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Thread: CPF Minimum Sum

  1. #141

    Default Re: CPF Minimum Sum

    Quote Originally Posted by donut88 View Post
    U see. Only ppl who didn't have full understanding of the system, will say such things
    Like that you win liao loh.... Just say other people don't know the system and anyhow say things can already.

  2. #142

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    Quote Originally Posted by tomcat View Post
    Like that you win liao loh.... Just say other people don't know the system and anyhow say things can already.
    By saying the state continues to hold your money, you're declaring you don't know the system.

  3. #143
    Senior Member Big Kahuna's Avatar
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    Default Re: CPF Minimum Sum

    Quote Originally Posted by tomcat View Post
    Like that you win liao loh.... Just say other people don't know the system and anyhow say things can already.
    In the spirit of Kopitiam...who speak louder who win

  4. #144

    Default Re: CPF Minimum Sum

    Quote Originally Posted by qystan View Post
    By saying the state continues to hold your money, you're declaring you don't know the system.
    That's silly. Of course I know the system. The system is that the State wants to continue to hold part of my money after I'm 55 yrs old and sit on it and only release it to me in 'derisory' monthly allowances if I can live past 65 yrs of age.

    Then again, I don't think that I'm the only one who thinks that it is a 'breach of the fundamental principle on which the fund had been set up'.


    Dr Toh Chin Chye, 30 Jun 1984
    Last edited by tomcat; 20th June 2014 at 10:50 PM.

  5. #145
    Senior Member UncleFai's Avatar
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    Quote Originally Posted by starboard View Post
    I don't buy this argument. It is my money! I want to spend it. I can leave it to a nominee, but that is not the purpose of retirement fund.
    Then simple: ensure that you don't die lor.

  6. #146
    Senior Member UncleFai's Avatar
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    Quote Originally Posted by Kit View Post
    YOU WILL LOSE IT AND ITS ALL YOUR FAULT!
    Absolutely false statement.

    There is a proper set of laws governing how your estate (and your CPF is part of it) is distributed - with or without a will, with or without nominees.

    http://statutes.agc.gov.sg/aol/searc...epth%3A0;rec=0

    I personally went through it before with my unmarried uncle. No children, no nominee. In the end, his entire CPF (anyway, very small amount) went to his only surviving sibling - my aunt.
    Last edited by UncleFai; 21st June 2014 at 09:50 AM.

  7. #147
    Member Bukitimah's Avatar
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    Default Re: CPF Minimum Sum

    I must say I don't know if there is a better way to deal with CPF. When we first started CPF, the intention was great because majority of Singaporean were poor and have no saving. Then this compulsory saving gets bigger, the government introduce home ownership, which is another great idea.

    Now, with HBD becoming an investment vehicle, CPF minimum sum, etc. I am not sure if we got our objectives correct. Today, my generation still have many that needs someone to hold their purse string. I am not sure about those born after 60. The government cannot be the parent forever. Do we still need CPF in today's contact? Any company out there don't factor CPF cost into their payroll cost when hiring staff? When you consider an oversea job, would you count your CPF into your current package before deciding to take that offer?

    Singaporean must learn to manage their life themselves, including finance.

  8. #148

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    Quote Originally Posted by UncleFai View Post

    Absolutely false statement.

    There is a proper set of laws governing how your estate (and your CPF is part of it) is distributed - with or without a will, with or without nominees.

    http://statutes.agc.gov.sg/aol/search/display/view.w3page=0;query=DocId%3A9ce463a4-f756-40c3-8503-9de6a25884c0%20%20Status%3Ainforce%20Depth%3A0;rec =0

    I personally went through it before with my unmarried uncle. No children, no nominee. In the end, his entire CPF (anyway, very small amount) went to his only surviving sibling - my aunt.
    Totally agree with you.

    Some ppl or troublemakers just want to insist that govt will makan money. They refuse or don't wan to understand the whole system.

    I must say itse not a perfect system that works for everyone, but the entire system is done with good intentions. Its never meant to makan money or rob ppl.

