Tag Archives: Minimum Sum

CITIBANK CLOSED MY ACC EVEN THO I MAINTAINED THE MINIMUM SUM

"Citibank has officially become CITISHIT. When citishit decides to close a banking account, all information of it will cease to exist anywhere on your online banking. No records, no indication of a closure and account simply disappears like magic... Only way to know is to call Citiphone, and cards center will insist to help you becos they won't see that you used to have a banking account. So you have to do some useless verification & explain the situation before they finally understand that they can't help you and transfer you to the banking side (despite telling them upfront you would like to speak to the banking side)

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CPF IS ACTUALLY A LOAN THAT WE ARE FORCED TO LEND THE GOVT

I feel that The people are forced to loan the ruling party an amount of 162k(minimum sum )plus 48ish k( medisave) for a period of 35 years. The ruling party calculated that we will live till 90 years old.. hence , 35 years.. Because we are supposed to get it back by 55 but they will not return you until you are 65 ( 67 soon) in installments

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ONLY 14% OF CPF MEMBERS MANAGE TO MEET THE MINIMUM SUM?

According to a news report in Zao Bao (Jun 2) – 55 per cent of CPF members were able to meet the Minimum Sum at age 55. Is it like the previous year, whereby about half met the Minimum Sum with property pledge? If this is the case – then the number who met entirely with CPF is about 27.5 per cent. Also, the statistics are for active CPF members. I understand that there are about one inactive member for every active member. So, does it mean that only about 13.75 per cent of all members met the Minimum Sum?

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CLEANERS SALARY STILL STUCK $1,000 AFTER ALL THESE YEARS

As to “More than 26,500 resident cleaners are now paid at least S$1,000 a month – the entry-level pay under the Progressive Wage Model. The figure accounts for nearly 70 per cent of the resident cleaner workforce” – isn’t the Progressive Wage Model a failure in that only 69 per cent of local cleaners are getting at least $1,000 now? After so many years of implementing initiative after initiative to increase cleaners’ pay – and we are still talking about only $1,000?

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YOUNG SINGAPOREANS WORRY ABOUT BALLOONING CPF MINIMUM SUM

As a young Singaporean who has just entered the workforce, I am at a critical juncture where I need to make important life decisions – getting married, buying my first home, and starting a family, all the while being mindful that the more I spend today, the less I may have for my retirement. However, upon deeper analysis, I found that the CPF Minimum Sum has increased a whopping 437 per cent since its inception in 1987. This is worrying for younger Singaporeans.

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CPF ADVISORY PANEL: WE PROPOSE TO INCREASE THE CPF MINIMUM SUM BEYOND S$161,000

Singaporeans could be given greater flexibility to put in more money into their Central Provident Fund (CPF), if they want to enjoy a higher level of payouts in retirement. This is among the issues studied by a panel tasked to review the national savings scheme. Appointed by the Ministry of Manpower, the CPF Advisory Panel is studying possible enhancements to the CPF system, to make it more flexible in meeting the needs of more Singaporeans and provide additional options in retirement.

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I’D RATHER KILL MYSELF THAN RETIRE IN SINGAPORE

Every time the government gives us something, it takes back more. As people of this country, it is very sad that we have to be so suspicious every time the government announces “goodies” or things which are supposed to benefit the people. I’m talking about the recent announcement by Prime Minister Lee Hsien Long that we will now be able to take out 20% of our CPF savings. As soon as that’s said, it’s accompanied by the announcement that CPF Minimum Sum will be raised next year to S$161,000. The government also keeps telling us to “cash in” on our homes for our retirement and downgrade.

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NUS PROF: CPF “REFORMS” ARE COSMETIC CHANGES PANDERING TO POPULIST DEMANDS

What of the increased flexibility of allowing lump sum withdrawals of the Minimum Sum at age over 65 years? To my mind, that is merely a cosmetic change that seems to pander to popular demands. Allowing this may not be in the best interest of most CPF contributors as any lump sum withdrawn means correspondingly lower amounts of retirement income for the individual. It does not address the fundamental issue of the retiree not having enough in CPF savings.

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SDP: PAP MUST RETURN ALL CPF MONIES TO THE PEOPLE

Singaporeans must be able to withdraw all their savings to fund their retirement years. In other words, abolish the Minimum Sum Scheme. Singaporeans are much better custodians and managers of their own money than the PAP Government. The current system of the Government withholding the people’s savings while indulging in dubious, non-transparent and non-accountable investments by the GIC and Temasek Holdings is trouble waiting to happen. In contrast, the SDP’s three measures cited above will give Singaporeans sufficient funds to live our retirement in security and dignity. Singaporeans work hard our entire lives and should not be squeezed even more during our retirement years.

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