HWZ Forums

Login Register FAQ Mark Forums Read

Totally illogical to suggest CPF payout term of 28 years where there is no one to receive balance pa

Like Tree25Likes
Reply
 
LinkBack Thread Tools
Old 29-01-2019, 11:54 AM   #1
Member
 
WhateverWhenever's Avatar
 
Join Date: Jan 2019
Posts: 250
Totally illogical to suggest CPF payout term of 28 years where there is no one to receive balance pa



I was born in the year 1954. I am 65 years old this year and I empathise with all who had commented here on The Online Citizen.

I would like to share my own ordeal with fellow CPF members.

Like the others, I had received a letter from CPF informing me to either apply for a monthly retirement payout at 65 years old, or delay it to 70 years old for a better payout sum. This was nothing new as it had been reported in the news and critiqued by many SIngaporeans including an ex-PAP MP Mr Inderjit Singh. However, the one thing that shocked me was that I could only receive $482 monthly from June 2019 under the CPF Retirement Sum Scheme, and this payout would last about 28 years, when I would be 93 years old.

How can the Central Provident Fund Board decide on the terms of payment for my own money? I would like the Finance Minister to clear the air – does CPF savings belong to each individual member?

I then wrote in and requested for a 20-year payout so as to increase my monthly payout, the reason being Singapore’s life expectancy was 85.4 years (based on statistics reported in the media.) The CPF simply rejected it and cited “current policies” as the reason.



And we members were never consulted. However, if you search the CPF website on “CPF-Your Assurance in Retirement”, this article states that “.... you can choose your desired amount of monthly payouts to meet your retirement needs...”.



How did their action reconcile with the statement?

As I am married with no children, I need to support myself from now till death. If I can not secure a job from now till 70 years old, what do I survive on during this 5-year period if I opt in at 70 years old? On top of this, the 4% interest may not even cover inflation in Singapore and the progressive increase in GST for now is 7% to 9%. If using present value to evaluate the 2 options (ie. start the plan at 65 or 70 years old), the best decision is to withdraw all my CPF money now.

In light of my situation (ie. married with no children), it is totally illogical to suggest a payout term of 28 years. When my wife and I pass on, there is no one to receive my balance payout.

I also understand the stand of our Government to refrain from giving out any money for free. I am not asking the Government to feed me. Because in my case, even if I use up my CPF retirement sum by the time I am 85 years old, I still can sell my 5-room flat (if the value is not zero) to support myself without anyone’s help.

Is there a need for the CPF Act to keep changing without consulting the CPF members? Bear in mind that the CPF Board is a Government Statutory Board which is supposed to serve all Singaporeans. Instead, it is acting like a regulatory body in charge of all Singaporeans’ hard earned savings. The CPF Board can at their wimp and fancy change the policies without consulting the members.

Let’s get our facts right:

CPF is only a custodian of members’ CPF savings. That means the money belongs to the members.
CPF savings is supposed to help members save for their old age. The initial age was 55 years to withdraw full lump sum.
These are facts which no one can challenge. Then why make changes to the CPF Act without asking the members? A referendum is the correct and democratic way to give members a say in accepting the new CPF policies or otherwise. Any CPF policy can not be fixed or approved by the CPF board of directors because they are merely custodians of our monies and they do not represent all Singaporeans.

I am also puzzled why none of the political parties or existing MPs who are supposed to be our voices stand up and comment on this issue? I presume with a monthly salary of $16,000, they are unlike common folks like us who need the monthly payouts to live.

In conclusion, I am voicing this out and hope Singaporeans can have a say in this issue once and for all.

Reported Here
__________________
Whatever, whenever, wherever, whoever, however.
WhateverWhenever is offline   Reply With Quote
Old 29-01-2019, 11:55 AM   #2
High Supremacy Member
 
wwenze's Avatar
 
Join Date: Dec 2002
Posts: 27,987
Huh why baby boomer generation take so long to realize what's wrong?
wwenze is offline   Reply With Quote
Old 29-01-2019, 12:01 PM   #3
Senior Member
 
Join Date: Oct 2014
Posts: 1,518
This is why there was huge uproar when some woman cryingly asked in Parliament if "Is CPF money our money?".
Wilberttt is offline   Reply With Quote
Old 29-01-2019, 12:01 PM   #4
Supremacy Member
 
New Eden's Avatar
 
Join Date: Jul 2015
Posts: 8,923
Who did they voted for?

I have spoken to a 73 years old before.

