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#1

Posted 19 November 2013 - 12:50 PM

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Came accross this article in Yahoo ........... [grin]

 

 

Yahoo news: Dear CPF: Give Me Back My Money!

 

Dear CPF,

 

For years you’ve taken a cut from my paycheck under the promise of social “protection.” In a way, you’re like a very well-intentioned gangster, protecting my money from well… me right?

 

I’m grateful though that you at least “allow” me to use some of my money towards buying a home, or to subsidise (partially) my hospital bills.

 

I’m not going to ask what you do with my money while it’s in your hands (I’m sure it’s just sitting there untouched right?). But I do ask that you let me use it for pressing emergencies that directly affect me and my family’s well-being.

 

What do I mean?

 

Let me enlighten you.

 

 

1. For Retrenchment

My financial obligations won’t stop if I get retrenched. Finding a job takes 2-3 months at best. I’m lucky I have enough savings to last me 3 months, but what if it takes longer? What if I had no savings to begin with?

 

Any unsecured debt I have (credit cards, car loan, personal loans, etc.) still needs to be paid – otherwise I risk damaging my credit with late payments or even default. The banks don’t care that I lost my job. They’re about as sympathetic as a cat watching a rodent struggle in a mousetrap.

 

But if I could use my “account” to service my unsecured debt if I get retrenched, even if it’s just to make my minimum payments, that would give me the financial flexibility to weather the situation. Plus, it would discourage those without savings from worsening their financial situation by going to Ah Longs for money.

 

2. For Education

Ultimately, the government wants me to be successful. The more successful I am, the more taxes I can contribute to our nation’s economy. So why can’t I use some of the money from my account towards education, whether I want to pursue an MDA-approved training course or a degree?

 

You don’t need me to tell you that education improves my earning potential, which is a win-win for everyone. I improve my standard of living while the government takes a greater amount of tax revenue. Plus, if I’m working in a sunset industry that has a bleak outlook, I can get the training I need to transition to a more promising profession.

 

But not everyone has the money on hand to pay for education… oh yeah, they do – you’re holding it CPF! So ease up a little on the funds distribution and let us chant Jerry Maguire’s “help me, help you” line together yeah?

 

3. For Growing Transportation Costs

Paying for transportation in Singapore is like choosing how you want to be tortured. The choices differ, but the result is the same – you’re still paying hundreds or thousands of dollars a month just to commute daily!

 

It doesn’t matter whether you own a car or use public transportation, the cost to travel to and from work, pick up the wife and kids, or take the family out to Sentosa is always increasing. All you have to do is see how much COE, ERP, taxi, and public transportation rates have increased over the last few years.

 

Of course, I don’t own 3 cars, nor do I live in Sentosa Cove – and neither do a majority of citizens who suffer every time transportation costs rise. But it would help if I could use some of my funds as a monthly “transportation allowance” to offset the financial pain felt by price hikes.

In Conclusion…

Now, before you crumple up this letter (if you haven’t already), I have one more thing to say…

 

Tax payers won’t need to support me with these situations. That’s because this money is already mine to begin with (or so you tell me). All I’m asking is that you make it easier for me to access my funds so I can patch up my social safety net.

 

If you need to validate my situation before dispersing my funds to prevent “fraud,” I’m fine with that. I’d rather deal with the inconvenience of a sloth-like bureaucracy than have to worry about how I’m going to come up with cash in an emergency.

 

Again, I’m grateful for the monthly shakedown that’s necessary for my retirement. But you’ve got to be a little more flexible when it comes to financial emergencies that cannot wait.

 

 

Yours sincerely,

 

A Messenger of Singaporean Frustrations

 

P.S. Umm…. yeah, if you could let me use my funds to cover the hospital bill for childbirth (c’mon, we’re doing you a favor by creating more taxpayers) and for elderly friendly renovations to take care of my ageing grandparents without sending them to a home, that would be great. 

 

 

link: http://sg.finance.ya...-160000444.html  

 

 

Look like the person who wrote this has not reach the retirement age or 55yrs to withdraw his CPF. [:|]

 

Thats why very important to save for raining days.... [bounce2]


Edited by Picnic06, 19 November 2013 - 12:58 PM.

"Genius is One Per Cent INSPIRATION, Ninety-nine Per Cent PERSPIRATION"


#2

Posted 19 November 2013 - 12:56 PM

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I generally agree with points 1 & 2, but not 3.

 

They should allow those who are retrenched / axed from their jobs suddenly to access about 3 months of CPF money to tide them over. Then I think there will be less cases of ah long harassment of people who borrowed but can't repay. Maybe, means testing also? As in, for those who gamble, don't allow them to declare jobless just to access the money, and the money cannot be taken out all at once, but in monthly installment.

