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- Dec 30, 2010
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It was reported that Mr Charlie is an odd job labourer and that his monthly HDB instalment of $83 will be paid out of his CPF [1]. Paragraph 4.27 of Budget Speech 2007 tells us that odd job workers do not receive CPF [2]. How can Charlie, the odd job labourer who is not supposed to receive CPF get the CPF to pay for his monthly HDB instalments?
We leave aside that question and assume that Mr Charlie is a regularly employed odd job labourer who receives regular CPF contributions from his employer and that he will continue to stay employed for the next thirty years.
Mr Charlie’s monthly instalment of $83 over 30 years corresponds to a starting loan amount of between $20,500 and $20,700 [3]. For simplicity, let’s assume Mr Charlie’s starting loan amount is $20,500. We can do some simple calculations as follows:
- http://www.tremeritus.com/2012/03/1...flat-but-cant-afford-to-keep-it-or-to-retire/
We leave aside that question and assume that Mr Charlie is a regularly employed odd job labourer who receives regular CPF contributions from his employer and that he will continue to stay employed for the next thirty years.
Mr Charlie’s monthly instalment of $83 over 30 years corresponds to a starting loan amount of between $20,500 and $20,700 [3]. For simplicity, let’s assume Mr Charlie’s starting loan amount is $20,500. We can do some simple calculations as follows:
- http://www.tremeritus.com/2012/03/1...flat-but-cant-afford-to-keep-it-or-to-retire/
