CPF Minimum Sum to be raised again, again and again

[Baal]

why simi credit ... simi rebate ... simi freebies also go into CPF one huh?

isn't the purpose for this wage credit scheme is to help employees to tackle high cost of living by take home more ca$h?

 

OCBC gives Wage Credit Scheme payout to employees

 

 

Just like the last fiasco years back when about local boyz have NS, FT no need. So, they pump $ into the NS boyz CPF.

They learn from the best.

[Pisces69]

why simi credit ... simi rebate ... simi freebies also go into CPF one huh?

isn't the purpose for this wage credit scheme is to help employees to tackle high cost of living by take home more ca$h?

 

OCBC gives Wage Credit Scheme payout to employees

 

 

 

Cos they wan to just give pple the "feel good" sensation.

 

They give u $$$ with the right hand but instead of put in your hand, the $$$ goes straight into their vault. U dun even got chance to touch or smell it even.

 

Dunno how real is the $$$. maybe its only Monopoly money?

[Maroon5]

 

 

I dun think SG n HK r similar. Not a good comparision.

ya sigh dunno y ah huat dun see it n worse he say i papp....insult sia hehehe

[Ahgong]

1) Ask yr office cleaner to clean the toilet bowl better. What u r seeing is the balance from the previous user.

 

2) All buying/selling of shares, property, cars, gold in Spore can b classified as gambling cos its taking a risk if the value go up or down tomorrow.

 

Invest is like buy good watches, rare paintings where the value wil surely increase slowly over the years.

 

brudder... it really depends on how you approach the buying and selling of shares, property, cars, gold... etc.

if you do homework, check on the company you are going to put your money in, then that is not gambling.

but if you don't do homework, and pok your luck cos that is the hot share at the moment, then that is gambling.

 

same goes for property and gold.

for cars leh... no matter how much home work you do, you can never chart the price for proper analysis. cos the supply is always changing. no consistency in the way the suppy and demand is managed. so for cars aka COE, it is ALWAYS a gamble.

[Pisces69]

ya sigh dunno y ah huat dun see it n worse he say i papp....insult sia hehehe

 

 

OK dun matter.

 

Maybe he dun read carefully or misunderstood yr post.

[Pisces69]

 

brudder... it really depends on how you approach the buying and selling of shares, property, cars, gold... etc.

if you do homework, check on the company you are going to put your money in, then that is not gambling.

but if you don't do homework, and pok your luck cos that is the hot share at the moment, then that is gambling.

 

same goes for property and gold.

for cars leh... no matter how much home work you do, you can never chart the price for proper analysis. cos the supply is always changing. no consistency in the way the suppy and demand is managed. so for cars aka COE, it is ALWAYS a gamble.

 

 

All those items that r open to speculation is like gambling.

 

My shares I bought long ago most lost money. Only a few went up. I think if I can break even on my shares I am lucky. I see maybe my shares r about just "break even". But I still lose cos if I had left r $$$ in the CPF I wud have earned the interest. Take this into account n I guess I did lose $$$ on my shares.

 

I also bought physical gold long ago just to wear. I got a shock that day I value n it has increased in value 4 times. (Eg; Paid $10K then n now worth abt $40K).

 

I only wish I had bought more GOLD (Instead of shares) as an investment that time.I wud b so happy now. But who was to know gold wud increase so much. Just like pple buy US$ or Euros to invest. How to know for sure it goes up or down. Thats why currency is very speculative like the other things I mentioned in my earlier post.

 

But as I said these things r all like gambling. Sometimes u win. Sometimes u lose.

 

I wonder if its too late to invest more in GOLD now cos the price might seem high now but cud quardtruple in 20 yrs time . It cud also drop to worthless by then.

 

Thats what is meant by speculative.

[Maroon5]

 

 

OK dun matter.

 

Maybe he dun read carefully or misunderstood yr post.

ya its ok...i forum w j22 for so long...no issue at all...

[Wt_know]

a diagram/picture is worth a thousand words

 

chop chop buy property > cut MS to 1/2

or

chop chop buy annuity > no MS if the annuity is greater than CPF Life payment

 

 

Edited May 21, 2014 by Wt_know

[Dumb]

To me the more dislike is the Medisave Minimum Sum (MMS). Even if you met the minimum sum (MS) you cannot withdraw the excess unless you make good the shortfall in MMS.

 

MMS keeps increasing every year and if you have CPF contributions after 55 or if you have not withdrawn your CPF after meeting the MS and MMS at age 55, you will need to meet the prevailing MMS when you want to withdraw your CPF .

