CPF Accounts Value thread

[madtari]

What you are saying is definitely true. I am glad that the companies/organisations which I have joined are doing their part in talent retention and they are emphasising a lot on people development. However, that doesn't stop people from leaving tho. Especially those younger ones who are more mobile, wanted to try out other stuffs, think they are worth or can do more outside etc.

How about the employers? Loyalty is a two way street. If more employers are more often treating employees as disposable commodities rather than as genuine long-term partners — and I think that’s a fair characterization of recent history — then employees properly shouldn’t be loyal.

 

[JuniorLion]

So back to your qns on me. Having been thru MNC, Stat Board (Public Service) and Civil service, all I can say is I certainly treasure my well-paying job with good work-life balance and yet I find it meaningful, challenging and interesting. So ya, even w/o the pension and incentive plan, I do plan to stay on. When I first applied for this job, I don't even know that there will be such benefits! And now that I know I'm having these benefits, there is one less reason for me to leave! So yeah, its certainly a pull factor for employee retention.

So there's no job loyalty to talk about for yourself as well if you don't have the "well-paying job", e.g. if your job doesn't pay well. Strip away the good pay and you're bound to leave the job.

That means your original statement "Maybe also due to different mindset from youngsters. There's no job loyalty to speak of now. " is not just a statement about youngsters now, but rather a reflection of the situation. People tend not to stay long because the company tends not to pay well.

 

[madtari]

I agree with you that if a company pays shitty salary, people tend not to stay long. As what BBC mentioned, this has to come from both employers and employees. How I derive my statement is by comparing older generations like our parents who are in their 60s currently... during their times, they are happy in staying in one job for the rest of their career. I seriously doubt a good portion from the strawberry generation will do so. I could be biased in my thoughts tho.

So there's no job loyalty to talk about for yourself as well if you don't have the "well-paying job", e.g. if your job doesn't pay well. Strip away the good pay and you're bound to leave the job.

That means your original statement "Maybe also due to different mindset from youngsters. There's no job loyalty to speak of now. " is not just a statement about youngsters now, but rather a reflection of the situation. People tend not to stay long because the company tends not to pay well.

 

[madtari]

Another reason why I feel this way is because of my personal experience with younger co-workers. Despite the organisation has been treating them well, but they don't treasure it and there's a bit of self-entitlement. They feel that the world is their oyster and they can soar high outside. And they left because by staying, they can't realise their full potential. And some I know soon realise the grass is not always greener on the other side and wanted to come back.

I agree with you that if a company pays shitty salary, people tend not to stay long. As what BBC mentioned, this has to come from both employers and employees. How I derive my statement is by comparing older generations like our parents who are in their 60s currently... during their times, they are happy in staying in one job for the rest of their career. I seriously doubt a good portion from the strawberry generation will do so. I could be biased in my thoughts tho.

 

[matcha18]

For the self employed, if I have already maxed out my SA and MA, and still wish to make VC, will it still be distributed to all 3 accounts, or will it sit in OA only? Thanks.

 

[havetheveryfun]

Another reason why I feel this way is because of my personal experience with younger co-workers. Despite the organisation has been treating them well, but they don't treasure it and there's a bit of self-entitlement. They feel that the world is their oyster and they can soar high outside. And they left because by staying, they can't realise their full potential. And some I know soon realise the grass is not always greener on the other side and wanted to come back.

what u say is true, especially if it is their first job, but cant totally blame them, partly is due to too much peer to peer comparison compared to before and also the education system has brainwashed them that they deserve better when the market is actually not that rosy

but as to the previous generation able to stay in one job till retirement, you cant compare it that way, i am sure many youngsters nowadays would also want to stay in one job till retirement if possible. most of our parents who stayed in one job till retirement are usually those in MNCs/civil sector, if SMEs, you will be hard pressed to find much of them as the SMEs would have probably closed down by now or got bought over by a bigger company. no youngster or maybe even their parents would encourage their kids to stay in a small company till retirement, but if you are talking about bigger companies like banks, civil sector, etc then that is a different story.

 

[havetheveryfun]

I'm speaking in general terms. If you do interviews, you would have noticed that the younger generations tend to ask "How can I benefit/learn from your organisation/company" rather than emphasize on "How can I contribute to your organisation/company". Turn-over rates are also clearly higher in the younger employee age group. What I've said is backed by statistics from HR.

this is a chicken and egg problem. in the previous generation (those in their 50-60s now), do you think they would have got asked questions like "Where do you see yourself in 5 years' time?", "What are your strengths and weaknesses"? Maybe a few, but not as common as nowadays.

Therefore, both the dynamics of the interviewers and interviewees have both changed.

 

[Toni90]

Another reason why I feel this way is because of my personal experience with younger co-workers. Despite the organisation has been treating them well, but they don't treasure it and there's a bit of self-entitlement. They feel that the world is their oyster and they can soar high outside. And they left because by staying, they can't realise their full potential. And some I know soon realise the grass is not always greener on the other side and wanted to come back.

U also changed jobs a few times before settle down here, right?

 

[madtari]

Good qns to bring this thread back to topic. I would think so. Since MA & SA already hit limit, even mandatory contribution will overflow to OA, I don't c why VC won't.

For the self employed, if I have already maxed out my SA and MA, and still wish to make VC, will it still be distributed to all 3 accounts, or will it sit in OA only? Thanks.

