Kelpie 2nd Gear August 5, 2009 Share August 5, 2009 Hi all, The way the recent topics seems to suggest that Singaporean spent most of the savings including CPF for a house. Bascially, many are left with little for retirement. CPF, which is so called the "forced savings" have little relevance to prepare for old age these days. Sometimes, I really doubt this so-called "afforadable" housing is really the way to go in SG for our next generations? Perhaps, we should all take the bitter pills and start to get 1st time home owners to buy house using more cash and can only utilize certain percentage of CPF fund for housing instalments. This issue also makes me wondering should me be paying more taxes now in order to secure some "realistic" old age benefits during going grey? Nothing for free in this country, you gotta give up some in return for somethings. In other countries, they have higher income taxes such that some companies actually pay the taxes either in full or partial as part of the pay package to attract/retain talents. What do you think? Regards, ↡ Advertisement Link to post Share on other sites More sharing options...
Nolicense Turbocharged August 5, 2009 Share August 5, 2009 the idea of taxes to fund old age benefits is kinda like welfarism.. kinda anti-thesis of what pap stands for. Do i wanna pay taxes for old age benefits? No. Already pay CPF, no more money and everything so expensive. All the CPF go to HDB, the whole system is a failure. I don't think fixing the system by adding more taxes or schemes or means testing or what ideas pap can come up with is worth a crap. Link to post Share on other sites More sharing options...
Skunk Clutched August 5, 2009 Share August 5, 2009 never. I'll never penalise myself for tomorrow. Tomorrow's just as impt as today. In fact, most of the time, today's even more valuable than tomorrow. A day in my youth has more value than a month of old age. Link to post Share on other sites More sharing options...
Shaun Neutral Newbie August 5, 2009 Share August 5, 2009 Kelpie, the thinking that paying more taxes now to secure a better retirement while sounds attractive, actually works against people who pays taxes. what you pay in the form of taxes will go towards a pool which will ultimately be used to fund the retirement of everyone, including those who doesn't pay much taxes. for people who earns their dues in this world, it would be much better that you pay minimal taxes (like in SG) and save the rest to prepare for old age. if you want to do your part for society, you can donate. Link to post Share on other sites More sharing options...
Kelpie 2nd Gear August 5, 2009 Author Share August 5, 2009 the idea of taxes to fund old age benefits is kinda like welfarism.. kinda anti-thesis of what pap stands for. Do i wanna pay taxes for old age benefits? No. Already pay CPF, no more money and everything so expensive. All the CPF go to HDB, the whole system is a failure. I don't think fixing the system by adding more taxes or schemes or means testing or what ideas pap can come up with is worth a crap. This is a vicious cycle. If they don't start to do something more creative, it looks like we all have to retire in JB homes sooner or later . Perhaps, by then only the elites have money for old age and can rest in peace on SG land . Regards, Link to post Share on other sites More sharing options...
Hiphiphoray 6th Gear August 5, 2009 Share August 5, 2009 (edited) we should all take the bitter pills and start to get 1st time home owners to buy house using more cash and can only utilize certain percentage of CPF fund for housing instalments. This will never never work. Ppl these days are so god damn frighten of commitments. Why wana pressure them even more ? They will only sink deeper into the SAFE ZONE. The day they implement this is the day Spore birth rate goes to ZERO!!!!! Edited August 5, 2009 by Hiphiphoray Link to post Share on other sites More sharing options...
Kelpie 2nd Gear August 5, 2009 Author Share August 5, 2009 This will never never work. Ppl these days are so god damn frighten of commitments. Why wana pressure them even more ? They will only sink deeper into the SAFE ZONE. The day they implement this is the day Spore birth rate goes to ZERO!!!!! Lets face it, the retarding growth rate is a socio-economic problem in SG. They patch the hole by "social import", anyway. Afterall, whatever we can't produce, we just then import them. Easy and chop chop. Regards, Link to post Share on other sites More sharing options...
Silver_blade Turbocharged August 5, 2009 Share August 5, 2009 If by doing so, we get an improved and more limited version of the western-style welfare system...yes i will support. In return for paying much higher income tax, we get free medical and education in return. The rich get taxed a lot more, the poorer ones taxed a lot less and the very poor gets help. Why not? I feel free medical and education are essential. Other welfare we can go without. But the real issue would be, will big companied still want to use us as their regional HQ? Link to post Share on other sites More sharing options...
