Singaporeans with $60,000 in their CPF accounts at 65 now “automatically” included in CPF Life
March 13th, 2010 | 
Author: Written by Our Correspondent
It appears that Singaporeans can never hope to get their CPF monies back in full so long the PAP remains the government.
Manpower Minister Gan Kim Yong announced in Parliament two days ago that Singaporeans with $60,000 or more in their retirement accounts when they turn 65 will now be “automatically” included in the CPF Life annuity scheme.
At the present moment, CPF Life only apply to those who turn 55 from 2013 and have at least $40,000 balance in their CPF Retirement Account while those having less are left out.
However, this group of Singaporeans will now be included in CPF Life as well if their CPF savings increase to $60,000 by the time they reach 65 years of age.
In the past, Singaporeans are able to withdraw their CPF in one lump sum when they reach 55 years of age. In 2003, the Minimum Sum scheme was introduced which stipulates that Singaporeans must keep a minimum sum (MS) of money in their CPF accounts. From July 1 2009, the CPF MS was revised from $106,000 to $117,000.
The CPF Life is an extension of the MS scheme to provide “lifelong” income for Singapore elderly in their retirement. It has four different schemes which provide varying amount of monthly payouts to Singaporeans till they reach 85 years of age.
To put it bluntly, the government is witholding the CPF savings of Singaporeans and “managing” them on their behalfs out of fear that they may deplete their savings and end up being a burden to the state.
Though Singapore is the second richest country in Asia after Japan, Singaporeans enjoy few social welfare benefits from the PAP government.
Singaporeans are often exhorted by PAP leaders to be “self reliant” and to work for as long as possible till they drop dead while remaining “cheaper, better and faster” at the same time.
For those who are certified permanently unable to work or are completely destitute without any living relatives, they can apply for Public Assistance (PA) from the government which provides a miserly monthly allowance of $360.
In other countries, the ruling party will be voted out of office for treating its citizens so shabbily, but not in Singapore where its cowardly, apathetic and ignorant citizenry remains beholden to the PAP thanks to 50 years of “brainwashing” from the state-controlled media.
The PAP has always claimed that it will have to raise taxes in order to fund more social welfare programmes for Singaporeans and yet it can afford to splurge out $10 million dollars in an instance to make the new immigrants feel accepted, welcomed and happy in Singapore.
Even then, the amount pales in comparison to the nearly $10 billion dollars “paper loss” suffered by GIC in its disastrous investment in Swiss bank UBS.
How can a country which can afford to lose billions of dollars in failed overseas investments without blinking an eyelid not do more to help its own citizens?
Without realizing the importance of exercising their own political rights, Singaporeans are doomed to slog like “sheep” for their entire lives and still not able to retire or see their CPF monies locked away forever under the “safekeeping” of the nanny state.
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The solution is very simple:
M I G R A T E
Start your plans
N O W
The CPF is just another tool that the PAP use to control Singaporeans. We will just be slogging for the PAP for life. Heads they win, tails we lose.
Good for the ministers, i guess this is one way to pay for their 8.8% pau hike !
I come to only one conclusion. If anybody wants to see his/her own CPF savings over a lifetime of their own hard work, the pap government MUST GO!!.
PAP VOTE THEM OUT OUT OUT!!!!!! it is the only solution to all our troubles, all the bullying and shit we have to take them goddammed Lee family!!!!!!
Truly it is very tiring and sickening that PAP revised their policy and rules without touching base with the people. GOSH! What is PAP forseeing and fearing in their ivory tower?!
Question is,
HOW CAN GOVT/CPF AUTO OPT PPL IN. IS IT LEGAL?
CAN PPL SUE CPF ON THIS?
IF DONT IN, THEN WHAT HAPPENS TO THE CPF?
The Great Singapore Heist has begun! The solution is simple, you can either migrate and draw out all your CPF when you relinquish your citizenship or you can stay and vote out PAP. I chose the latter as I am dying to see how much of our hard earned money has been siphoned off to half baked investments and not to mention to see those who are accountable answer for their crimes!
