What is the Central Provident Fund for?

[makapaaa]

What is the Central Provident Fund for?

August 22nd, 2012 |

Author: Contributions

I can use the monies in my CPF account to take up an Education “Loan” (Why is it a loan in the first place when it is my own money?).
Now, not just I have to repay that “loan” back into my CPF account, I have to repay the INTEREST for the amount withdrawn? “You will need to pay interest on the amount borrowed until the loan is fully paid up” (http://mycpf.cpf.gov.sg/CPF/my-cpf/starting-work/RepEduLoan.htm)
How does it even make sense from the perspective that the money is mine to begin with? I withdraw money from the CPF, means I earn less interest from CPF, FULL STOP. Shouldn’t it be this way?
Wait; say now I use my CPF funds to pay for my HDB flat on a 30-year loan. So after I repay the 30-year loan using CPF, I NOW OWE CPF the amount used to PLUS INTEREST?
I’m screwed to the extent I’m awed by the screwers who designed the policies.
.
Helpless Singaporean

 

[makapaaa]

<CITE class=fn>Emeritus Singaporean:</CITE>
August 22, 2012 at 2:21 pm Emeritus Singaporean(Quote)
The confounding part of using CPF money is that one has to pay the “interest lost” when that CPF amount was “borrowed” and removed from the CPF for the duration of the loan.
It seems that even as the “interest” amount is creditted back to one’s account, this penalty has to be imposed, as it seems to be a penalty for the duration that the CPF Board had not benefitted from the use of the amount borrowed.
This amount has to be paid into one’s CPF account even if the account holder has passed the mandatory retirement age of 62 years.
Clearly, the CPF has lost sight of its original goals of being a savings for retirement, when amendments to the CPF legislations have now allowed for the withholding amounts in so many different and new sub-accounts in the CPF.
Clearly, the PAP Government has renegaded on the original goals of the CPF serving Singaporean need on retirement, as there no longer is a retirement age – even as there is a mandatory retirement age of 62 years – as the PAP Political LEEdership has shifted the goal post that now require Singaporeans to work until one drop.
With the PAP Mentor vainly clinging to political power at the age of 89 years, he is justifying his own continued relevance to cling to his position by creating the same demands on ageing Singaporeans to do likewise – even at half of the pay while he get his full MILLION Dollar pay plus pension while being on the job.
PAP HYPOCRISY is seen again at play.

 

[tua lam pah]

does the word ponzi light a bulb?

 

[batman1]

The CPF has cheated the CPF members by illegally and immorally enforcing the Minimum Sum Scheme (CPF Life) and
deferring their withdrawal age from 55 years old to 65 years old.
What if the CPF members are jobless,sick and poor between the ages of 55 to 65 and they need money for daily survival ? What is the purpose of thinking of how much u can withdraw in the FUTURE when u cannot even keep your stomachs full NOW ?
No we know why people call CPF as the Cheat People's Fund and not forgetting that CPF money is a very cheap source
of funds to GIC which lost billions of dollars in overseas investments/speculations.
At the rate GIC is losing money in unwise overseas investments/speculations ,it is not surprising that the Minimum Sum Scheme has been increasing annually (by administrative order without consent from CPF members) and Withdrawal Age will be deferred further beyond 65 years old (by adminstrative order without consent from CPF members) .
Practically,your CPF money is NOT your money anymore as the PAP has hijacked your CPF money and u may not even
get to see and touch your CPF money as u may die before the Withdrawal Age.
KNNCCB to the corrupt PAP !!!
KNNCCB to the 60% who voted for the PAP !!!

 

[ionzu]

CPF monies are used to buy all sorts of government bonds and fund our country's operations. its got nothing to do with retirement and savings. that is just a wayang. no one can retire fully on CPF minimum sum, which begs the question, why bother with it?

 

[eatshitndie]

c: casino
p: prostitutes
f: foldable bike

 

[Jlokta]

As per title. CPF is pocket $$ for this gentleman.

 

[streetsmart73]

CPF monies are used to buy all sorts of government bonds and fund our country's operations. its got nothing to do with retirement and savings. that is just a wayang. no one can retire fully on CPF minimum sum, which begs the question, why bother with it?

hi there


1. sifu, good one!
2. however, tell it to the 60% dafter sheep.
3. honest, such pool is some bottomless pit!

 

[Equalisation]

For them to suka suka invest. Win they rake, lose your problem. Walaneh, this kind of gambling I also want binya !!!

