1. IP addresses are NOT logged in this forum so there's no point asking. Members are encouraged to install GOM or HOLA or TUNNELBEAR for an added layer of protection.

    The SEX forum is HERE so please stop asking.

Amy Khor confirms CPF is NOT our money!

Discussion in 'The Courtyard Café' started by Confuseous, Jun 23, 2014.

  1. Confuseous

    Confuseous Alfrescian (Inf)

    Joined:
    Dec 30, 2010
    Messages:
    9,780
    Likes Received:
    137
    Trophy Points:
    63
    Remember last week when I commented on a video where a retired woman met her MP, Hri Kumar, to ask for a way to get her CPF money? Well, Senior Minister of State for Manpower and Health Amy Khor to issue a statement to “clear” the air.

    According to her statement, the retiree in question, Ms Irene Yap, was mistaken as she “does” have some avenue to withdraw her Retirement Account (RA) Savings. She could either apply to receive monthly payouts from her RA or withdraw her RA savings in a lump sum, provided she had property to pledge.

    The only thing this statement “cleared” is that I am right. Senior Minister Amy Khor has just admitted that the CPF in my account is not my money. Why else do I have to pledge my property to take out my money?

    If my CPF money is really my money, surely I should be able to take it out. If you’re saying I can’t because of the Minimum Sum, which is $198,500, that’s something; but if you’re saying I can’t because I didn’t pledge property to take it out, that’s something else entirely!

    http://hardhitting-nobs.blogspot.sg/2014/06/its-not-our-money.html



    I have to ask (and I don’t think I’m alone) why in the world do I have to pledge my property to take out my money? That’s makes no sense. However, if it’s not my money; then it would make perfect sense.




    So the only thing Senior Minister Amy Khor has clarified is that I had been right all along. The CPF savings is not our money.
     
  2. Dragonhead

    Dragonhead Alfrescian Old Timer

    Joined:
    Jun 21, 2014
    Messages:
    399
    Likes Received:
    10
    Trophy Points:
    0
    The rule of thumb is this: On paper, CPF is your money but in reality, papz keeps it for you under certain rules that they can change as they like. You can see the amount in your account but you cannot withdraw it as you like. How to take back your money? Wait until papz are out and the new Govt changes the rules. Meantime, accept the papz's rules as nothing will change. Roy is wasting his time and energy like knocking his head against the wall.

    Change will only come about when papz is toppled.
     
  3. laksaboy

    laksaboy Alfrescian (Inf)

    Joined:
    Aug 10, 2008
    Messages:
    33,278
    Likes Received:
    325
    Trophy Points:
    0
    Your CPF statement is an IOU from the CPF board.

    An IOU is only as good as getting your money back from the debtor. If you can't get your money back... tough luck. :D
     
  4. scroobal

    scroobal Alfrescian Old Timer

    Joined:
    Jul 16, 2008
    Messages:
    24,682
    Likes Received:
    178
    Trophy Points:
    63
    As far as the PAP is concerned, the CPF acts as an escrow account to ensure your medical bills and any outstanding are covered. To them it is not a retirement fund. The property pledge provides that guarantee when the CPF funds can't.

    CPF means a completely different thing to the PAP government. To the PAP the drivers are different, thus the conflict. They should have started a universal healthcare insurance scheme where citizens pay a premium some 40 years, premiums which could have been paid from CPF. Instead they wanted grow their NTUC Insurance arm as well as protect the private Insurance industry.
     
  5. chonburifc

    chonburifc Alfrescian (Inf)

    Joined:
    Aug 22, 2011
    Messages:
    11,202
    Likes Received:
    462
    Trophy Points:
    83
    Repeat this powerful chant 10 times before you go to bed and 10 times after you wake up. Do this for as long as you can and soon you will be a much happier person.

    Here's the chant, "MONEY NOT IN MY POCKET IS NOT MY MONEY!"

    No harm trying.
     
  6. longdongsilver

    longdongsilver Alfrescian Old Timer

    Joined:
    Jul 30, 2011
    Messages:
    161
    Likes Received:
    0
    Trophy Points:
    16
    CPF is very much the HDB flat,it is your flat but then again it is not your flat
     
  7. Witterquick

    Witterquick Alfrescian Old Timer

    Joined:
    Oct 19, 2012
    Messages:
    19
    Likes Received:
    0
    Trophy Points:
    0
    They will tell you but then you can sell it and profit from it if you are not the owner:*:
     
  8. halsey02

    halsey02 Alfrescian (Inf)

    Joined:
    Aug 12, 2008
    Messages:
    31,419
    Likes Received:
    215
    Trophy Points:
    63
    We are certainly some kind of idiots on this earth, WE ARE PLEDGING OUR MONEY TO WITHDRAW OUR MONEY? we only pledge some thing of value to get credit right? & then, pay back the amount, when the time it is due, we can't pay, our pledge is taken, right??

    So, we are borrowing from ourselves?? we must be some kind of idiots!
     
  9. frenchbriefs

    frenchbriefs Alfrescian (Inf)

    Joined:
    Jul 25, 2013
    Messages:
    15,419
    Likes Received:
    79
    Trophy Points:
    48
    the question is what happens after u pledge ur property and withdraw ur money?are u supposed to put the money back at a later date?or when ur dead it will be forgotten?
     
  10. halsey02

    halsey02 Alfrescian (Inf)

    Joined:
    Aug 12, 2008
    Messages:
    31,419
    Likes Received:
    215
    Trophy Points:
    63
    After you pledge & withdraw, you die...they send debt collectors to the other side to collect from you....beware! you can die, but you can't hide!! ha ha ha ha

    btw....you are owing yourself money!!....it is like using a dildo & fark yourself...only diff, is you can, get no satisfaction!!
     