“65 will now be “automatically” included in the CPF Life annuity scheme.”
THEY SURE KNOW HOW TO FORCE THEIR DECISION ONTO YOU.
HIP HIP HOORAY. LONG LIVE CPF. LONG LIVE CPF. LONG LIVE CPF.
Why are there so many charity organizations in Singapore?
Where does all those monies gone to?
What are the true purposes of all these charity organizations?
Isn’t the charity welfare for the senior citizens and the poor?
Why is the STUPID gahmen claiming that they cannot afford to give welfare for some unfortunate senior citizens & needy, when they can afford to splurge trillions$$$$$ on foreigners?
Dear Singaporeans do not give to charities, they are all a scam.
These charities all went to help foreigners not singaporeans.
If those who want to give, please give directly to those needy, as can be seen everywhere.
Told those students not to be stupid to volunteer for free, while the organizers are paid heftily$$$$ laughing all the way.
The students where fooled to believe that they are doing a good deed.
No one would have believed in the early years of the 21st century that our CPF savings was being watched by intelligences we thought were greater than our own; that as citizens busied themselves about their various concerns, they observed and studied, the way a man with a microscope might scrutinize the creatures that swarm and multiply in a drop of water. With infinite complacency, citizens went to and fro about the little red dot, confident of our CPF savings are safe. Yet across the gulf of time of 50 years, these so called intellects vast and cool and unsympathetic regarded our savings with envious eyes and slowly, and surely, drew their plans against us.
That’s why I am considering to migrate.
PAP has always acted than the best Hollywood Oscar winners ever did.
I remember very clearly there was a debate, well a stage-show of course, Ng Eng Hen explaining, trying hard to convince, and dont know where they got the actuarial figures to prove that out of how many aged around 60s will go on to live around 90’s and thats why those who die later at around age 90 need CPF life.
Those actuarial figures I remembered were very lame stuff not much of robust substantiation was done, just sort of quoting from some so-called authoritative sources.
And when it was shafted down our arses, there was orginally, what 18 plans to choose from, then all of sudden, since no need to answer to citizens, high-handedly PAP scumbags unilaterally whittled down to ONLY 4.
And scumbags PAP again, now taking advantage of pathetic Singaporeans, forcibly now roped in those ‘escaped-55-and-above
into these sucking scheme when they come reach 65.
THIS IS A VERY VERY VICIOUS PAP SCUMBAG TACTIC, NOTHING LESS, WAY TO TREAT SINGAPOREANS.
why complain? accept it . the majority have.
Why do the PAP ministers paid themselves outrageous salaries?
It is to cover for their own loss of CPF $ which is no longer there having squandered away on silly investments. Seems like PAP will plot to cover their misdeeds instead of being transparent.
At least US govt admitted that their social securtiy had been shortfall and unable to pay off all the retirees.
Changing CPF rules more often than we change underwear.
http://mycpf.cpf.gov.sg/Members/Gen-Info/CPFChanges/CPF-Changes
They don’t believe that people could manage their own money better than them while they continue to lose big in investment.
I don’t want the govt to manage my CPF savings upon retirement ‘cos I am able to manage my finances. So I was very upset when this annuity scheme was implemented with no opt-out allowed.
Upon retirement, I wish to use my CPF savings to fulfill my dreams & to do so whilst I am still able to. But now with my CPF savings dispensed through annuity payouts, I am afraid I’d be immobile or too frail by the time I accumulate enough money.
With each tweak of the CPF scheme, I despair that my CPF savings will sink deeper in the sea of no return. ITS MY SAVINGS, MY MONEY, I want to manage it myself and spend it the way I wish to. WHY CAN’T I ?
It all depends on the Majority, really.
As long as the Majority supports them, the policies will stay or ‘tweaked’ in ways determined by them.
Minority have to accept the choices made by the Majority.
Is this understooding wrong?