 

[Balls2U]

cpf : conning peasants fiscally

 

[ionzu]

hi there


1. sifu, good one!
2. however, tell it to the 60% dafter sheep.
3. honest, such pool is some bottomless pit!

CPF was a great idea for nation building. now it has become a liability. sooner or later, the PAP will lose more GRCs because of the CPF minimum sum bull shit. but they have no choice do they?

 

[zeddy]

The CPF is a personal fund for that ugly bitch to satisfy her gambling addiction..

When her cheebye is itchy, she'll start her gambling spree with our CPF monies..

Millions of dollar gone down the drain each time Ho Jinx's cheebye kena a gambling itch..

Her cheebye will itch again soon.. We are fucked!!!

 

[Narong Wongwan]

correction...........its billions of dollars down the drain!
machiam personal investment fund..........or gambling capital....that's what it is.
also how come no one mention the word PONZI?

The CPF is a personal fund for that ugly bitch to satisfy her gambling addiction..

When her cheebye is itchy, she'll start her gambling spree with our CPF monies..

Millions of dollar gone down the drain each time Ho Jinx's cheebye kena a gambling itch..

Her cheebye will itch again soon.. We are fucked!!!

 

[Ash007]

If you treat CPF as a TAX to the government, then everything makes sense. The amount that you can withdraw for its various uses is just how much the government is willing to lend you.

 

[zeddy]

correction...........its billions of dollars down the drain!
machiam personal investment fund..........or gambling capital....that's what it is.
also how come no one mention the word PONZI?

Typo error on my part.. Thanks for the correction.. Actually people involved in PONZI can kena caught.. But the mastermind of this Sinkie PONZI scheme is protected by the Govt..

I can sense Ho Ching scratching her itchy cheebye again one of these days.. Its casino time for her again..

 

[halsey02]

I can use the monies in my CPF account to take up an Education “Loan” (Why is it a loan in the first place when it is my own money?).
Now, not just I have to repay that “loan” back into my CPF account, I have to repay the INTEREST for the amount withdrawn? “You will need to pay interest on the amount borrowed until the loan is fully paid up” (http://mycpf.cpf.gov.sg/CPF/my-cpf/starting-work/RepEduLoan.htm)
How does it even make sense from the perspective that the money is mine to begin with? I withdraw money from the CPF, means I earn less interest from CPF, FULL STOP. Shouldn’t it be this way?
Wait; say now I use my CPF funds to pay for my HDB flat on a 30-year loan. So after I repay the 30-year loan using CPF, I NOW OWE CPF the amount used to PLUS INTEREST?
I’m screwed to the extent I’m awed by the screwers who designed the policies.
.
Helpless Singaporean

Finally on SINgaporean saw the light!! wow!..I have actually asked CPF, took my time to go down to Robinson Rd, back in those days one place to go; to ask about taking an education loan from my CPF account to UPGRADE myself & why I have to pay MYSELF interest the money I take out to buy a flat?? The first question was a NO! & I can use my CPF to pay for the next generation education!! & pay back plus interest. Wow, in 2012, one SINgaporean actually woke up!!

Do you know, you can go to jail for not paying yourself Medisave..ha ha ha ha ha anyway, we approved these!!

 

[Ash007]

Yes, at least the people that voted the government that implemented these.

Finally on SINgaporean saw the light!! wow!..I have actually asked CPF, took my time to go down to Robinson Rd, back in those days one place to go; to ask about taking an education loan from my CPF account to UPGRADE myself & why I have to pay MYSELF interest the money I take out to buy a flat?? The first question was a NO! & I can use my CPF to pay for the next generation education!! & pay back plus interest. Wow, in 2012, one SINgaporean actually woke up!!

Do you know, you can go to jail for not paying yourself Medisave..ha ha ha ha ha anyway, we approved these!!

 

[Narong Wongwan]

Do you know, you can go to jail for not paying yourself Medisave..ha ha ha ha ha anyway, we approved these!!

if you never pay traffic fine you go jail........come out case close.
You never pay medisave you also go jail.........but come out its not written off.......still got to pay up......probably along with the fines and interests imposed.
All thanks to the 60.1%

 

[chonburifc]

No leh, zorro said every monthend see cpf statement feel very rich. Me stop contributing more than 2 years liaoz. Knn, really don't feel rich every monthend.

 

[Narong Wongwan]

No leh, zorro said every monthend see cpf statement feel very rich. Me stop contributing more than 2 years liaoz. Knn, really don't feel rich every monthend.

not meant to be rude bro.........but quite sure your CPF contributions cannot fight with Zorro's.......