Kelpie 2nd Gear August 5, 2009 Author Share August 5, 2009 If by doing so, we get an improved and more limited version of the western-style welfare system...yes i will support. In return for paying much higher income tax, we get free medical and education in return. The rich get taxed a lot more, the poorer ones taxed a lot less and the very poor gets help. Why not? I feel free medical and education are essential. Other welfare we can go without. But the real issue would be, will big companied still want to use us as their regional HQ? It is not something uncommon in other parts of the world. I believe it is a matter of percentage and ratio (balance), which could be adjusted/modified accordingly. By doing so, also narrow the rich/poor income distribution. If you're richer and better off, it shouldn't harm too much by paying a little more tax as a form of social contribution. Perhaps, this can promote better growth rate if people have some assurance of fundings for old age. Regards, Link to post Share on other sites More sharing options...
Silver_blade Turbocharged August 5, 2009 Share August 5, 2009 (edited) I agree with you that such welfare system, if done correctly, close the gap between the rich and the poor. But the rich, who are usually more influential will almost sure to put up a good fight and influence the gov to do things in their favour. I generally support the welfare system. I benefited from such system and so are some of my friends. Edited August 5, 2009 by Silver_blade Link to post Share on other sites More sharing options...
Hiphiphoray 6th Gear August 5, 2009 Share August 5, 2009 Lets face it, the retarding growth rate is a socio-economic problem in SG. They patch the hole by "social import", anyway. Afterall, whatever we can't produce, we just then import them. Easy and chop chop. Regards, Thats the sad truth isnt it. We are on self-destruction mode. I foresee pure local breed sporeans will just die-off in 2-3 generations time. Link to post Share on other sites More sharing options...
Benarsenal Turbocharged August 5, 2009 Share August 5, 2009 The thing is that, you may not guarantee that you enjoy the benefits. In old age, you may just go any time. My parents were actually planning to withdraw all their CPF once we (the children) have all grown up, then enjoy life and go off (meaning leave this world). After the Govt decide to lock the CPF for the housing and retirement thing, that plan had to be scrapped. Link to post Share on other sites More sharing options...
Kelpie 2nd Gear August 5, 2009 Author Share August 5, 2009 I agree with you that such welfare system, if done correctly, close the gap between the rich and the poor. But the rich, who are usually more influential will almost sure to put up a good fight and influence the gov to do things in their favour. I generally support the welfare system. I benefited from such system and so are some of my friends. No wonder, they say most rich people are stingy people . I think such taxes don't just apply to that few influential lots but also include those generally well-off working class. I think such welfare system (whatever we call them) if done properly could be good news to the older workers. Afterall, they have contributed to the country and we can't be dumping them in some JB homes right? Regards, Link to post Share on other sites More sharing options...
Ladykillerz 4th Gear August 5, 2009 Share August 5, 2009 Mind or not mind by paying higher taxes for old age benefits is secondary. If our SG govt insisted to implement on this new plan, everyone got to silently follow the new rule. Now, this is primary. Link to post Share on other sites More sharing options...
Silver_blade Turbocharged August 5, 2009 Share August 5, 2009 Agree, I feel such system may actually encourage people to be more gracious and a less tension-filled society. Cos people no longer need to worry about the unpredictable health issue and cost of their kids education, the more fortunate are helping the less fortunate, etc.... It sometimes will have the pay-it-forward attitude among people. But on the other hand, if such welfare system are no controlled well....the society may end up like some of the countries in the west where it is working against them....with more and more people getting more lazy...waiting for state's handout. Link to post Share on other sites More sharing options...
Kelpie 2nd Gear August 6, 2009 Author Share August 6, 2009 Agree, I feel such system may actually encourage people to be more gracious and a less tension-filled society. Cos people no longer need to worry about the unpredictable health issue and cost of their kids education, the more fortunate are helping the less fortunate, etc.... It sometimes will have the pay-it-forward attitude among people. But on the other hand, if such welfare system are no controlled well....the society may end up like some of the countries in the west where it is working against them....with more and more people getting more lazy...waiting for state's handout. I suppose it is a matter of balance here. It may eventually be a "fairer" system. When you are younger and at your prime, you can contribute more in term of taxes. When you are older, you pay lesser. So all go through the same cycle and look forward to a more "relaxed" retirement. For now, the CPF are all locked up in HDB/housing loans and you can only withdrawn bit by bit at those kind of age that you're no longer productive and to some, hardly able to walk again. Regards, ↡ Advertisement Link to post Share on other sites More sharing options...
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