What?? CPF wants us to TOP UP again?

[VIBGYOR]

CPF cash top-ups meant for retirement



I REFER to last Friday's letter by Mr Jolly Wee, 'Encouraging CPF top-ups', proposing the withdrawal of interest earned on voluntary top-ups to the CPF Special Account.

The purpose of the voluntary CPF top-up scheme is to encourage members to make cash top-ups to enhance their retirement savings. It is not intended to provide an income stream available for immediate drawdown. Interest earned on the Special Account should be retained, so it can be compounded and enhance the member's retirement savings.

We would also like to highlight that the top-up scheme already contains incentives to encourage participation. Those making cash top-ups to their accounts can enjoy up to $7,000 in tax relief. In addition, if a member makes cash top-ups to family members (parents, grandparents, siblings or spouses earning less than $2,000 in the preceding year), he or she would enjoy additional tax relief of up to $7,000.

Julia Ng (Ms)
Deputy Director, Corporate Communications
for Permanent Secretary
Ministry of Manpower

 

[Ramseth]

Poor people got not even enough to live, much less to become taxable or afford top-ups. Tax reliefs for top-ups rich people only. That's the simple point.

And the simple point is, why is government policy helpining the richer to get richer and "helping" the poor to get poorer, thus widening the income gap?

 

[annexa]

These idiots roll out policies on THEIR STATIC projection model. They don't care shit, I suspect of course they don't know, how the economy ACTUALLY moves. The people salary going backwards thanks to their lousy planning, and they want to up our CPF.

IDIOTS!

 

[DerekLeung]

Yeah pure Idiots !

 

[The_Latest_H]

Can I don't contribute when I return for vacation? I don't care much for my CPF anyway. I wanna leave the level of money there as low as possible for obvious reasons.

 

[kiwibird7]

CPF cash top-ups meant for retirement



I REFER to last Friday's letter by Mr Jolly Wee, 'Encouraging CPF top-ups', proposing the withdrawal of interest earned on voluntary top-ups to the CPF Special Account.

The purpose of the voluntary CPF top-up scheme is to encourage members to make cash top-ups to enhance their retirement savings. It is not intended to provide an income stream available for immediate drawdown. Interest earned on the Special Account should be retained, so it can be compounded and enhance the member's retirement savings.


Julia Ng (Ms)
Deputy Director, Corporate Communications
for Permanent Secretary
Ministry of Manpower

In 1970, I could buy a 'cone shaped packet' of Kachang Puteh for only 10cents. Imagine if I had foregone eating that packet of Kachang Puteh and saved that 10cents by topping up my CPF with that 10cents for my retirement 40 yrs from 1970 to withdraw at the current 'attractive' CPF interests rate of (4%pa?)

After 40 yrs, when I do withraw that 10 cents 'invested' in my CPF with all that 'attractive' 4% compounded interest. Would I be able to NOW enjoy that same packet of KACHANG PUTEH at today's prices?

Worse yet, the govt might even hold back that 10 cents to make it last at least 10 yrs or more due to the changeable rules of CPF as the life expectancy increases according to the govt statistics and I might foolishly squander away my entire 10 cents at one go!

The trouble is even I had wanted to splurge on that kachang Puteh now, it might be beyond my price range at today's prices or even worse I might not even get to taste any Kachang Puteh before one kicks the bucket before the statistical age of one's life expectancy expires.

It would indeed be a real incentive or reward IF I could NOW buy 4 or more packets of the same Kachang Puteh which I foregone eating 40 yrs ago if the CPF scheme truly works for retirees.
In reality, I would not be able to buy even that 1 packet of Kachang Puteh from that 10 miserable cents that I saved in the CPF 40 yrs ago.

 

[ArtBoon]

I wish I can live long enough to see my CPF...

 

[NoOnEsAwMe]

...In reality, I would not be able to buy even that 1 packet of Kachang Puteh from that 10 miserable cents that I saved in the CPF 40 yrs ago.

how true.

the "power" of compounding interest.

