Tag Archives: Davinder Singh

WAYS TO IMPROVE CPF

At 65, Madam Tan still works to boost her Central Provident Fund (CPF) payouts. But the part-time bus attendant is happier spending time with her grandchildren. Admin clerk Celestine Chong, 53, has been working since she was 16 but worries she will not have enough to meet her CPF Minimum Sum requirement in two years' time. Madam Margaret Chng, 66, is not on the CPF Life scheme and withdrew her CPF savings at 55. Now the money has run out and she relies on her family. These MacPherson residents are some of the many faces of the CPF system now under the spotlight.

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[YOUR LETTERS] SINGAPOREAN: I AM UPSET WITH CPF

I also find it objectionable, as many others do, that I have no control over a significant amount of funds in my CPF account and shall have no control over them for the foreseeable future. If I do not live for the length of time on which CPF Life projections are based (“average or expected lifespans”) I shall not be able to enjoy the money I have earned, even if I happen to need it urgently at some point in time.

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THE HISTORY OF CENTRAL PROVIDENT FUND (CPF)

The CPF was introduced at the time when most employees in Singapore, except those working in the civil service or in some of the larger companies, were not provided with any form of retirement benefits from their employers. As a result, these workers had to depend on their personal savings or on their children after retirement, which reduced their post-retirement financial security. In January 1951, the Singapore Progressive Party completed a draft bill proposing the establishment of a Central Provident Fund to ensure retirement benefits for workers. The bill was tabled in the Legislative Council on 22 May 1951 before being sent to a Colony Select Committee.

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[YOUR LETTERS] My Take On The PM vs Roy Ngerng Case

So, he has to ask Roy to apologise, remove the relevant content, and pay for damages. In two other similar cases, nobody went to court. Those two other persons can still criticize the PM. In fact, they have, in some cases, done a better job. Roy deliberately aggravated the situation. The PM has to press charges. I feel sad for Roy and have tried to advice him on his Facebook.

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FINANCE MINISTRY: THIS IS HOW THE GOVERNMENT SPENDS YOUR CPF MONIES

CPF monies are invested by the CPF Board (CPFB) in Special Singapore Government Securities (SSGS)[1] that are issued and guaranteed by the Singapore Government. This assures that the CPF Board will be able to pay its members all their monies when due, and the interest that it commits to pay on CPF accounts. As the Singapore Government is one of the few remaining triple-A credit-rated governments in the world, this is a solid guarantee.

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FINANCE MINISTRY: GOVERNMENT CANNOT SPEND YOUR CPF MONIES

NO CENTRAL Provident Fund (CPF) monies go towards Government spending as this is prohibited by law, the Ministry of Finance (MOF) said last night. In a response to queries by The Straits Times, it also reiterated that there is no link between CPF interest rates and GIC returns, even though the latter manages the Government's assets. MOF was clarifying what the Government does with the money that goes into the CPF and how it determines CPF interest rates, topics hotly debated following online speculation that CPF cash is invested by Temasek Holdings and GIC, and comparisons between their returns and CPF returns.

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Roy Ngerng Soliciting Donations for his ‘Legal Defense Fund’

If the PM accepts the $5000 that Roy had offered, and closed an eye towards his video and emails to local and international media, he would thus have traded his reputation (to an international audience) for a 4-figure sum. If the PM rejects the $5000 as ‘derisory’, he is accused of being money-faced, trying to wring too much out of a ‘poor’ healthcare worker, and is following in the footsteps of *ahem* people before him, and crushing the opposition like cockroaches, with the weight of the legal system.

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IS CPF REALLY YOUR MONEY?

Unless you belong to the high income earners, those lower income earners will never withdraw their own savings even if they work a lifetime. It is quite obvious to any thinking Singaporean that he will not be able to withdraw his life savings in his CPF account based on the following 3 factors.To arbitrarily impose a minimum sum (currently is $155,000) across the board for all Singaporeans is illogical and unjust. Those earning $1,000 to those earning more than $10,000 also subject to the same minimum sum simply doesn’t make sense at all. It is not justifiable at all given the fact that it is our own money. If it belongs to us, then we should be given an option.

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ROY NGERNG, IT IS NOT ABOUT THE MONEY!

It’s really not about the money. The amount is supposed to be an indication of Roy’s sincerity in offering his apologies, and whether he has understood the gravity of the situation. One just does not make claims about the PM in a blogpost without being ready to take it to the courts. Taking down an offensive blogpost as requested, then uploading a video, sending out emails to the media regarding the posts, etc, is just not acceptable practice. Roy has been ungentlemanly.

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