    I advocate that tweaks must be done to cater to modern generation of SG. The modern population is more educated, more savvy, more financially stable. The govt shld improve the system, but not to totally close down the system.
    Last edited by donut88; 21st June 2014 at 11:30 AM.

  9. #149
    Senior Member UncleFai's Avatar
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    Default

    Quote Originally Posted by donut88 View Post
    I advocate that tweaks must be done to cater to modern generation of SG. The modern population is more educated, more savvy, more financially stable. The govt shld improve the system, but not to totally close down the system.
    Totally agree. I suggest making the minimum sum optional - you can either take out everything or keep up to minimum sum in there for good interest (say "4% or 1% higher than fixed deposit rate, whichever is higher) and allowing people to withdraw the rest anytime.

  10. #150
    Senior Member sammy888's Avatar
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    Default Re: CPF Minimum Sum

    Quote Originally Posted by Big Kahuna View Post
    This is also only partial of the story, if u touch wood did not live to see the money, the money will goes to your nominee, it won't disappear like someone here trying to propagate....next...I expect some will say what if you don't have nominee or next of kin? Then I will reply too bad....it's all your fault for not making sure u have one....it will be the same to all your assets or inherits....it will go to the state...
    There was a time I know you to argue with a lot of common sense but alas after all this years....hmmm.. I see you are bitter about life or you think little about others and be judgemental. Perhap you have been in your ivory tower too long.

    By the way going by your argument. If a girl is raped thus it is her fault as she did not fight back hard enough. I work hard for the money, someone wants out it down by law that I have to park the money aside. In the end because I die early and have no one to pass it on to.. that is mine and their fault. Suddenly I feel better that you are not my govt because you are a lot more sociopathic.
    Last edited by sammy888; 21st June 2014 at 03:04 PM.

  11. #151
    Senior Member sammy888's Avatar
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    Default Re: CPF Minimum Sum

    Quote Originally Posted by ninelives View Post
    if no nominee, the money will go where?
    When all else fail....The State.
    Last edited by sammy888; 21st June 2014 at 03:25 PM.

  12. #152
    Senior Member sammy888's Avatar
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    Default Re: CPF Minimum Sum

    Quote Originally Posted by qystan View Post
    Missing the point.

    When a gov bankrupts the country, the currency, your money, is no longer worth anything. The focus should be on the gov and not the CPF.
    I could have move my money into another country's currency before that. This is not rocket science. Financial savvy people have been doing this for a long time.
    Last edited by sammy888; 21st June 2014 at 03:37 PM.

  13. #153
    Senior Member sammy888's Avatar
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    Default Re: CPF Minimum Sum

    Quote Originally Posted by donut88 View Post
    Basically, everyone of us better made our nomination asap. You can change nomination whenever u want. But it's best to nominate.

    If no nomination, the public trustee will take a long time to distribute the money to the family.

    With nomination, it's v fast.

    In a gist, the govt will not makan your money, contrary to what some ppl say
    What if you have no one surviving you? None at all or worst.. relative you have not meet for years who suddenly now gets hold of your money like it or not. easy to say if you have child or think you will be having kids but the argument has to go beyond yourself in the usual circumstances unless you are propagating cookie cutting socialistic engineering. If you argue only from your own viewpoint to some degree I can accept your answer. But if you are my govt and I pay millions to your salary I expect a lot more better solution then just say.. it's the best I can do with this idea for so many decades and I see no need to change it (except asking you to pay more over time and take longer time to take it out) The system is being tweak a little too often that seem to go in one direction with little done in the other.
    Last edited by sammy888; 21st June 2014 at 03:24 PM.

  14. #154
    Senior Member sammy888's Avatar
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    Default Re: CPF Minimum Sum

    Quote Originally Posted by UncleFai View Post
    Totally agree. I suggest making the minimum sum optional - you can either take out everything or keep up to minimum sum in there for good interest (say "4% or 1% higher than fixed deposit rate, whichever is higher) and allowing people to withdraw the rest anytime.
    Nice idea. But it will never happen.

