Poor died penniless but with big sum $$$ in CPF

[Galantspeedz]

Out of every 10 friends, 5 or 6 do not have kids so I guess the government gets a big bonus when these people die

 

 

still got NOK leh.. and you say you got how much for your GPA?

[Windwaver]

years ago when my mum was diagnosed with stroke and high blood pressure and i am still a young cookie straight from the army, we struggled to pay her medical bills of $400 plus per month.

 

she has since passed away. Same same, she have around $10k plus in her CPF. Not a lot of course but we could have used that money to give her better treatment.

 

who knows, with the extra 10k plus for better treatment and medication, her life could have prolonged and she would have enjoyed more quality time with her grandchildren.... hell she would been able to witness my marriage.

 

Sorry to hear about your mum but the reason for my post is that I agree with your statement. How many of us would rather get the money in exchange for a life? What about those terminally ill, not old enough to withdraw CPF and without kids? With all the CPF restrictions, these group of people will die poor with loads in CPF for the government.

 

Don't worry pal, I'm sure your mum's happily in heaven looking at your happy family

[Joseph22]

20% from employee, 13-14% from employer = 33 to 34%

 

dun forget the cpf contributed from emplyer is still part of ur salary package. the company dun care cpf or cahs, they see it as the whole package paid to u

 

yes 13~14% from employer, but dont forget. if you take away the CPF now, your employer will not be giving you the employer contribution.

 

so technically you should still count as 20% in case you succesfully opt out.

 

another thing to note. Those FT covert to PR and start contributing CPF do not have their pay cut by 30% rather, they contribute 20% and the company pay additional 13% (essentially a pay raised??)

[Windwaver]

still got NOK leh.. and you say you got how much for your GPA?

 

3.7+ but good grades are nothing with no luck my friend

[Relacklabrudder]

not really... your pay package only includes the 20%.. the 13-14% is required by govt....

 

if you pay package is included, why isn't it in your payslip? or at least my doesn't have, neither is it under IR8A. I stand to be corrected though.

 

1 qns is..... if it is not required, would this be in your actual pay package?

 

 

yes 13~14% from employer, but dont forget. if you take away the CPF now, your employer will not be giving you the employer contribution.

 

so technically you should still count as 20% in case you succesfully opt out.

 

another thing to note. Those FT covert to PR and start contributing CPF do not have their pay cut by 30% rather, they contribute 20% and the company pay additional 13% (essentially a pay raised??)

 

 

 

 

it does not mean that when cpf is taken away u will not have the 13-14%. in fact u have to see wolrdwide how ppl negotiate their salary in MNC. The MNC employer see it as a package how much they pay you monthly or annually regardless of the money as cash or go cpf cos' from employer point of view it is all paid out in cash.

 

e.g. if the company tink u should be paid only 2k/month. so they will pay u 2k/month inclusive of cpf so the employer willl adjust down 13-14% ur stated basic pay to account for their employer cpf contribution so ur basic is ~$1740 of which 20% will go to employee cpf so take home is $1392

 

 

for foreigner, if the company deemed him worth 2k/mth, there is no cpf so he will get his whole 2k in cash.

 

 

So how it makes no diff to employer but it makes hell of diff in ur take home. take home pay will be much greater without cpf , ok yes there will be no 2.5% interest for ur forever lock up $ but hey so wat? u dun see the $ anyway, while if paid in cash u get to use the $.

Edited May 25, 2011 by Relacklabrudder

[Galantspeedz]

3.7+ but good grades are nothing with no luck my friend

 

i always believ good grades is either true hard work or talent... not luck... if luck.. you should be at the casino now

[Galantspeedz]

it does not mean that when cpf is taken away u will not have the 13-14%. in fact u have to see wolrdwide how ppl negotiate their salary in MNC. The MNC employer see it as a package how much they pay you monthly or annually regardless of the money as cash or go cpf cos' from employer point of view it is all paid out in cash.

 

e.g. if the company tink u should be paid only 2k/month. so they will pay u 2k/month inclusive of cpf so the employer willl adjust down 13-14% ur stated basic pay to account for their employer cpf contribution so ur basic is ~$1740 of which 20% will go to employee cpf so take home is $1392

 

 

for foreigner, if the company deemed him worth 2k/mth, there is no cpf so he will get his whole 2k in cash.

 

 

So how it makes no diff to employer but it makes hell of diff in ur take home. take home pay will be much greater without cpf , ok yes there will be no 2.5% interest for ur forever lock up $ but hey so wat? u dun see the $ anyway, while if paid in cash u get to use the $.

 

so when you nego your pay you take into account your employer CPF?

 

maybe we can ask any employer here if they take into account the employer CPF...

 

any employers?

