Dear CPF: Give Me Back My Money!

[Alfc]

For point 1, I think it is a bit of self-pawned.

If one have only a buffer of 2-3 months' worth of expenses in the event of retrenchment, then it is really a case of imprudent financial planning and living a life of high instalments. All the more then such a person would need a disciplined forced savings in the form of CPF to help him/her plan for long-term retrirement planning.

[Dj_spike]

For point 1, I think it is a bit of self-pawned.

If one have only a buffer of 2-3 months' worth of expenses in the event of retrenchment, then it is really a case of imprudent financial planning and living a life of high instalments. All the more then such a person would need a disciplined forced savings in the form of CPF to help him/her plan for long-term retrirement planning.

 

Look at it this way. How many ppl out there(I said out there because most here are rich on the 3rd bus) can meet the current minimum sum by CPF(this is only current and increases every 1-2 yrs)?

[Myxilplix]

This fellow fail lah, Ryan Ong's sarcasm better.

[Alfc]

 

Look at it this way. How many ppl out there(I said out there because most here are rich on the 3rd bus) can meet the current minimum sum by CPF(this is only current and increases every 1-2 yrs)?

Yes, your point makes a stronger argument than point 1 raised by the writer which I think makes a very weak case and will in fact gets rebutted hands down.

[Knoobie]

Yes, your point makes a stronger argument than point 1 raised by the writer which I think makes a very weak case and will in fact gets rebutted hands down.

no matter how strong or valid our point are.. we always lose..

[Ben5266]

actually i agree to point 1 to some extent, but the rest make the message very lame.

 

the essay failed if he was trying to be sarcastic.

How to agree with him?

His loan obligation are CC loan, car loan and personal loan!

All these are not necessary.

 

As for housing loan, can always use the money in SA if confirm jobless.

[Tiger1]

Aiyo...we can talk until the cow come home and it wont change a thing,

 

You wanna see your cpf money? Go die first!

 

Btw, cpf also mean Can Pay Faster?

[Sabian]

From day 1 you work, you already know it's 20% to CPF and 80% take home thereabouts.

 

Work with what you have in your pocket, not what you think you have in your pocket.

[Hydrocarbon]

I support the retrenchment part wholeheartedly. Why? Having gone through the process twice at a relatively young age, I shudder to think if I go through the same process for the 3rd time now that I have 2 kids.

 

Those that do not understand/empatise the mental and physical toll of a retrenchment are probably GDs(hint: G stands for govt, D is man's best friend or so u think)

 

Can't fully empathise yet, as I haven't gone through it, but I do think that people should be given access to a small portion of their CPF for living expenses in the case of retrenchment or similar short term loss of income. Not to pay CC / car loans, but for day to day expenses.

 

In fact, if they allowed this, there could be less people going for government aid (not too sure what they have), but allow people to rely more on themselves. That said, I still think that we should be responsible for our own financial status, and have at least 3 months, ideally 6-12 months of expenses saved up.

 

Anyway, congrats to you for having survived two retrenchments. All the best for your future ya..

[Dj_spike]

 

Can't fully empathise yet, as I haven't gone through it, but I do think that people should be given access to a small portion of their CPF for living expenses in the case of retrenchment or similar short term loss of income. Not to pay CC / car loans, but for day to day expenses.

 

In fact, if they allowed this, there could be less people going for government aid (not too sure what they have), but allow people to rely more on themselves. That said, I still think that we should be responsible for our own financial status, and have at least 3 months, ideally 6-12 months of expenses saved up.

 

Anyway, congrats to you for having survived two retrenchments. All the best for your future ya..

 

Sometimes tough lah... Not everyone is a white collar with education...Those White/Blue collars without education have it much worse... both retrenchments I had when still on one kid.... CC as cited by author is stupidity and naive but car loans still must maintain. The compensation package helped. Both times I got a job by 3 mths. Heng heng got increment for both. OC working also helps.

 

That being said, I am still much prone to 3rd time being in the tech industry

Edited November 19, 2013 by Dj_spike

[Watwheels]

This is a reason why so many young ppl fall into unnecessary debt. Even if cpf release back the money to them they will make full use of it and spent every cent.

 

No matter how much such ppl earn they will spen it all. When it comes to the point of totally penniless they will blame cpf for releasing all the money back to them.

 

Fools.

[Wt_know]

i have faith in cpf generally

but i hate the ever increasing minimum sum and draw down age ...

it gives me an impression of "black hole" (see no light at the end of the tunnel)

Edited November 19, 2013 by Wt_know

[Watwheels]

I look at it this way. It's a matter of which system would you rather have.

 

1) Would you have a system that everything is paid for using tax payers money? Your education, housing, medical bill minimum sum or totally FOC. But the tax takes up most of your pay. The no good thing about this kinda system is ppl can exploit the taxpayers money. The more you earn the more you will feel your money is being exploited. And when you reach old age you dun get to touch the money you earn coz it's has become tax whereby it's shared with fellow countryman.

 

OR

 

2) Our cpf system. What you earn goes into your account. It will not become tax or go to other ppl. It's under your name. Only you get to exploit it, be it paying for medical bills, education or housing. Of course not all of it but lessen your burden using your own money. Not other ppl's money. Old age you get to withdraw it to buy yourself a coffin...at least. Not die on the streets. How many of you here have to pay tax that is more dan half of what you earn?