    Malaysia has the equivalent of the CPF called EPF. They never change and even after my father left working there and came back to Singapore in 1969 with his wife (my mum) When he died in 1995, we still managed to get his early days EPF account settle and drew what was his and that was like almost 30 yrs after he left working in Malaysia. And the policy of when you can take your money out of EPF has never change all this time. So what did Malaysia and many other countries out there never always tweaking the retirement details as much as Singapore but don't have as much that apocalyptic problem of too many people left too broke to help themselves. As I said, I am NOT about abolishing the CPF which overall is a good thing to have but I do want to find out how they are using that money of ours. In that area I feel something is not right.
    Last edited by sammy888; 21st June 2014 at 03:41 PM.

  15. #155
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    Default Re: CPF Minimum Sum

    Quote Originally Posted by UncleFai View Post
    Then simple: ensure that you don't die lor.
    When they call you Uncle, you know that you are going to die soon.
    I know I cannot live foreever therefore I want my money back. Pure and simple.

  16. #156

    Default Re: CPF Minimum Sum

    Quote Originally Posted by starboard View Post
    When they call you Uncle, you know that you are going to die soon.
    I know I cannot live foreever therefore I want my money back. Pure and simple.
    Good one !
    That's how I feel nowadays. I feel my mortality creeping up on me whenever someone call me uncle.

  17. #157
    Senior Member UncleFai's Avatar
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    Default Re: CPF Minimum Sum

    Quote Originally Posted by starboard View Post
    When they call you Uncle, you know that you are going to die soon.
    Every one will die "soon" - the problem is don't know how "soon".

    I know I cannot live foreever
    This may surprise you: EVERYONE KNOWS THIS.

    therefore I want my money back. Pure and simple.
    You will - at the rate the government decides. Pure and simple.

  18. #158

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    Quote Originally Posted by sammy888 View Post
    I could have move my money into another country's currency before that. This is not rocket science. Financial savvy people have been doing this for a long time.
    It's a wonderful theory that only a few will be able to do.

    Try asking the population to move it and see how many succeed and how many will actually be able to see the signs n take necessary action. The number of people caught in stock market crashes is a good indicator and not to forget these are people dabbling in it. How many have in hand a foreign currency account to effect transfers?

    Even if the population is able to see it coming, how much money do you think you can move before the rate crashes and no one wants it? Would the rest of the world not already know of the impending disaster n no longer want your currency?

  19. #159
    Senior Member Kit's Avatar
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    Default

    Quote Originally Posted by UncleFai View Post
    Absolutely false statement. There is a proper set of laws governing how your estate (and your CPF is part of it) is distributed - with or without a will, with or without nominees. http://statutes.agc.gov.sg/aol/search/display/view.w3page=0;query=DocId%3A9ce463a4-f756-40c3-8503-9de6a25884c0%20%20Status%3Ainforce%20Depth%3A0;rec =0 I personally went through it before with my unmarried uncle. No children, no nominee. In the end, his entire CPF (anyway, very small amount) went to his only surviving sibling - my aunt.
    You apparently didn't get the drift.

  20. #160
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    Default Re: CPF Minimum Sum

    Quote Originally Posted by Big Kahuna View Post
    End up I have subsidize people like you that's why I strongly against any earlier withdrawal

    So your fear is subsidy.
    Don't we already give subsidy to buy HDB flats?
    Why is it ok to give subsidy to buy bricks and you strongly disagree to give subsidy to put food on the table?

    As asian families, when we start work, we give our parents an allowance (tax ), that sum, a (subsidy), represents a token of appreciation for laying the foundation for me to have a improved life. I am proud to be able to provide the allowance.

    Similarly, as a nation, we should be proud that the previous generation has provide the infrastructure for the new generation to move forward. A small sum to keep them alive in their twilight years is not too much to ask. Surely you have a place in your heart for that.

    Return the cpf, give the a subsidy if neccessary. We can then be proud as a nation that takes care of its previous generation. That is truly no man left behind.
    Last edited by starboard; 22nd June 2014 at 09:43 AM. Reason: last line insert word care after takes. Correct spelling

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