Latest CPF Act amendment testament to failure of CPF scheme (scam)

I refer to CNA article, “Changes to CPF Act passed, lowering barriers to transfer funds to parents, grandparents“.

Every amendment to the CPF scheme has only one objective: trap more money in GIC.

WP MP Png: “If they can meet the basic retirement sum, they can then withdraw the remaining CPF savings in cash at the age of 55″.

Isn’t it strange that the amendment has assumed CPF members do not prefer the flexibility of cash?

Png continued: “They can then use the cash to do a top-up of the CPF accounts of their loved ones, under the RSS. By doing so, some of these members are then able to enjoy an additional tax relief of up to S$7,000 per calendar year, which they would not enjoy if they were to subscribe to the proposed amendment, which is to do a top-up via CPF transfer.”

Since there’s already an avenue for topping up, wouldn’t the latest amendment become another white elephant?

And Minister Teo did agree that “Mr Png is right to point this out, and said the CPF Board will, in the process of interacting with members, point this out to them”.

An alternative would be for CPF members to use excess balance for an annuity plan with a private insurer. Unfortunately, this would mean money leaving GIC which of course will not be permitted.

Parents/grandparents who receive CPF transfers will become new CPF Life members. Their funds are then trapped in GIC for additional decades until they pass on.

Minister Teo: ” .. 20 per cent of CPF members aged 30 to 70 meet the current thresholds to make transfers to their parents and grandparents. But with the amendment, 30 per cent of CPF members will be eligible, which is an increase of about 340,000“.

Although PAP has identified another pot of CPF gold, it will again be kicking the retirement shortfall can down the road.

The current BRS of $83,000 should not be applicable to a member aged 30 today as it will be much higher when the member reaches 55 in 25 years’ time.

How is a 30-year old member preparing himself for retirement when his retirement funds are being used by others?

That the CPF Act has to be amended to allow an increase of 340,000 members to transfer funds to parents/grandparents is testament to the failure of the CPF scheme.

There is urgent need for a revamp, ie re allocate OA/MA/SA contribution rates and increase depressed CPF interest rates. Any tweak will serve to convince members that the CPF scheme has all along been a scam.

 

Phillip Ang

 

 

 

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11 Responses to “Latest CPF Act amendment testament to failure of CPF scheme (scam)”

  • Amos invited by Harvard:

    Tweaked too much too often the system will go from bad to worse.

    Thats the basic of system design. It also shows the fundamentals are flawed.

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  • Amos exposed PAP hypocrisy:

    This proves (again) the GREED and HYPOCRISY of PAP. Government has massive reserves and perennial Budget surpluses but it expect Singaporeans to support their parents even if they themselves are struggling as a result of stagnant wages, high prices and over-priced HDB flats.

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  • karma:

    Black to blackie to walkUnder also do NOT know;ONLY total paKar know all strategies since fishing village:” cPeeF not pupils $$$”
    HeadDigBitch @0 poolicy ArseEnhancement
    What u think.70

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  • Tom lee:

    Hahaha…. use CPF to pay for HDB for 30 years just before your HDB starts to depreciate in value towards zero. Then use CPF to top up parents/grandparents CPF accs. At 55 – 65 years old how much will you have left to withdraw? You see, CPF is really not your money!

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  • Amos exposed PAP hypocrisy:

    Amos invited by Harvard:
    Tweaked too much too often the system will go from bad to worse.

    Thats the basic of system design. It also shows the fundamentals are flawed.

    “Frequent tweaking” also means “fumbling around”. Do not really know what to do.

    Amos invited by Harvard? Really? Another big slap in the face for LHL and PAP. I regularly buy “Famous Amos” biscuits to remind myself how sweet it is for a Singaporean teenager to beat the PAP at their own game of using the law and the courts. LOL.

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  • Sue:

    Looks like the Pappy govt has at will as they like it to tinkle our CPF money time and again to block & lock our money from putting cash in our hands.

    At age 55 I would like to have the flexibility of cash in my hand in line with MP WP Png’s suggestion to do the topping up of parents’ CPF to benefit from tax relief rather than via CPF.

    We CPF members are not stupid. We want the govt to allow us to have our say re our CPF money!

    It is unfortunate that we lack a sizeable Opposition representation in Parliament!

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  • clowns running the country:

    So many changes to CPF to attempt to deplete them.

    70% happy?

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  • LIONS:

    The more they TWEAK,the more obvious they show they are sucking up our money.

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  • Are MPs kooning?:

    So the Minister agrees with WP MP that the new scheme is bad for members, and yet they and those MPs voted for the new scheme.

    What is happening in Parliament?

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  • Only AMOS can save SG:

    Right now in the entire universe ibcludong the galaxy and milky way, only Amos can spread the CPF issue on youtube for us.

    He is on PATREON, according to his vids

    The domestic market is fully Domesticated.
    Only, i reiterate, ONLY EXTERNAL FORCES can bypass the controls of AUTHORITARIANISM.

    AUTHORITARIANISM IS RULE BASED SYSTEM.
    IT MEANS CAN BE BYPASSED. BUT! ONLY WHEN YOU ARE OUTSIDE THE DAM SYSTEM.

    THIS IS SYSTEN DESIGN 101.

    EVERY ACCOUNTING AND IT AND LEGAL SYSTEM CAN BE HACKED IF NOT BYPASSED. 100% GUARABTEED BY LAW OF THE UBIVERSE AND THE LAW OF FACTS.

    yours
    Spermugam Asso

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  • Patriot of Temesak:

    LIONS:
    The more they TWEAK,the more obvious they show they are sucking up our money.

    Bro,

    This is a SCAM sitting on top of the CPF Ponzi SCAM

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