CPF minimum sum to be revised upwards to S$131,000

[karmabear]

OThere is always the option to downgrade to a cheaper apartment/sell the apartment and leave with the kids and use the proceeds to tide them over which is the whole idea of HDB asset enhancement in the first place.

What kind of fucked up idea is that? MBT or your own? Thats a terrible reason for promoting asset inflation.

 

[Char_Azn]

What kind of fucked up idea is that? MBT or your own? Thats a terrible reason for promoting asset inflation.

Official one from CPF

This one from your potential future president

And No it is not a stupid idea. It is an option for pple who need money. When U get desperate U do stupid things like jumping off MRT tracks. Instead of doing, that there are other options

The whole idea of the asset enhancement from GCT era, I think, was to ensure that the gazillion dollar U spend on your flat will ensure the value of your flat goes up and not make a loss from it so that when U retire or need the money, U have the option to sell it. I never said it was a good idea nor do I endose it. I said it was an option for desperate pple in need of money.

 

[Char_Azn]

To Silencer, just in case you still think I DIDN'T get your post. I am getting very tired of saying I agree with U so just to put the record straight

My interpretation -> You spent the last few post talking about the same fucking thing. That the age of 85 is too high and the majority of the population will not live to that age. It is unfair for the bulk of the population to be paying so much for a retirement till that age since most of us won't get there

Unless my interpretation is wrong, I AGREE WITH THE ABOVE STATEMENT so PLS stop bugging me on that

 

[Bigfuck]

BTW

http://www.singstat.gov.sg/stats/themes/economy/hist/cpi.html

You clearly fail in analysis. Go read my thread and check the data sources. 6.36% is a fact when you look at the MS adjustments and calculate. Why should the minimum sum increment be higher than the official declared inflation rate? I already indicated the average inflation rate between 2004-2010, base on the CPI. Since you are not in the loop of the market and you do not even watch CNA who does give you market analysts telling you the market estimates of what they calculate inflation, I rest my case. You are a failure in economic analysis. You also have no understanding of inter-generational wealth transfer when you talk about leaving with kids.
I see you either neither did business or economics studies proper or failed the subject. Why also talk about S$1,070 when you do not factor in inflation? Do you know what you are counting?

http://mycpf.cpf.gov.sg/NR/rdonlyres/CA5FDA33-97E5-4FD1-9AE7-2787F9A578A4/0/Annexes.pdf

Up to the S$2,499 wage level represents 50.888% of all CPF member population in 2009. I try to find the mean of this 50.888% and used the rounded up upper limit of each wage level. To be fair, I took out <20, >55-60 & >60 members. I came up with monthly wage level of S$1,673.89 or S$20,086.68 a year. GDP per capita, if you take GDP and actual income generated to be the same in the ideal textbook world, you get S$53,464. That means that median annual income is 37.57% of the GDP per capita. This tells you a lot about the gini index in Singapore 0.472, officially masturbated downwards. Those who know economics and are familiar with Singapore know what kind of non-worldclass practices have been carried out to massage the gini index in Singapore.

http://www.singstat.gov.sg/pubn/papers/people/pp-s17.pdf

Below is the Annual Household Income from Work Per Household Member as a proxy for the income distribution of the median 50.888% of CPF members.


1-2 Room HDB S$6,111
3 Room HDB S$17,710
4<Room HDB S$22,932

For the sake of illustration, do you think it is possible for a 28.8K annual income person to get S$57,596.82 as his final annual income after 35 years? For sake of arguing that GDP per capita will also grow in tandem (sounds like the bullshit IT bubble scam again saying that economic growth with IT is infinite. Do not know what people were smoking to believe it in a finite world and finite universe), to reach S$153,305? This in a country with high gini index and now laws to enforce minimum wage or inflation adjustment for wages? What logic is there at the CPF where, they hold more money from you every year because they need to adjust for inflation for your MS, but when they start giving you payouts that are not adjusted for inflation? Remember, CPF is your money and a savings retirement system - it is fully funded, and not a pension which is not and you are paying taxes into it to current the retirement income of retirees, hoping you get the same payout, if not better when the time comes, from younger taxpayers. CPF is not tax money. It is money belonging to you and I and Toh Chin Chye was very clear in Parliament in 1984.



28800

 

[Bigfuck]

1)Already stated I'm not going to address PA or reserve issue in here since it's off topic

2)Is $1100 really too much?

