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He who makes $200,000 a month, has the audacity to tell Singaporeans they are fortunate to have $200,000 in asset
https://www.theonlinecitizen.com/20...s-they-are-fortunate-to-have-200000-in-asset/
He who makes $200,000 a month, has the audacity to tell Singaporeans they are fortunate to have $200,000 in asset
- Thread starter LaoTze
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He who makes $200,000 a month, has the audacity to tell Singaporeans they are fortunate to have $200,000 in asset
https://www.theonlinecitizen.com/20...s-they-are-fortunate-to-have-200000-in-asset/
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20 years from now . how many of us will still be around ???
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what can u buy with s$200,000 Asset ( lockup) ???
20 years from now . how many of us will still be around ???
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what can u buy with s$200,000 Asset ( lockup) ???
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LHL is right. While the CPF/HDB formula has its weaknesses it is still way better than what the vast majority of countries have to offer.
Singapore should count their blessings that they have the PAP to take care of things. If I have one major criticism of the PAP it is that they pamper the electorate far too often. As a result Singaporeans take good governance for granted.
Singapore should count their blessings that they have the PAP to take care of things. If I have one major criticism of the PAP it is that they pamper the electorate far too often. As a result Singaporeans take good governance for granted.
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other countries we dont talk ...
in new zealand which has about the same population ( 5m as at Aug 2018) as Sg what social security your govt give ?
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web link please ? tks.
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https://www.workandincome.govt.nz/eligibility/seniors/superannuation/index.html
I can tell you from first hand experience that the CPF scheme is far better.
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thank you Boss.
give me some time to go over it.
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hope for Lawyer Lim Tean to enlighten the 70% further ...
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CPF/HDB scheme is a rip-off. HDB prices are raised to suck up your retirement fund so that when you retire, government doesn't need to cough up much to you.
Retirement savings and housing should be two different funds. The government intentionally mixes them so that simpletons can't figure how much they are really paying for their housing.
If the two funds were separate, people will be more aware of how much they have saved for retirement (and their returns) and how much they are paying for their 'subsidized' flats.
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HDB and CPF are separate entities. It is not compulsory to use CPF to purchase property. It is an option which is provided by the government.
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The original CPF scheme was good. Ask those who withdrew their CPF in the late 90s, truly a pot of gold when you had CPF rates of up to 50% at some point in time earlier in the 80s.
While they poked a hole in the egg nest by allowing folks to pay for HDB using CPF monies, HDB built affordable housing in the past- 80+ thousand for a 5 room.
Coupled with the speculation of our property market in the mid 90s, the gahmen reassuring the folks with the spin of this "Asset Enhancement", as well as the wave of HK dollars coming in, the prices of HDB easily doubled.
Though reactionary measures like MOP were introduced, it didn't close the lid. Fast forward till today, the CPF is no longer able to fund our retirement, the HDB no longer builds affordable housing.
While they poked a hole in the egg nest by allowing folks to pay for HDB using CPF monies, HDB built affordable housing in the past- 80+ thousand for a 5 room.
Coupled with the speculation of our property market in the mid 90s, the gahmen reassuring the folks with the spin of this "Asset Enhancement", as well as the wave of HK dollars coming in, the prices of HDB easily doubled.
Though reactionary measures like MOP were introduced, it didn't close the lid. Fast forward till today, the CPF is no longer able to fund our retirement, the HDB no longer builds affordable housing.
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That most sinkees are using their retirement savings (CPF) for housing shows that CPF and housing works in tandem; without CPF, sinkees wouldn't be able to buy a roof over their head. If CPF is used solely for retirement savings, the government would then have to make HDB flats truly subsidized to enable sinkees to lease one.
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That's only because they want their cake and eat it too. A 3 room flat in Toa Payoh purchased from the HDB is about $250,000. At a 5% interest rate and a 10% deposit a couple in their late 20s that are prudent with their money could easily afford the approx $1400 per month payments for a 25 year loan without having to touch their CPF.
The majority of Singaporeans choose to use their CPF because it frees up their cash that they then splurge on non essentials like grand holidays overseas, fancy weddings, kate spade bags and iPhones.
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I know...it is the best...we are the most charitable people in this world....we chip in to help a government in perceptually...yah!?
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