Roy Ngerng should not retract his article and say sorry to the PM!!

[Thick Face Black Heart]

So what happens when you do not have enough to meet the CPF minimum sum in your CPF account?

He will not answer your question but continue with his anecdotes. The truth is over half of Singaporeans withdraw little at age 55.

 

[zeddy]

Obviously morons will be morons who dont look up on CPF website to look for it and claim you cant draw out any money even if you dont reach minimum sum.

FYI. here it is. You can draw out at least $5k even if you dont meet the minimum sum.

http://www.mom.gov.sg/newsroom/Pages/PressRepliesDetail.aspx?listid=235

And you even be exempted from minimum sum if you bought your own life annuity.

http://www.drwealth.com/2014/05/11/understanding-cpf-minimum-sum-scheme/

And fuckin Cheebye, withdrawal of 5K already a big fuck ah? 5k is not even enough to cover a year of medications, telco bills and other household expenses..

 

[Leongsam]

You are always fond of using anecdotes to support your half-baked assertions. The statistics however don't lie. It is true that over half of Singaporeans withdraw little or none at age 55 because of the stupid minimum sum requirement. So over half of Singaporeans are retarded or incompetent? Or is it because the government has suppressed wages and in so doing prevented Singaporeans from earning and saving?

Why also does the retirement age keep increasing? If the economic system was vibrant people would be making a good living and they won't need to be asked to retire later. Obviously our system only works for the elite few whilst the masses have their wages suppressed by artificial policy like influx of cheap labour.

Want to argue, argue with statistics. Anecdotes impress no one.

It is a known fact that many Singaporeans are not very competent and that is why foreigners need to be added to the population in an attempt to improve this situation over the long term.

Regardless of how they are labelled, the fact remains that anyone who has less than the minimum sum after more than 3 decades of working is obviously financially illiterate or irresponsible or both. This segment of the population need to be looked after for their own good. If they were allowed to withdraw the whole lot, they'd blow it all long before they died and they'd then end up destitute.

The retirement age keeps increasing because life expectancies are rising. Singapore now has one of the highest life expectancies in the world thanks to the excellent Singapore health system. Details are at http://en.wikipedia.org/wiki/List_of_countries_by_life_expectancy

Life expectancy in Singapore has has increased significantly over the years. You can see the data at

http://www.tradingeconomics.com/singapore/life-expectancy-at-birth-total-years-wb-data.html


http://www.tradingeconomics.com/singapore/life-expectancy-at-birth-female-years-wb-data.html

 

[xingguy]

 

[Leongsam]

And fuckin Cheebye, withdrawal of 5K already a big fuck ah? 5k is not even enough to cover a year of medications, telco bills and other household expenses..

I'm sure most Singaporeans who have any sense will have their own personal investments in addition to their CPF savings. Nobody I know has depended solely on CPF for their old age. They all have additional investments to fall back on plus their children give them money monthly.

 

[Leongsam]

Toh Chin Chye was an idiot. I had to put up with him as VC when I was in Uni and he was always talking rubbish.

Expatriate workers are not the sons and daughters of Singapore. The Singapore government is not responsible for the quality of their lives in their retirement years. If Malaysians take their CPF money and blow it all at Genting or whore houses and end up penniless and sleeping in the streets, it's Malaysia's problem not Singapore's.

However, if a Singaporean did the same thing and spent all his CPF savings in 6 months, he'd end up begging at hawker centres and polluting the environment with the stench of his unwashed body and clothes he has worn for weeks on end.

 

[tanwahtiu]

agree to disagree.

If people like Roy are allowed to make outlandish claims without any evidence whatsoever, the confidence in the Singapore system would be undermined with dire consequences.

For example millionaires who wish to park their riches in the country may think twice if they harbour doubts about the financial strength and stability of the government. Corporations would be hesitant too. Many set up HQs in Singapore because of currency stability and prudent financial management by the PAP.

Millionaires will park their money even in dump areas.

Many set up HQ because of the 5 years tax free open leg PAP let them in to fuck. What happen after 5 years is roll again and you call this business? If Malaysia did that can achieve better than Singapore.

I fully support LHL's demands for an apology and a retraction. Roy does not have a shred of evidence to support his utterances. If he did he would have presented it for the public to see.

How would you like it if someone started spreading lies about you being a pedophile or serial rapist just because he doesn't like you. Would you take it lying down? I certainly wouldn't.

Papig also said CPF money is a secret, like a secret safe, but people want the share of their profits and nowhere near them?

Roy has set precedent for more CPF issues to open for legal challenge as this are their hard earn money, not PAP keep them. Honor the contract set from the start of this CPF program.

 

[Leongsam]

So what happens when you do not have enough to meet the CPF minimum sum in your CPF account?

If you don't have enough to meet the minimum sum, it means that you're obviously not very competent when it comes to earning and saving money. That is why the government has to ensure that a minimum sum is retained so that you have a reliable source of income when you retire.

 

[tanwahtiu]

hypothetical case is no case.

Toh Chin Chye was an idiot. I had to put up with him as VC when I was in Uni and he was always talking rubbish.

Expatriate workers are not the sons and daughters of Singapore. The Singapore government is not responsible for the quality of their lives in their retirement years. If Malaysians take their CPF money and blow it all at Genting or whore houses and end up penniless and sleeping in the streets, it's Malaysia's problem not Singapore's.

However, if a Singaporean did the same thing and spent all his CPF savings in 6 months, he'd end up begging at hawker centres and polluting the environment with the stench of his unwashed body and clothes he has worn for weeks on end.

