China cpf system is like this

[testerjp]

Pay fifteen years. Then from 55 yo gets payout for life. Ladies working in certain jobs gets paid from 50. Payout is rmb 1k to 2k.

Every year fee also increase. If volunteer ownself pay, this year lowest is 966 rmb.
Also have company pay partially that type.

You can pay now or later as long as you pay all fifteen years.
You can choose not to pay. If want to forfeit, recover back 40pct

For medisave it is about rmb400 plus per month.

Is it that their cpf system is not sustainable?

 

[Tschuus]

According to a 2019 report by the Chinese Academy of Social Sciences, basic pension assets for urban employees may be depleted by 2035.

 

[seowbin]

Can I go there pay and get their payout ?

 

[SecretAgent]

Do we Singaporeans need to know?

 

[zobrak]

According to a 2019 report by the Chinese Academy of Social Sciences, basic pension assets for urban employees may be depleted by 2035.

depleted then say. 2035 then say.

now singapore cpf like already depleted

 

[testerjp]

Can I go there pay and get their payout ?

Of course is cannot la. But I asked AI. It thinks not really worth it. Cause takes 15 years to recover the capital paid, not including interest.
Also cite that such systems and payout may subject to change.

If that's the case, our system is lagi even more not worth it.

 

[Tschuus]

depleted then say. 2035 then say.

now singapore cpf like already depleted

sorry I don't like to talk from the butt like some edmwer do. Quoting studies done by professionals who spent years studying the subject matter is 1000 times better .

 

[purplewave]

means good or no good?

 

[DragonFire]

Pay fifteen years. Then from 55 yo gets payout for life. Ladies working in certain jobs gets paid from 50. Payout is rmb 1k to 2k.

Every year fee also increase. If volunteer ownself pay, this year lowest is 966 rmb.
Also have company pay partially that type.

You can pay now or later as long as you pay all fifteen years.
You can choose not to pay. If want to forfeit, recover back 40pct

For medisave it is about rmb400 plus per month.

Is it that their cpf system is not sustainable?

They are pressing for retirement age to be pushed towards 65 in alignment with the ever-increasing life expectancy, and in consideration for people moving from a high physical burden farming lifestyle to white collar jobs. Take that however you will. This has caused discontent btw.

 

[testerjp]

means good or no good?

Their cpf need to contribute fifteen years.

Our cpf need to contributed for at least two times longer. What you think?

Problem is sustainability because MIW has conditioned us to think that too generous means irresponsible governance.

 

[VEF888]

just do the maths, it's unsustainable bah.

pay 1K for 15 years, and then get 1-2K payout for rest of life?

 

[testerjp]

just do the maths, it's unsustainable bah.

pay 1K for 15 years, and then get 1-2K payout for rest of life?

No money, just extort from alibaba, tencent can liao.

Anyway, China did protect these companies from foreign competitors.

 

[cet87]

depleted then say. 2035 then say.

now singapore cpf like already depleted

Think about it, the loss in investment who absorbed?
when earn profit, did they return back?

 

[maxsee039]

Their payout is definitely much more than 1-2k rmb per month. I have a friend from China whereby both parents are collecting 3.5k and 6k respectively each month. And the most ridiculous thing about their pension is that it will scale upwards accordingly each year.

In all honesty, having set their retirement age at 50 and 55 respectively do make sense. As majority of the people out there would prefer to live life on their own terms after that. Only a small portion of the population would prefer to work till the last day of their life.

 

[ed643]

Do we Singaporeans need to know?

We have our own CPF withdrawal at age 55 issues, no need to know about other country's' pension issues.

 

[testerjp]

Their payout is definitely much more than 1-2k rmb per month. I have a friend from China whereby both parents are collecting 3.5k and 6k respectively each month. And the most ridiculous thing about their pension is that it will scale upwards accordingly each year.

In all honesty, having set their retirement age at 50 and 55 respectively do make sense. As majority of the people out there would prefer to live life on their own terms after that. Only a small portion of the population would prefer to work till the last day of their life.

Earlier systems are different, and it also depends on how much paid.
Last time could even pay everything 50k - 60k RMB at one shot.
Govt workers also have different rates.

I went to their "CPF centre" to ask.

 

[MoeLanYong]

Prefer our own system where payout is tied to own performance. No one can take anything from us.

I don't like pooled systems. Someone will always benefit at the expense of another.

 

[lowsesbbfa]

Seems rike theirs ish defined benefit, rather than defined contribution rike CPF...

 

[testerjp]

Another thing i realised was I tot that their interest rates there are very high.

Now only 2 percent nia.

I don't understand why those PRC working in Singapore so eager to send back money.

 

[yokine3a]

No money, just extort from alibaba, tencent can liao.

Anyway, China did protect these companies from foreign competitors.

Just print more money lor, why need to disturb those profit making companies.

CCP controls domestic services and food pricing, they can easily manipulate inflation.