 

For example, if a person met the MS of $90k as well as the MMS of $27.5k at age 55 in 2005 and continues working with CPF contributions and wants to withdraw those contributions now, the person must make good the prevailing MMS of $40.5k before the person can withdraw his CPF.

 

So if you do not want to withdraw what you can at age 55, you may not be able to withdraw the amount later unless you are to meet the prevailing MMS at the time of withdrawal, not the MMS when you were 55.

[Dumb]

One unusual practice I understand from CPF is the returning of CPF used for housing loan.

 

If I want to refund the CPF that I have withdrawn for housig loan which is still outstanding, I am allowed to. But I cannot subsequently re-commence using the CPF for the same outstanding loan without going through a lawyer for documentation. To be able to re-commence using CPF without going through a lawyer for the same outstanding loan, I can only return the principal amount used but not the accrued interest

[W210k]

One unusual practice I understand from CPF is the returning of CPF used for housing loan.

 

If I want to refund the CPF that I have withdrawn for housig loan which is still outstanding, I am allowed to. But I cannot subsequently re-commence using the CPF for the same outstanding loan without going through a lawyer for documentation. To be able to re-commence using CPF without going through a lawyer for the same outstanding loan, I can only return the principal amount used but not the accrued interest

But (say) after you have withdrawn all that's allowed at 55, leaving behind the MS and MMS amounts, and then later (say, when you're 56) you sell your house from which you had used $500K of CPF monies) - then the full $500K will go to you right, and not back to your CPF account? Edited May 22, 2014 by W210k

[W210k]

The chart Wt_know had posted is the decision tree at point if turning 55, to determine if your MS is going to be $155K or $77K.

However, in my example above, once you've crossed the bridge at 55, and are deemed qualified to leave only $77K in MS .....

And then later, at 56, you sell your house (which you had used say, $500K of your CPF monies), will the full $500K go to you, or still must deduct $77K to MS?

 

I have a feeling it's the latter, not sure, any >55 MCFers who know this for a fact?

[Dumb]

But (say) after you have withdrawn all that's allowed at 55, leaving behind the MS and MMS amounts, and then later (say, when you're 56) you sell your house from which you had used $500K of CPF monies) - then the full $500K will go to you right, and not back to your CPF account?

 

 

Yes the 500k will go back to you if the flat is not pledged as part of the min sum. But the rules keep changing. If you continue to service the loan with CPF, the principal amount used from 1 Jan 2013 must be returned with accrued interest. You can then withdraw the money after meeting the prevailing MMS at time of withdrawal.

[Pisces69]

To me the more dislike is the Medisave Minimum Sum (MMS). Even if you met the minimum sum (MS) you cannot withdraw the excess unless you make good the shortfall in MMS.

 

MMS keeps increasing every year and if you have CPF contributions after 55 or if you have not withdrawn your CPF after meeting the MS and MMS at age 55, you will need to meet the prevailing MMS when you want to withdraw your CPF .

 

For example, if a person met the MS of $90k as well as the MMS of $27.5k at age 55 in 2005 and continues working with CPF contributions and wants to withdraw those contributions now, the person must make good the prevailing MMS of $40.5k before the person can withdraw his CPF.

 

So if you do not want to withdraw what you can at age 55, you may not be able to withdraw the amount later unless you are to meet the prevailing MMS at the time of withdrawal, not the MMS when you were 55.

 

 

Yes >Cee Pee ef was supposed to free me n make my life easier when I reach 55 but now the rules have been changed so often n the amt of $$$ they hold back is like Cee Pee ef is becoming like a Millsrtone hanging around my neck weighing me down. If I fall into the sea n it wil just make me drown for sure.

 

A it is my health not so good n unlikely I wil see my 65 birthday so looks like till I die I wun b able to see my Cee Pee ef money.

[Ktglfc]

I think lets not put too much emphasis on cpf money.

That money can see but cannot touch.

Even can touch, garmen will slowly release them to us; or change goal post to postpone the retirement age (aka cpf release back date).

 

Let's just save more money on hand, after-all cash is king !

[Wt_know]

wow ... 76 years old woman ... ask tough questions

actually ... this could be "typical" scenario going forward because many don't want to get married (ie: spinster)

even married ... divorce rate is high .... or 1 said bye bye first

those without children will fall into this situation

old already .... no children ... no job ... no money

 

http://www.theonlinecitizen.com/2014/06/76-years-old-lady-begged-hri-kumar-to-help-her-get-cpf-money-back/

 

http://www.youtube.com/watch?v=cA80X5pHj_o

 

This morning, a forum to discuss matters of Central Provident Funds took place at Thomson Community Centre. The forum entitled, “CPF –

 

An Honest Conversation: Public Dialogue with Thomson-Toa Payoh Residents” was hosted by Hri Kumar, PAP MP of Bishan-Toa Payoh GRC and is said to be open to only residents of the ward. A elderly lady, who does not have any dependent, spoke up on the CPF issue and begged that her CPF money to be returned to her as she wants to use her money to settle down and make arrangements for her funerals while she still can.

