Is CPF a PONZI SCHEME?

[goenitz33]

hey you ask me there are other stuff that I want to be taken out of the black box...

like the various employment passes application process and PR/citizenship application

it is also a widely accepted fact that you cannot just have CPF alone... I think there are more important stuff that is "kept under wraps"

Yes there are alot of stuff.

Privatization is one of the ways of keeping things under wrap.

However 纸是包不住火的, the day will come where everything will be unraveled. That time i can only say good luck to whoever that took over and is cleaning up their ****.

 

[HunterXtreme]

Nope, when you die, your children and spouse get your CPF in CASH and not into their CPF account

I believe you are referring to the current CPF scheme?

For the current CPF scheme, you can make a nomination or if there are no nominees, your CPF will be distributed in cash according to Singapore inheritance law or something.

For CPF Life, there are two options. You either make a nomination for cash or CPF. With the new option, upon death your CPF bequest (if you even have any) will be transferred to your nominee's CPF account. There are no reference on which option is the default choice if the decease did not make a nomination beforehand. The most obvious course of action will be to transfer the CPF bequest to their relative's CPF account unless a nomination is made with bank account details of the nominees, no?

 

[HunterXtreme]

It is more of the unfairness towards the staffs of CPF who have done all the works, accounted for every penny, get it audited by external independent auditors and then being accused of cooking the book?

Very sian isn't it?

I'm not sure if you have heard of the fall of the great barrings bank? They passed their audits and a few years later, everything went down the drain. How about that UBS trader who loss billions and auditors did not smell a thing until he surrendered himself?

Audits are not 100% fail safe. Remember the SLA guy driving lamborghini and ferrari? The NKF CEO that flew first class, awarded contract to his own company and the scandals with SCDF, CNB? How did all that happen even with audit?

 

[axxomarketing]

at least in this thread there are ppl who dun realise CPF is mandatory for employers too. they are so ignorant they only think about the part of their own salary retained and nothing else.

lol.. of course this is coming from your salary, duh! before employers hire u, they would calculate the total cost (your salary + employer cpf + benefits). that's ur overall package, u idiot.

 

[apple459721]

Work like ponzi, but duno real or not.

Old client want withdrawn all cpf = Must be dead or renounced den can withdraw

New client = is those new graduates just started working, contribute to cpf

The only diff is u must be dead or renounced citizenship den can withdraw full 100%

The % of ppl dead or renounced citizenship is low compared to new client, maybe tats y nvr collapsed?


New client could be PR, maybe tats y they easily giv PR to foreigners ?

 

[axxomarketing]

the govt says CPF not ponzi..it is true then

 

[octacon]

the govt says CPF not ponzi..it is true then

Here is one of the characterlistic of a ponzi scheme -> If you put in money and you won't get back exact or higher amount in cold hard cash .

So CPF is a ponzi scheme?

 

[Beezy13]

It's a way to buffer or offset some income because of low tax here.

 

[Hellfire]

I'm not sure if you have heard of the fall of the great barrings bank? They passed their audits and a few years later, everything went down the drain. How about that UBS trader who loss billions and auditors did not smell a thing until he surrendered himself?

Audits are not 100% fail safe. Remember the SLA guy driving lamborghini and ferrari? The NKF CEO that flew first class, awarded contract to his own company and the scandals with SCDF, CNB? How did all that happen even with audit?

PAP’s Ownself check ownself is self = Audit
Simple to appease anyone who ask questions

 

[Hellfire]

Yes there are alot of stuff.

Privatization is one of the ways of keeping things under wrap.

However 纸是包不住火的, the day will come where everything will be unraveled. That time i can only say good luck to whoever that took over and is cleaning up their ****.

You hope lor. Guess you will hv to wait long long bah, the conspiracy will continue with the daft Singgies giving them the mandate for the past 50 yrs. I m sure won’t happen in your lifetime even if you are a millenia.

 

[Hellfire]

Here is one of the characterlistic of a ponzi scheme -> If you put in money and you won't get back exact or higher amount in cold hard cash .

So CPF is a ponzi scheme?

Good question. What does it look like to you?

 

[Hellfire]

the govt says CPF not ponzi..it is true then

Yah if the government say jump you jump?

 

[Hellfire]

hey you ask me there are other stuff that I want to be taken out of the black box...

like the various employment passes application process and PR/citizenship application

it is also a widely accepted fact that you cannot just have CPF alone... I think there are more important stuff that is "kept under wraps"

Problem : No one ever asked how much workers n maid levies they collected.

 

[Hellfire]

It's a way to buffer or offset some income because of low tax here.

what nonsense r u spewing here ?

 

[Hellfire]

When they repeat a lie long enough it becomes the truth to all the daft Singgies