Dear CPF: Give Me Back My Money!

[1fast1]

 

It's funny when I'm overseas ppl tell me our cpf system is very good but when I come home I see ppl cry father cry mother about the system. What gives?

 

I think the overseas people you refer to don't actually understand all the implications and nuances of our CPF system. Heck , the grass is always greener on the other side (and the Singapore gahmen is especially good at painting a rosy picture for outside consumption). There are in fact similar systems you can "opt into" in NZ, for example, which are far less restrictive, and these people may be thinking CPF is like those systems.

 

For a better indication, I have a British guy working directly for me. He loves the tax structure in Sg, and his expat allowance on top of it. When I broached the subject of CPF being a hidden tax, he gleefully told me he's so happy he doesn't have to pay CPF! So you tell me: is CPF really all that great if a foreigner who's been working here for years is happy about not having to participate in the scheme?

Edited November 19, 2013 by Turboflat4

[Wt_know]

angmoh will praise and talk c--k sing song when they heard can use cpf to buy/sell property to live in and make money

 

but when they find out more about cpf withdrawal ... the draconian rules ... min sum and cpf life ... etc

 

Edited November 20, 2013 by Wt_know

[Joseph22]

that is because the ang mo don't retire here. He will go back and enjoy his country taxed function welfare when he retire. So he got best of both world. But if he is still in his country, he will likely feel been exploited by their fellow sponging system.

 

I think the overseas people you refer to don't actually understand all the implications and nuances of our CPF system. Heck , the grass is always greener on the other side (and the Singapore gahmen is especially good at painting a rosy picture for outside consumption). There are in fact similar systems you can "opt into" in NZ, for example, which are far less restrictive, and these people may be thinking CPF is like those systems.

 

For a better indication, I have a British guy working directly for me. He loves the tax structure in Sg, and his expat allowance on top of it. When I broached the subject of CPF being a hidden tax, he gleefully told me he's so happy he doesn't have to pay CPF! So you tell me: is CPF really all that great if a foreigner who's been working here for years is happy about not having to participate in the scheme?

 

[1fast1]

that is because the ang mo don't retire here. He will go back and enjoy his country taxed function welfare when he retire. So he got best of both world. But if he is still in his country, he will likely feel been exploited by their fellow sponging system.

 

 

Why should we feel any better about this? Leaving this place to go there is much tougher for us than it is for them - due to the open legs...oops door policy of the Sg gahmen, which almost no other developed country shares. So basically, they get the best of both worlds, while we're screwed every which way.

 

And, honestly, it's generally the Ang Mohs who leave their countries to find work abroad who complain about their "welfare states". Often, these tend to be the more ambitious "go-getter" types. The ones who intend to work there and retire there generally don't kpkb about this, simply because they actually get to reap the benefits of all that taxation later on.

Edited November 20, 2013 by Turboflat4

[Joseph22]

I never say we should feel better than them lah. Just saying why he is happy for not contributing. If his country practise taxing citizen even when they work oversea like USA, wonder if he is still happy.

 

 

anyway, I never treat cpf as my own money, it will be a bonus to me to even get it back. I am saving money for my own retirement. Relying on money that is currently lock down and control by other is simply too risky.

 

Why should we feel any better about this? Leaving this place to go there is much tougher for us than it is for them - due to the open legs...oops door policy of the Sg gahmen, which almost no other developed country shares. So basically, they get the best of both worlds, while we're screwed every which way.

 

And, honestly, it's generally the Ang Mohs who leave their countries who complain about their "welfare states". The ones who intend to work there and retire there generally don't kpkb about this, simply because they actually get to reap the benefits of all that taxation later on.

Edited November 20, 2013 by Joseph22

[Maxus-MIFA9]

 

Why should we feel any better about this? Leaving this place to go there is much tougher for us than it is for them - due to the open legs...oops door policy of the Sg gahmen, which almost no other developed country shares. So basically, they get the best of both worlds, while we're screwed every which way.

 

And, honestly, it's generally the Ang Mohs who leave their countries who complain about their "welfare states". The ones who intend to work there and retire there generally don't kpkb about this, simply because they actually get to reap the benefits of all that taxation later on.

