CPF money is your money

[Auratus]

CPF bo lui la, all lost over the years in investment overseas. CPF inside empty empty, think only left with shares certificates which other people don't want to buy or will only buy at low price. All scholars wants to play big, play international then kana play backside. All su lui until lao kah gui kor.

Otherwise, they will shout "Na, gibe you back 50%, the rest slowly instalment". They dare not, so here siam there siam. Talk cock about worry for your old age no money to spent. Now people need money to spent, they already cannot gibe, dont talk about next time. Only give you a Pui Pui card to pioneers to see doctor but doctor fees adjust higher.

Pioneers says I want to feel rich not feel sick!

[KAO LUO]

wahahhahahaha !! .. can see sold our power station and SPC TO china oil company ,,,,LEOW BIG $$$

[denser]

if they dun set minimum sum, in future all ageing population wanna draw out their money, CPF dun have enough money to give liao..

[loveikan]

Originally Posted by Ong88

Kwangtung hai kiu
fock lii poeh.

Not fook li poeh?

[Beerman]

Originally Posted by Auratus

CPF bo lui la, all lost over the years in investment overseas. CPF inside empty empty, think only left with shares certificates which other people don't want to buy or will only buy at low price. All scholars wants to play big, play international then kana play backside. All su lui until lao kah gui kor.

Otherwise, they will shout "Na, gibe you back 50%, the rest slowly instalment". They dare not, so here siam there siam. Talk cock about worry for your old age no money to spent. Now people need money to spent, they already cannot gibe, dont talk about next time. Only give you a Pui Pui card to pioneers to see doctor but doctor fees adjust higher.

Pioneers says I want to feel rich not feel sick!

This is the problem, they f it up, come out with some story and f us up!

[hkh]

Originally Posted by denser

if they dun set minimum sum, in future all ageing population wanna draw out their money, CPF dun have enough money to give liao..

Do your bank stop you from drawing out your money when you are old ??

[globalcookie]

The Government is looking into providing greater flexibility as part of the ongoing review of the CPF scheme, and having different minimum sums for different groups is one option being considered.

SINGAPORE: Experts have said the flexibility that comes from having different CPF Minimum Sums for different groups could be a good option, and will allow people to be more actively involved in their retirement plans. But there are also concerns that this may result in insufficient funds for retirement, resulting in the need for more support from the Government and society.

The current Minimum Sum set aside upon reaching the age of 55 is S$155,000. But the Government is looking into providing greater flexibility as part of the ongoing review of the CPF scheme, and having different minimum sums for different groups is one option being considered.

One economist Channel NewsAsia spoke to said the Minimum Sum is meant to provide members with a basic standard of living during retirement. If the sum is reduced further for a group of people, it would mean lower payouts for them in future, and they will need more support in areas such as medical care and housing.

Said Assistant Professor Walter Theseira from the Economics Division of the School of Humanities and Social Sciences at Nanyang Technological University: "If you have lower payouts, then as the individual, you either have to make up the difference using private savings, or you have to accept a lower standard of living. That is the trade-off.

"There is the danger for some people who have difficulties meeting the Minimum Sum - they may have not have enough money to survive on during retirement, and for these individuals, as a society, we need to be prepared to help them."

Chairman of the Government Parliamentary Committee for Finance Mr Liang Eng Hwa said: "Some may expect higher payouts because they may think they may not have enough savings or may not be able to get much more from their children.

"Some may think that: ‘My children may be able to support me and I have other savings - my properties and so on.' So it is good to have that flexibility so members can decide what is the payout they want. Then, from the payout, they can work backwards to see how much of Minimum Sum they need."

- CNA/xy

Flip flop flip flop...ops my flip flop spoilt, walking bare foot liao

Last time, best gov promised us, at 55yrs old can withdraw all. Than flip flop flip flop with my made in china flip flop... till minimum sum came in... now say otherwise....

I go Peeple ACTsion Prata shop order.... PRATA TELU SATU, PRATA KOSONG SATU!

[hkh]

What's new ?? For the past 30 years garment let SBS run public transport at will until people kpkb poor service but raise fare annually then they steped in and control.........

Now they want to control everybody's CPF after 55 so people kpkb and now they give in a bit loh........but think still can't get money one la........

[globalcookie]

30yrs ago, 1984.

Back then, we hv SBS, TIBS, CSS (anymore?) and a few small private operators plying a few routes during peak hours and charge a lower flat fee.

Back then, adult fare were between $0.40 to $0.80 and never increase for the longest time.

Today, prata very asspensive.

[globalcookie]

What is CPF Minimum Sum? Five things to know
PUBLISHED ON DEC 15, 2014 7:00 PM

The backbone of the Central Provident Fund (CPF) - set up to help Singaporeans and Permanent Residents retire - is the Minimum Sum.

Currently, members who are turning 55 between July 1 this year and June 30 next year have to set aside $155,000 in their Retirement accounts to receive a monthly payout of about $1,200 when they turn 65. Come July next year, the next cohort (those turning 55 between July 1, 2015 to June 30, 2016) will need $161,000. The amount, known as the Minimum Sum, is adjusted annually after taking into account inflation.

This one-size-fits-all approach is currently being reviewed by an advisory panel set up by the Government. In a media interview last week, Manpower Minister Tan Chuan-Jin said that more options may soon be available for members to decide how they want to save for their retirement.

The panel's first set of recommendations should be ready by January next year, and will also likely look at how to prevent payouts from being eroded by inflation.

Here are five things to know about the Minimum Sum:

1) What forms the Minimum Sum?
When a member turns 55, money from his Special and Ordinary accounts will be transferred into a newly-formed Retirement account. The Retirement account will hold up to $155,000 or whatever the Minimum Sum is for his cohort. Any extra remains in the respective accounts.

The member will now have four accounts: Ordinary, Special, Medisave and Retirement.

2) What happens when members do not have the Minimum Sum?
Even if a member is unable to meet the Minimum Sum, he can still withdraw up to the first $5,000 from his CPF accounts.

He also does not need to top up the shortfall in cash or sell his property. The CPF Board will automatically pledge the property he has bought using his CPF for up to half of the Minimum Sum. The pledge amount is either the amount of CPF used for the property or the Minimum Sum shortfall - whichever is lower.

He will still get monthly payouts when he reaches 65, based on how much cash savings he has in his Retirement account. But his monthly payouts will be lower.

3) When can members start withdrawing from their Retirement account?
Members can start making withdrawals from their CPF when they turn 55. The amount they can withdraw depends on their account balance.

Members turning 55 between July 1 this year and June 30 next year will receive monthly payouts of about $1,200 when they turn 65, provided they have set aside the current Minimum Sum. Those who had not set aside the full amount in cash will receive less.

4) What happens to a member's money in their Retirement, Ordinary, Medisave and Savings accounts if they do not make any withdrawals?
Money in the Ordinary account earns up to 3.5 per cent per annum. For Special, Medisave and Retirement accounts, the current interest rate is up to 5 per cent each year.

5) Can members be exempted from setting aside the Minimum Sum?
Yes, provided that they have bought life annuity that pays them a sum that matches or is more than their projected monthly retirement payouts. Members can apply to CPF to be exempted.

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WAIT, isn't it $1,500 a month? FLIP FLOP again????