 

Then again, CPF.. That's money most prolly will never see for a long long time.. Except for buying house or medical bills.


吃别人所不能吃的苦,忍别人所不能忍的气,做别人所不能做的事,
就能享受别人所不能享受的一切.

#3

Posted 19 November 2013 - 12:57 PM

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actually i agree to point 1 to some extent, but the rest make the message very lame.

 

the essay failed if he was trying to be sarcastic. 


骑白马的不一定是王子,可能是唐僧;带翅膀的也不一定是天使,有时候是鸟人。

#4

Posted 19 November 2013 - 01:00 PM

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Pay bus fare oso muz use cpf?

Sibei lame. This guy obviously has no plans to grow old......

#5

Posted 19 November 2013 - 01:03 PM

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In event of point no. 1

 

How much would CPF return you back ?

 

What you had contributed monthly or your pay monthly. [:|]

 

Monthly contribution only makes up a few percentage of your monthly pay and your employer contribution. Still wouldn't support much but better then nothing... [flowerface]  

 

If given back, I don't think CPF Board would not give you the employer contribution money.. [sly]


Edited by Picnic06, 19 November 2013 - 01:09 PM.

"Genius is One Per Cent INSPIRATION, Ninety-nine Per Cent PERSPIRATION"


#6

Posted 19 November 2013 - 01:06 PM

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In event of point no. 1

 

How much would CPF return you back ?

 

What you had contributed monthly or your pay monthly. [:|]

 

Monthly contribution only makes up a few percentage of your monthly pay and your employer contribution. Still wouldn't support much but better then nothing... [flowerface]  

 

If given back, I don't think CPF Board would give you the employer contribution money.. [sly]

 

 

on serious note for the event of point on retrenchment, it probably have to set to be above certain age for say 40 where most likely the housing loan would be fully paid or say 80% paid minimum. Hence he is able to draw certain amount of cpf to meet the commitment of other loan (maybe not car), debts (at a cap amount) and daily expenses.


Edited by Jman888, 19 November 2013 - 01:07 PM.

骑白马的不一定是王子,可能是唐僧;带翅膀的也不一定是天使,有时候是鸟人。

#7

Posted 19 November 2013 - 01:11 PM

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if they do not up the age limit to cover the baby bloom period during our parents I think CPF will be pok kai by then.



#8

Posted 19 November 2013 - 01:15 PM

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If he had all the means to write this leter to CPF Board, he could have written to many companies for jobs.

 

Our MInistry had spoken even last week that SG need many 'Crane Operators' and someone even said that they can earn up to $7000/- per month... [:|]

 

If want a desk job on 5 days working week, air-con environment and nice fat pay, wait long long.... [lipsrsealed]

 

Any job that come bye is a bonus and why rant at CPF ... [grin]

 

One only need to lower one expectations to tie thing over first. [bounce2]


"Genius is One Per Cent INSPIRATION, Ninety-nine Per Cent PERSPIRATION"


#9

Posted 19 November 2013 - 01:15 PM

Picanto

i thought cpf is for the govt to invest and make more $$$. then how can they give you back your cpf?


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#10

Posted 19 November 2013 - 01:35 PM

Picanto

I generally agree with points 1 & 2, but not 3.

 

They should allow those who are retrenched / axed from their jobs suddenly to access about 3 months of CPF money to tide them over. Then I think there will be less cases of ah long harassment of people who borrowed but can't repay. Maybe, means testing also? As in, for those who gamble, don't allow them to declare jobless just to access the money, and the money cannot be taken out all at once, but in monthly installment.

 

Then again, CPF.. That's money most prolly will never see for a long long time.. Except for buying house or medical bills.

If they allow that, they will likely run into cashflow prblems. The cpf system is not perfect but the govt is too stubborn in its mindset to make changes that can benefit its own citizens. From my layman point of view, if they lose a few more grc in 2016, then we will likely see changes.

 

Otherwise it will stay status quo



#11

Posted 19 November 2013 - 01:40 PM

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what a silly letter. Don't make ho ching angry.

 

If everyone pulls out the money, where will temasek have the seed money to punt

 

the nation will lose billions which they have invested !


He is no fool who gives what he cannot keep to gain that which he cannot lose

 


#12

Posted 19 November 2013 - 01:45 PM

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If he had all the means to write this leter to CPF Board, he could have written to many companies for jobs.

