Sinkies prefer to put money for Ho Ching to punt than give directly to their parents

[Leepotism]

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S$110m of CPF top-ups for parents, grandparents last year
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<!-- AddThis Button BEGIN -->The Unbelievable Stupidity of Singaporeans<!-- AddThis Button END -->

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SINGAPORE: Parents and grandparents received about S$110 million in cash and CPF account top-ups last year.

This comes under the Minimum Sum Topping-Up Scheme, where Singaporeans can voluntarily top-up family members' retirement accounts. There were some 17,600 such top-ups made in 2010.

Minister of State for Manpower and National Development, Brigadier-General Tan Chuan-Jin, revealed this on Monday at an ageing issues forum organised by the National University of Singapore.

In 2009, parents and grandparents received top-ups amounting to around S$105 million. In that year, there were some 14,800 of such top-ups.

Brigadier-General Tan said it is important that the elderly are aware that their homes can be monetised to help them in their retirement years.

He said: "This is one option which people can use as part of their ... retirement fund. Some will not need to monetise it. Others will feel that: 'Well, I do not need to stay in a four-room flat now, or a three-room flat; I can move to a studio apartment which is a bit smaller.'

"And so they can sell it off. They can get some ... cash out of it, and then move to a smaller apartment."

Brigadier-General Tan also said businesses should try to understand how elderly workers can fit into their organisations as Singapore's ageing population grows.

 

[Leepotism]

Re: Sinkies prefer to put money for Ho Ching to punt than give directly to their pare

More craps to fool silly sinkies:

my paper
Tuesday, Aug 23, 2011
<!-- byline display here -->By Gwendolyn Ng
<!-- CONTENT NEWS: start -->AS LIFE expectancy increases up to 85 and beyond, the Government is reviewing the Central Provident Fund (CPF), which remains viable, Minister of State for Manpower and National Development Tan Chuan-Jin said yesterday.
Speaking at a forum held at the National University of Singapore, he said: "We are enhancing the CPF system to make CPF savings last longer for members."
This is because people underestimate how long they will live and how much they should save for retirement, Brigadier-General (NS) Tan said.
Family support continues to play an important role in retirement adequacy.
For instance, he said seniors could be supported through the Minimum Sum Topping-Up Scheme where members opt to top up their family members' CPF accounts. About $110 million in top-ups were made for parents and grandparents last year.