Did the fucker pig Gan explain why he forces people to take up CPF life?
So, we have a long list of average news and this piece of shit is thrown at us again.
How many of you here think being forced to take up CPF life is a good thing?
You ended up losing monies to the govt.
We are paying millions to these pigs who provide
1. slow service when things could have been faster,
2. monies sucking dis-service,
3. generally just lips service.
This is the standard of LHL’s govt.
He is definitely not PM material.
Not even minister material.
Ex Sillborerean,
Migration is the not solution. GE is.
CPF = Compulsory Ponzi Fraud.
Let me inject a bit of accuracy if I am allowed, and am correct.
The CPF Life was NEVER NEVER an extension of MS. This is my 2-cents worth of amateur analysis.
The MS was started in 1995 at $40,000 ($4,000 cash plus $36,000 from property) and was meant to rise annually by only $5000 to $80,000 in 2003. I have an antique copy of SHIT TIMES report of CPF MS table of figures, and GLARINGLY, this original table DID NOT include the phrase, “in todays’ dollars”, that means IT WAS PLANNED as a straight annual dollar increase of $5000 WITHOUT ALLOWING FOR INLFATION !! Only some years later, somewhere early 2000s, whenever these MS figures were published, “in todays dollars” were included !!
The SCUMBAGS PAP very smartly and cunningly very ’suddenly’ realised that MS WOULD NOT, and CANNOT be sustainable, in view of these – an aged population, non-replacing enough workforce, not enough babies, and of course THEIR OWN HUMONGOUS PAY is at STAKE (in view of hugh GIC/Temasek LOSSES too).
Minister Hen was quoted as saying in Sept 22 2007, “it is a HUGH MISTAKE for GOVT to foot pension system”
Thus they have to hatch something very quickly. Lim Boon Heng pretended to visit Japan to study thier aged solutions. GCT and a few others quickly made some speeches and acted very fast to market the CPF Life. They claimed that many from aged 60 onwards would live till 90 and thus need CPF Life without robust actuarial studies evidence to substantiate, except a somewhat lame report from so-called authoritative source.
Thye made a ‘political’ mistake of allowing those 55 in 2013 to escape their CPF Life cordon, and now these eveil PAP scumbags make sure no more escape for these same fellas reaching 65.
To ALL those who were asked to join CPF Life or those who wud like to escape, make your way to escape this CPF Life if you can. WHY ? In July 2009, the Minister Kan said that CPF life payments are not guaranteed and can be stopped if the CPF Life fund is insolvent. AND CAN U BELIEVE IT, he was quoted to ‘give his assurance’ payouts will continue when Halimah questioned him why there is no guarantee.
How can the PAP force people to opt in by unjust “LAW” ?
Singaporeans please grow some balls to have a MASS PROTEST . Union is STRENGTH . I bet with my last dollars PAP don’t have the balls to arrest you. Where are they going to detain 100,000 at one go.
JUST FED UP WITH THIS FUCKING BASTARD GOVERNMENT.
This means that those with 60K to 45K at 55 now cannot opt out of CPF life.
Why is that?
Dear PAP government,
Stop being the people’s money manager(we know what a stellar record you have in this department, ask Ho Ching), and start providing REAL, PROACTIVE welfare to underprivileged people.
You will have all the money in the world if you stop bleeding money in lousy overseas investments and cut back on military spending.
Welfare is not a dirty word, and it does not necessarily have to destroy the incentive to work or raise taxes. IF you cared you would find a way.
Lastly, part of the problem lies with CPF itself. Instead of being a full-fledged pension scheme that a retiree can withdraw in full once he reaches the specified age, the CPF has been BASTARDISED into serving many purposes, but fails in its supposed and intended purpose to provide money for retirement. That is why the annuity crap is shoved down our throats now.
Or maybe the govt is desperate for money? Must be nice siphoning funds from the pot of CPF gold it has been sitting on all these years.
Migration is not the solution,Voting the PAP out is.