 

Our MInistry had spoken even last week that SG need many 'Crane Operators' and someone even said that they can earn up to $7000/- per month... [:|]

 

If want a desk job on 5 days working week, air-con environment and nice fat pay, wait long long.... [lipsrsealed]

 

Any job that come bye is a bonus and why rant at CPF ... [grin]

 

One only need to lower one expectations to tie thing over first. [bounce2]

Maybe he is a family man with kids and all.

 

I believe to qualify for the "Crane Operators", you definitely have to sit for some courses and his point number 1 is then made valid.

 

It is very true that at such time, we need the money more. Otherwise, we may not even live till 55...

 

The transport part is just a troll...


Edited by Knoobie, 19 November 2013 - 01:52 PM.

Doesn't mean you drive a faster car, you can travel at 70kph on a clear lane 1 with a train of cars behind you...

 

that is what lane 2 is for..


#13

Posted 19 November 2013 - 01:52 PM

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If they allow that, they will likely run into cashflow prblems. The cpf system is not perfect but the govt is too stubborn in its mindset to make changes that can benefit its own citizens. From my layman point of view, if they lose a few more grc in 2016, then we will likely see changes.

 

Otherwise it will stay status quo

 

No system will be perfect, and different people will have different needs at different times.

 

It'd be good for those who are retrenched without (much) benefits to be able to draw a minimum sum to tide them over for a short time, like 2-3 months.


吃别人所不能吃的苦,忍别人所不能忍的气,做别人所不能做的事,
就能享受别人所不能享受的一切.

#14

Posted 19 November 2013 - 01:56 PM

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No system will be perfect, and different people will have different needs at different times.

 

It'd be good for those who are retrenched without (much) benefits to be able to draw a minimum sum to tide them over for a short time, like 2-3 months.

Yah lo.. I very much agree to the part that better than they go look for ah long...

 

go for interview also need money to take bus/mrt...


Doesn't mean you drive a faster car, you can travel at 70kph on a clear lane 1 with a train of cars behind you...

 

that is what lane 2 is for..


#15

Posted 19 November 2013 - 01:59 PM

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i thought cpf is for the govt to invest and make more $$$. then how can they give you back your cpf?



pls allow me to rephrased the sentence:

' i thought cpf is for the govt to invest and make more $$$. YET they lose most of them if not all '

#16

Posted 19 November 2013 - 02:05 PM

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I support the retrenchment part wholeheartedly. Why? Having gone through the process twice at a relatively young age, I shudder to think if I go through the same process for the 3rd time now that I have 2 kids. [sweatdrop]

 

Those that do not understand/empatise the mental and physical toll of a retrenchment are probably GDs(hint: G stands for govt, D is man's best friend or so u think) [lipsrsealed]


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#17

Posted 19 November 2013 - 02:18 PM

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I support the retrenchment part wholeheartedly. Why? Having gone through the process twice at a relatively young age, I shudder to think if I go through the same process for the 3rd time now that I have 2 kids. [sweatdrop]

 

Those that do not understand/empatise the mental and physical toll of a retrenchment are probably GDs(hint: G stands for govt, D is man's best friend or so u think) [lipsrsealed]

 

this i would agree after seeing so many cases... but then they can't allow people abusing this if they can set the minimum age that allow to draw but base on the amount in the cpf and outstanding housing loan, and probably cap the withdrawing period to 12 months.


骑白马的不一定是王子,可能是唐僧;带翅膀的也不一定是天使,有时候是鸟人。

#18

Posted 19 November 2013 - 02:21 PM

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this i would agree after seeing so many cases... but then they can't allow people abusing this if they can set the minimum age that allow to draw but base on the amount in the cpf and outstanding housing loan, and probably cap the withdrawing period to 12 months.

 

Maybe not minimum age. Maybe no of dependents would be a better choice to use.


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#19

Posted 19 November 2013 - 02:26 PM

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For point 1, I think it is a bit of self-pawned.

If one have only a buffer of 2-3 months' worth of expenses in the event of retrenchment, then it is really a case of imprudent financial planning and living a life of high instalments. All the more then such a person would need a disciplined forced savings in the form of CPF to help him/her plan for long-term retrirement planning. 


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#20

Posted 19 November 2013 - 02:58 PM

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For point 1, I think it is a bit of self-pawned.

If one have only a buffer of 2-3 months' worth of expenses in the event of retrenchment, then it is really a case of imprudent financial planning and living a life of high instalments. All the more then such a person would need a disciplined forced savings in the form of CPF to help him/her plan for long-term retrirement planning. 

 

Look at it this way. How many ppl out there(I said out there because most here are rich on the 3rd bus) can meet the current minimum sum by CPF(this is only current and increases every 1-2 yrs)?


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