Tag Archives: retirement

VETERAN SBS DRIVER WHO LOST PENSION GETS “RETIREMENT” PAYOUT AFTER MEDIA PRESSURE FROM A.S.S.

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).

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LOYAL SBS BUS DRIVER LOST RETIREMENT PENSION & BONUS OVER SMALL MISTAKE

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.

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MINISTER AMY KHOR: CONTINUE WORKING WHEN YOU HIT 50 YEARS OLD

During a career fair held at Singapore Expo, Senior Minister of State for Manpower and Health Dr Amy Khor called on elderly Singaporeans to embark on a new career at 50 years old because more seniors are now living past the age of 80. Would you heed Minister Amy Khor's call for those in their 50s to start carving out a new career into their 80s?

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CPF IS AN IDIOT-PROOF RETIREMENT SCHEME FOR SINGAPOREANS

Let me explain why the suggestion to put more money into the wives CPF accounts and why I called the CPF Scheme an idiot proof scheme make sense. I am sure all of you understand the meaning of idiot proof. It means it is safe even in the hands of an idiot. So, if one is an idiot, put your money in the CPF is absolutely safe. For there is this very caring and clever govt always there to look after your money and make sure it will be there for the rest of your life and with a lot to spare even after you passed away. In other words, your money cannot finish even after you are finished.

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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 DEBATE: WHY EMPLOYER CONTRIBUTED CPF IS OUR OWN MONEY

Many jobs in the market today are open to foreigner competition including jobs in government linked companies. Suppose a foreigner and a local with similar qualifications, experiences and interview performances compete for the same job. If the foreigner asks for $4,800 in cash and nothing else while the local asks for $4,800 gross + employer contributed CPF of say $960 for a total sum of $5,760, the foreigner will end up getting the job because he is cheaper, the local will end up losing the job because he is more expensive when employer CPF is included. In this case, employer CPF is a bane, not a boon to locals.

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TAN CHUAN JIN: S’POREANS EARNING S$2,200 PER MONTH CAN RETIRE COMFORTABLY BY AGE 65

Younger workers do not have to worry about not saving enough for their retirement, as long as they keep working and buy Housing Board flats within their means, said Manpower Minister Tan Chuan-Jin yesterday. To illustrate the point, the minister used a hypothetical case of a polytechnic graduate with a monthly starting pay of $2,200. He would save enough in his Central Provident Fund (CPF) accounts to receive a monthly payout of about 60 per cent to 70 per cent of his last drawn pay from age 65 for the rest of his life.

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PAP MP AMY KHOR: WE INTEND TO EXTEND RE-EMPLOYMENT AGE TO 67 YRS OLD

The Government will look at extending the re-employment age to 67 in "two to three years' time", said Dr Amy Khor, Senior Minister of State for Manpower. Budget 2015 included the announcement of the additional Special Employment Credit (SEC) to incentivise employers to hire workers aged 65 above. For Singaporean workers aged 65 and above who earn up to S$4,000 a month, the additional SEC will help employers offset up to 3 per cent of monthly wages in 2015 - meaning a total SEC of 11.5 per cent.

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