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Thread: employers’ CPF contribution rate from 14.5% to 10%?

  1. #21
    vince123123
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    Default Re: employers’ CPF contribution rate from 14.5% to 10%?

    How can it not be true? CPF cuts are intended to benefit the employer through savings in manpower cost.

    It MAY also indirectly benefit the worker in not being retrenched, but the primary benefit is to the employer. Whether the employer wishes to use this benefit to defer/remove retrenchment and indirectly benefit the employee, is another question altogether.

    Quote Originally Posted by megaweb View Post
    Employers
    Quote Originally Posted by Canonised View Post
    haha .... that's not true.

    If no cut, employers no profit, then pay cut, retrench workers, close down, etc. ....

    so it's necessary to ensure that everyone got a chance to win in the longer term ....

  2. #22

    Default Re: employers’ CPF contribution rate from 14.5% to 10%?

    Quote Originally Posted by vince123123 View Post
    How can it not be true? CPF cuts are intended to benefit the employer through savings in manpower cost.

    It MAY also indirectly benefit the worker in not being retrenched, but the primary benefit is to the employer. Whether the employer wishes to use this benefit to defer/remove retrenchment and indirectly benefit the employee, is another question altogether.

    it is true. but, cutting cpf contr is a 'blunt' tool. it impacts all employers, whether they are doing well, ok, or poorly.

    secondly, cutting cpf adversely impact the employee's cpf retirement nestegg.
    Last edited by reachme2003; 22nd January 2009 at 02:48 PM.

  3. #23
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    Default Re: employers’ CPF contribution rate from 14.5% to 10%?

    Quote Originally Posted by reachme2003 View Post
    .... impact the employee's cpf retirement nestegg.
    for the majority of the population, will there be such a thing in the future?
    Last edited by sORe-EyEz; 22nd January 2009 at 03:02 PM.
    have u seen the "light" yet?

  4. #24

    Smile Re: employers’ CPF contribution rate from 14.5% to 10%?

    whether there will be or not, i do not have the answer. nevertheless, it is good to have stashed away $$ for a rainy day/s.

    Quote Originally Posted by sORe-EyEz View Post
    for the majority of the population, will there be such a thing in the future?

  5. #25

    Default Re: employers’ CPF contribution rate from 14.5% to 10%?

    If my memory doesn't fail me,
    1. In the 80s, the employer and employee contributions was 25% each and the property markets were consider acceptable and not expensive.
    Any idea how much does a new 4 room HDB cost?

    2. In the 90s, the employer and employee contributions was 20 and 20% respectively. The property markets were considered expensive. A new 4 room HDB cost between 120k to 150k.

    3. In the late 90s and year 2000 onwards, the employer and employee contributions was 14.5% and 20% respectively. A new 4 room HDB cost between 150k to > 200k. (Remember the DBSS pricing?)

    Now, isn't all along the years, we the employees have been suffering from "pay cut" and idiculous inflated property pricing?

    We can forget about using CPF for our retirement, after using it to pay for our housing, how much will be left for retirement? Don't forget the official age to retreive this $$ has been extended.

    Just a piece of advice, start saving up for retirement. Don't depend on CPF.

    Disclaimer: Do correct the figures if I got it wrong.
    Last edited by scanner; 22nd January 2009 at 03:29 PM.

  6. #26

    Smile Re: employers’ CPF contribution rate from 14.5% to 10%?

    no longer at 'age 55', even if one has met the minimum sum requirement?

    Quote Originally Posted by scanner View Post
    If my memory doesn't fail me,
    1. In the 80s, the employer and employee contributions was 25% each and the property markets were consider acceptable and not expensive.
    Any idea how much does a new 4 room HDB cost?

    2. In the 90s, the employer and employee contributions was 20 and 20% respectively. The property markets were considered expensive. A new 4 room HDB cost between 120k to 150k.

    3. In the late 90s and year 2000 onwards, the employer and employee contributions was 14.5% and 20% respectively. A new 4 room HDB cost between 150k to 200k.

    Now, isn't all along the years, we the employees have been suffering from "pay cut" and idiculous inflated property pricing?

    We can forget about using CPF for our retirement, after using it to pay for our housing, how much will be left for retirement? Don't forget the official age to retreive this $$ has been extended.

    Just a piece of advice, start saving up for retirement. Don't depend on CPF.

    Disclaimer: Do correct the figures if I got it wrong.

  7. #27
    Senior Member
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    Default Re: employers’ CPF contribution rate from 14.5% to 10%?

    Quote Originally Posted by reachme2003 View Post
    whether there will be or not, i do not have the answer. nevertheless, it is good to have stashed away $$ for a rainy day/s.
    for some, its if there is $$ to stash away...
    have u seen the "light" yet?

  8. #28

    Default Re: employers’ CPF contribution rate from 14.5% to 10%?

    Quote Originally Posted by sORe-EyEz View Post
    for some, its if there is $$ to stash away...
    Just to side track, I've noticed alot of young adult in their 20s is buying car when their income is merely about $3000 to $3500 on average.

    Assuming their pay is $3500.
    Take home = 0.8 x 3500 = $2800.
    If on average, the car expenses and loan repayment = $1500.
    They are only left with $1300 for food and miscellaneous.
    This figure is quite disturbing, how much $$ can they put aside for retirement and to start up a family...

    To add matter worse, with the global recession, how much of these adult will be retrench?

