CPF Minimum Sum


Jedi

Senior Member
Jul 17, 2002
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#1
This table shows how the CPF Minimum Sum increases over the years from 2003 - 2013.

http://mycpf.cpf.gov.sg/Members/CPFSchemes/MinimumSumScheme.htm

The CPF Board has also announced new changes to the CPF Minimum Sum with effect from 1 July 2014.

http://mycpf.cpf.gov.sg/CPF/News/News-Release/N_8May2014.htm

Basically, the new CPF Minimum Sum will increase from $148,000 to $155,000. As what the government has mentioned, this CPF Minimum Sum will be increased on the yearly basis.

Can CPF really help us for retirement? Given the aging population of Singapore, can the original intention of introducing CPF help the ordinary folks to survive through their golden years?
 

Yutaka Go

Senior Member
May 22, 2010
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#2
To them, the CPF is their money, not yours.
Either you buy a flat and let them transfer it from left pocket to right pocket.
Or they lock a large chunk of it inside for their reserve.
 

Bukitimah

Senior Member
Nov 28, 2010
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#4
In Singapore, it is not sustainable for the government to provide social wealth fair fund for all. However, they should help those that really with financial difficulties. We don't product oil or natural minerals.

You just got to do yourself a favour and work hard to save for the raining years. Sped wisely and you are unlikely to be cleaning tables at 70, maybe.

However, the lower income gap is just too big. However hard they try, they will never make it. We need to close this gap somehow. The big squeeze in the middle need some pressure releasing valves. Well, we did paid top $$$, fire them if they have not solution. Didn't I hear we run our government like in a cooperation?
 

UncleFai

Senior Member
Mar 10, 2010
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#5
A good financial advisory talk on this issue... Too bad in Chinese...

[youtube]ZFwvYtHaPPk[/youtube]
 

#6
Didn't I hear we run our government like in a cooperation?
You need a politician to run a government not a CEO.

Look at successive US presidents for example. Only in crisis they will throw up the best candidates. In other times they just muddle through with mediocre.

We are lucky in Singapore because the best of the best brains are in the government or wanting to get into the government. Just look at the best in your class where are they now? They are either in the government or in a western country not coming home. :)
 

Bukitimah

Senior Member
Nov 28, 2010
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#7
You need a politician to run a government not a CEO. Look at successive US presidents for example. Only in crisis they will throw up the best candidates. In other times they just muddle through with mediocre. We are lucky in Singapore because the best of the best brains are in the government or wanting to get into the government. Just look at the best in your class where are they now? They are either in the government or in a western country not coming home. :)
Why are they in the government har? The urge to serve the nation? Brain important but the heart to serve more important. LKY didn't go into politics for $.
 

kiwi2

Deregistered
Feb 4, 2003
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#9
In Singapore, it is not sustainable for the government to provide social wealth fair fund for all. However, they should help those that really with financial difficulties. We don't product oil or natural minerals.

You just got to do yourself a favour and work hard to save for the raining years. Sped wisely and you are unlikely to be cleaning tables at 70, maybe.

However, the lower income gap is just too big. However hard they try, they will never make it. We need to close this gap somehow. The big squeeze in the middle need some pressure releasing valves. Well, we did paid top $$$, fire them if they have not solution. Didn't I hear we run our government like in a cooperation?
Actually, it's not that the government cannot provide social welfare. This government, as you know, is blardy rich. If not, how can they be the world's most expensive paid politicians? And in addition, they gave the excuse that they need to tag their salaries close to the top earners in private firms.

Not forgetting, so much money was spent on questionable stuffs, like over-budget by millions of $ for Youth Olympics. Think how much they earn from HDB flats. Till today, they won't want to release the cost of building a flat. Instead, they allowed the HDB prices to increase to the prices of condos not too long ago, tell us they have no control as it is due to "market forces", and have us believe these $600k and above HDB flats are still "affordable". ($600k+ cos for several years, there was a lack of BTO flats and they did nothing much then. Thanks to the sudden huge increase in the new immigrants who were given PR and Singaporean status.) How not to be filthy rich?

As Yutaka Go rightly pointed out, when one buys HDB flat, they are using their (hard-earned) CPF money to pay for the over-priced flats, for like what, 25 to 30 years?! So money goes back to the government, in that sense, via their CPF.

It's just that this government doesn't want to take care of problems next time, should one need to. We pay low taxes anyway. So they expect every citizen to take care of themselves as a first step.

Actually, it is also not the lower income people who are unhappy or suffering. I think the ones most unhappy are the middle income ones too. You may be a uni grad, serve your NS, being called back every darn year for training for more than 10 years, take on a professional job, but in the end, work till your butt off, work till 7 or 8pm every day (even though HR told you your work officially ends at 5.30pm and PM Lee says we must strive for work-family balance), in the end, you earn like $4 or 5k only, and the ministers tell you to manage your expectations. Times have changed!

But come to think of it, based on the high cost of living here, I don't even know if $5k monthly salary can be classified "middle income" now. I would put it as middle of the low income group. The real "middle income" citizen should at the very least, be earning more than $10k a month.
 

Aug 10, 2007
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#13
Lately had meal at food court ... saw the prices and the portion serve ... I feel I am paying for my 20min space in the food court rather than my food.

To be thats expensive..
 

fotoudavid

Senior Member
Mar 11, 2005
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#14
we should blame ourselves for buying expensive HDB…..

we should just sleep under bridge…. save the cpf so that have money retired.

else all money wiped out to buy hdb no money retired we blame ourselves too late.
 

fotoudavid

Senior Member
Mar 11, 2005
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#15
already give up on them since my kids was fighting for slots in school with PRs and new citizens…..

imagine we go to a school that is much further and 3rd choice in our list……
 

Aug 10, 2007
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#16
already give up on them since my kids was fighting for slots in school with PRs and new citizens…..

imagine we go to a school that is much further and 3rd choice in our list……
Sorry to hear that. I guess the review of registration came too late for you.

As long as I can use my cpf to buy a house, public or private, I have no concern about the minimum sum requirements. Its still under my account, and when my leg straight straight .. it will be transferred to my children ORDINARY CPF ACCOUNT.. then they can buy house again. Treat it as my farewell gift to them.

I am keeping my fingers tightly crossed that the rule still is in place years down the road.
 

d2xpeter

Deregistered
Dec 6, 2012
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#17
Sorry to hear that. I guess the review of registration came too late for you.

As long as I can use my cpf to buy a house, public or private, I have no concern about the minimum sum requirements. Its still under my account, and when my leg straight straight .. it will be transferred to my children ORDINARY CPF ACCOUNT.. then they can buy house again. Treat it as my farewell gift to them.

I am keeping my fingers tightly crossed that the rule still is in place years down the road.
you really think it is so simple?
 

#18
we should blame ourselves for buying expensive HDB…..

we should just sleep under bridge…. save the cpf so that have money retired.

else all money wiped out to buy hdb no money retired we blame ourselves too late.
Take the CPF out and flee to Shangri La to retire there:

 

BBTM

Senior Member
Nov 23, 2004
2,209
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#19
Maybe when I 65, sell everything here n go other country. Those $ buy monthly supply and hide inside a mountain till death. Extra $ inside bank, give to near generation. Ha ha!
 

kklee

New Member
Aug 13, 2004
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#20
Yes I can see me spending my golden years in collecting plates and dishes in food courts. :)
I will help by not returning the plates and dishes. :cool:
 

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