CPF Minimum Sum to be raised again, again and again

[Kb27]

Huat ah !

http://www.straitstimes.com/news/business/economy/story/cpf-minimum-sum-be-raised-155000-july-1-20140508

Actually, every year should increase by $100,000 so no one can ever touch it.
It's reserved for temasick to gamble with.

Edited January 21, 2015 by pChou

[Ktglfc]

Its not our $ lah,

Its ta-ma-sai (temasek) money lah

Edited May 8, 2014 by Ktglfc

[Maroon5]

by my time, dunno hit 500k anot.

[Enye]

so little

 

cannot even buy an A4 at 159k

 

[Maxus-MIFA9]

It was increased at $5000/- in the past and now, jumped to $7000/- ....... :angry:

[Skymax]

Dont take it laying down. If you think it is not right that you will never see your CPF $. Vote wisely. Even when you are dead. $ get recycle to your NOK CPF. Nobody see your $ forever. It's pure Ponzi w depressed return.

[macrotrust2]

Wondering what is the point of increasing our min sum every year or few years?

1) to force people to work longer and provide own pension fund by increasing min sum

2) GIC and TH are "losing" money big time- re-couping those loses from its people to top up

3) CFP is to squeeze people to save money as not to spend or lose their fortune on PRC gals or gambling

4)No social safety net provided by the government so the younger generation need to bear the cost for ageing society by keeping their money longer as to withheld withdrawal at 55.

5) to force people to stay "asset" rich but cash poor as to rely on the government for more sweetners or "begging" for "help" to create a dependent model

6) to design a system as to segment the middle class into working class as voters to toe the party line.

 

any suggestion- please input as these are OUR hard earned money our blood and sweat- not anyone else.

[1fast1]

Thank you for your contribution to Ho Ch... Nation Building.

[Wt_know]

inflation so high?

salary got increase that high to maintain its real value over time?

 

salary stagnat + minimum sum increase = slap left right cheek and must say thank you

 

  Quote

"In order to maintain its real value over time, the Minimum Sum increases to account for inflation," the CPF Board and Manpower Ministry (MOM) said in a joint statement on Thursday.

Edited May 8, 2014 by Wt_know

[Vid]

  On 5/8/2014 at 5:11 AM, Picnic06 said:

It was increased at $5000/- in the past and now, jumped to $7000/- ....... :angry:

 

Soon the increase will be increased. $7k to $10k to $12k to $16k to $20.... then ga ga lai $30k one shot so many can have instant deadly heart attack to get payout.

[Wt_know]

yalor ... minimum sum should one shot increased to $500,000 or $1,000,000 ... heart attack now or later no difference ... lol

 

  On 5/8/2014 at 5:28 AM, Vid said:

Soon the increase will be increased. $7k to $10k to $12k to $16k to $20.... then ga ga lai $30k one shot so many can have instant deadly heart attack to get payout.

 

[Ngck]

1 year raise 7k.

 

Those earning less then 2.5k per month one dun even have 7k in OA in 1 year

[Roh96]

Whoever is aiming at CPF for retirement is seriously looking for trouble.

[Ngck]

Can suka suka raise?

 

Who proposed and decided 7k and who approve???

[Astrid]

Cos nowsaday everyone oso want single-bedder first-class room in private hospital mah!

When they have to go, they want the best.

So must be highly insured, plenty Medisave/Medishield, plenty moolah, or a combination of all 3!!!

[L_club23]

  On 5/8/2014 at 5:35 AM, Ngck said:

Can suka suka raise?

 

Who proposed and decided 7k and who approve???

 

Approval comes every four years.

[Wt_know]

and how do they get $7k?

 

everyday i saw the news spore standard of living bo tai chi leh if you don't go michelin star restaurant to eat, buy hermes bag or rolex watch.

 

if inflation is that high ... how come salary increase is so low?

 

  On 5/8/2014 at 5:35 AM, Ngck said:

Can suka suka raise?

Who proposed and decided 7k and who approve???

 

[Mowaxchua]

  On 5/8/2014 at 5:11 AM, Picnic06 said:

It was increased at $5000/- in the past and now, jumped to $7000/- ....... :angry:

The MS was set at $80,000 in 2003 and will be raised gradually until it reaches $120,000 (in 2003 dollars) in 2015.

In 2013 MS (in 2003 dollar) was $115k. We left 5k to reach "120k" in 2015. Assuming that each year is 2.5k.

 

(117,500/115,000) * 148,000 * 1.025 (inflation of 2.5%)= $154,997

 

Round off to nearest hundred. You will get $155k min sum for 2014

 

For 2015:

 

(120,000/117,500) * 155,000* 1.025 (based on inflation of 2.5%) = $162,255

This is my predicted min sum of year 2015

 

After year 2015, Min sum will continue to increase. But it will based on inflation. Of course CPF can change their goal post again.

 

Based on my age, when I age 55(currently 38) and inflation of 2.5%(hope no change), my min sum will be $262,900.

 

Hope you guys know how the min sum mechanism work.

 

Cheers!