PAP UNLESS YOU PAY FOR THEM YOU HAVE NO RIGHT TO FORCE THEM.
Don’t you all see that all these changes are basically to tell you that you are to look after yourself when you are old and you better be ready to look after toilets or wipe tables but when you are really old, slow and lazy, they will just boot you out and replace you with younger cheaper foreigners. This is what you get when you vote for the Pappies and keep MBT in politics so that your price of your HDB will be high but you can’t sell because this the only roof over your head and yet again you won’t have the money left for your old age. Down grade you said to get the cash. Don’t forget you will be paying another a high price for a smaller pigeon hole. So where do all these lead to? To you, to a smaller HDB flat and work till you are dead and rot alone in your own small HDB flats cos your children are just far too busy working to pay off their their hefty loads of their very own HDB flat and they don’t have enough time and money to support you. For the pappies, they will retire in luxury as they have milked enough money from all you donkeys who have been working for a few carrots.
Get this into your brains, you won’t be getting anything from this government. They won’t be listening too you cos you are never as smart as them. They know that Singaporeans are a frightened lot of selfish individuals who don’t know much about social justice as they are educated to just go after the carrots in the name of meritocracy. It works of course as these pappies are the product of it and they are reaping the benefits of it.
Since you have voted in nincompoops, you better be accepting them to protect the foreigners by giving them your jobs and money. If that’s not enough, they have also told you that they would bring up your concerns in the parliament but then talked about building a food museum and promoting themselves to let the groupies to know about their hair styles, fashion sense and how they were afraid of cockroaches. The best of all they have told you in a round the bush about frogs to let you know that they are deaf to your criticisms.
Anyway, with the government winning the next election, you can also bye bye to TR cos they will be creating and enforcing their laws for you to criticise them. By then you have just get ready to be replaced by young foreign talents who became new citizens while your sons suffers accidental death while serving their NS and you have to just wait to rot in a smaller pigeon holes or along the corridors of some hospital.
PAP VOTE THEM OUT OUT OUT!!!!!! and then mirgate .
The other day I asked a ST friend ..how’s the Boss.
The ST friend said.. “which Boss?”
I said..upstairs…the Big Boss.
“Oh, we have lots of bosses from government in ST..so I did not know which one.”, was the answer.
As if we did not know that already.
Yes, the only solution is to immigrate.
We hava a group of ex-Singaporeans in Edmonton, Alberta, Canada and most of us gave up our Singapore citizenship and took out all our CPF to buy our dream home bungalows with 2 to 3 cars garages and front and back gardens for the price of a 3 to 4 room HDB.
Those who are 55 and baove can immiegrate as in “retiree” category. With your asset of HDB + CPF more than Can$500,000 you will stand a good chance to be accepted.
Apply now before your health fails you.
Next week just go over to the Canadian High Commission, which is near the OCBC Building in Hill Street and find out more.
VanCouver house is expensive but the food is about 30 to 40% cheaper than Edmonton. Toronto is 20 to 30% lower in both housing and food. Calgary is like Vancouver…more 30 more expensive expensive in housing but 10% cheaper in food.
However any place in Canada is better than the shit hole SINKaPOOR. I said that in the mid 80s and I say it now.
I have difficulties convincing ppl that their CPF is all but a cooked-up vapour product… It is all non existent in actuality… See the meat on the hook? If u want it so damn much, then good luck to u!!! NOT IN YR LIFETIME!
Be prepared… The Opps may win someday, provided the MIW has got nothing left to milk from us… When the book is finally opened for audit, pls dun be surprise to find numerical deficits!… Who else to blame then? but the new government?
LKY warned it last year that if the FREAK result happened, the national reserves will be gone in 4 years… Well believe it, they are already long gone. Perhaps it will take the new government 4 years to fulfill his “prophecy” by discovering the STINT 50 years in the making… What wld make a man so sure about it? IT IS ALL WELL PLANNED!
As I said it before, we are 2 elections away too late!
