Chitchat CPF Guarantees That 75% Of Old Fart Sinkies Can Eat 3 Meals A Day At The Hawker Centre! Majulah PAP!

[JohnTan]

On Monday (18 Feb), NCMP Associate Prof Walter Theseira asked Minister Josephine Teo in Parliament about how much on average, the Singapore elderly are getting their CPF payouts after they turned 65. He also asked what percentage of the elderly CPF members are receiving monthly payouts of less than $500.

Prof Theseira is the Associate Prof of Economics at the Singapore University of Social Sciences (SUSS). Thanks to Prof Theseira’s questioning, Manpower Minister Josephine Teo had to reveal the data.

She said that of those who are receiving their CPF payouts presently, 74% had monthly payouts under $500.

The average monthly payout for CPF members were as follows as at Dec 2018:

Hence, these 3 groups of Singapore elderly would receive on average of about $355 per month from CPF Board, with nearly three quarters receiving less than $500.

But Ms Teo was quick to add, “In addition to CPF payouts, members may receive additional retirement support from the Government through the Silver Support scheme. This provides them with an average income supplement of about $600 per quarter, which is in addition to the other forms of Government support such as the Workfare Income Supplement, GST vouchers and ComCare.”

Of course, schemes like Silver Support or ComCare are only meant for the lower income group in Singapore.

“With increased labour force participation and improvements to the CPF system made in the past decade, we expect younger cohorts to have higher CPF payouts,” she added.

She cited that 60% of CPF members who turned 55 in 2017 two year ago would be expecting to get monthly payouts of $700 to $750 after they hit 65 in 8 years’ time.

Elderly work till death

With an average of $355 per month the Singapore elderly are getting from CPF Board, it’s no wonder many of them have to continue to work, despite their old age and sufferings from age-related ailment.

Some work as cleaners in hawker centres while others work as security guards. Still, some work at Changi airport as cleaners or trolley collectors surprising many tourists visiting Singapore, as their own elderly are typically enjoying the sunset years at home.

Not surprising, there have been reports of Singapore elderly working till they literally dropped dead in their workplace.

For example sometime ago, there was a media report about an 80-year-old dishwasher, Mdm Ho, who died while working at ABC hawker centre in Bukit Merah. She died inside the toilet, sitting on the toilet bowl.

According to the report, Mdm Ho worked daily from morning till night, 7 days a week. She had to wash some 200 dishes a day. She only had 2 days off a month.

“When I saw her yesterday, she was walking unsteadily and appeared pale. I heard she has been having diarrhea for the past few days,” her supervisor said.

It’s not known how much Mdm Ho was receiving (if any) from CPF Board.

https://www.theonlinecitizen.com/20...derly-get-only-average-355-per-month-from-cpf

 

[Leepotism]

$2.88 can buy 3 ?meals?

 

[JohnTan]

$2.88 can buy 3 ?meals?

Most sinkies will get about $500 a month. That works out to about $16.70 a day, $5 a meal at the coffee shop or hawker center with change to spare. That's a rather generous lifelong stipend. Well done CPF!

 

[Kelveto]

Says a lot about a government who reward themselves a millionaire salary using people’s hard effort and the elderly lives in shit.

 

[Leongsam]

This proves what an excellent scheme CPF is. It pays out a generous amount so that all the old folks can enjoy their golden years eating well and staying active.

 

[bobby]

and we are a 1st world nation with a per capita income of $65K.

 

[ftan42]

even if hdb is paid, you still have to pay for S&CC, utility bill and hp, all these can take up to $200 of $500

 

[Leongsam]

and we are a 1st world nation with a per capita income of $65K.

You have hit the nail on the head by highlighting the fact that Singapore is a first world nation where opportunities abound.

Everyone has an equal chance of making it big in Singapore. It is a nation full of millionaires and multi millionaires. Taxes are low so that those who make it are rewarded for their efforts unlike in the West where success is punished with all sorts of punitive measures to prevent the successful from enjoying the fruits of their hard won labour.

