Tag Archives: Minimum Sum

CPF Equals Cannot Pay Finish?

The MSS is becoming an impossible dream - the idea of people working their whole lives in order to have a tangible reward at the end of it. If the Govt doesn't bring down the housing prices, allow more people to withdraw a greater portion and put a stop or cap at the MSS, the whole concept of CPF will forever equal as the title suggests - Cannot Pay Finish.

Read More »

BEST KEPT SECRETS TO SIAM THE CPF MINIMUM SUM

CPF Board has announced that CPF Minimum Sum will be increased to $155,000 from $148,000 for 2014. This news has caused pretty bad publicity and it is definitely not well received. There is so much attention on the $155,000 number that they have left out the details surrounding the minimum sum. The details to get exempted from the CPF minimum sum.

Read More »

ONLY FAILURES CANNOT UNDERSTAND THE IMPORTANCE OF CPF MINIMUM SUM

Some Singaporeans refuse and fail to see a lot of things about the CPF system. CPF was enhanced to allow Singaporeans to use them for health, housing. Now you want to go back? What do you need for retirement? Being old, you need money for health needs. You want the govt to stop raising the minimum sum? Do you know what is inflation?

Read More »

MP Zaqy calls for govt-led plan to improve returns on CPF savings

Member of Parliament Zaqy Mohamad has called on the Government to find new ways to improve returns on Central Provident Fund(CPF) savings so that it is not too difficult for Singaporeans to reach the Minimum Sum they need to set aside for their retirement. The MP for Chua Chu Kang GRC proposed a Government-backed investment plan that has higher interest rates and accounts for inflation.

Read More »

Government insists Singaporeans are the problem

This past one week has been very educational and I think we're closer to resolving some fundamental problems faced by Singaporeans. The solution to these problems now seem simple enough: Singaporeans need to lower expectations, change their attitude and get themselves better informed.

Read More »

AWARE Singapore: CPF must meet needs of the economically vulnerable

We hope these changes will fundamentally improve the state's assurance of financial security for these groups, which include women. The increase of the mandatory minimum sum to $155,000 from $148,000 is worrying, since existing minimum sums are already not affordable for many Singaporeans. Figures reveal that in 2012, only 48.7 per cent of CPF members who turned 55 that year were able to meet the target then, of $139,000. As CPF is tied to employment, those who do not or cannot work do not have CPF-based retirement funds. These include full-time homemakers, who are mostly women.

Read More »

Tan Chuan-Jin: Money in CPF account is your money

The Manpower Minister has stoutly defended the Central Provident Fund (CPF) system that has come under attack online. "The CPF is put in place to help Singaporeans have peace of mind when it comes to their retirement years," wrote Manpower Minister Tan Chuan-Jin in a blog on Sunday night. Apart from retirement, CPF savings have helped Singaporeans own homes and cover healthcare expenses, said Mr Tan. "Many of us are already using our CPF monies to fund expenses that would otherwise have come from our disposable income."

Read More »

Let me withdraw all my CPF money, I do not trust CPF

As a fellow Singaporean, I do not wish to be paid CPF for the following reasons, to reduce the discrimination that companies have against paying CPF to a Singaporean, when they can hire cheap foreigners and not pay them CPF, this is also encouraged by the PAP Govt, because they are the ones that created this problem by inviting foreigners to take our jobs. Second I do not believe the CPF can help me in my old age and I want to take all my own money because I am not looking at PAP to look after my interests as Singaporean.

Read More »

118% increase in Minimum Sum over 13 years

It states that ”In 2001, 36,816 members were brought into the Minimum Sum Scheme. Of these, 5,827 bought annuities, 13,373 pledged their properties and 14,433 left their Minimum Sum either with the banks or the Board. The remaining 3,183 consisted of members who had no Minimum Sum to set aside as they had small balances, and those who were exempted from the scheme because they were terminally ill, had passed away, had their own annuities, had left the country permanently or were pensioners in receipt of a monthly pension.”

Read More »