OOH..BUT I’VE REALLY ENJOYED CATCHING A GLIMPSE OF A RECENT TV PROGRAM TITLED “THE PERFECT MEAL” WHICH ON THE FINAL EPISODE (NOT TOO SURE IF IT’S FINAL EPISODE, COS I’M BUSY GRINDING MY BONES.) SHOWCASED SOME HAPPY FACES ENJOYING THEIR PERHAPS ‘FREE LUNCHES’. STILL, SOME MIGHT COMMENT IT’S ‘SOUR GRAPES’…OH WELL..

~ HAPPY GRINDING ~

You got to be kidding.

Not using CPF to pay for rent means that people have to fork out cash to pay for the housing loan in addition to be stack up cpf monies which you cannot take out when you retire.

You are trying to kill the average singaporeans is it.

CPF is not inflationary.

govt policies are inflationary. the way they change the rules for minimum downpayment and the downgrading rules are the factors that drive the housing price. Not to mention their pricing strategy.

Other countries have similar cpf system but they don’t have that bloated housing price problem.

Many countries who don’t have cpf system also have bloated housing price problem.

By equating the house value with retirement fund, it does not answer many questions. Like how do u fund your retirement? Sell the flat? Where would u live after that? In an even more expensive retirement home? Or get a new mortgage on the flat to pay for your retirement? WHich bank would lend to a retiree with no income?

Many Singaporeans use up as much of their CPF as possible to pay for their HDB flat. So if you have 1000 per month in your CPF ordinary account and take up a 30 year loan, you will be able to pay up to 360,000 (although much of it will end up in interest payment).

Add in the a bit of savings for the initial payment, and then consider that usually it is 2 working adults contributing to the payment, then well, I’m lazy to do the exact math, but you can see why HDB prices has risen to the present level.

In the absence of CPF, would newly married couples be willing to commit up to $2000 cash every month for property? Very likely not. Cash has a lot of alternative uses; CPF has much more limited alternative uses. Thus I believe that CPF has actually contributed to the rising HDB prices, and I can predict that it won’t rise much further than what is affordable from the CPF ordinary account monthly contributions of the average income earner, because above that, it means paying cash monthly.

One further thing: when HDB prices increase, rentals also increase: the 2 are complementary goods. When rentals increase, cost of labour increases and general prices also increase. Thus, CPF has an overall inflationary effect on Singapore.

Now, all this is still relatively fine as long as the economy is doing well, and PAP can blandly console us with how our net worth is increasing with our HDB property values. However, we are sitting on this inflationary tide and with the rising labour costs: if one day Singapore loses its competitive edge, the whole HDB/CPF deck of cards will come crashing down. We have seen a bit of this in the current downturn. With paycuts and job losses, people who are maxed out to their ability to pay become unable to service their housing loans.

Thus I feel that CPF should not be allowed to be used for housing payments so that housing prices do not get over-inflated.

1. “Mentor” as 1ST PM and middle-age man told US that HE CALCULATED 25%+25% = 50% “IS ENUFF” – “MEANING” FOR “RETIREMENT And HDB Flats ONLY” Of Course??? Trust he WAS truly sincere then … BUT then … It’s like Wah ah ah … So Smart AH … As CAN see into 540-59 years AHEAD eh???!!! And so like I’ve said too elsewhere in TR/WP He Of COURSE said NOTHING about HOW HE Ever got around “KNOW” A total monthly CPF contributions WOULD BE ENOUGH … FOR RETIREMENT???!!! …

2. And So … For Decades by now .. THAT”S HISTORY ISN”T IT!!! BeCaws The Present Feedback from most and many citizens online and in other ways all say THE SAME Thing … CPF “NO ENUFF For RETIREMENT”!!! … AS Changes TO It’s ORIGNAL PURPOSE AND USAGE … AND Singaporeans ARE A ForGiVing and SHORT memory lot … AS …

3. CPF PAYS TOO For …
3.1 Private Housing …
3.2 Then HDB’s DAB flats …
3.3 Hospitalisation …
3.4 Then Some Specialist Medical Treatments … like dialysis because It HAS become MORE EXPENSIVE THAN … in Malaysia … and some other ASEAN countries!!!
3.5 Higher Education … like University AND Polytechnics …
3.6 … Any care to ADD for participation …?
3.7 PRICE INCREASES FOR ALL OF THE ABOVE ITEMS …!!!

4. Is then then ANY MYSTERY THAT Mr. Lee’s CPF System of “IS ENUFF” IS now Showing OTHERWISE??? … OH … I Can already hear some rumblings … like we mMUST BE Fair to him!!! …BUT WHY??? … AS …DOESN’T HE ALWAYS SAY “WITH ABSOLUTE CERTAINTY” to US ALL??? … SO … IS IT THEN UnFair for US TO TAKE ISSUE With Him and HIS PAP NOW???

5. I say … I saY … I sAY … I SAY … “I SAY” … “I SAY!” And FINALLY … I DO WANT TO SAY TOO … DI DI DI DA DA DA … FOR EXPLANATIONS … Nothing Wrong AND Bad WITh THIS I BELIEVE???

http://dsp-psd.pwgsc.gc.ca/Collection/NH18-23-5E.pdf