[Relacklabrudder]

so when you nego your pay you take into account your employer CPF?

 

maybe we can ask any employer here if they take into account the employer CPF...

 

any employers?

 

 

 

employer are in it to make $ and reduce cost.

 

so if they deemed u worth 2k/mth but becuase of employer cpf 13-14% singapore, u tink they will agree to increase the pay by 13-14% to ~$2280 or they maintain amount pay out to u as 2k and give u stated pay basic of $1740.

 

in fact they will happily tell u they paying u 2k instead of 1740 actually but 13-14% go to ur cof as employer contribution

[Unltd]

so when you nego your pay you take into account your employer CPF?

 

maybe we can ask any employer here if they take into account the employer CPF...

 

any employers?

 

Of course CPF is taken into account, it is company cost. When company calculates salary, it is basic, CPF contributions, medical, dental, leave even maternity and staff benefits such as small little things like biskits in the pantry, coke, coffee, staff outing, celebrations etc... also your dreaded NSmen leave will be considered during employment.

 

FYI staff cost such as CPF ranks up there because it is easily calculated and is a direct cost of business, you can even pay your employees slightly late, but if your CPF pay is late, you get into loads of trouble.

[The_Bear]

Jeez, this makes me cry. it is so sad to die penisless

[Evillusion]

Jeez, this makes me cry. it is so sad to die penisless

ladies oso die penisless but they dont fret about it at all!

[Joseph22]

employer are in it to make $ and reduce cost.

 

so if they deemed u worth 2k/mth but becuase of employer cpf 13-14% singapore, u tink they will agree to increase the pay by 13-14% to ~$2280 or they maintain amount pay out to u as 2k and give u stated pay basic of $1740.

 

in fact they will happily tell u they paying u 2k instead of 1740 actually but 13-14% go to ur cof as employer contribution

 

I agree with you.

 

But i seriously doubt that if CPF is remove, company is going to pay you back the 13% of their contribution.

 

BTW, any ideal if they have any taxed claimed for paying employer CPF?

Edited May 25, 2011 by Joseph22

[Wt_know]

i asked my friend, walao .. how come so dare to whack $600k+ DBSS. he exaplined ga ga lai la since CPF money cannot take out until you die.

might as well use it to now to live in a nice place ... die no regret and can aim to sell higher too.

so much a theory of "asset enhancement" huh

 

Best is CPF is use to artificially push up our HDB prices since it cannot be use for anything then most ppl just hantum into property that can use cpf which is mainly hdb. so lead to higher and higher hdb prices.

Edited May 25, 2011 by Wt_know

[Galantspeedz]

Of course CPF is taken into account, it is company cost. When company calculates salary, it is basic, CPF contributions, medical, dental, leave even maternity and staff benefits such as small little things like biskits in the pantry, coke, coffee, staff outing, celebrations etc... also your dreaded NSmen leave will be considered during employment.

 

FYI staff cost such as CPF ranks up there because it is easily calculated and is a direct cost of business, you can even pay your employees slightly late, but if your CPF pay is late, you get into loads of trouble.

 

logically a company will consider all costs.... but do HR do it, do our boss do it? It is afterall not his company. so far few HR i know does not make reference to it.

 

 

 

 

[Relacklabrudder]

logically a company will consider all costs.... but do HR do it, do our boss do it? It is afterall not his company. so far few HR i know does not make reference to it.

 

 

MNCs HR does Compensation and benefit anaylsis, they will review e.g. certain position with certain yrs of experience how much other MNCs are paying as package including CPF and benchmark their com&ben.

 

private companies lagi more niao and all salary is even more scrutinised not just by HR but by the tow kay himself

[Tom_kkh]

Sorry to hear about your mum but the reason for my post is that I agree with your statement. How many of us would rather get the money in exchange for a life? What about those terminally ill, not old enough to withdraw CPF and without kids? With all the CPF restrictions, these group of people will die poor with loads in CPF for the government.

 

Don't worry pal, I'm sure your mum's happily in heaven looking at your happy family

 

thxs, long time ago la she passed away.

 

just sharing my experience on the CPF thingy

[Joseph22]

MNCs HR does Compensation and benefit anaylsis, they will review e.g. certain position with certain yrs of experience how much other MNCs are paying as package including CPF and benchmark their com&ben.

 

private companies lagi more niao and all salary is even more scrutinised not just by HR but by the tow kay himself

yap, actually their employer CPF already factor in. just that they remove it for showing to avoid confusion

Edited May 25, 2011 by Joseph22

[Joseph22]

thxs, long time ago la she passed away.

 

just sharing my experience on the CPF thingy

 

actually CPF still a bit grey area.

 

How many can really say, they can save the so called 20% for retirement??