Yes, as someone pointed here… PLAN NOW!!!… but migrating is exactly what the MIW want from the jaded group of true blue Sinkies… They exactly want ppl to come n go, as long as they play by their rules…
NO! WE WILL STAY N FIGHT ON!!!
Jack, was a good diversion.
Those people on the top are going to retire a much happier group than the millions at the bottom.
Hi Ex-SIngaporean,
I plan to leave and migrate elsewhere. I need some help in this area cos i do not know how to go about it. Are u willing to leave me your email contacts , so i could contact you via email and you can let me know how to go about it?
Very Sian liao… in singapore
Suspect the money in our reserve may not be there anymore.
To: Manpower Minister Gan Kim Yong,
Dear MOM Gan,
RE: Women Rights in Workplace Environment
Refer to PBM Jack Neo’s sex scandal reported on media.
With full knowledge of sexual abuses of female employees found going on for several years in J Team by its founder PBM Jack Neo, and yet, has not been reported to your Ministry.
Such action can rightly or wrongly construe as a husband and wife management team collaborating and conspiring to sexually abuse their female employees including one girl employee as young as 16 years of age in their workplace environment.
This might be a case of J Team management’s unlawful intention to trap these young female employees quietly and willingly surrendering themselves to the needs and fancy of their organisation.
In order to proof that public preception is wrong, your ministry MOM should seriously investigate this matter as its of major concern to all female workers in Singapore at large.
We are patiently looking forward for your comments.
Thank you and best reagrds
Peter Su
This papaya gov push welfare to charity and ourselves … u die ur business. Of course they cannot feel the pain because they already paid themselves enough $ to last long long time.
Citizen: “Money No Enough”
JackAss: “Honey No Enough”
MPapaya: “Crony No Enough”
u want speak your mind, do it in action,cowardice will bring u no where to your freedom and yes, for this once about the CPF, we support each other and boot out this gvt!
there is a clear distinction etween state monies vs monies own by SIN. 500 million lost to Styversent
Apartments in USA ; 500 million to ABC childcare in Australia – doesnt all these tell you not all things are under control.. do you seriously believe there are stringent check in place?
It hard to imagine.. ppl on top are absolved merely by a print on the papers – we lost it ..so forget it.. SIN dont forget so easily. We are fund managers you know – there is up and there is down.. true.. but the investments seems odd.
There are so many good companies in SIN seemingly blind to fund managers in Temasek. By virtue Temasek having invest in SIN, there is a higher chance of success. Australian child-care dont need SIN but INdonesia, Vietnam & Philippins or China needs such services.
At end of day, SIN had been fooled by a bunch of confidence tricksters dressed in corporate suits.
Whatever sum you have in your cpf is only worth on paper.
Now the minimum sum is $117k. In 5 years time it will easily hit $200k. Just ask yourself how many have this sum when they hit 55 in 2015. Anything below this amount means nothing for you to draw out.
Wait till 65 to draw beggars’ allowance (your own money).By that time with inflation you can’t even pay for your household bills let alone your medical bills.
They are telling you bluntly: Keep your feet firmly on the ground and continually keep reaching for the stars.
Sinkies – Carry on dreaming with your cpf money.
WHAT THE HELL?
WHAT TYPE OF GOVT IT IS?
THIS IS DAY ROBBERY!
这与当街打抢何异？
人权何在？
政府犯错，
百姓受罪！
蚕食人民，
非人所为！
该是时候还我河山，还我尊严了！
上苍救救我们的国家吧！
The way govt treats their own people is worst than Iran, Iraq, Cuba, North Korea, Burma, 阿富汗 etc.
My personal opinion on CPF is simply something that’s introduced to encourage Singapore Citizen to relinquish their citizenship at a point of time to recover all their CPF.
Singaporeans are often exhorted by PAP leaders to be “self reliant” and to work for as long as possible till they drop dead while remaining “cheaper, better and faster” at the same time.
They are Singaporeans too, so shouldn’t they be “cheaper, better and faster” ?
