Dear All Singapore Stuff,
During Budget 2015, Finance Minister Tharman announced the long awaited changes to the CPF system. Sadly, it was sorely disappointing and here's why!
Why are only CPF members above the age of 55 getting the additional 1% interest on their CPF balances? Shouldn't all CPF members be entitled to the additional 1% interest on their CPF balances to better prepare ourselves for retirement rather than having to wait till 55?
This is plain discrimination about the young and middle aged. We deserve to have this financial enhancement to our CPF balances too. The CPF is so ridiculous that it pales in comparison to our Malaysian neighbours whom we always laugh at for having a lousy and broken system.
With the current low CPF interest rates, it means most Singaporean's CPF gains are effectively "wiped off" due to high inflation. When we compare to the Malaysian EPF interest rates, they take into account of Malaysia's inflation rate and this helps safeguard their citizen's retirement needs.
Why is the CPF so backward when it come to retirement adequacy? Shouldn't Singapore be a first world country?
I WANT MORE MONEY