PAP to introduce more meaningless CPF changes, still trying to mask failure of CPF scheme

The PAP government has refused to revamp the failed CPF scheme although it has indirectly acknowledged its failure in “Number of 55-year-olds with Basic Retirement Sum to go up”.

However, the BT article requires some propaganda deconstruction to reveal the shocking state of PAP-created retirement shortfall.

1 40% of CPF members don’t even have $83,000 at 55

Instead of stating the fact that 40% of CPF members don’t even have $83,500 at 55, PAP prefers to tell us that 60% of retirees have only $83,500. Considering the high cost of living in Singapore, having only $83,000 = undignified retirement.

With this amount set aside at 55, the estimated monthly payout from age 65 is about $725. Assuming an annual 2% inflation rate, the monthly payout will be less than $600 in today’s dollar in 10 years’ time. What if they live to 75 or 85 and beyond? Are retirees expected to burden our children, live on rainwater and ‘eat wind’?

BRS/FRS/ERS payout table

After taking into account increases in water prices + public transport fares or healthcare costs + GST + education costs akan datang, many retirees will be needing some workout as cardboard collectors.

PAP must have been too pai seh to disclose this hard truth: 40% of CPF members will have less than $600 monthly CPF payout (in today’s dollar) at 65.

2 How many CPF members don’t have the Full Retirement Sum (FRS)?

The current FRS is $166,000 and the monthly payout is about $1330. Since 40% of CPF members already do not have the BRS, the number with the FRS must be much higher, probable more than 70% of CPF members.

Is PAP so embarrassed by its failure that such statistics are better kept state secret?

Why are ordinary Singaporeans unable to retire in a dignified manner despite PAP tweaking the CPF scheme for 5 decades?

3 Still playing with words to resolve issue?

Instead of taking this issue seriously, PAP has been using the MSM to disseminate propaganda, mostly half-truths. PAP seems pleased with the way CPF scheme has been managed, ie more than 50% of members do not have sufficient savings for retirement.

4 PAP still wayang in Parliament on issue of retirement shortfall

PAP has continued to wayang in Parliament, further compounding the issue. The root cause is a disproportionate amount of RETIREMENT savings – more than 60% of CPF – has been channeled into housing. In addition, about 20% of CPF has to be set aside to fund our personal/family members’ healthcare costs which has made it possible for PAP to shirk its responsibility.

With only about 20% of CPF contributions set aside for retirement during the first 25 years of one’s career, it would take more than a miracle for the CPF scheme to succeed.

5 CPF enhancements = Bullshit

PAP claims CPF scheme has been enhanced but this is all bullshit.

Examples of PAP enhancements are:
1 – Higher CPF ceiling.
2 – Improve ease of transfer of CPF savings to one’s spouse.

How do these so-called enhancements help a member who has little/no CPF balance after purchasing a HDB flat and contributing to Medisave?

3 – Enhanced Retirement Sum.

Doesn’t the Enhanced Retirement Sum only help those who are better off? Doesn’t this channel additional billions into GIC, ie helping GIC? How does it in any way help a majority of CPF members who do not have the BRS/FRS in the first place?

6 More meaningless CPF changes akan datang?

Manpower Minister Lim says MOM will be introducing more changes to the CPFIS. However, CPFIS is only remotely related to the retirement shortfall issue.

Conclusion

PAP is not taking the retirement shortfall issue seriously. If it did, it would have ceased introducing meaningless CPF changes to mask its failure.

 

Phillip Ang

* The author blogs at LikeDatOsoCanMeh.

 

 

 

 

Sponsored Content

Loading...

17 Responses to “PAP to introduce more meaningless CPF changes, still trying to mask failure of CPF scheme”

  • oxygen:

    THE HOUSE OF THE MOST EXPENSIVE DECORATION is filled with a mob of sanctimonious windbags spruiking 1% truth, 99% lies, fantasy and propaganda.

    The approved Pravda Sinkeiland echo the same political f*rting.

    CPF is as a retirement scheme a CATASTROPHIC DISASTER matched only by the same of foreign population influx since a decade ago.

    Blame this on 70% daft infected with Dunning-kruger disease of TOO STUPID TO REALIZE THEY ARE STUPID.

    GD Star Rating
    loading...
  • oxygen:

    EVEN THE ACCESS TO OUR MEDISAVE ACCOUNT in our CPF for some illness is prohibited according to Chee Hong Tat, Minister of Health.