  11. sochi2014

    sochi2014 Alfrescian Old Timer

    Joined:
    Feb 28, 2014
    Messages:
    5,016
    Likes Received:
    30
    Trophy Points:
    0
    I have been shortchanged!! While asking for expected salary, it was negotiated downwards because of that CPF element.

    CPF is my money!! Please give it back!! hehe...
     
  12. frenchbriefs

    frenchbriefs Alfrescian (Inf)

    Joined:
    Jul 25, 2013
    Messages:
    15,419
    Likes Received:
    79
    Trophy Points:
    48
    what if i no religion and dont believe in afterlife?can i prepay a check to Lee Kuan Yew in hell first?
     
  13. halsey02

    halsey02 Alfrescian (Inf)

    Joined:
    Aug 12, 2008
    Messages:
    31,419
    Likes Received:
    215
    Trophy Points:
    63
    Depend if you meet him in the cup de sac this life or afterlife...if you check BOUNCE!
     
  14. chootchiew

    chootchiew Alfrescian (Inf)

    Joined:
    Aug 31, 2010
    Messages:
    10,319
    Likes Received:
    74
    Trophy Points:
    0
    Shove your hardcore hotdog into Amy Khor mouth then she will not be able to say that !
     
  15. neddy

    neddy Alfrescian (Inf)

    Joined:
    Jul 14, 2008
    Messages:
    6,464
    Likes Received:
    95
    Trophy Points:
    0
    Amy is wrong. CPF is my money. I withdrawn every single cents when I quit the SinkaLand.

    Now, that money has more than tripled and still in my possession.
     
  16. chonburifc

    chonburifc Alfrescian (Inf)

    Joined:
    Aug 22, 2011
    Messages:
    11,202
    Likes Received:
    462
    Trophy Points:
    83
    Good for you! I just don't understand why there are so many sinkees who continue to contribute to CPF every month. And yet complain about cannot get back CPF?


    KNN, really no logic leh. sinkees really sibeh complicated.
     
  17. chootchiew

    chootchiew Alfrescian (Inf)

    Joined:
    Aug 31, 2010
    Messages:
    10,319
    Likes Received:
    74
    Trophy Points:
    0
    haha, the word contribute and rob is different. being rob how ? Fight back will kena either stab by robber or go to jail if fight back miw.
     
  18. Leongsam

    Leongsam Administrator Staff Member Old Timer Old Timer

    Joined:
    Jul 10, 2008
    Messages:
    36,763
    Likes Received:
    236
    Trophy Points:
    63
    I have term deposits in a bank. I can't touch any of this money because it is pledged to the bank for the duration of the term.

    However, I know it is still my money as the yield from the deposits is credited to my current account which I can use however I wish.

    I also have some commercial property. However, I don't have use of it because it is leased to another company.

    However, I know that I own it because the rent that they pay is credited to my current account as well. The day I find that the property is no longer mine is the day that I find I cannot derive any yield from it.

    CPF is no different. Although the funds cannot be spent, the fact that the account is in your name and that any annuities, profits derived from investments and so on is yours to spend so the money has to be yours. If it wasn't you wouldn't be credited with the yield from your account.

    Singaporeans need to change their view regarding assets which is what your CPF is. Assets should never be spent. Only the yield from assets should be spent. Once you spend your capital, there is nothing left for later on.
     
  19. chootchiew

    chootchiew Alfrescian (Inf)

    Joined:
    Aug 31, 2010
    Messages:
    10,319
    Likes Received:
    74
    Trophy Points:
    0
    This has been debated so many times. The difference with all is that others can easily terminate the terms whereas cpf cannot :) There is so far not a answer to it, which can conclude is a cheat !
     
    Last edited: Jun 24, 2014
  20. Leongsam

    Leongsam Administrator Staff Member Old Timer Old Timer

    Joined:
    Jul 10, 2008
    Messages:
    36,763
    Likes Received:
    236
    Trophy Points:
    63
    The restriction on termination applies only to the minimum sum. It does not apply to any funds beyond that amount so if you use YOUR CPF money to buy a house and you make $500,000 profit when you sell the house, you can withdraw this money minus the small amount of interest accrued.

    In CPF, Singaporeans have a huge advantage over citizens of many other countries in that the government has created a savings/investment fund for you which is extremely flexible and relieves many of the cash flow problems that people around the world face when it comes to securing loans and paying mortgages.

    The only downside, if you do consider it to be one (I don't) is that there are withdrawal restrictions on a small portion of this fund when you reach retirement. In my opinion, it is a price well worth paying considering all the benefits that can be derived from CPF over the years.

    Singaporeans should consider themselves to be extremely lucky. In NZ, the reserve bank has restrictions on lending and borrowers need to front up with at least 20% of cash in order to buy their first homes. Many are stuck in sub standard rental property in despair wondering how they are ever going to get a foothold in the property ladder.

    Imagine that you have started out in your career and you want to purchase a home in Auckland. The CHEAPEST decent home is at least $380,000 in the current market. There is no CPF to help. You have to find the money yourself.

    You'll need to take a mortgage of course and you'll need 20% of $380,000 which is a whopping $76,000 of cold hard cash.

    If you do succeed in getting a loan, you're then stuck with a 20 year mortgage which historically has been in the 6% to 12% zone and all this has to be funded from your take home pay. Again no CPF to the rescue. There is no such scheme in NZ (yet).

    Singaporeans please count your blessings. You don't know just how lucky you are.
     

Share This Page