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Thread: CPF Minimum Sum

  1. #21
    Member 9V-Orion Images's Avatar
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    Default Re: CPF Minimum Sum

    It's the same everywhere. My Australians counterparts whom are the budget owners are just complaining for almost 2 hours in a project meeting about the qualifying age for their pension being increased and also getting cut amongst numerous others thorny highlights in Treasurer Joe Hockey's annual budget announcement yesterday and how Tony Abbott government is the worst government in the world.

    These Australians are very productive! Almost no actual agenda discussed in what is almost a full afternoon meeting.
    Last edited by 9V-Orion Images; 14th May 2014 at 07:12 PM.
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  2. #22

    Default Re: CPF Minimum Sum

    Quote Originally Posted by Kit-Kat-Lover View Post
    Define expensive stuff .... hdb ?
    The politician's salary are expensive to maintain
    So they are blaming us for paying them high salary
    I eats, shoots & leaves

  3. #23

    Default Re: CPF Minimum Sum

    Quote Originally Posted by Sion View Post
    Yes I can see me spending my golden years in collecting plates and dishes in food courts.
    I thought you have already planned to be porn star in Japan in your golden years
    I eats, shoots & leaves

  4. #24
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    Default Re: CPF Minimum Sum

    Quote Originally Posted by d2xpeter View Post
    you really think it is so simple?
    Nothing is simple as long as the garmen keep coming up with one scheme after another .....





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  5. #25
    Senior Member Sion's Avatar
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    Default Re: CPF Minimum Sum

    Quote Originally Posted by Yutaka Go View Post
    I thought you have already planned to be porn star in Japan in your golden years
    You also want to join them as an aging starlet?


  6. #26
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    Default Re: CPF Minimum Sum


    Central Provident Fund (CPF) Interest Rates (1955 - 2014)

    Good to know Central Provident Fund (CPF) interest rate for Ordinary Account (OA) is still the same as when imperialists from the lands of our colonial masters implemented it 59 years ago in 1955 for exploiting her royal subjects.

    Huat, Huat arh.
    Last edited by 9V-Orion Images; 19th May 2014 at 03:44 PM.
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  7. #27
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    Default Re: CPF Minimum Sum

    2.5% ?!?!?!
    you must be kidding me!
    that is even not enough to offset inflation.
    My money inside there is de-valuing every sec as we talk. LOL

  8. #28
    Member 9V-Orion Images's Avatar
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    Default Re: CPF Minimum Sum

    Quote Originally Posted by d2xpeter View Post
    2.5% ?!?!?!
    you must be kidding me!
    that is even not enough to offset inflation.
    My money inside there is de-valuing every sec as we talk. LOL
    Whoever says it is your money?
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  9. #29
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    Default Re: CPF Minimum Sum

    Quote Originally Posted by 9V-Orion Images View Post
    Whoever says it is your money?
    ya, you are quite right. it is untouchable. LOL
    as good as gone. so why bother. ha ha ha

  10. #30

    Default Re: CPF Minimum Sum

    If no minimum sum... money will be spent in Batam... and Thailand...

    then come back with no money ask money from everybody....

  11. #31
    Senior Member Kit's Avatar
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    Default Re: CPF Minimum Sum

    That's assuming everybody will squander their money away, which is wrong.

  12. #32

    Default Re: CPF Minimum Sum

    Quote Originally Posted by 9V-Orion Images View Post

    Central Provident Fund (CPF) Interest Rates (1955 - 2014)

    Good to know Central Provident Fund (CPF) interest rate for Ordinary Account (OA) is still the same as when imperialists from the lands of our colonial masters implemented it 59 years ago in 1955 for exploiting her royal subjects.

    Huat, Huat arh.
    Before 2005 the CPF interest rates was more than enough to offset inflation.
    From 2008 to end 2013, if the OA has 3.5% interest, it is still enough to cover inflation.
    But if it's just 2.5% it's no longer enough.
    And from about 2007 the world changed. Inflation is much higher after 2007.

  13. #33

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    Quote Originally Posted by Yappy View Post
    If no minimum sum... money will be spent in Batam... and Thailand...

    then come back with no money ask money from everybody....
    Seriously, no one is asking for no minimum sum. Just don't increase like nobody's biz.

    Same as FT, not asking for 0 FT. Just don't open the flood gates.

    Just so convenient to list the worst case scenario as the reason.

    Just my 2 cents.

    Cheers

  14. #34
    Senior Member UncleFai's Avatar
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    Quote Originally Posted by alamak View Post
    Seriously, no one is asking for no minimum sum. Just don't increase like nobody's biz. Same as FT, not asking for 0 FT. Just don't open the flood gates. Just so convenient to list the worst case scenario as the reason. Just my 2 cents. Cheers
    Even with the increased minimum sum, not enough for retirement hor.

