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Pappie MP kpkb that Wayang Party Babu Singh never visits him for 8 long months in Nee Soon nor offer him Free Papa's day Halal chocolate.
- Thread starter Wayne Piew
- Start date
Visit got shit use when Temasick lock up your CPF for life ah? Lol
That is fake news! The falsehood that all your CPF funds are locked up for life is one that cannot go unchallenged.
The majority of ones CPF funds are disbursed once a member reaches the age of 55.
A small sum is held in order to yield a steady income stream in old age.
Upon your death the government closes the account and pays your nominee(s).
This scheme is way better than any pension plan anywhere else.
Hahaha..I hit a raw nerve. Lol
Hahaha..I hit a raw nerve. Lol
You should be arrested for spreading fake news.
You asked those in the majority who cannot meet Minimum sum whether my statement is true or not rah. Lol
Almost half of CPF members in 2016 cohort can't meet Minimum Sum - can only withdraw up to $5,000
www.theonlinecitizen.com
Hidden among the many written replies to Parliamentary questions posed last week (10 Jul) was one answered by new Manpower Minister Josephine Teo.
In her written reply she started out saying that some 42% of CPF members decide not to withdraw their CPF monies, even when their monies are above the statutory minimum sum.
Ms Teo said, “As of end 2017, 42% of those who turned age 55 in 2016 did not withdraw any CPF monies within a year of their 55th birthday.”
“This includes the first $5,000 from the Ordinary and Special Accounts (OA and SA) which members can withdraw unconditionally, monies above their cohort Full Retirement Sum, as well as monies above Basic Retirement Sum which can be withdrawn using property charge or pledge,” she added.
But she also revealed that about 60% of the 58% who did withdraw, took up to $5,000 out of their CPF.
Ms Teo continued, “For the same (2016) cohort, about 53% of active members met their Full Retirement Sum in cash and pledge at age 55 in 2016.”
“Of this group, about 5 in 10 left additional funds in their CPF Ordinary or Special Accounts. Based on our observations, members do so because they have no immediate need of the money, or they wish to take advantage of the higher CPF risk-free interest rates,” she said.
In other words, for the cohort at age 55 in 2016, only 53% meet their minimum sums, leaving 47% unable to do so.
13,500 take out CPF monies and leave Singapore every year
And from 2013 to 2017, an annual average of 13,500 CPF members, or 0.4% of total CPF members, withdrew their CPF monies when they left Singapore.
“This includes former Singapore Citizens (SC), former Permanent Residents (PR) and foreigners who contributed to the CPF before 2003,” she said.
But she noted that former SC and PR members can still leave their monies in the CPF after they have given up their Singapore citizenship or permanent residency.
“CPFB does not track the number of former SC and PR members who choose to retain their monies in the CPF,” she added.
She did not breakdown the proportion of SC and PR leaving Singapore but presumably, majority of the 13,500 who took out their CPF monies and left Singapore each year for good would be Malaysians who were formerly Singapore PRs.
www.theonlinecitizen.com
Hidden among the many written replies to Parliamentary questions posed last week (10 Jul) was one answered by new Manpower Minister Josephine Teo.
In her written reply she started out saying that some 42% of CPF members decide not to withdraw their CPF monies, even when their monies are above the statutory minimum sum.
Ms Teo said, “As of end 2017, 42% of those who turned age 55 in 2016 did not withdraw any CPF monies within a year of their 55th birthday.”
“This includes the first $5,000 from the Ordinary and Special Accounts (OA and SA) which members can withdraw unconditionally, monies above their cohort Full Retirement Sum, as well as monies above Basic Retirement Sum which can be withdrawn using property charge or pledge,” she added.
But she also revealed that about 60% of the 58% who did withdraw, took up to $5,000 out of their CPF.
Ms Teo continued, “For the same (2016) cohort, about 53% of active members met their Full Retirement Sum in cash and pledge at age 55 in 2016.”
“Of this group, about 5 in 10 left additional funds in their CPF Ordinary or Special Accounts. Based on our observations, members do so because they have no immediate need of the money, or they wish to take advantage of the higher CPF risk-free interest rates,” she said.
In other words, for the cohort at age 55 in 2016, only 53% meet their minimum sums, leaving 47% unable to do so.
13,500 take out CPF monies and leave Singapore every year
And from 2013 to 2017, an annual average of 13,500 CPF members, or 0.4% of total CPF members, withdrew their CPF monies when they left Singapore.
“This includes former Singapore Citizens (SC), former Permanent Residents (PR) and foreigners who contributed to the CPF before 2003,” she said.
But she noted that former SC and PR members can still leave their monies in the CPF after they have given up their Singapore citizenship or permanent residency.
“CPFB does not track the number of former SC and PR members who choose to retain their monies in the CPF,” she added.
She did not breakdown the proportion of SC and PR leaving Singapore but presumably, majority of the 13,500 who took out their CPF monies and left Singapore each year for good would be Malaysians who were formerly Singapore PRs.
You asked those in the majority who cannot meet Minimum sum whether my statement is true or not rah. Lol
Those who are so bad at managing money that they cannot even meet minimum sum requirements are the ones that will blow all the money in a matter of months if they were allowed to withdraw all their funds.
It is these idiots that the government is trying to protect.
Would you hand a loaded gun to a 4 year old kid? Of course not!
Should you hand over tens of thousands of dollars to someone who has not succeeded in accumulating a measly $160,000 despite working all their lives. The answer is an emphatic NO!!!!
Ok you win. Lol
Howw many times have PAP MPs visited their constituents.
PAP part time. WP full time. But also wayang. LPPL.
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