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781 replies to this topic | 2,540 praises

#1

Posted 22 June 2014 - 11:11 PM

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The best way for Singaporeans to prepare for retirement is to use less of their Central Provident Fund (CPF) money when they are young.
 
Minister in the Prime Minister's Office Lim Swee Say said this will ensure the current level of CPF payout can be maintained over time, and not be eroded by inflation.
 
Mr Lim, who is also the labour chief, made that point when speaking to reporters on the sidelines of the closing of the Singapore Model Parliament on Sunday.
 
At the event, Mr Lim shared his experience with students when he was an MP debating policies at the old Parliament House.
 
He said policies are not a one-off exercise, but they keep evolving.
 
One policy which has received much attention recently is the CPF.
 
Mr Lim said the labour movement has been watching the debate closely, and wants to ensure that what is discussed does not create confusion among workers and union leaders.
 
"Everyone must remember, first is that CPF is your money, nobody can take that money away from you. You have your money, you have the account, and you receive the statement, the account on a regular basis. So, you know how much money you have in the CPF,” he said.
 
The labour chief said CPF money is also 100 per cent safe, and is protected against events like the global financial crisis.
 
One important objective of CPF is to cater for retirement.
 
Mr Lim said: "Instead of thinking about whether you can spend your savings in the CPF at the age of 55, I think we should think about how can we help our Singaporeans to continue to remain employed, to continue to earn a good living, continue to have good jobs, and at the same time to continue to contribute to the CPF because the more money they have in CPF, the longer they defer the use of the CPF -- this will mean they will have more for retirement."
 
For the past three days, some 100 students took on different roles as MPs debating national issues at the Singapore Model Parliament.
 
The Singapore Model Parliament provides students with a platform to undertake parliamentary roles and debate national issues.
 
Many found the experience enriching.
 
Kwek Jia Hao, a student who received the “Best Ruling Party MP” award at the event, said: "The key challenge is to persuade the opposition on the rationale and objective of policy making, that we want the beneficiaries of policy making to be Singaporeans."
 
The Singapore Model Parliament has been held annually since 2012 at the Art House Chamber, where the Singapore laws were passed from 1955 to 1999.
 
The event aims to underscore the importance of active civic participation, especially among Singaporean youths.
 
 
------------------
 
full call..anyone?  [grin]

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#2

Posted 22 June 2014 - 11:19 PM

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Few years ago, prices were so high, but we have no choice but to buy a small unit, and we still have to use CPF.

If housing is cheap, I will use less when I buy HDB flat lor.
If housing so expensive, damned it, I have no choice but to use more lor.
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#3

Posted 22 June 2014 - 11:22 PM

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f**ktards
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#4

Posted 22 June 2014 - 11:27 PM

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NOT convincing at all. Somehow, i got a feeling this idiot could be voted out next.
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#5

Posted 22 June 2014 - 11:36 PM

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NOT convincing at all. Somehow, i got a feeling this idiot could be voted out next.

 

with 59.96% of ignorant people backing them..its not an easy feat



#6

Posted 22 June 2014 - 11:49 PM

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hey, that is what Bernard Madoff  said too :ph34r: 

 

220px-BernardMadoff (1).jpg


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#7

Posted 22 June 2014 - 11:49 PM

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The PAP is not wrong to ensure the old will have some savings in the form of CPF when they stop working.

We should not go into a welfare system

But the mistake they are making is not controlling inflation in healthcare, food and simple living expenses

What is $300 annuity going to buy in the future

Who wants to live on soy sauce and plain rice, while being afraid to fall sick

If we do not go the route of welfarism, and instead make each person support themselves, then the cost must be affordable. If not it becomes a joke.

Edited by Aventador, 22 June 2014 - 11:50 PM.

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#8

Posted 22 June 2014 - 11:57 PM

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I recently read an article about American pension funds having difficulties releasing payouts to members for varied reasons including unrecoverable losses in the global financial crisis.

 

If you google, you will find multiple lawsuits against rating agencies and investment banks from (for example) pension funds in the state of Ohio.


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#9

Posted 23 June 2014 - 01:17 AM

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The PAP is not wrong to ensure the old will have some savings in the form of CPF when they stop working.

We should not go into a welfare system

But the mistake they are making is not controlling inflation in healthcare, food and simple living expenses

What is $300 annuity going to buy in the future

Who wants to live on soy sauce and plain rice, while being afraid to fall sick

If we do not go the route of welfarism, and instead make each person support themselves, then the cost must be affordable. If not it becomes a joke.

 

Those looking to buy HDB with the maximum amount of CPF they have / monthly CPF contributions are not wrong, just not planning well for retirement. (Yes, I have always looked upon CPF as a tax, so when I can't use it for certain things, I don't feel bad about it.) These are the people I think LSS is targeting with his words, however it sounds hollow because of the way he says it.

 

I wholeheartedly disagree with welfare, as I believe that as humans, we should take care of ourselves. (And also in the survival of the fittest principle.)

 

The error, other than the fact that many MPs / Ministers are not great at communicating with the ground, is that property prices have risen too quickly in the past decade.

What I wish for, is that instead of all the crap subsidy scheme that is being given out, the government / HDB sells new flats at reasonable prices. Argh.. /Rant a little


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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.

#10

Posted 23 June 2014 - 07:32 AM

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Those looking to buy HDB with the maximum amount of CPF they have / monthly CPF contributions are not wrong, just not planning well for retirement. (Yes, I have always looked upon CPF as a tax, so when I can't use it for certain things, I don't feel bad about it.) These are the people I think LSS is targeting with his words, however it sounds hollow because of the way he says it.