He quite smart, he said he will sell his hdb and rent a room till he dies. Same thing, no children but not married.

Imo this is very sad when towards your twilight years you have to even think about downgrading and rent a room to get by.
Mugenpower78 likes this.
New Eden is offline   Reply With Quote
Old 29-01-2019, 12:03 PM   #5
Senior Member
 
Join Date: Dec 2018
Posts: 985
How much he contributed to CPF? 9/10 KPKB ones have no money in their CPF and asking for tax payer handouts.
Kumgong likes this.
Tschuus is offline   Reply With Quote
Old 29-01-2019, 12:05 PM   #6
Senior Member
 
Join Date: Dec 2018
Posts: 985
Huh why baby boomer generation take so long to realize what's wrong?
Actually a lot of babyboomer are voting opposition. You don't see them driving grab ah? Do they look happy to you? that's why PAP wants to increase gst to 9% very soon. Or else how PAP fund all the election goodies they will sure throw next GE?
Tschuus is offline   Reply With Quote
Old 29-01-2019, 12:06 PM   #7
Senior Member
 
Join Date: Dec 2007
Posts: 949
Too late ler.
fergsu is offline   Reply With Quote
Old 29-01-2019, 12:11 PM   #8
Arch-Supremacy Member
 
drkcynic's Avatar
 
Join Date: Jan 2007
Posts: 13,940
How can anyone believe it is YOUR money when the withdrawal terms, when you withdraw, how much you can withdraw, are all dictated by another entity? Even better still they can change the terms anytime WITHOUT consulting you?

When you are 70yo lying hungry and homeless under a bridge, and you have 200k in your CPF account, can you go and withdraw it to save your own ass? The fact is NO.

Then how on earth can it be "YOUR" money?

It's all very simple really.
Akky85 likes this.
drkcynic is offline   Reply With Quote
Old 29-01-2019, 12:12 PM   #9
Honorary Member
 
satayxp's Avatar
 
Join Date: May 2004
Posts: 128,081
i alrdy told yall this yrs ago when they come out with Compulsory Annuity aka CPF Life ~
item2sell likes this.
__________________
disclaimer: this nonsense post is part of internet chatter so cannot take it seriously de ~
satayxp is offline   Reply With Quote
Old 29-01-2019, 12:13 PM   #10
High Supremacy Member
 
blacklotus's Avatar
 
Join Date: Jun 2001
Posts: 32,497
who did he voted for?
blacklotus is offline   Reply With Quote
Old 29-01-2019, 12:14 PM   #11
Moderator
 
sCuzzZy's Avatar
 
Join Date: Jan 2005
Posts: 28,107
why 28 years?

How did they derive the number?
sCuzzZy is offline   Reply With Quote
Old 29-01-2019, 12:15 PM   #12
High Supremacy Member
 
kimby99's Avatar
 
Join Date: Sep 2016
Posts: 33,303
Now the question will become
“Who will he vote for?”

who did he voted for?
kimby99 is offline   Reply With Quote
Old 29-01-2019, 12:15 PM   #13
Senior Member
 
Join Date: Oct 2014
Posts: 1,518
When will the 70% wake up.
Wilberttt is offline   Reply With Quote
Old 29-01-2019, 12:21 PM   #14
Senior Member
 
Join Date: Jun 2016
Posts: 981
I actually think Cpf should give us back our money over a period of 10 years.

But that means there will be a lot of old people who will anyhow spend until bo money. And then will cry to the press with their sob story about how they are destitute at such an old age and there will be pressure on the gahmen to support these irresponsible spenders and ultimately the money to supprok them comes from my tax dollars.
Kohliemliem is offline   Reply With Quote
Old 29-01-2019, 12:22 PM   #15
Supremacy Member
 
Join Date: Oct 2010
Posts: 5,313
How can anyone believe it is YOUR money when the withdrawal terms, when you withdraw, how much you can withdraw, are all dictated by another entity? Even better still they can change the terms anytime WITHOUT consulting you?

When you are 70yo lying hungry and homeless under a bridge, and you have 200k in your CPF account, can you go and withdraw it to save your own ass? The fact is NO.

Then how on earth can it be "YOUR" money?

It's all very simple really.
70% think Roy is just hogwash when he attempted to pull attention to CPF back a couple of years, saying he's attention seeking.

That's why i found it funny when ppl are asking the EXACT same thing he's been warning about now.


Song tonight can sleep till CNY.
lucifer likes this.
Akky85 is offline   Reply With Quote
Reply
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.


Thread Tools

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On