    WTF is Medisave as a category of reserved allocation set up for?

    GD Star Rating
    loading...
  • Did WP ask in parliament?:

    It is so sad that the WP MPs failed to ask so many questions that affected Sinkies adversely:- parking charges gas electricity water SCC charges, retrenchment, massive unemployment/ underemployment,foreigners influx continued, train breakdowns, CPF issues, jobs scarcity……. Healthcare education transport, cost of living increases………….. Vote more opposition into parliament so says WP supporters, what use? All Diam Diam in parliament ?The WP MPs mainly speak on topics that do not interest citizens – south China sea, relations withChina …….. citizens are troubled by basic bread and butter issues , pay bills, but the pap keep increasing charges in order to meet govt’s expenses! the WP kept mum, why vote more of them in, to help more of them with16 K monthly?

    GD Star Rating
    loading...
  • L*L "drained" CPF accounts:

    After he became PM L*L initiated a plan to “drain” (i.e., deplete) the CPF accounts of Singaporeans by selling them over-priced HDB flats. (Prices of these flats more than doubled over the last 10 years. Most likely, this was the advise given to him by his father dictator LKY.) Why? For various reasons: (1) to build up massive reserves to buy votes during GE; (2) to make Singaporeans dependent on PAP handouts and therefore “toe the line”; (3) to finance the millions needed to provide full scholarships to the hundreds of foreigners studying in local schools and universities; and (4) to be able to pay million $ salaries to PAP office holders and top civil (spineless) servants.

    GD Star Rating
    loading...
  • Heart of glass:

    Robbing the poor to pay the rich..i.e themselves n theirs.
    No end ! Taking us citizens for granted all the time.
    Who the hell is in charge of CPF?
    fire that incompentent fools!
    The very fact that they are tweaking n amending the cpf rules ever so often, proves they are up to no good…
    Something bad has happened to all our monies?
    My guess is as good as anyone’s.
    The hurried way theyre raising a slew of rates, fees, taxes and even costs of daily essentials kinda tells us something isnt quite right.
    What can citizens do? If only we can be brave enuf like the s.koreans recently..
    Please God SAVE OUR SINGAPORE..

    GD Star Rating
    loading...
  • Trust only myself:

    Philip is absolutely right.
    It is not that they are not taking the shortfall seriously.
    When they “opened” the CPF to milk the money from goondus with “asset enhancement scheme”, paying premiums for medishield etc. they already broke their promises for the retirement scheme….

    GD Star Rating
    loading...
  • I very ANAL one:

    Can kiss our cpf goodbye. Thanks to the strong mandate by the 70%.

    GD Star Rating
    loading...
  • Sr Citizen:

    Well ! we have to keep these Jokers appeasing their Scholar/General in building lego replicas. Helps the employment statistics that are funded by public funds from taxes and other extractions.

    The 70% lust for more of such smokes and mirrors and the duel for the cronies to spin.

    Do you really think that global markets with their investors/traders can be smoked ?

    GD Star Rating
    loading...
  • Sr Citizen:

    Well ! we have to keep these Jokers appeasing their Scholar/General in building lego replicas. Helps the employment statistics that are funded by public funds from taxes and other extractions.

    The 70% lust for more of such smokes and mirrors and the fuel for the cronies to spin.

    Do you really think that global markets with their investors/traders can be smoked ?

    GD Star Rating
    loading...
  • lanJiao:

    Already one chee bye paKar say: “cPEEf not people money”
    And Pigs scored so high
    Not returning dixk go BatTAN,cunt also not return,BatTAN too?
    Wtf,gullible fools

    GD Star Rating
    loading...
  • Kee Chew Chup cheng:

    Poll :

    Who believes his cpf is gone?

    Thumbs Up : Yes, unlikepy to withdraw all your cpf.
    Thumbs Down : Yes, easily can withdraw all our cpf.

    GD Star Rating
    loading...
  • LIONS:

    The PAP gahmen have no shame,they claimed they are so thick-skinned n couldnt care less how sgs view them.

    CPF is retirement FUND for the needy sgs who slogged all their life unlike the ministers who pay themselves MILLIONS.

    Taking away poor sgs’ CPF savings by schemeful means whilst giving neglible social assistances goes to show how lousy the gahmen are especially when they furnish themselves to so much perks n benefits.

    But,it is not their fault wholly,the 70 pct farking idiots just refuse to see the truths.