Here's a list of what the most pple are probably paying on a monthly basis.
Conservancy Fees:50
Utility Bills: $200
Food: 3 meals * $4 * 30 days = $360
Transportation: $50
Phone + HP + Internet bill: $80
Cable TV: $40

That's already close to $800. Doesn't seem like I can fit a car in there. Are you going to stop watching TV, stop using the internet or stop using your HP just because you retire? Yeah I didn't think so. Factor in the higher cost of medical bills when U grow older and yes +/-$1000 is not that ridiculous to ask for. You should not be comparing the average person with someone getting PA, Besides having highly subsidized everything, unless U wanna assume everyone is planning to live from hand to mouth, most of us would want to retain a lifestyle close to what we are currently enjoying.

The thing about Life expectancy, it goes up every year. On the average, 0.2 yr per annum. Even if I use the figure of 0.1, by the time U and I retire in another 20-30 years, that will go up again. However I do agree with the age factor, which is why I said it for the third time now replying to your post, AGE SHOULD BE FLEXIBLE!!!! I don't know if you choose to ignore the statement regarding age or that which I stated I agreed with U. In any case, I AGREE WITH U IN THAT ASPECT!!!!

Fail economics and budgeting. No miscellaneous, no go to see doctor for cough and flu, no housekeeping. I can guess how you do business plan. No contingency and risk factor input into the calculation. Lucky, I do not have to work with you.

 

[dankos]

Fat ass

U r the person that claimed that cpf ms has rose only 6.1% for the whole fucking 8 years. If u can make such a stupid moronic statement, all your fucking cb analysis can be thrown in the bin. U r confirmed an idiotic ccb. Fuck u. Dun pretend to be intelligent. U r just a lowly paid it technician.

 

[Char_Azn]

You clearly fail in analysis. Go read my thread and check the data sources. 6.36% is a fact when you look at the MS adjustments and calculate. Why should the minimum sum increment be higher than the official declared inflation rate? I already indicated the average inflation rate between 2004-2010, base on the CPI. Since you are not in the loop of the market and you do not even watch CNA who does give you market analysts telling you the market estimates of what they calculate inflation, I rest my case. You are a failure in economic analysis. You also have no understanding of inter-generational wealth transfer when you talk about leaving with kids.
I see you either neither did business or economics studies proper or failed the subject. Why also talk about S$1,070 when you do not factor in inflation? Do you know what you are counting?

U asked for inflation rate so I gave it to U. It has little to do with why the Minimum sum went up so much this. Read the link below instead

The Minimum Sum Scheme (MSS) was introduced in January 1987 to provide CPF members with a monthly income to support a basic standard of living during retirement. When the scheme first started, members were required to set aside a Minimum Sum (MS) of $30,000 in their Retirement Account (RA) upon reaching 55 (Chart 1).On 1 July 1995, the MSS was revised and members were required to set aside a MS of $40,000, of which at least $4,000 must be in cash and the remaining amount in the form of a property pledge. The cash portion aimed to provide members with a monthly income in retirement. In subsequent years, the MS was raised gradually by $5,000 a year until it reached $80,000 in 2003, with at least $40,000 required to be set aside in cash. A member could set aside the MS fully in cash, or up to 50% in the form of a property pledge. In 2003,another round of revisions to the MSS was announced. From 1 July 2004, the required MS would be raised yearly, and adjusted for inflation, until it reaches $120,000 (in 2003 dollars) in 2013.

http://mycpf.cpf.gov.sg/NR/rdonlyres/CD1DED5D-D69E-4180-B190-A78DEC1FCD77/0/CPFTrends_MSS.pdf

 

[Char_Azn]

Fail economics and budgeting. No miscellaneous, no go to see doctor for cough and flu, no housekeeping. I can guess how you do business plan. No contingency and risk factor input into the calculation. Lucky, I do not have to work with you.

Yes I failed, Thanks for pointing it out. Pls help go tell Silencer that is not enough. He thinks it's too much

 

[Silencer]

Dear Char_Azn

Thank you for agreeing.
Will let the matter rest.
Incidentally, you could just ignore my post and not reply.
Yours truly did not arm wrestled you to.
On another note, it is bad light to go into diatribes and vulgarity and go full caps.
Have I offended you in any way ?

 

[Bigfuck]

Yes I failed, Thanks for pointing it out. Pls help go tell Silencer that is not enough. He thinks it's too much

I do not care about your political affiliations. You want to talk CPF, we talk about it seriously and constructively. All simulations, if there are no mistakes, are valid but may not be reflective of the the reality as other important data may have been omitted.

The government has not been honest, telling half truths and public data is sprawled all over the place and inconsistent. What needs to be done is to get a proper assessment of the adequacy of CPF for people's retirement security, not retirement luxury! I am against bankrupting the reserves and the future for supporting retirement security as I am against the government not providing sufficient funds to ensure retirement security.