 

[Isogallardo]

cannot blame them la Leongsam since oppies have selective reading and love misreading things to their advantage.

 

[tanwahtiu]

The fact is PAP may be voted out and now they want to mess the CPF money before they leave.

If you don't have enough to meet the minimum sum, it means that you're obviously not very competent when it comes to earning and saving money. That is why the government has to ensure that a minimum sum is retained so that you have a reliable source of income when you retire.

 

[Leongsam]

agree to disagree.

Roy has set precedent for more CPF issues to open for legal challenge as this are their hard earn money, not PAP keep them. Honor the contract set from the start of this CPF program.

The PAP does not keep your money. The money is still yours. What the PAP is doing is helping you to be financially responsible by ensuring that your savings will last.

Surely those who have children will understand why this is necessary. My dad used to give me $2 a day to spend. He could have given me $14 at the beginning of each week but then I would have spent it all in a couple of days and would have had no money till the following week.

Would any of you hand over a year's or even a month's worth of pocket money to your children? I doubt it. There might be some exceptional cases where a kid has shown himself to be very astute at managing finances from a young age but the majority would simply spend the whole lot and then expect their parents to bail them out.

 

[The_Hypocrite]

So that means no minimum sum means cannot draw out the CPF and that means cant withdraw the CPF at 55,,,am I correct?

If you don't have enough to meet the minimum sum, it means that you're obviously not very competent when it comes to earning and saving money. That is why the government has to ensure that a minimum sum is retained so that you have a reliable source of income when you retire.

 

[Leongsam]

The fact is PAP may be voted out and now they want to mess the CPF money before they leave.

Don't worry. The PAP is not going to be voted out. There are enough sensible people in Singapore to ensure that it won't happen.

 

[tanwahtiu]

You believe him said this when he was the opposition party. When he become government he did otherwise?

Trust PAP is over and trust their program? Better to have your money in your pocket than in Ho Jinx purse.



“But we either believe in democracy or we not. If we do, then, we must say categorically, without qualification, that no restraint from the any democratic processes, other than by the ordinary law of the land, should be allowed… If you believe in democracy, you must believe in it unconditionally. If you believe that men should be free, then, they should have the right of free association, of free speech, of free publication. Then, no law should permit those democratic processes to be set at nought.”
- Lee Kuan Yew as an opposition leader, April 27, 1955

Don't worry. The PAP is not going to be voted out. There are enough sensible people in Singapore to ensure that it won't happen.

 

[Leongsam]

So that means no minimum sum means cannot draw out the CPF and that means cant withdraw the CPF at 55,,,am I correct?

Yes but that only applies to people who aren't very competent. When I discuss issues here, I expect to be having a dialogue with intelligent and well informed people who are capable of accumulating far more than the paltry minimum sum that is prudently held back.

In a photography forum I would expect whoever I'm interacting with to have a camera. In this forum, I would expect everyone to have at least twice the minimum sum in their accounts by age 55. If you think you're not going achieve that or you have already reached 55 and still don't have the minimum amount, then you should proceed to some other forum more suited to your capabilities.

I often wonder why some here cannot fathom simple concepts. It's now dawning on me that perhaps I made the wrong assumptions regarding the audience at sammyboy.

 

[Leongsam]

Trust PAP is over and trust their program? Better to have your money in your pocket than in Ho Jinx purse.

Don't be ridiculous. NO politicians can be trusted anywhere in the world. They'll say anything in order to appease or appeal to the masses. When politicians talk, you have to read between the lines.

 

[Leongsam]

cannot blame them la Leongsam since oppies have selective reading and love misreading things to their advantage.

I'm now beginning to think it's an "IQ" thing.

 

[halsey02]

There is huge difference between withdrawing the entire amount and withdrawing none at all at the age of 55. The withdrawal age is not the issue. Until they changed moved the goal posts, one could withdraw the entire amount at age 55.

One could argue that I was sold a packet of kway Teow despite the fact that the packet is half full and no other ingredients are in it and that it was not even cooked. And yes it was pack of kway of teow.

The 60% are blind to see, sure they get that packet of 'kway trow' at 55 years of age, but they have to pay for the box that come with it, takeaway cost '20cts' more, the ingredients are at the Minimum, enough to fill one belly, not enough to stop one from going hungry or getting sick. One have to wait...was from 55-62, now 55-65,, was 7 years now 10 YEARS. During that period, try withdrawing some of YOUR MONEY WHEN YOU HAVE A NEED..not an urge!....TRY!...they have 1001 conditions & with impossible terms...like you are permanently incapacitated or you are already in the 'BOX'.

A packet of char kway trow is a packet of char kway teow...but it should be free, for it was yours in the first place...but you have to PAY for what you own...

Blind SINgaporeans....so we gladly f#%#$%^& the PxP .

To dig up Temasick, GIC & Min of Finance trail....you need an army of accountants......

 

[tanwahp]

Isogallardo confused the opposition with activists. This is disingenuous. They are not the same and don't always think the same all the time.

Yes, the independent activists aka the Hong Lim Park regulars tend to support the opposition and/or are critical of the PAP.

So let us use the example of those PA grassroots activists.

Have you heard people kpkb if they get their playground upgraded for all years except one. But this is what these GRO activists in Kaki Bukit did. As a result of nitpicking their facts were severely singed. Even Isogallardo was not seen defending that episode. He knows that kind of behaviour isn't representative of the PAP and would damage the PAP if linked. But he tries to link Roy with SDP, with the opposition.

Bear in mind that these kpkbing is done on AHPETC when it should be the MND that decides whose latrine to upgrade.