 

The elderly lady was later revealed to be Ms Rene Yap who has worked as a teacher at Chong San Primary School and a civil servant prior to retirement.

 

The transcript of what the elderly lady said.

 

I got some very very sad issue and I am going to bring up to Hri Kumar.

 

My father and mother were evicted from Bukit Brown, they were living there for 70 over years. and because of the eviction, and because of the cremation, the exhumation, the re-sighting of them made me suffer lapses of memories. I suffered lapses of memories. I forget my dates, I forget my medical dates, and the most important of all things , I forgot to pay my property tax.

 

And you know what happened? I was given a letter, I was fined, I was given a letter, again I forgot, I admit it that I was wrong, I was very wrong to be in that state of mind and the next thing was I received a letter from Development Bank of Singapore.

 

Shame, shame on the controller of Property Tax. Shame on DBS. For resorting to become big bullies. (At this point, she is seen crying)

 

I was given…

 

At this point, she was interrupted by the moderators of the forum.

 

I am coming back to CPF.

 

I was given this letter, telling me that they “hacked” into my personal POSB book, scoured my amounts and took away the money from my bank to give to the property tax. Do you think it is ethical?

Do you think its ethical? Do you think it is right?

Right now I am very sad.

 

I was born in the year of 1938 and my friends, my Malay friends told me that when they retired, they got their ordinary account as well as their Retirement Account (RA) account. So they told me, why don’t you get yours? In fact a friend of mine, a friend of mine, I always advocated that I love Lee Kuan Yew very much, I love the PAP very much.

 

So when I went to the CPF board to ask for my account and you know what they say?

 

“You can take your ordinary account”

 

I retired in 1998, I did a two year in associate, I did as an associate teacher until 2000.

 

And when I retired in 2000, I told myself, since I have my food, I don’t need it. Money put in the government is the safest. And I think it was wrong. It was wrong.

 

When I get to CPF to get my money, when I get to CPF to ask for my money, they told me that I can take my ordinary account but when it comes to RA, after ten years, after ten years you can take one month of repayment.

 

I am free from all these rules and regulations. This only concerns those under 1958 and downwards. Those born before 1958 should get all the money back. Do I get mine? Can I get mine?

 

“Yes, that is a good question. That is the reason why we are here to address it.”

 

I am very keen, Mr Hri Kumar. I voted him.

 

I am a spinster. ok? I am a spinster. I have no children of my own. So I am asking Mr Hri Kumar, the god mother. I want my money back. How do I do it?

 

That is a very good question that we want to have in the discussion here. That’s the reason we want to break it up and actually have all residents air their views, air their concerns.

 

I think the rest don’t concern me. The rest don’t concern me. I am not concerned over how many percentages you get, what I want is my money back and I want to arrange for my funeral and I want to arrange for my rites and I want to arrange for a nice settlement. Can I have it?

 

That’s all I want. Give me back my money. CPF, give me back my money. And make it as soon as possible. Because 76, I won’t be able to live. I got to ask, I got to make arrangement with God to make me live 50 years to get my RA back. So will you please?

 

At this point, the lady was approached by two organizers from the forum and was asked to move away from the microphone by a female organizer Mr Hri Kumar was noted to allow the lady complete what she had to say.

 

No, no, no, you don’t have to do that. Yes and that is why I picked this opportunity to speak to you because I will never be able to speak anymore. Give me, anybody from CPF board? Is there anyone from CPF board?

 

You are talking about CPF and you don’t have any representative? So Mr Hri Kumar, please. Help me get my money back and I am going off now. Thank you very much

Edited June 15, 2014 by Wt_know

[Kb27]

Next year, I will probably see I get no money out of my CPF.

For the rest of you, good luck.

By the time you're 55, the carrot has moved again to maybe 90 years old and a min sum of probably $500,000.

Edited June 15, 2014 by Kb27

[Wt_know]

asset-rich, cash-poor ah pek and ah ma, please do your part

staying in million dollar landed or $500k-$600k mature hdb and begging for more subsidies simply because your cpf is kosong and no cash on hand ...

 

Edited July 5, 2014 by Wt_know