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Enraged old man cursed about CPF during
Reform Party’s walkabout at Clementi
September 12th, 2010 | Author: Your Correspondent
The Reform Party encountered an enraged man in his sixties who was angry at not being able to withdraw his CPF during its walkabout at Clementi today, its fourth in this week alone even as 46 PAP MPs and activists were enjoying themselves on a “bonding” trip in China.
According to RP activist Irene Ho, she greeted the well-dressed man who was walking towards her after which he suddenly went into a tirade about his CPF.
“He was very angry and spoke about how he had a total of (approximately) $103K in his CPF and he is facing problems withdrawing it! He said he is very frustrated and complained about how his CPF would be eroded by inflation by the time he could withdraw the balance. Then he cursed about how people like himself (being in his 60s) shouldn’t be forced to work because he is at an retirement age! With the high cost of living, his monthly CPF payout of $500 to $600 is not enough for him and thus he is forced to work to make ends meet,” Irene wrote on her Facebook.
Under the new CPF Life scheme which all Singaporeans are “automatically” included, they have to keep a Minimum Sum of more than $120,000 in their ordinary account.
Unlike in the past where Singaporeans are able to withdraw their CPF in one lump sum when they reach 55 years of age, only a monthly amount is now deposited into their bank accounts like the case of the gentleman above.
With the baby-boomers reaching retirement age, an increasing number of them are getting peeved at not being able to withdraw their CPF monies which ultimately belongs to them and as such, most have to continue working.
PAP strongman Lee Kuan Yew mooted the idea of scraping the retirement age altogether and exhort his subjects to follow his example and work for as along as they can into their 80s though they do not enjoy the same wages and perks as him for doing nothing much except “forecasting”.
In its policy pledges, the Reform Party promises to set up a basic Old Age Pension for all Singaporeans, to reform CPF and to introduce a universal health insurance.
Read Irene’s account of the walkabout here.
Reform Party’s walkabout at Clementi
September 12th, 2010 | Author: Your Correspondent
The Reform Party encountered an enraged man in his sixties who was angry at not being able to withdraw his CPF during its walkabout at Clementi today, its fourth in this week alone even as 46 PAP MPs and activists were enjoying themselves on a “bonding” trip in China.
According to RP activist Irene Ho, she greeted the well-dressed man who was walking towards her after which he suddenly went into a tirade about his CPF.
“He was very angry and spoke about how he had a total of (approximately) $103K in his CPF and he is facing problems withdrawing it! He said he is very frustrated and complained about how his CPF would be eroded by inflation by the time he could withdraw the balance. Then he cursed about how people like himself (being in his 60s) shouldn’t be forced to work because he is at an retirement age! With the high cost of living, his monthly CPF payout of $500 to $600 is not enough for him and thus he is forced to work to make ends meet,” Irene wrote on her Facebook.
Under the new CPF Life scheme which all Singaporeans are “automatically” included, they have to keep a Minimum Sum of more than $120,000 in their ordinary account.
Unlike in the past where Singaporeans are able to withdraw their CPF in one lump sum when they reach 55 years of age, only a monthly amount is now deposited into their bank accounts like the case of the gentleman above.
With the baby-boomers reaching retirement age, an increasing number of them are getting peeved at not being able to withdraw their CPF monies which ultimately belongs to them and as such, most have to continue working.
PAP strongman Lee Kuan Yew mooted the idea of scraping the retirement age altogether and exhort his subjects to follow his example and work for as along as they can into their 80s though they do not enjoy the same wages and perks as him for doing nothing much except “forecasting”.
In its policy pledges, the Reform Party promises to set up a basic Old Age Pension for all Singaporeans, to reform CPF and to introduce a universal health insurance.
Read Irene’s account of the walkabout here.