  9. #29

    Smile Re: employers’ CPF contribution rate from 14.5% to 10%?

    53% of take home pay goes to the car. car can eat?

  10. #30

    Smile Re: employers’ CPF contribution rate from 14.5% to 10%?

    so far, listening to tharman's speech over radio, no across-the-board cpf cut.

  11. #31
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    Default Re: employers’ CPF contribution rate from 14.5% to 10%?

    Quote Originally Posted by scanner View Post
    Just to side track, I've noticed alot of young adult in their 20s is buying car when their income is merely about $3000 to $3500 on average.

    Assuming their pay is $3500.
    Take home = 0.8 x 3500 = $2800.
    If on average, the car expenses and loan repayment = $1500.
    They are only left with $1300 for food and miscellaneous.
    This figure is quite disturbing, how much $$ can they put aside for retirement and to start up a family...

    To add matter worse, with the global recession, how much of these adult will be retrench?
    The 20s young adult can always borrow from father, or better still ask father to pay for the car.

  12. #32

    Default Re: employers’ CPF contribution rate from 14.5% to 10%?

    Quote Originally Posted by Astin View Post
    The 20s young adult can always borrow from father, or better still ask father to pay for the car.
    But in general, how many asked from their parent? hmm.... good point though.

  13. #33
    Senior Member
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    Default Re: employers’ CPF contribution rate from 14.5% to 10%?

    Quote Originally Posted by scanner View Post
    Just to side track, I've noticed alot of young adult in their 20s is buying car when their income is merely about $3000 to $3500 on average.

    Assuming their pay is $3500.
    Take home = 0.8 x 3500 = $2800.
    If on average, the car expenses and loan repayment = $1500.
    They are only left with $1300 for food and miscellaneous.
    This figure is quite disturbing, how much $$ can they put aside for retirement and to start up a family...

    To add matter worse, with the global recession, how much of these adult will be retrench?
    where did u get such an impression? how do u know if they're in their 20's? where did u get their income figures too?

    or is just ur observation? wadz the margin of error?
    have u seen the "light" yet?

  14. #34

    Default Re: employers’ CPF contribution rate from 14.5% to 10%?

    Quote Originally Posted by sORe-EyEz View Post
    where did u get such an impression? how do u know if they're in their 20's? where did u get their income figures too?

    or is just ur observation? wadz the margin of error?
    Through observation, contact, talking to people. Especially friends working in banks, loan department. I do not have details figures, if you are interested, you might want to find out yourself.

  15. #35

    Default Re: employers’ CPF contribution rate from 14.5% to 10%?

    Quote Originally Posted by reachme2003 View Post
    53% of take home pay goes to the car. car can eat?
    Thats include car loan, parking fees, insurance,maintenance, petrol (car can eat), etc...

    Not a cheap toy.

    However, if they can pay upfront a lump sum of money, this figure will be smaller.
    But, how many of these young adult have these kind of money, unless as what Astin has mentioned, through their parent.

  16. #36

    Default Re: employers’ CPF contribution rate from 14.5% to 10%?

    Quote Originally Posted by vince123123 View Post
    How can it not be true? CPF cuts are intended to benefit the employer through savings in manpower cost.

    It MAY also indirectly benefit the worker in not being retrenched, but the primary benefit is to the employer. Whether the employer wishes to use this benefit to defer/remove retrenchment and indirectly benefit the employee, is another question altogether.
    it's always about micro or macro managing ....

    in the first place, the employers' share of CPF is still a cost, in any way one views it. It is like a "forced" payment by the govt to the workers for a long-term saving plan. So technically, when times are good, the employers can afford to be forced to pay more, and vice versa .... when the times are bad, employers should not be forced to pay more, thus ensuring that the enterprises can survive.

    CPF is a double-edge sword created by the govt to force ppl to save for old age, and thus shift the heavy responsibility of looking after the people in their last days from the country to the individual.
    But without CPF, how many of us can really have so much saving?
    always the Light, .... always.

  17. #37

    Default Re: employers’ CPF contribution rate from 14.5% to 10%?

    Quote Originally Posted by scanner View Post
    Just to side track, I've noticed alot of young adult in their 20s is buying car when their income is merely about $3000 to $3500 on average.

    Assuming their pay is $3500.
    Take home = 0.8 x 3500 = $2800.
    If on average, the car expenses and loan repayment = $1500.
    They are only left with $1300 for food and miscellaneous.
    This figure is quite disturbing, how much $$ can they put aside for retirement and to start up a family...

    To add matter worse, with the global recession, how much of these adult will be retrench?
    I also have observed this too.

  18. #38

    Default Re: employers’ CPF contribution rate from 14.5% to 10%?

    Quote Originally Posted by scanner View Post
    But, how many of these young adult have these kind of money, unless as what Astin has mentioned, through their parent.
    THINK

    generally speaking, where did our parents got "these" money?
    C P F
    always the Light, .... always.

  19. #39
    Senior Member
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    Default Re: employers’ CPF contribution rate from 14.5% to 10%?

    Quote Originally Posted by Canonised View Post
    THINK

    generally speaking, where did our parents got "these" money?
    C P F
    Ah-ha, u are very clever.

  20. #40

    Default Re: employers’ CPF contribution rate from 14.5% to 10%?

    Quote Originally Posted by Astin View Post
    Ah-ha, u are very clever.
    ai ya ....

    actually hor, Singaporeans are very lucky to have very very clever P A P ...
    always the Light, .... always.

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