Tag Archives: Pension

Activist Gilbert Goh raised problems with the Silver Support Scheme and thinks the Government is not doing enough to help the elderly in Singapore. Why are they still made to work to earn a living? Shouldn't they already be taking a back seat and enjoying themselves?

A netizen suggested for the government to stop elderly poverty by raising our non-contributory pension and giving an average payout of $800. Why is it that elderly elsewhere with lower GDP per capita is receiving more than those in Singapore? Does it make sense?

In the latest Melbourne Mercer Global Pension Index which ranks 25 countries on the adequacy and integrity of their retirement schemes, Singapore's CPF was downgraded to a C+ grade from last year's B grade. The "C+" grade is for a pension system that has "some good features, but also has major risks and/or shortcomings that should be addressed".

According to the Straits Times news report “Seniors to enjoy payouts from 2016” (Aug 18) – “150,000 eligible Singaporeans, aged 65 and above, to get a quarterly payout of $300 to $750 from early next year.” At $100 to $250 a month – is it the lowest means-tested pension payout after adjusting for purchasing power parity (PPP) in the world?

Just 2 days after I submitted the story of my cousin (SBS Bus Driver Pang Akua for 30 years) being terminated just months before his retirement due to a small mistake - SBS Transit had took its turn around, and agreed to "commute" the termination service letter to as "Early Retirement" Letter. They would also pay my cousin "early retirement according to T&C of retirement" - whatever this means. My cousin is satisfy with the outcome (as long as NO termination).

I'm writing on behalf of my cousin (Mr Pang Akau, Badge No 20692). Mr Pang had been a loyal SBS Bus Driver. However, 1 month back, his employment by SBS transit was terminated abruptly by the management of Boon Lay Interchange - reason : not stopping during a left turn at a traffic light on red. But terminating a loyal 30 years bus driver, with his retirement 8 months away?? He lost all his retirement pension and bonus because of this.

Saw an old lady collecting cardboard just now. This is the legacy that is left, where 30% of Singaporeans live in poverty and where many Singaporeans still do not earn enough to have a basic standard of living, and where many elderly Singaporeans cannot retire because they were not allowed to save enough inside their CPF pension funds, and where many choose to die because they cannot afford to pay for healthcare, no matter how pretty the hospitals can look.

According to the Straits Times news report ”Singapore system remains fair and sustainable” (Mar 6) – “If you take the top 20 per cent of households, they pay 55 per cent of all taxes, when you add up income tax, property tax, GST, car taxes, maid levies, everything. And they receive 12 per cent of the benefits. If you look next to the middle 20 per cent of households, they pay 11 per cent of all taxes and they receive 20 per cent of all benefits.

Hello Daniel, I’m a Singaporean in Melbourne who has spent the last decade working in the financial industry here, dealing with pensions and investments. Back when I left Singapore I was deeply unhappy with the CPF scheme. However over the years, I’ve come to appreciate how it is run and currently believe it’s one of the best systems worldwide.