Tag Archives: retirement

IS SINGAPORE’S SYSTEM TRULY FAIR TO TRUE BLUE LOCALS?

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.

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NMP CHIA YONG YONG: CPF MONEY IS NOT YOUR OWN MONEY

Nominated MP Chia Yong Yong on Tuesday took a stand against growing calls for greater flexibility in the withdrawal of Central Provident Fund (CPF) funds, questioning the idea that Singaporeans should be entitled to decide how they want to spend their money. She reminded the House that CPF members were not the only ones contributing to their own accounts, and that others will end up supporting those who squander their CPF savings.

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PAP MINISTER: WE WANT TO CREATE AGELESS JOBS & EVERGREEN WORKERS FOR S’PORE

Environment and Water Resources Minister Vivian Balakrishnan said in Parliament today (3 Mar) that NEA does not have an age limit when it comes to re-employing its daily-rated workers. He said that NEA will continue to re-employ the daily-rated workers beyond 62 years old as long as they are fit to work and have shown satisfactory work performance and good conduct. Meanwhile, Senior Minister of State in the Prime Minister’s Office Heng Chee How wants to create “ageless jobs and evergreen workers”.

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WHY SINGAPORE’S CPF SYSTEM IS LOUSIER THAN MALAYSIA’S EPF RETIREMENT FUND

During Budget 2015, Finance Minister Tharman announced the long awaited changes to the CPF system. Sadly, it was sorely disappointing and here's why! Why are only CPF members above the age of 55 getting the additional 1% interest on their CPF balances? Shouldn't all CPF members be entitled to the additional 1% interest on their CPF balances to better prepare ourselves for retirement rather than having to wait till 55?

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BE THANKFUL OF WHAT THE GOVT HAS DONE FOR US

Retirement adequacy is each individual’s responsibility. Our government has been very careful not to tax the citizens too much. If you want more for retirement, be prepared for a higher CPF Minimum Sum. There is no free lunch. And most Singaporeans are against the idea of any lump sum withdrawal of CPF. Our CPF Minimum Sum has been vindicated. Take responsibility for your own actions instead of blaming our widely-lauded retirement fund.

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PAP SENIORS GROUP: GOVT SHOULD DELAY RETIREMENT AGE TO 67

The People’s Action Party Seniors Group (PAP.SG), which focuses on ageing issues, is urging the Government to introduce a legislation that will enforce raising the rehiring age to 67. In a position paper submitted to the Ministry of Manpower today (Nov 18), PAP.SG said the Government has accepted the recommendation by the Tripartite Committee on Employability of Older Workers to increase the rehiring age from 65 to 67 years and companies that adopt it will be given incentives. However, no date has been fixed as to when the legislation will be introduced to “compulsorily effect this change”.

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GOVT MINISTRIES REFUSE TO HIRE 60 YEAR OLD RETIREE

I retired last year at age 59 and, having turned 60 this year, decided to get back into the workforce. I tried applying for positions in various ministries and government agencies. There was usually no reply, except for a handful of rejections, even for positions such as administrative assistant. I have more than 30 years of experience working in a multinational company in the oil industry and have done some lecturing at a polytechnic recently.

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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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