CPF Minimum Sum to be raised again, again and again

[Ngck]

 

Approval comes every four years.

Lets not get political first.

 

I'm curious how they do it.

 

Just release a article and it done?

[Myxilplix]

Simi CPF? Tax just say tax lah.

[Kb27]

Each year, min sum increased by average of $10k.

 

How many of you has a $10k increment in salary every year ?

 

Bcuz if you don't, you'll never catch up.

[Evillusion]

Lets not get political first.

 

I'm curious how they do it.

 

Just release a article and it done?

How not to get political sia? The policies are polished by the poliyician....till kilat2! Huat ar! Retirement age increased, Minimum Sum increased....everything increased! Except our pay!

[Alpha78]

CPF Minimum Sum increase

CPF contribution rate unchanged

CPF contribution cap ($5000 per month) unchanged

 

Even without using the brain to think, we know that one of these days, no one will be able to meet the minimum sum, unless you do voluntary top-up.

[Hydrocarbon]

5) to force people to stay "asset" rich but cash poor as to rely on the government for more sweetners or "begging" for "help" to create a dependent model

 

The whole idea is to get people into buying "assets" to prop up the market, with "untouchable money".. Then need cash? Work... So no time to protest or make significant changes to society..

[1fast1]

Simi CPF? Tax just say tax lah.

 

It's slightly better than tax. Tax you cannot take back if you decide to throw away this pink IC and get a new citizenship. CPF still can.

 

But for most Singkies who are trapped here, no diff in practice.

Edited May 8, 2014 by Turboflat4

[Wt_know]

plus extend reitrement age to 99 ... if you live until 100 ... you win ... lol

 

The whole idea is to get people into buying "assets" to prop up the market, with "untouchable money".. Then need cash? Work... So no time to protest or make significant changes to society..

 

Edited May 8, 2014 by Wt_know

[Tigerwoods]

so little

 

cannot even buy an A4 at 159k

 

that is why they keep increasing it so that by then you can buy A4...

If you can achieve that sum of course.

[Kb27]

Lets not get political first.

 

I'm curious how they do it.

 

Just release a article and it done?

 

It is politics.

 

If people are taking it lying down and not doing anything, then they deserved to be screwed over and over again.

[Hydrocarbon]

plus extend reitrement age to 99 ... if you live until 100 ... you win ... lol

 

If "He" can do it, why can't we? Right? Hahahaha...

 

Praise Famileeeeeeeeeee!!!

[Wt_know]

anyway, those own hdb (live in PC) or live in hdb, with hdb housing pledge (auto)

minimum sum is 50% x $155K = $77.5K right?

that's why still plenty of meat (ca$h) in ordinary acct for people to hoot property

Edited May 8, 2014 by Wt_know

[Roh96]

How come they didn't seek public view before raising the bar? How can they suka suka do it, it is our money, not theirs.

[Wt_know]

harlow ... no need to seek view liao la ... in 2003 the plan had already been firmed up

 

How come they didn't seek public view before raising the bar? How can they suka suka do it, it is our money, not theirs.

 

[Carnoob]

The MS was set at $80,000 in 2003 and will be raised gradually until it reaches $120,000 (in 2003 dollars) in 2015.

In 2013 MS (in 2003 dollar) was $115k. We left 5k to reach "120k" in 2015. Assuming that each year is 2.5k.

 

(117,500/115,000) * 148,000 * 1.025 (inflation of 2.5%)= $154,997

 

Round off to nearest hundred. You will get $155k min sum for 2014

 

For 2015:

 

(120,000/117,500) * 155,000* 1.025 (based on inflation of 2.5%) = $162,255

This is my predicted min sum of year 2015

 

After year 2015, Min sum will continue to increase. But it will based on inflation. Of course CPF can change their goal post again.

 

Based on my age, when I age 55(currently 38) and inflation of 2.5%(hope no change), my min sum will be $262,900.

 

Hope you guys know how the min sum mechanism work.

 

Cheers!

Why don't they use the same formula to fight for our salary increased? Our salary still does not in line with inflation.

[Kb27]

How come they didn't seek public view before raising the bar? How can they suka suka do it, it is our money, not theirs.

 

Do they consult you when they open the flood gate to let in 7 million people or damn well do anything they like ?

[Wt_know]

when you are 55 or older, you feel "lich" when you see your cpf statement with $155k ... but can see only cannot touch

[mdgg]

Good and bad depends how we look at it. On the bright side, compulsory saving for old age. A lot of discipline needed to build a safety net for retirement. In general, people pursue instantly gratification. I am guilty myself. Spent hard earned money for a stupid piece paper, commonly called the COE. In no time, when I hit 60, I am left with little. I may be driving a car after 60, but it will probably be renting from Comfort and those sitting on the passenger seats behind will not be my family members.

Well, the intention for this increase is good, but I hate the way they manage and communicate to us. This country is being run like a boot camp where we do not have any say to our own money. This contribution should be optional and let the people decide for themselves.