  15. #35

    Default Re: CPF Minimum Sum

    In the 80's one can earn interests of between 4 - 10% easily, so the CPF rates are correspondingly higher. The charts cannot be seen in isolation but against the economic situations then. In 1987 when rates & prices were at their peak, one of the world's worst economic crisis hit, what we remember as Black Monday http://www.thebubblebubble.com/1987-crash/. That's why interest rates dived, plunged to rock bottom & never fully recovered as another 10 years later in 1997, another bubble which developed burst, not forgetting the Dot-com bubble & collapse of Barings Bank earlier.

    Look at the banks current FD (not SA) rates 0.05% per annum, not even one or half a percent!. I put $100K in the bank for a year, what I got was >$ 4 per month !!! Against this, how does the CPF rates look, can we do better? Why the rates are so very very low & is it good or bad, go ask the economic gurus...

    As to the minimum sum, its just the minimum. If we have to rely, depend on it for survival, then the situation is really bad if not critical. Some peoples' cars cost more than that! The reality is we are trying to use yesterday's money to pay for today's cost of living. This has always been a problem & there is so simple solution. If one is earning $300 in the 80's as compared to $2K today for what are the same jobs, even if one save 50% of his pay then & with the kind of pay rise one gets over the years, it will never be enough... That's why we need to accumulated other assets besides the CPF, like in insurance policies etc The minimum sum is like the last safety net & have to change with the cost of living. No one like to be told by another, esp the Govt, what to do with HIS money. But the harsh reality is such with forced savings schemes unless the state bail the people out when they run out of money.
    Last edited by s1221ljc; 4th June 2014 at 04:54 PM.

  16. #36

    Default Re: CPF Minimum Sum

    If assuming 50% squander the money & 50% preserve the money/control their spending, when the first 50% run out of money, will it be fair for the other 50% to fund their cost of living, or to bail them out through social spending from the peoples money? Is this what we want?

    If some uncles splash their money on some hot stuff in Bintan or have the thrill of their lives at MBS, do you think I will or want to help them out from my hard earned money when they run out of it?

    Quote Originally Posted by Kit View Post
    That's assuming everybody will squander their money away, which is wrong.
    Last edited by s1221ljc; 4th June 2014 at 04:58 PM.

  17. #37
    Senior Member sammy888's Avatar
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    Default Re: CPF Minimum Sum

    Quote Originally Posted by s1221ljc View Post
    If assuming 50% squander the money & 50% preserve the money/control their spending, when the first 50% run out of money, will it be fair for the other 50% to fund their cost of living, or to bail them out through social spending from the peoples money? Is this what we want?

    If some uncles splash their money on some hot stuff in Bintan or have the thrill of their lives at MBS, do you think I will or want to help them out from my hard earned money when they run out of it?
    Yes but even you are only 'assuming' 50% will do that as the general consensus has always preach. You have no magic to see the real future. What if none of the citizens are like as foolhardy with their money playing that "assumption" card too then does it hold water to their rationale for keeping such a tight control on the fund?

    Just to add....

    Remember they have this condition on the CPF redrawal thingy... if you take to a certain amount out you have to pledge your flat. So how about making people who want to take it all out pledge their home which if they run out of funds they are to sell their home to recoup money that will be entirely put into a holding account to redraw monthly retirement expenses and place in a retirement catchment. Or to pledge in writing they will release the authority from any obligation to look after them due to their own foolishness. I am sure there will be idiots who would spend like no tomorrow as idiots would but this is the 21st century and the citizens are not all that stupid and foolhardy.

    Granted this are wild crazy ideas but at least there are ideas being tossed about I feel but at this time there is not but the same idea of asking to periodically taking more and more from us and repeating the same tired recording that we will be all foolhardy and we are living too long. I would be interested to see what other out of the box ideas they could be tossing about plus being a bit more transparent. I am not touching most of my CPF for sure but hell it is still MY money and thus I would like to know what is up with it.
    Last edited by sammy888; 5th June 2014 at 02:24 AM.

  18. #38

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    Quote Originally Posted by UncleFai View Post

    Even with the increased minimum sum, not enough for retirement hor.
    "enough" how do you define it?? Some people can live on $2 a day, some give them hundred also not enough

  19. #39
    Senior Member Kit's Avatar
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    Default Re: CPF Minimum Sum

    Why the concern with people squandering their money away? They can continue to work mah. Retirement(if this even exist) age is also rising what.

  20. #40
    Senior Member UncleFai's Avatar
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    Default Re: CPF Minimum Sum

    Quote Originally Posted by alamak View Post
    "enough" how do you define it?? Some people can live on $2 a day, some give them hundred also not enough
    Those who needs thousands per month after retirement are generally the high net worth individuals - minimum sum not enough for them.

    Those who can live on a few dollars a day are low wage earners. Chances are they are among the large proportion that won't be able to meet the minimum sum requirement in the first place - so their CPF also not enough.

    In other words, for the rich or the poor, whatever they have in their CPF is not enough.

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