    GD Star Rating
    loading...
  • PAP is the best:

    Did WP ask in parliament?:
    It is so sad that the WP MPs failed to ask so many questions that affected Sinkies adversely:- parking charges gas electricity water SCC charges, retrenchment, massive unemployment/ underemployment,foreigners influx continued, train breakdowns, CPF issues, jobs scarcity……. Healthcare education transport, cost of living increases………….. Vote more opposition into parliament so says WP supporters, what use? All Diam Diam in parliament ?The WP MPs mainly speak on topics that do not interest citizens – south China sea, relations withChina …….. citizens are troubled by basic bread and butter issues , pay bills, but the pap keep increasing charges in order to meet govt’s expenses! the WP kept mum, why vote more of them in, to help more of them with16 K monthly?

    thank you for speaking up. PAP is the best.

    GD Star Rating
    loading...
  • WP asleep in Parliament:

    Did WP ask in parliament?:
    It is so sad that the WP MPs failed to ask so many questions that affected Sinkies adversely:- parking charges gas electricity water SCC charges, retrenchment, massive unemployment/ underemployment,foreigners influx continued, train breakdowns, CPF issues, jobs scarcity……. Healthcare education transport, cost of living increases………….. Vote more opposition into parliament so says WP supporters, what use? All Diam Diam in parliament ?The WP MPs mainly speak on topics that do not interest citizens – south China sea, relations withChina …….. citizens are troubled by basic bread and butter issues , pay bills, but the pap keep increasing charges in order to meet govt’s expenses! the WP kept mum, why vote more of them in, to help more of them with16 K monthly?

    Zzzz

    GD Star Rating
    loading...
  • Cynic:

    This is what the govt means when it says Spore allows free speech….?
    Alternatively, the govt is trying to cheer citizens up in these bleak times?

    Two other ways to look at the figs:
    1. they present skewed pictures of situations
    2. they deliberately offer fake news

    The biggest problems though is that just a few people are aware of this
    kind of misrepresentation, even less care that its happening, and you
    can count the number of people who will do something about it, like
    raise such matters or attend a protest rally, on the fingers of two hands!!

    GD Star Rating
    loading...
  • Neo:

    Talking with people who does not need SEE PEE F to retire? You gotta be kidding.. They couldn’t bother. You guys FORGET LIAO AH? AH COW SAID CPF SMALL MEANS YOU NOT WORKING HARD ENOUGH. IN SHORT YOU ARE FIAKING LAZY SAVVY? YOU DIE YOUR BUSINESS.

    GD Star Rating
    loading...
  • reminder to the 70%:

    How can we have enough in the cpf when many are getting retrenched ..
    On top of that the cpf tweakers keep pushing the bar farther n farther …
    Everytime we reach the bar…it gets shifted.
    They are playing a cruel game . Shitty ministars!

    GD Star Rating
    loading...

Leave a Reply

 characters available


SPONSORED CONTENT


Member Services
Members LoginSelf-ClassifiedsSelf-Support
Sponsored Advertisement

Search On TR Emeritus
Sponsored Advertisement











Most Recent Comments
  • ahloong loves mingyang: we 18 go ns as jail, foreigners 18 come here to uni… how to compete? in the reit space,...
  • ahloong loves mingyang: alot of my indian muslim friend in singapore registered their children as malay muslim...
  • oxygen: @ Outstanding INDEED, MATE, Bill Ng is an OUTSTANDING performer. Gold is found often in remote and...
  • BATTLE GROUND BED OF ROSES?: Quote: “NS is not as tough and soul destroying as they used to be. Nowadays, new...
  • Lee Heng Chee: My name Kisswhore Malu Barnie. I conduct expensive courses for how to write propaganda. Chief...
  • Norman Wee: Ravi has never been banned from practising 2 years ago. Mid last year, he was barred from applying for a...
  • Cynical Investor: Oxygen, Why so cock to believe Bill? Go check and u’ll find others involved. He played a...
Announcement
Support TR Emeritus
Support TR Emeritus:
Other Amount:
Advertisement
Advertisement
Free Classifieds
  • Sample of a Free Ad

    . This ia a sample of how a Free Ad (without imag...
    [Read more]

  • Sample of a Premium 4 Ad

    . This ia a sample of how a Premium 4 Ad (can upl...
    [Read more]

Readers Statistic
Latest Statistic