Let us face it, no one has solved the reemployment of senior citizens in the world, including Japan and I am not sure if we can actually create a viable market to reemploy senior citizens. The government needs to do something as it is supposed to be the unwilling regulator between businesses and households when the extent of disparity goes into the deplorable category.

The discussions of the CPF, calculations and analysis is an iterative process that requires constant refinement and realization of the opportunity costs involved as more data or issues are realized. Right now, the Singapore government based on official data is fiscally sound, unlike other governments in the world, who fucked themselves with the Ponzi Scheme of pensions by playing whore for gaining electoral votes. The government in Singapore has 2 things it needs to do for the CPF - ensure adequate old age income security and not confiscate savings of the people which is not the money of the government, for government investment. If they want to borrow from the people directly for investment, they need to pay the interest on capital and give shareholder rights. Additional money, above the adequacy of retirement security must be returned to the people - if they fuck it up after getting those funds, it is their problem. If there is inadequate funds for retirement security, the government must think of ways to fund it. It should be a lot easier than pensions.

 

[Char_Azn]

Dear Char_Azn

Thank you for agreeing.
Will let the matter rest.
Incidentally, you could just ignore my post and not reply.
Yours truly did not arm wrestled you to.
On another note, it is bad light to go into diatribes and vulgarity and go full caps.
Have I offended you in any way ?

I apologize for the vulgarities, getting really fustrated to be bombarded on a topic I already agree on and repeated stated my stand on it. And maybe it doesn't happen to U but when I try to ignore a post, directed at me, I get stalked all the way to some other threads when I choose to ignore them

 

[dankos]

I apologize for the vulgarities, getting really fustrated to be bombarded on a topic I already agree on and repeated stated my stand on it. And maybe it doesn't happen to U but when I try to ignore a post, directed at me, I get stalked all the way to some other threads when I choose to ignore them

Fat ass

why no apology from u for making that moronic statement that cpf ms only increase by 6.1% for the fucking 8 years. Try to act blur is it. Fuck u.

 

[tonychat]

Fat ass

why no apology from u for making that moronic statement that cpf ms only increase by 6.1% for the fucking 8 years. Try to act blur is it. Fuck u.

You seriously have some issues. I suggest you go for therapy or something, man.... or something heavy duty like sucking your brains out.

If you hate the PAP so much, why not start a protest on the street or something? No fucking balls to do it and come here to bash a so-called PAP spy here.

 

[votepapout]

CPF money is for your children after you die...not for you to use in your life time.

 

[dankos]

You seriously have some issues. I suggest you go for therapy or something, man.... or something heavy duty like sucking your brains out.

If you hate the PAP so much, why not start a protest on the street or something? No fucking balls to do it and come here to bash a so-called PAP spy here.

u r that infamous cheebye kia tonychat who pimps your wife right. Fuck off ok. I see u no up. Tui. Kaypoh like fuck.

 

[sengkang]

you seriously have some issues. I suggest you go for therapy or something, man.... Or something heavy duty like sucking your brains out.

If you hate the pap so much, why not start a protest on the street or something? No fucking balls to do it and come here to bash a so-called pap spy here.

cb kia tonychat, protest? You show the ways lah, knnccb, only know how to cow pek si bu

 

[zeebjii]

Don't waste your time. He is not very bright, yet very stuborn. A deadly combination. Will cause you to vomit blood only.

 

[dankos]

I travel all the freaking time, U are assuming I am now in the same time zone as U are and what makes you think I'm not on leave right now. In any case, go ahead, I am VERY curious to see which MD you will be sending the email to since there isn't 1 in my company. BTW I am in IT Department, what makes you think the email will get through me in the first place

Ironically your actions proves that
1)You're nothing but a hypocrite who doesn't believe in free speech.
2)PAP was right, pple on the internet are assholes and should be control, restricted and censored

fat ass,

i just did a print screen of your his post. hahaha.

damn solid evidence that u r abusing your position as it guy to skive and surf net during office hours. also evidence that u will block compliant emails that r directed to u.

 

[drifter]

fat ass,

i just did a print screen of your his post. hahaha.

damn solid evidence that u r abusing your position as it guy to skive and surf net during office hours. also evidence that u will block compliant emails that r directed to u.

hahaha..monday morning play until so big .

 

[Char_Azn]

Bah, he can do what he wants. Pple like him act big, talk big and like to bully the weak. The more I give in to him, the more he will try to push me around. Too many assholes like him pretending to be supporter of opposition and free speech at the same time doing the opposite in this forum