Hi let me add – one can notice how desperate the PAP scumbags were/are. Recently they had go around to virtually everyone of those OUT of THE CPF LIFE deadly net, called these older fellas, persuaded them to join CPF Life (their dangled carrot is so bastardly small), and couple of my kakis told me CPF Life officers ‘persuaded’ them to stop whatever current schemes already bought and switched over to CPF Life.
After a while, it seemed these CPF Life officers had toned down or stopped their activities, cos I speculated they realised they could have violated the what-I-think-FAA Act whereby one cannot and are not allowed to ask members to stop one and take up another without valid justification. Haha – in short they may thought have COMMITED OFFENCES under the FAA Act,thats why probably NOW THEY USE THE FULL FORCE OF THE LAW.
Gahmen have to change CPF plans again probably because of all the bad investments it made. There is no transparency and we have no say in how we can access our retirement funds. And now gahmen trying to force that Act to make sure children must provide financial support to elderly who don’t have a choice whether to receive annuity or lump sum. The men in white think we are stupid is it?!
Some destitute people have already rightly pointed out: If I cannot even make ends meet tomorrow, why do I have to beg from the government for welfare when I have my CPF? People are already committing suicide due to financial reasons- these people should have access to CPF. PAP go and die.
/Toad on Sat, 13th Mar 2010 11:11 pm
I don’t want the govt to manage my CPF savings upon retirement ‘cos I am able to manage my finances./
Our CPF money is ours. Comes retirement time, they have NO FURTHER business in holding on to OUR money. The privilege (not a right) of holding on to our money by the board should only be up to retirement time, nothing more and nothing less.
Who needs their management of OUR OWN money.
//Torpedo on Sun, 14th Mar 2010 8:23 am They are telling you bluntly: Keep your feet firmly on the ground and continually keep reaching for the stars.//
In short, they are “forcing” many of us to tell them to F-off bluntly (to be rude). While at same time, some ball-carrying fire fighters may tell us how emotional (without calm) we are that we are unable to carry out any discussion rationally – what a way to turn weakness to strength.
I would say “to hell with that” especially when it comes to my CPF money where I do not need others to teach me how rational I should be when dealing with it.
Opposition what r u waiting for? Tell those singaporean that if you vote for the opposition, they can get their all their CPF money back and make sure you deliver. I believe you can be voted into the parliament.
Instead of complaining, threatening to migrate or urging everyone to vote out the PAP, Singaporeans have no balls to BE the opposition, i.e. join some opposition party or form their own. Complaining does not help because PAP does not listen. Threatening to migrate but not actually doing it is empty threat. Besides, for every Singaporean that migrates, there are probably 10 to 100 new PRs or FTs migrating here. To the PAP, the net gain is still 9 to 99, very worth it. Urging everyone to vote out the PAP is the same as asking everyone to vote in the opposition. Sounds good, except that there are simply not even credible opposition candidates around.
In a GE, the opposition cannot win if more than half the seats are walkovers, fought by multiple opposition parties, or the opposition candidates are either unknowns or loose-screws.
What Singapore really needs are qualified and educated individuals who have excelled in leadership roles, well-known in their communities for their good character, and are brave enough to step forward to take part in the next GE as an opposition candidate. But that is only the prerequisite. To win an election, an opposition candidate has to work the ground early, inspire the electorate and give them powerful reasons why they should vote for him. It’s not enough to talk about common grouses like the government being uncaring, holding on to our CPF monies, etc. The reason is simple. There are only 3 types of electors. The first type, Type P, will vote for the PAP no matter what because they believe the PAP will still do a better job than the opposition, or they are pretty happy with what they currently have and fear things will change if the PAP is voted out. The second type, Type O, will vote for the opposition no matter what because they are fed up with the PAP and not because they like the opposition, e.g. 99% of the readers of The Temasek Review. The third type, Type F, are those who sit on the fence, and as in all elections, this is the group that often sways the election results.
