CPF saving.

CPF further explained that as this retired Hougang Constituent has a shortfall in his Medisave Account when he applied for withdrawal, CPF will hence transfer X dollars from his Ordinary Account to make up for the MRA shortfall amount. Hence CPF is unable to accede to his request to transfer the X dollars back to his Ordinary account.

Mr L then replied the following to CPF:

Dear CPF,

The MRA was fully complied with on my retirement at 55 years old in July 2008. The amount in my ordinary account is the residual balance which I am entitled to withdraw in full.

We were never told that money kept in the CPF after 55 years old will be
used at your discretion for topping-up. Why do I have to top-up the MRA again when I had already fully complied in 2008?

Please check that there was no new contribution to my account which means
the total balance is my full entitlement plus interest earned. It appears to me that you will decide at your pleasure to use my entitled sum of money without my prior knowledge because I left it in the ordinary account.

You seem to give the signal for members to withdraw all and leave zero balance in their CPF ordinary account contrary to the Government's encouragement for members to continue saving in the CPF ordinary account even after 55 years old.

I urge you to study the merits of this case more thoroughly before you conveniently tell me that you cannot transfer the amount in question back to my ordinary account.

I await your reply

Mr L.

I am awaiting CPF’s reply to Mr L too.

 

[silentisgolden]

Yaw Shin Leong: I just read an email from Mr L. who shared that the TNP is running a story on this issue in today's TNP! <abbr title="Friday, July 15, 2011 at 2:36pm" data-date="Thu, 14 Jul 2011 23:36:26 -0700">Yesterday at 2:36pm</abbr>

 

[leoman]

so long as 1 works
ecpf shld b all d same
old or young, below or above 50
they r still an 'employee'

juz like ..... a car

vintage or new car
when parking @ open carpark
still have 2 buy d same $65 season parking

while tharman is still talking abt cpf
CPF MINIMUM SHLD NOT B WITHHELD
n
SHLD B RETURN 2 CITIZENS UPON AGE 55

 

[halsey02]

What does the 'botak' mean by consulting the stakeholders? He is going to ask, Temasek & GIC what to do next, or he is going to call for a referendum; and ask every working SINgaporeans, their suggestion.

Another wayang !, they are the ones who cut the CPF rates so that the older workers are employable, now want to raise the CPF rates, so that the older workers have more money to retire. It is like squeezing a water filled balloon at both ends & the centre expand & squeeze the centre, both ends expand. Squeeze until the balloon burst...what a balooney!.

 

[johnny333]

What does the 'botak' mean by consulting the stakeholders? He is going to ask, Temasek & GIC what to do next, or he is going to call for a referendum; and ask every working SINgaporeans, their suggestion.

now want to raise the CPF rates, so that the older workers have more money to retire.

Even if you are lucky enough to be working at an older age, you'll be paid less courtesy of the PAP

With increased CPF deductions, reduced pay, increased minimum sum, higher withdrawal age,.... you'll likely be dead before you'll see any of your CPF

 

[LeMans2011]

Its is amusing if you look at who PAP consider as stakeholders.

The most recent example is Cow: he consulted main stakeholders "developers, real estate agencies, etc"... all but home owners! I know there are some positive news about the low priced 3600+ units HDB flats released last Thursday... but i will not make any conclusion until i see more of what unfolds over the next 2 years.

 

[longbow]

Just match rate of return to 1% above rate of inflation. Pretty sure that is not a difficult target for the brains at GIC.

Better than offering us a rate below rate of inflation and have GIC skim off the profits to be held in reserves. They are giving us returns below rate of inflation and keep telling us to top up more $

 

[streetsmart73]

hi there


1. aiyoh!
2. wanting to do something only now.
3. one word for it: wayang!
4. stakeholders, who man? temesak h, some dogs, glassroots individuals or some sheep.
5. stakeholders are each and every individual in sheepishland.
6. get right, botak!