Wt_know Supersonic January 3, 2016 Share January 3, 2016 (edited) aiya left pocket, right pocket, centre pocket ... a wise man said ... there is no free lunch ... the lunch might be free but someone has to pay for it ... lol Of course, where do you think govt come up with money to cover new Medishield Life ? Edited January 3, 2016 by Wt_know ↡ Advertisement 2 Link to post Share on other sites More sharing options...
Lala81 Hypersonic January 3, 2016 Share January 3, 2016 cpf running low on funds. constantly need more and more from you. lucky I'm 55, nothing more to contribute. Wah man. Always thought u in thirties or 40s. U are extremely tech savvy for someone in the 50s. 9 Link to post Share on other sites More sharing options...
F355 Turbocharged January 3, 2016 Share January 3, 2016 Technically speaking , the ceiling is not raised from 5k to 6k , its actually being restored back to 6k. The ceiling was 6k in the 90s , and employee / employer contribution back then was 20 / 20 . A person earning 6k per month back then has a total of $2400 contributed to his CPF every month . Then came the SARS crisis in 2003 , and the gov didn't want to burden the Employers , ceiling was reduced to 4.5k and employer contribution slashed to 15% . Employee contri remained at 20% . Employee got more take home pay , but total CPF contribution fell from $2400 ( 40% of 6k ) to $1,575 ( 35% of 4.5k ) . Also , more take home pay also results in higher taxable income . It was painful . I may be the few whom are glad that the contribution ceiling has now been fully restored back , albeit that it has taken 12 long years . And I hope someday the Employer contribution can be back up to 20% . 20 Link to post Share on other sites More sharing options...
Kb27 Supersonic January 3, 2016 Share January 3, 2016 Wah man. Always thought u in thirties or 40s. U are extremely tech savvy for someone in the 50s. It's strange that people think your age is equal to being not "up-to-current" in the tech age. Would you be surprised if I said I obtained a Cisco network cert when I'm 50 yrs old ? It's not a boast, but learning should always be a continual process. You're never too old to learn. 13 Link to post Share on other sites More sharing options...
Hamburger Hypersonic January 3, 2016 Share January 3, 2016 I know I will not be complaining. ... 1 Link to post Share on other sites More sharing options...
Latio2005A Turbocharged January 3, 2016 Share January 3, 2016 Whether if there is a raise or restoration of CPF contribution ceiling, it has no impact on me as a retiree. All I hope to see is the increase in interests payable…. Currently, 6% for first $30k in SA/MA, 5% for the next $30K in SA/MA, 4% for the rest of SA/MA and 2.5 for OA. hmmm not too bad, but I am asking for more…hahhaaa 2 Link to post Share on other sites More sharing options...
Gitanic 6th Gear January 3, 2016 Share January 3, 2016 544 000 member salary $5k-6k Link to post Share on other sites More sharing options...
Latio2005A Turbocharged January 3, 2016 Share January 3, 2016 Once I reach 55 years old, should I withdraw the money (less the minimum sum) from CPF account, or to keep it in there to attract higher interest? If I decide to keep it in there, can I still collect it later, say at 60 years old, or collect less (because the minimum sum keep increasing every year?) If you do not need the money, why not just leave it in the OA and withdraw only when you need. Correct me, once you cross the 55 years old age, subsequent changes in CPF rulings will not affect you. 2 Link to post Share on other sites More sharing options...
Lala81 Hypersonic January 3, 2016 Share January 3, 2016 It's strange that people think your age is equal to being not "up-to-current" in the tech age. Would you be surprised if I said I obtained a Cisco network cert when I'm 50 yrs old ? It's not a boast, but learning should always be a continual process. You're never too old to learn. Yup. But guess people your generation didn't grow up with technology and Internet at your finger tips. Link to post Share on other sites More sharing options...
Gitanic 6th Gear January 3, 2016 Share January 3, 2016 Yup. But guess people your generation didn't grow up with technology and Internet at your finger tips. LHL is 62 but has a diploma in computer science. don't bad mouth him. he knows. Link to post Share on other sites More sharing options...
Enye Hypersonic January 3, 2016 Share January 3, 2016 Heng I peasant not impacted Link to post Share on other sites More sharing options...
Wt_know Supersonic January 3, 2016 Share January 3, 2016 (edited) If you do not need the money, why not just leave it in the OA and withdraw only when you need. Correct me, once you cross the 55 years old age, subsequent changes in CPF rulings will not affect you.after 55 can anyhow withdraw like $10k $20k $30k? any year?isn't at 55 has to make a decision to withdraw one lump sum? Edited January 3, 2016 by Wt_know Link to post Share on other sites More sharing options...
Weez911 Supersonic January 3, 2016 Share January 3, 2016 Heng I peasant not impacted 1 Link to post Share on other sites More sharing options...
Gitanic 6th Gear January 3, 2016 Share January 3, 2016 Heng I peasant not impacted 1 Link to post Share on other sites More sharing options...
2BDriver Hypersonic January 3, 2016 Share January 3, 2016 If you do not need the money, why not just leave it in the OA and withdraw only when you need. Correct me, once you cross the 55 years old age, subsequent changes in CPF rulings will not affect you. The problem with the infamous CPF MS with regard "later returning monthly after 65>" are : I suffers weaker legs and poorer eye-sight to see the world My teeth already all drop off to chew food except sucking and licking Bro @Vid avatar banana Willing to pays higher but no mei's mei's want me anymore, they worry I might get cardial arrest before or after piaking The balance will all go to NOK after being lifted up to Bro @RadX hearse convoy road trip Everyday admire my MS in bank account book to "Ownself satisfy Ownself" Next life must not born in Singapura, don't mind Mars planet 5 Link to post Share on other sites More sharing options...
2BDriver Hypersonic January 3, 2016 Share January 3, 2016 Yup. But guess people your generation didn't grow up with technology and Internet at your finger tips. There are many local FT's aka fallen talent singaporeans "ah pek & ah sim" in MCF, no more KPKB in five pillars kopitiam and starts grumbling in forum 3 Link to post Share on other sites More sharing options...
Kb27 Supersonic January 3, 2016 Share January 3, 2016 Yup. But guess people your generation didn't grow up with technology and Internet at your finger tips. Yup, when you're at a certain "productive age", say between 20s ~ 40s, you think you've learned all you need to stay employable. And then at your 50s, a sudden surge in new technology develops. If you do not stay current, then you'll fall behind. I know many people who just get turned off and gave up and stayed with what they have learned. They don't advance forward. A radio technician who repairs with discrete components may think he's the best during his time. Then tech change to using chips. If he don't learn the new tricks, how to repair with new equipment and new methods, he lags behind. Then tech change again to networking radios, now he has no networking knowledge and refuse to learn, he falls further behind. Now the company he's worked for, for many years finds it hard to retain him, bcuz the business has changed. Old products are gone, it's no longer there, but replaced by new technology that that radio repairman can't handle. 2 Link to post Share on other sites More sharing options...
F355 Turbocharged January 3, 2016 Share January 3, 2016 Those making more than 6k will take home 200 dollars less but get 170 dollars more for their gross salary. Summary: Take home: -200 SGD Gross Salary: + 170 SGD (Employer: -170SGD) CPF: +370 SGD Plus taxable income reduced by $2,400 due to lesser take home pay . Assuming he is paying 10% taxable income , he saves $240 in taxes . ↡ Advertisement Link to post Share on other sites More sharing options...
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