 

I wholeheartedly disagree with welfare, as I believe that as humans, we should take care of ourselves. (And also in the survival of the fittest principle.)

 

The error, other than the fact that many MPs / Ministers are not great at communicating with the ground, is that property prices have risen too quickly in the past decade.

What I wish for, is that instead of all the crap subsidy scheme that is being given out, the government / HDB sells new flats at reasonable prices. Argh.. /Rant a little

 

Agreed :)

 

If they have rein in the prices and not let it escalate so fast so furious in the past few years, then we wouldn't have use a large chunk of our CPF money on it, on this basic needs like housing.

In the past few years, they have even stop / reduce the construction of 3 rm flat, and built so much 4-rm and 5-rm, and this have inevitablely also increase drastically the prices.

 

Now, they are doing a U-turn on the contruction of hdb flats, with building more 2rm, 3rm.. late but better than none.

And hope HDB prices can stabilise further, so that ppl in our next gen, can buy within their means, ie using less cpf.


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Rich: is not about how much you have, but how much you give.

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#11

Posted 23 June 2014 - 07:51 AM

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the way i read this statement is work work work and continue to work work work so that you can continue to contribute to the CPF

when is retirement?

retire at 67 and go tour the world on wheelchair?

 

Mr Lim said: "Instead of thinking about whether you can spend your savings in the CPF at the age of 55, I think we should think about how can we help our Singaporeans to continue to remain employed, to continue to earn a good living, continue to have good jobs, and at the same time to continue to contribute to the CPF because the more money they have in CPF, the longer they defer the use of the CPF -- this will mean they will have more for retirement."


Edited by Wt_know, 23 June 2014 - 08:03 AM.

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#12

Posted 23 June 2014 - 08:52 AM

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agree... ban use of CPF on housing

 

and give 80% discount on current HDB BTO pricing

 

does PAP have the political will to push through this bitter medicine?

 

:D  


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#13

Posted 23 June 2014 - 08:57 AM

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Isn't it a bit too late to tell ppl that now? [rolleyes]

 

The other best ways are also to spend less and not use your savings as well blah blah blah. [:|]

 

[sleeping] Later he will teach you sing "ai piang jia eh ngia".

 

This guy really know how to tok kok sing song.


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The chosen one will bring balance to the Force...I mean Singapore. Even star wars do not reserve "the chosen one" to a sith lord or a jedi or a wookie.

#14

Posted 23 June 2014 - 09:07 AM

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Few years ago, prices were so high, but we have no choice but to buy a small unit, and we still have to use CPF.

If housing is cheap, I will use less when I buy HDB flat lor.
If housing so expensive, damned it, I have no choice but to use more lor.


Why buy in expensive area?? Buy in jurong and wood land lah. Very cheap.
Those who are for a cleaner MCF, change your avatar to a empty black image.

#15

Posted 23 June 2014 - 09:08 AM

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Why buy in expensive area?? Buy in jurong and wood land lah. Very cheap.

 

Pitch tent cheaper.


The chosen one will bring balance to the Force...I mean Singapore. Even star wars do not reserve "the chosen one" to a sith lord or a jedi or a wookie.

#16

Posted 23 June 2014 - 09:08 AM

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agree... ban use of CPF on housing
 
and give 80% discount on current HDB BTO pricing
 
does PAP have the political will to push through this bitter medicine?
 
:D  


I support...

When u running for parliament?

 
Pitch tent cheaper.


Everyone pitch tent the tent will increase in price.
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#17

Posted 23 June 2014 - 09:11 AM

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Pitch tent cheaper.

 

Pitch tents needs to apply permit leh :D

 

Err.. where is the best place to pitch tents? Sembawang Park? East Coast Park? Changi Park?

Must find a secluded place, so that they won't come ka-chiao us :D


Rich: is not about how much you have, but how much you give.

The sky has turned brighter.
There's a glorious rainbow that beckons those with a spirit of adventure and there are rich findings at the end of that rainbow.
Find that rainbow, go ride it.

#18

Posted 23 June 2014 - 09:12 AM

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2 things come to my mind when i read this article

 

1. he wants us to use cash instead of cpf to buy hdb

 

2. he doesn't want us to use cpf for other investments... keep the cpf money intact so we can "enjoy" the 2.5% interest

 

both are jiao wei


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#19

Posted 23 June 2014 - 09:15 AM

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Pitch tents needs to apply permit leh :D
 
Err.. where is the best place to pitch tents? Sembawang Park? East Coast Park? Changi Park?
Must find a secluded place, so that they won't come ka-chiao us :D


Easy coast too pack. I think west coast is good.
Actually do everyone here wipe out the cpf every month on housing???
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#20

Posted 23 June 2014 - 09:18 AM

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Obviously LSS does not have a day in his adult life being poor.

Even during my time 20 years ago, when HDB flats are still cheap, I had to clear all my wife and my CPF OA and I can't imagine currently how these young couples can afford theirs with more expensive flats.

 

So to him is newly wed couples should only go buy 3-rm flat, have 3 kids and then save money in CPF and then go buy Condo ?

 

It is indeed stressful to be a Sporean male, with 2 yrs late in his career who hopes to get married before 30yo.

Why are our future generation marrying in their mid 30s ?  you can blame the times are changing, but who made that paradigm shift ?


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