 

They can hold onto my money but I always make sure that my mouth & rear are well covered ....

Edited November 20, 2013 by Picnic06

[Wt_know]

it's not your money until you can use it

but you can always look at the statement and feel rich ...

Edited November 20, 2013 by Wt_know

[Maxus-MIFA9]

it's not your money until you can use it

but you can always look at the statement and feel rich ...

 

even so, $139k still held ...

 

and increases every 2 years by $5k ...

[1fast1]

anyway, I never treat cpf as my own money, it will be a bonus to me to even get it back. I am saving money for my own retirement. Relying on money that is currently lock down and control by other is simply too risky.

 

You are right here, which is why I consider CPF a form of tax. And if you think about it that way, suddenly the tax rates in many Ang Moh countries don't seem so high compared to our "tax haven" after all.

Edited November 20, 2013 by Turboflat4

[Enye]

Came accross this article in Yahoo ...........

 

 

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.yahoo.com/news/dear-cpf-back-money-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....

 

all the situations the writer mentioned should be fully taken care of by his cash savings

 

if he doesn't have those savings, he is currently living way above his means.

 

even for retirement, CPF should only constitute one of the multiple sources of income

 

[Joseph22]

 

You are right here, which is why I consider CPF a form of tax. And if you think about it that way, suddenly the tax rates in many Ang Moh countries don't seem so high compared to our "tax haven" after all.

Yap. I agreed with u. The only different is we can use our taxes to pay for housing nia.

 

IMHO most "hardworking" angmo complain about their tax system I believe is not on the tax % but about feeding those who exploited the system.

[Jman888]

 

You are right here, which is why I consider CPF a form of tax. And if you think about it that way, suddenly the tax rates in many Ang Moh countries don't seem so high compared to our "tax haven" after all.

 

 

remember there is a cap at $5K, for those who earn big buck, this is nothing just some spare change if they have to contribute, can't even buy a COE by the time when draw out the money.

[Rezorn86]

Main issue of what we are worry of is that, will those uncle invest in batam?? : )

[Icedbs]

dead dun see anything, it's left for those remain behind, in a way, at least everyone is able to leave some $ behind when they go.

 

 

Perhaps this is why the younger generation are getting more and more spoiled and less motivated than the generation before it. Everytime their parents died, for sure they will be left with some money regardless whether the parents are rich or poor. And parents are getting richer and richer thesedays.

 

The older generation has no such luxury.....when their parents died with no inheritance, they often have to start from scratch.

 

 

 

 

 

 

remember there is a cap at $5K, for those who earn big buck, this is nothing just some spare change if they have to contribute, can't even buy a COE by the time when draw out the money.

 

True, but these more than $5k guys will have more in cash. Only drawback is less contribution from employer.

 

Edited November 20, 2013 by Icedbs

[Jman888]

 

Perhaps this is why the younger generation are getting more and more spoiled and less motivated than the generation before it. Everytime their parents died, for sure they will be left with some money regardless whether the parents are rich or poor. And parents are getting richer and richer thesedays.

 

The older generation has no such luxury.....when their parents died with no inheritance, they often have to start from scratch.

 

 

 

there are always rich people in every generation, many young also living by the money left from their grandfather.

[Icedbs]

 

 

there are always rich people in every generation, many young also living by the money left from their grandfather.

 

Of course la bro.....but I think for the older generation, such cases are minorities.

[Joseph22]

 

Of course la bro.....but I think for the older generation, such cases are minorities.

 

because they have no cpf. Lol

 

[Icedbs]

 

because they have no cpf. Lol

 

 

In the old days, the only inheritance from parents is probably their house and that is also shared with many siblings (older days got more kids in the family)

 

Thesedays, not only get the house but also lots of CPF money! And best of all, less siblings to share with because family thesedays are small and they are getting smaller every year.

 

Should have been born 30 years later. Darn,.,,

 

Think in another 20-30 years, we will have a generation that wouldn't want to work very hard.

Edited November 20, 2013 by Icedbs