CPF minimum sum to be revised upwards to S$131,000
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WCW:
Can retire to JB? :roll:
means cannot retire gracefully lor... with housing so high, how to have that mini sum?? think work till 90 also must still workraysusan:
What kind of logic is this?
So what if those pple who never reach that amount? -
hquek:
CPF can only be used for Singapore local uni/polys? If taking those private courses cannot use...plus kids also need to repay back the amount +interest, if I am not wrong, if not will have penalty.I see that govt is trying to ensure 100% still have money in their pockets..and not have 80% line the pockets of that 20%.
It's grating definitely to have the govt take care of us like we are little kids, but at least I can apply cpf to my housing, and to my kids' education, so there is that consolation there. -
verykiasu2010:
:rotflmao:Letter to PM Lee
Dear Sir
After appointing Gerald Ee to head a committee to review ministerial pay, can you also appoint a kiasuparents committee to review the minimum sum of CPF ?
It is no joke that CPF has become known as Coffin Purchasing Fund! -
my friend told me she wrote off her CPF as bad debts already
:frustrated: :mad: -
pinky:
my friend told me she wrote off her CPF as bad debts already
:frustrated: :mad:
well, that is called 'managing expectation'....i should consider that .... -
Does all these CPF $$ contribute towards our national reserve?
If yes, wonder what's the percentage?
If no, then CPF is damn rich... or rather CPF's CEO, cos' his salary is not under review?
http://www.mom.gov.sg/newsroom/Pages/PressReleasesDetail.aspx?listid=342
\"01 December 2010
1.Mr Yee Ping Yi, who is currently 2 Deputy Secretary in the Manpower Ministry, will be seconded to the CPF Board as its Chief Executive Officer (CEO) with effect from 1 January 2011 for a three-year term. ..\" -
[quote]The PAP regime has increased the CPF minimum sum (MS) from $123,000 to $131,000 from July onwards to prevent Singaporeans from withdrawing their hard-earned savings for their twilight years. The new MS will apply to unfortunate Singaporeans who turn 55 from July 1 2011 to June 30 2012.
The Medisave Minimum Sum (MMS) will also be raised to $36,000 from $34,500 and the Medisave Contribution Ceiling (MCC) which is fixed at $5,000 above the MMS would be increased correspondingly to $41,000 from $39,500.
Only members who have the MS in their CPF account as cash can apply to commence their monthly payouts of $1,170 when they reach their draw down age.
The PAP regime claims that “the revisions to MMS and MCC are to ensure that Singaporeans have sufficient savings to meet their healthcare expenses, and have been adjusted for inflation.”
With the CPF savings of most Singaporeans tied up in mortgage loans used to finance over-priced HDB flats, few of them will have the required minimum sum in their CPF when they reach 55 years of age.
Singaporeans are likely to end up ‘asset rich’, but ‘cash poor’ in their golden years like this 80 year old toilet attendant interviewed in the video below as the PAP regime continues to lock in the hard-earned savings of Singaporeans in CPF to prevent burdening itself:[/quote]http://www.youtube.com/watch?v=KYYMtK5_F4w&feature=player_embedded#at=412 -
Changes to policies takes time to implement. Given that it is only about a month after the GE, I don’t think this is sufficient time to review and revise policies. Besides, the minimum sum upwards revision is probably based on the policy started some years back, and they can’t just drop it now…
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when initially announced, it was to be increased to $120,000 by 2013 so now it's $11,000 more and brought forward by 2 years :siao: :stompfeet:
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pinky:
when initially announced, it was to be increased to $120,000 by 2013 so now it's $11,000 more and brought forward by 2 years :siao: :stompfeet:
I believe they did state upfront that $120k was in TODAY'S DOLLAR. Hence after factoring inflation effects, it's $131k now liao.
Still I am not happy too ;-<
1st it's my money.
2nd dont keep re-drawing the aging withdrawal date. THAT in itself is even scarier :nailbite:
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