This ensures that the majority of citizens will have more than enough for retirement if they plan their finances carefully.

What is noticeably absent in the discussion above is contribution from family members towards taking care of their beloved parents who sacrificed much to bring them in to this world.

My parents retired when they were in their early 60s and all of us combined to give them enough money so that they could lead comfortable lives. We told them not to touch their CPF but to keep it for emergencies.

When they passed away they willed their CPF $ to all of us and such is the circle of life.

No government in the world provides sufficient retirement income for the elderly to lead comfortable lives of leisure. Life is hard for those who depend on pensions alone for their needs no matter which country they are in. That is why families need to take care of each other.

The core of Singapore society is the family unit. If some elderly citizens in Singapore are struggling to survive I have to ask why their family is not taking care of them? You cannot blame the PAP for the failings within the family.

 

[bobby]

even if hdb is paid, you still have to pay for S&CC, utility bill and hp, all these can take up to $200 of $500

An older person above 65 years old needs S$1,379 a month to meet his or her basic needs, according to a team of researchers from the Lee Kuan Yew School of Public Policy (LKYPP).

This precise figure came from a study by the team led by Assistant Professor Ng Kok Hoe from LKYPP, National University of Singapore (NUS). They revealed their findings in a media release on Wednesday (May 22).

The household budgets necessary to meet basic needs were S$1,379 per month for single elderly households, S$2,351 per month for elderly couples, and S$1,721 per month for a person aged 55 to 64 years old, the study said.

The sums were derived from focus group discussions involving more than 100 participants from diverse backgrounds, and using a consensus-based methodology known as Minimum Income Standards (MIS).

 

[Leongsam]

An older person above 65 years old needs S$1,379 a month to meet his or her basic needs, according to a team of researchers from the Lee Kuan Yew School of Public Policy (LKYPP).

So let's say CPF pays out $400. That leaves a $979 shortfall which can easily be covered by family members. Even if they stopped at 2 all that is needed from each child is $500 per month. Surely that is not too much to ask for someone that brought you into this world.

 

[bobby]

You have hit the nail on the head by highlighting the fact that Singapore is a first world nation where opportunities abound.

Everyone has an equal chance of making it big in Singapore. It is a nation full of millionaires and multi millionaires. Taxes are low so that those who make it are rewarded for their efforts unlike in the West where success is punished with all sorts of punitive measures to prevent the successful from enjoying the fruits of their hard won labour.

This ensures that the majority of citizens will have more than enough for retirement if they plan their finances carefully.

What is noticeably absent in the discussion above is contribution from family members towards taking care of their beloved parents who sacrificed much to bring them in to this world.

My parents retired when they were in their early 60s and all of us combined to give them enough money so that they could lead comfortable lives. We told them not to touch their CPF but to keep it for emergencies.

When they passed away they willed their CPF $ to all of us and such is the circle of life.

No government in the world provides sufficient retirement income for the elderly to lead comfortable lives of leisure. Life is hard for those who depend on pensions alone for their needs no matter which country they are in

You also hit the nail on the head.

CPF is a form "tax". You may argue that this 20% taken front end from your monthly income is left in an account in your name and held in "escrow". However, it is subjected to many conditions eg CPF minimum sum etc.

No doubt the tax rates are higher in the West but these are returned as welfare and to society eventually to the lower income and those who qualify. Why should the rich and those that can afford not be taxed higher?

 

[bobby]

So let's say CPF pays out $400. That leaves a $979 shortfall which can easily be covered by family members. Even if they stopped at 2 all that is needed from each child is $500 per month. Surely that is not too much to ask for someone that brought you into this world.

You are making assumptions that all of us have children...and children who are not in the same predicament as their parents and children who are filial ?

 

[STUCK_HERE]

If you cook for yourself, you can even save more. Everyday the same chicken rice, you not sick of it?