So what an opposition candidate really needs is to inspire as many of the Type Fs to vote for him as possible. If he can change the minds of some Type Ps, that would be a bonus but I wouldn’t spend too much time on them. Likewise, I wouldn’t spend too much time courting the Type Os because I already know which way they will vote. Which is why the PAP is bringing in 2 million PRs and FTs, who they hope will also become PRs, believing that most of them will become Type Ps. They are also trying very hard to convince the Type Fs to vote for them through fear (e.g. the opposition will screw things up), misinformation (e.g. 81% of HDB owners are happy with their flats) and carrots (e.g. CPF top-ups, especially the poor and needy).
Against such great odds instituted by the PAP, how can a qualified, credible and brave opposition hope to win? It’s all about strategy. First, do not criticise the PAP or their policies if you cannot offer a better alternative. Second, do not get angry or be perceived as angry when communicating with the electors (think: the Chee siblings). Third, do not talk in broad strokes without giving specific examples of how you will make things better for the electorate. Fourth, do not speak of anything that can be a two-edged sword (e.g. social welfare). Fifth, do not speak with logic without inspiring emotions. Last but not least, speak well and with conviction (thin: Barrack Obama).
But the most important of all is to set out your goals clearly and never give up. Many opposition candidates run for election for the sake of running, and run to another constituency the minute they lose. Standing for election is tough, and winning an election is even tougher. Without patience, diligence and intelligence, no PAP or opposition candidate can win an election.
Hell, if I reached 65 and they are still around then there is just one option. Migrate.
sdfd on Sun, 14th Mar 2010 11:23 am
Do you yourself dare to give such a promise without knowing how our CPF money is being used or held (invested) currently and their level of liquidity.
You need opposition as you need balance and another pair of eyes to sound (size out) out on our behalf – counter-checking mechanism.
Hi all,
Do you know why this is happening?
Short Answer : No more money!
Long Answer Follows :
=====================
Singapore has the fifth-highest GOVERNMENT DEBT in the world, at almost 120% of GDP.
“Some consider all government liabilities, including future pension payments and payments for goods and services the government has contracted but not yet paid, as government debt.”
Translation : Future pension payments = CPF Payouts.
http://en.wikipedia.org/wiki/Government_debt
Using the 2009 GDP of about 260 billion, our public debt stands at about 300 billion.
Translation : If every single person were to work for an entire year, the value of what we produced would not be enough to repay this debt.
http://www.singstat.gov.sg/stats/keyind.html
If you are not already aware, the CPF Board buys Singapore Government Bonds with your CPF funds. In this way, your CPF funds are transferred to the Government for other uses like foreign investment.
“Surplus CPF funds are first placed as advance deposits
with the Government through MAS for subscription of future issues of these non-marketable SGS bonds.”
http://www.sgs.gov.sg/pub_guide/guides/publ_sgsguides.html
“As at 30 June 2002, total domestic debt of the Singapore Government stood at S$150.7 billion, comprising S$131.2 billion of SGS bonds (including non-marketable SGS bonds), S$15.5 billion Treasury bills and S$4.0 billion of advance deposits.
THE SINGAPORE GOVERNMENT DOES NOT HAVE ANY EXTERNAL DEBT.”
Translation : our public debt is all domestic debt, i.e. borrowed from the people/institutions of Singapore.
The breakdown of SGS bonds between the CPF board and other institutional/retail investors is unknown.
What Does This Mean :
=====================
Fact : Assuming the government adheres to the policy of no external debt, the Singapore government currently owes Singaporeans about 300 BILLION SGD.
Fact: In the past 8 years, our public debt has DOUBLED, from 150 billion SGD to 300 billion SGD.
“As at 30 June 2002, total domestic debt of the Singapore Government stood at S$150.7 billion.”
http://www.sgs.gov.sg/pub_guide/guides/publ_sgsguides.html
Fact : The CPF Board has, over the past few years and once again recently, enacted regulations to delay CPF payouts.
