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
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.
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.
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.
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.
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.
Last edited by sammy888; 21st June 2014 at 03:24 PM.
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.
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?
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