$0.10 at 2.5% interest for 40 years will become only $0.27 .

yet $1.00 will become $2.69
and $10,000 will become $26,850.64 .

moral of the story = the rich will get richer.
and the poor will lag behind further.

the poorer you are now, the less you will stand to benefit from such "compounding".

 

[DOM the Clown]

These idiots roll out policies on THEIR STATIC projection model. They don't care shit, I suspect of course they don't know, how the economy ACTUALLY moves. The people salary going backwards thanks to their lousy planning, and they want to up our CPF.

IDIOTS!

These IDIOTS actually use prizes to bait EVENLAGIIDIOTS to top up!!!!


..............agree............they are IDIOTS!

 

[boii77]

CPF cash top-ups meant for retirement



I REFER to last Friday's letter by Mr Jolly Wee, 'Encouraging CPF top-ups', proposing the withdrawal of interest earned on voluntary top-ups to the CPF Special Account.

The purpose of the voluntary CPF top-up scheme is to encourage members to make cash top-ups to enhance their retirement savings. It is not intended to provide an income stream available for immediate drawdown. Interest earned on the Special Account should be retained, so it can be compounded and enhance the member's retirement savings.

We would also like to highlight that the top-up scheme already contains incentives to encourage participation. Those making cash top-ups to their accounts can enjoy up to $7,000 in tax relief. In addition, if a member makes cash top-ups to family members (parents, grandparents, siblings or spouses earning less than $2,000 in the preceding year), he or she would enjoy additional tax relief of up to $7,000.

Julia Ng (Ms)
Deputy Director, Corporate Communications
for Permanent Secretary
Ministry of Manpower

Top up our cpf to cover the losses the govt made investments??? sounds a good short term resolution..

Wan us to top up cpf, can... but they nid to be transparent on our cpf reserves 1st prior to anything else.

 

[i1u12]

These idiots roll out policies on THEIR STATIC projection model. They don't care shit, I suspect of course they don't know, how the economy ACTUALLY moves. The people salary going backwards thanks to their lousy planning, and they want to up our CPF.

IDIOTS!

The govt has the best pay people as they have the top talent and the best ministers to plan for the people.

u said they are IDIOTS!

Looking at the recent changes for Sgn u may be right!

 

[annexa]

Can I don't contribute when I return for vacation? I don't care much for my CPF anyway. I wanna leave the level of money there as low as possible for obvious reasons.

If you find the way, please let me know. I also want to reduce my CPF LIABILITIES.

 

[annexa]

how true.

the "power" of compounding interest.

$0.10 at 2.5% interest for 40 years will become only $0.27 .

yet $1.00 will become $2.69
and $10,000 will become $26,850.64 .

moral of the story = the rich will get richer.
and the poor will lag behind further.

the poorer you are now, the less you will stand to benefit from such "compounding".

Bro, once you earn above SGD5,000 no extra CPF contribution. That means, the 4% is not going to help at all! Because you will never have that kind of money in your CPF to compound enough for 4% to help you that many years later! The scholars screwed up even their maths!

 

[myfoot123]

CPF cash top-ups meant for retirement

A dollar in your pocket is better than a hundred in CPF. What goes in, may never get to see daylight again.

We have been, for decades, traumatised by the shift of CPF policies in Singapore. BEWARE of the theives that guard your monies!!!

 

[Conan the Barbarian]

how true.

the "power" of compounding interest.

$0.10 at 2.5% interest for 40 years will become only $0.27 .

yet $1.00 will become $2.69
and $10,000 will become $26,850.64 .


the poorer you are now, the less you will stand to benefit from such "compounding".

I did not know that you can buy Kachang putih @ 27cents

 

[The_Latest_H]

If you find the way, please let me know. I also want to reduce my CPF LIABILITIES.

Well, I won't contribute when I return. I have decided to forgo all these 'subsidies' because its all gonna get locked up in my CPF. So even if they put money in my CPF account, I can't withdraw and its good as banana money.

What's the point of it if my guess turned out to be right anyway? I'd rather leave my money in an Aussie bank account that has 8% interest compound and let it build monthly. At least I can withdrew some money when there's a need to do so...