 

[Alamakinky]

when i retire i hope to be able to afford 3 hawker centre meals a day and also enough to go Geylang a few times a month.

 

[Leongsam]

You are making assumptions that all of us have children...and children who are not in the same predicament as their parents and children who are filial ?

Those elderly who never had any children will be way better financially compared to those who did because bringing up a child costs an astronomical amount of money.

They should be in a position to stand on their own two feet. If they have not saved the money needed for retirement you cannot blame the PAP. It is their own fault.

 

[greedy and cunning]

Most sinkies will get about $500 a month. That works out to about $16.70 a day,
$5 a meal at the coffee shop or hawker center with change to spare. That's a rather generous lifelong stipend. Well done CPF!

talking through your ass
you are saying all those sinkies sole purpose in life
is to eat sleep and shit.
because they dont have spare cash for other things

 

[Leongsam]

You also hit the nail on the head.

CPF is a form "tax". You may argue that this 20% taken front end from your monthly income is left in an account in your name and held in "escrow". However, it is subjected to many conditions eg CPF minimum sum etc.

No doubt the tax rates are higher in the West but these are returned as welfare and to society eventually to the lower income and those who qualify. Why should the rich and those that can afford not be taxed higher?

CPF is not a tax because once you pay your taxes you will never see or smell the money again. With CPF the money is returned and it pays excellent interest too.

CPF is forced savings and it is an excellent forced saving scheme which will help many who otherwise blown their pay packets on frivolous items like fancy cars, women and other luxury products.

In the West the taxes are absolutely ridiculous. I paid a huge amount of taxes over the last 30 years but when it comes to retirement all I'll get is measly $260 a week which guess what.... taxed again! The money is hardly enough just to pay for my heating bill in winter let alone 3 meals of any kind.

What has also happened is that the successful Kiwis who think the tax is ridiculous too have ended up taking up residency in Singapore and other low tax countries so instead of getting some tax from the rich NZ gets NO tax from the rich.

 

[greedy and cunning]

You are making assumptions that all of us have childrenis
...and children who are not in the same predicament as their parents and children who are filial ?

tis is the standard tactic used by the self proclaimed burmese
first make the assumption of a perfect circumstances
then use that to support his argument and comment.

some examples of this nonsense from this very thread :

Singapore is a first world nation where opportunities abound
Everyone has an equal chance of making it big in Singapore
They should be in a position to stand on their own two feet.

:another famous one "
if you failed in life , means you did not work smart enough and hard enough

 

[greedy and cunning]

If you cook for yourself, you can even save more.
Everyday the same chicken rice, you not sick of it?

well said.

 

[Leongsam]

tis is the standard tactic used by the self proclaimed burmese
first make the assumption of a perfect circumstances
then use that to support his argument and comment.

some examples of this nonsense from this very thread :

Singapore is a first world nation where opportunities abound
Everyone has an equal chance of making it big in Singapore
They should be in a position to stand on their own two feet.

:another famous one "
if you failed in life , means you did not work smart enough and hard enough

What I bring up isn't nonsense they are simply the facts of life.

Singapore is an Asian society steeped in traditions that define what the family unit is. Providing financially for ones parents is a tradition that has been around far longer than the PAP and predates ALL social welfare schemes.

Ask yourself how your ancestors survived when they first arrived in Singapore when the British still ran the show. The Ang Mohs provided nothing. Families thrived because members helped each other.

The family is the key when it comes to providing for a comfortable retirement. If you look at the old folk still working you'll find that there are hardly any Malays because the Malays have kept the tradition of providing for their parents.

If the Chinese have ended up abandoning their own its their own fault if they end up in the current predicament. You cannot blame the PAP for a situation that is self inflicted. The government has done what it can in a fair and just manner. At some point people have to help themselves and not just sit back and expect money to fall from the sky.

In Burma we take very good care of our respected elderly. I see no reason why Singaporeans cannot do the same.