Conclusion : The amount the government is borrowing from the CPF board is increasing at a rapid rate, while they delay payouts again and again.
Be afraid. Be very afraid.
I personally don’t have a single cent in CPF.
My sincere advice is : get out now.
VOTE OUT PAP, DO IT !!!
Why ??
No much CPF LEFT after slogging for 30-odd years.
Housing BEYOND reach for your children
PRs Welcomed WITH OPEN-ARMS
Citizens sloggin day-night ARE SCOLDED for being UNPRODUCTIVE
Citizens slogging day-night ARE SCOLDED for LAZY
Citizens slogging day-night ARE BRANDED “NO-DRIVE”
Citizens slogging day-night when SICK, PUT ONTO CORRIDORS instead of sick-rooms
Citizens slogging day-night cannot invest their own money whereas TEMASEK/GIC CAN invest OUR MONEY for LOSSES
I bet CPF keep ur $ longer, to repay gov gambling debts.
Where’s my money?
http://www.youtube.com/watch?v=9y8JZK4B4EQ
Melbourne on Sun, 14th Mar 2010 12:11 pm
It is either flight or fight response.
When PAP got kick out those involved doing evil to the citizens will flea the country.
In the mean time those civil servants who have access to the information regarding their family history please archive it. We are going to start a GREAT SINGAPORE HUNT every one of them.
The FamiLEE govermentt has loss Billion $ in investment no more money to pay U people,So the only waqy to get back your money is to vote them out in this comming Election. This imply to New Citizen here, U will come to the same stage where your money is being control.
If we want to recover the debt, the govt can actually squeeze it out from the foreigner. since singaporeans are unhappy with them for not servering NS, the govt should tax them 30% of their monthly salary as security tax. PR and new citizen should have another 5% tax for security on top of their 20% CPF. And this security taxes are non refundable unlike the CPF.
why let them enjoy taking back full amount every month while singaporeans get a 20% pay cut for CPF.
Singaporeans with $60,000 in their CPF accounts at 65 now “automatically” included in CPF Life
Now they are resorting to rob even your coffin money, its so pathetic how singaporeans can allow these crooks to get away with all the stealing of your parents’ cpf life saving.
Short, sharp explanation on the relationship between our SWFs and our CPF $.
http://atans1.wordpress.com/2009/12/26/where-gic-and-temasek-gets-their/
They resort to this because of the low take-up rate of the CPF life. With their failed investments, they need $ to sustain the investments and cannot afford to give back the money (nobody knows how much we have actually as there are no audit checks done).
So much for more singaporeans being educated and yet we ‘need’ govt to manage the money for us. I thought the govt says we shouldn’t rely on govt and depend on ourselve for survival? Then all the more they should let us manage our funds. Furthermore, we’re mostly educated people up to at least O levels (mathematics shouldnt be a problem for us). So they’re saying that “U mustn’t depend on us to feed u, but u can depend on us to keep ur money and dun worry, we’ll invest it well”?
How can we support such a govt with such double standard in policy? This is obviously a cover-up for the losses in investments and they can’t afford to give people the money as the population ages. This CPF THING ISN’T WHAT THE PAP PROMISED US WHEN IT FIRST STARTED! CAN’T SINKIES EVEN WAKE UP AND SEE FOR YOURSELVES??????????
Foreign countries levy heavy taxes and give u welfare. PAP say we must rely on ourselves and we did. But, WHY ARE U HOLDING ON TO OUR MONEY??? Is there a flaw in the previous system? WHY CPF LIFE? IS THE MAJORITY HAVING THEIR CPF RUN OUT BEFORE THEY DIE? WHY FOCUS ON THE MINORITY WHEN THE MAJORITY HAVE NO PROBLEMS WITH THE PREVIOUS SYSTEM?
SOMETHING MUST BE VERY WRONG…. PEOPLE PLEASE VOTE FOR CHANGE… PAP HAS TO GO. THEY’RE NO LONGER THE CARING AND RESPONSIBLE GOVT…