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- Dec 30, 2010
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Today if a young adult in his/her 20s starts to work this year, he/she will need at least $500,000.00 in the CPF saving before he/she can withdraw excess cash from the minimum sum of $500k when he/she is 55 years old. This is assuming that CPF minimum sum is raised by $10k every year. At this rate, it might be impossible to take back their saving when they turn 55 years old.
What is worse is our government is always changing and implementing so many rules to make it difficult for citizens to take back their own saving. Dr Toh Chin Chye (杜进才), a well-respected PAP old guard was against the withdrawal age from 55 years old to 60 years old. In 1984 parliamentary dabate, he said, " The fundamental principle is this. The CPF is really a fixed deposit or a loan to Government, which can be redeemed at a fixed date when the contributor is 55 years old. It is as simple as this, that the CPF has lost its credibility, the management of it. This is fundamental."
Do we have a leader in Singapore today, to speak up for Singaporeans who are against the yearly increment CPF minimum sum? Is it any wonder why PAP is http://happyartfood.blogspot.sg/2014/05/will-singaporeans-ever-get-back-their.html
What is worse is our government is always changing and implementing so many rules to make it difficult for citizens to take back their own saving. Dr Toh Chin Chye (杜进才), a well-respected PAP old guard was against the withdrawal age from 55 years old to 60 years old. In 1984 parliamentary dabate, he said, " The fundamental principle is this. The CPF is really a fixed deposit or a loan to Government, which can be redeemed at a fixed date when the contributor is 55 years old. It is as simple as this, that the CPF has lost its credibility, the management of it. This is fundamental."
Do we have a leader in Singapore today, to speak up for Singaporeans who are against the yearly increment CPF minimum sum? Is it any wonder why PAP is http://happyartfood.blogspot.sg/2014/05/will-singaporeans-ever-get-back-their.html
