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[h=1]PM LEE: ONLY IN PAP'S SINGAPORE CAN THE PEOPLE RETIRE ON THEIR HDB FLAT[/h]
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10 Dec 2014 - 3:37pm
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Prime Minister Lee Hsien Loong said that only Singaporeans are able to retire on their HDB flats.
"Today, if we look at our poorest households, one fifth, even then almost all of them, own their HDB flats and because they own a HDB flat, they have a substantial nest egg when they retire.
"It happens nowhere else - Only in PAP Singapore!," Mr Lee said.
Mr Lee said this at the People's Action Party (PAP)'s 60th anniversary celebration on Sunday.
But Mr Lee also said that Singaporeans have to help themselves.
"If the Government is to help, the State is to help you, you have to first help yourself," he said.
"Each of us owes it to ourselves and to the people supporting us."
He also said, "Hard work and self-reliance are our core values and we make no apologies for this."
However, Mr Lee also said that, "the PAP must continue to champion the interests of workers".
"We have to be fair to all groups, we balance each groups’ interests against the others and we do what is best for Singapore.
"Therefore the Party Pledge says “regardless of race, language or religion."
However, even as Mr Lee said that that only in PAP's Singapore can Singaporeans retire on their HDB flat, what Mr Lee failed to say is that Singaporeans also have one of the least adequate retirement funds in the world.
As such, because Singaporeans have to sacrifice an average of 55 percent of their Central Provident Fund (CPF) Ordinary Accounts to pay for their housing mortgage, the majority of Singaporeans do not have enough to retire on.
By some netizens, as many as 90 percent of Singaporeans are not able to meet the CPF Minimum Sum and are thus unable to retire.
Also, a study also showed that the CPF only accounts for up to 7 percent of the retirement income of older Singaporeans.
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It is rather useless for Singaporeans to be able to retire on their HDB flats, when the only way they would be able to get the cash to do so is if they monetise their homes.
However, this has left many Singaporeans uncomfortable and insecure with having to lose their homes.
Mr Lee might be right that "Only in PAP Singapore" do Singaporeans have to retire on their homes.
Indeed, "It happens nowhere else."
This is because only Singaporeans have to lose their homes just so that they would be able to retire. Nowhere else are their citizens left to fend for themselves because their government would not take care of them.
Nowhere else would the citizens "have to first help yourself". Only in PAP Singapore does the PAP take self-reliance to the limit and "make no apologies for this".
<!-- /.block --> <style>.node-article .field-name-link-line-above-tags{float: right;}.node-article .field-name-ad-box-in-article {float: left;margin: 15px 15px 10px 0;}.node-article .field-tags{clear: both;}</style> Post date:
10 Dec 2014 - 3:37pm
<ins id="aswift_0_expand" style="margin: 0px; padding: 0px; border: currentColor; width: 336px; height: 280px; display: inline-table; visibility: visible; position: relative; background-color: transparent; border-image: none;"><ins id="aswift_0_anchor" style="margin: 0px; padding: 0px; border: currentColor; width: 336px; height: 280px; display: block; visibility: visible; position: relative; background-color: transparent; border-image: none;"><iframe name="aswift_0" width="336" height="280" id="aswift_0" frameBorder="0" marginWidth="0" marginHeight="0" scrolling="no" vspace="0" hspace="0" allowfullscreen="true" style="left: 0px; top: 0px; position: absolute;" allowTransparency="true"></iframe></ins></ins>
Prime Minister Lee Hsien Loong said that only Singaporeans are able to retire on their HDB flats.
"Today, if we look at our poorest households, one fifth, even then almost all of them, own their HDB flats and because they own a HDB flat, they have a substantial nest egg when they retire.
"It happens nowhere else - Only in PAP Singapore!," Mr Lee said.
Mr Lee said this at the People's Action Party (PAP)'s 60th anniversary celebration on Sunday.
But Mr Lee also said that Singaporeans have to help themselves.
"If the Government is to help, the State is to help you, you have to first help yourself," he said.
"Each of us owes it to ourselves and to the people supporting us."
He also said, "Hard work and self-reliance are our core values and we make no apologies for this."
However, Mr Lee also said that, "the PAP must continue to champion the interests of workers".
"We have to be fair to all groups, we balance each groups’ interests against the others and we do what is best for Singapore.
"Therefore the Party Pledge says “regardless of race, language or religion."
However, even as Mr Lee said that that only in PAP's Singapore can Singaporeans retire on their HDB flat, what Mr Lee failed to say is that Singaporeans also have one of the least adequate retirement funds in the world.
As such, because Singaporeans have to sacrifice an average of 55 percent of their Central Provident Fund (CPF) Ordinary Accounts to pay for their housing mortgage, the majority of Singaporeans do not have enough to retire on.
By some netizens, as many as 90 percent of Singaporeans are not able to meet the CPF Minimum Sum and are thus unable to retire.
Also, a study also showed that the CPF only accounts for up to 7 percent of the retirement income of older Singaporeans.
<ins id="aswift_1_expand" style="margin: 0px; padding: 0px; border: currentColor; width: 336px; height: 280px; display: inline-table; visibility: visible; position: relative; background-color: transparent; border-image: none;"><ins id="aswift_1_anchor" style="margin: 0px; padding: 0px; border: currentColor; width: 336px; height: 280px; display: block; visibility: visible; position: relative; background-color: transparent; border-image: none;"><iframe name="aswift_1" width="336" height="280" id="aswift_1" frameBorder="0" marginWidth="0" marginHeight="0" scrolling="no" vspace="0" hspace="0" allowfullscreen="true" style="left: 0px; top: 0px; position: absolute;" allowTransparency="true"></iframe></ins></ins>
It is rather useless for Singaporeans to be able to retire on their HDB flats, when the only way they would be able to get the cash to do so is if they monetise their homes.
However, this has left many Singaporeans uncomfortable and insecure with having to lose their homes.
Mr Lee might be right that "Only in PAP Singapore" do Singaporeans have to retire on their homes.
Indeed, "It happens nowhere else."
This is because only Singaporeans have to lose their homes just so that they would be able to retire. Nowhere else are their citizens left to fend for themselves because their government would not take care of them.
Nowhere else would the citizens "have to first help yourself". Only in PAP Singapore does the PAP take self-reliance to the limit and "make no apologies for this".