 

Regardless what ppl think of how gahment exploit cpf money the numbers in your account, under your name will not disappear. So far got ppl comprain their cpf money gone? I'm sure mosty of you got aged parents who have reach the age that enables them to withdraw money from their cpf accoount. You got see anyone comprain of the system is no good?

 

It's funny when I'm overseas ppl tell me our cpf system is very good but when I come home I see ppl cry father cry mother about the system. What gives?

It's so good that our neighbour M'sia have a very similar system. Of course they never openly praise the ppl who came up with the idea. They just quietly use it.

[Dj_spike]

I look at it this way. It's a matter of which system would you rather have.

 

1) Would you have a system that everything is paid for using tax payers money? Your education, housing, medical bill minimum sum or totally FOC. But the tax takes up most of your pay. The no good thing about this kinda system is ppl can exploit the taxpayers money. The more you earn the more you will feel your money is being exploited. And when you reach old age you dun get to touch the money you earn coz it's has become tax whereby it's shared with fellow countryman.

 

OR

 

2) Our cpf system. What you earn goes into your account. It will not become tax or go to other ppl. It's under your name. Only you get to exploit it, be it paying for medical bills, education or housing. Of course not all of it but lessen your burden using your own money. Not other ppl's money. Old age you get to withdraw it to buy yourself a coffin...at least. Not die on the streets. How many of you here have to pay tax that is more dan half of what you earn?

 

Regardless what ppl think of how gahment exploit cpf money the numbers in your account, under your name will not disappear. So far got ppl comprain their cpf money gone? I'm sure mosty of you got aged parents who have reach the age that enables them to withdraw money from their cpf accoount. You got see anyone comprain of the system is no good?

 

It's funny when I'm overseas ppl tell me our cpf system is very good but when I come home I see ppl cry father cry mother about the system. What gives?

It's so good that our neighbour M'sia have a very similar system. Of course they never openly praise the ppl who came up with the idea. They just quietly use it.

You are focusing on the wrong things here. This thread was based on an article to allow greater use for CPF monies. Not down with the CPF system thing. This is taking it too far. Most of us would agree CPF is an effective way of saving. So far are the rules that govern CPF getting draconian? Minimum sum getting higher but CPFs getting lower due to rocketing housing prices. We already started seeing some small relaxation with Medisave.

Edited November 19, 2013 by Dj_spike

[Wt_know]

well said

 

it's sad to see on the news that people got no $$ to buy food, stay hunger, no $$ to seek medical help, live in dire conditions but CPF account got $20K $30K $50K and children cannot assist with their CPF money sitting in the account instead of helping their parent

 

You are focusing on the wrong things here. This thread was based on an article to allow greater use for CPF monies. Not down with the CPF system thing. This is taking it too far. Most of us would agree CPF is an effective way of saving. So far are the rules that govern CPF getting draconian? Minimum sum getting higher but CPFs getting lower due to rocketing housing prices. We already started seeing some small relaxation with Medisave.

Edited November 19, 2013 by Wt_know

[Icedbs]

In event of point no. 1

 

How much would CPF return you back ?

 

What you had contributed monthly or your pay monthly.

 

Monthly contribution only makes up a few percentage of your monthly pay and your employer contribution. Still wouldn't support much but better then nothing...

 

 

 

Correction. It is not a few percentage. It is 20% from you and another 16% from the employer. Total is 36%.

 

If a guy basic is $1000/month, $360 goes into CPF every month.

 

In anycase, for most Sporeans, they won't see all their CPF money until the day they

Edited November 19, 2013 by Icedbs

[Dj_spike]

well said

 

it's sad to see on the news that people got no $$ to buy food, stay hunger, no $$ to seek medical help, live in dire conditions but CPF account got $20K $30K $50K and children cannot assist with their CPF money sitting in the account instead of helping their parent

 

 

Thanks for adding more drama to my point. Yes, policies are not flexible enough to help the person in dire but has plenty of balance in his CPF.

 

CPF is just one thing. I am sure alot here are mainly frustrated that newer policies in general are getting too disoriented from the people.

[Zappy]

 

Correction. It is not a few percentage. It is 20% from you and another 16% from the employer. Total is 36%.

 

If a guy basic is $1000/month, $360 goes into CPF every month.

 

In anycase, for most Sporeans, they won't see all their CPF money until the day they

dead dun see anything, it's left for those remain behind, in a way, at least everyone is able to leave some $ behind when they go.

 

cpf contribution is tier, until end of Dec 2013, only those earning more than $1500, need to contribute 20% + 16% from employer.(label as full rate)

 

but....starting Jan 1, 2014, those who earn more than $750, will need to contribute the full rate.

 

News are showing those "kind" mps and union leaders blowing whistles and ringing bells, telling everyone, low wage workers are earning more than before, on the other hand, policies are introduce to drain some of the increases back to CPF.

 

many low wage earner will be thankful for the increase pay, though not getting in full from the increase,

 

Bravo and what a great ideas! ways of increasing CPF $$$ is limitless.