 

[madtari]

Yes.

10 char

U also changed jobs a few times before settle down here, right?

 

[JuniorLion]

For the self employed, if I have already maxed out my SA and MA, and still wish to make VC, will it still be distributed to all 3 accounts, or will it sit in OA only? Thanks.

MA contribution will go to OA
SA contribution stays in SA
OA contribution goes to... OA (where else?)

 

[SkyNinja]

this is a chicken and egg problem. in the previous generation (those in their 50-60s now), do you think they would have got asked questions like "Where do you see yourself in 5 years' time?", "What are your strengths and weaknesses"? Maybe a few, but not as common as nowadays.

Therefore, both the dynamics of the interviewers and interviewees have both changed.

Where do you see yourself in 5 years is a very stupid question. Most people will change job after 2 to 3 years.

 

[SKenny]

Good qns to bring this thread back to topic. I would think so. Since MA & SA already hit limit, even mandatory contribution will overflow to OA, I don't c why VC won't.

When you do a VC, you have the option of contributing to all 3 accounts (OA/Sa/MA), or just to MA.

The latter option has possible tax benefit. When the MA is full, it will then flow to OA (assuming that the SA is above FRS limit).

The SA FRS limit does NOT impact the the first option of doing VC to all 3 accounts. However you do not get the possible tax benefit.

 

[JuniorLion]

My uncle will be reaching 65 on 2nd April this year. When he logged into his website today (3rd Feb) and tried to click "Start My CPF Life Payout", it says "You're not eligible to start your monthly payout".

What are the steps he needs to do, in order to inform the CPF Board that he would like it to start on 2nd April?

 

[iMac]

My uncle will be reaching 65 on 2nd April this year. When he logged into his website today (3rd Feb) and tried to click "Start My CPF Life Payout", it says "You're not eligible to start your monthly payout".

What are the steps he needs to do, in order to inform the CPF Board that he would like it to start on 2nd April?

Did your uncle previously opt-in to start payout at 65?

If not, the default payout will only start at 70....You uncle have to wait another 5 yrs.

 

[SKenny]

Did your uncle previously opt-in to start payout at 65?

If not, the default payout will only start at 70....You uncle have to wait another 5 yrs.

This is incorrect.

He can opt-in to start the payout at 65, 6 months before he turns 65 (assuming that he is born 1954 or later).

 

[SKenny]

My uncle will be reaching 65 on 2nd April this year. When he logged into his website today (3rd Feb) and tried to click "Start My CPF Life Payout", it says "You're not eligible to start your monthly payout".

What are the steps he needs to do, in order to inform the CPF Board that he would like it to start on 2nd April?

This is strange....

He should be able to register his CPF Life start date, 6 months before he turns 65.

BTW, is he enrolled in the CPF life scheme? I suspect that he may not be in the CPF Life scheme given this age (ie he is not auto enrolled). Only those who are born in 1958 or later, and have at least $60k in his RA are auto enrol. If this is the case, then he will need to enrol himself into the CPF Life scheme first.


===================================
You are eligible to start your monthly payout from your payout eligibility age (PEA) and you may submit your application up to six months before your PEA.

Please apply via the following channels:

Submit an online application via my cpf Online Services - My Requests with your SingPass.

OR

Complete the "Apply for Monthly Payouts and Change Bank Details Under CPF Retirement Sum Scheme" (Form RSS30) (PDF, 0.9MB) and mail it to:

CPF Board
Retirement Schemes Department
Robinson Road P.O. Box 3060
Singapore 905060

 

[JuniorLion]

This is strange....

He should be able to register his CPF Life start date, 6 months before he turns 65.

BTW, is he enrolled in the CPF life scheme? I suspect that he may not be in the CPF Life scheme given this age (ie he is not auto enrolled). Only those who are born in 1958 or later, and have at least $60k in his RA are auto enrol. If this is the case, then he will need to enrol himself into the CPF Life scheme first.


===================================
You are eligible to start your monthly payout from your payout eligibility age (PEA) and you may submit your application up to six months before your PEA.

Please apply via the following channels:

Submit an online application via my cpf Online Services - My Requests with your SingPass.

OR

Complete the "Apply for Monthly Payouts and Change Bank Details Under CPF Retirement Sum Scheme" (Form RSS30) (PDF, 0.9MB) and mail it to:

CPF Board
Retirement Schemes Department
Robinson Road P.O. Box 3060
Singapore 905060

My uncle is enrolled under the CPF LIFE PLUS PLAN (previously there were 4 plans).

 

[JuniorLion]

Did your uncle previously opt-in to start payout at 65?

If not, the default payout will only start at 70....You uncle have to wait another 5 yrs.

This is obviously false. You can opt to start your payout anytime you wish after your PEA. You're not bound to start at 70 if you accidentally 'missed' it.

This is incorrect.

He can opt-in to start the payout at 65, 6 months before he turns 65 (assuming that he is born 1954 or later).

Thanks uncle SKenny. I just need to figure out how to start the payout for my uncle.

 

[maple96]

My uncle is enrolled under the CPF LIFE PLUS PLAN (previously there were 4 plans).

If I am not wrong, those enrolled under CPF Life old plans, CPF will write to them telling them payout will start at 65, if they prefer to defer to reply with return envelope - one case I saw last year.

If he is worried, he can call CPF hotline to inquire or use singpass to send feedback msg.