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The Government’s announcements of changes to the CPF have caused a lot of concern for Singaporeans. Here are some issues which theonlinecitizen has highlighted in the past months.
Credit to Leong Sze Hian for writing the articles. Perhaps they will help us understand better what, really, is going on with the CPF system.
September 28, 2007 at 8:34 am
[...] For those who “catch no ball” about the CPF system and latest Longevity Insurance Scheme, read here>>> [...]
January 3, 2008 at 3:01 pm
I got this from one of the forums,
I believe that other ministries do this too, in their policies,
could you all comment.
I have no faith and respect for this government.
We’re basically on our own.
“I turned 55yrs in 2006.
As my Special Acct had more than $100,000 and I am a pensioner, I had three options as follows:
Option 1: Leave $94,600 (that was the maximum allowed to be in RA) in my Retirement Account (RA) and draw out the rest of my CPF monies
Option 2: Use my property as a pledge and leave 50% of $94.6k in my RA and draw out all my CPF monies
Option 3: As a pensioner who draws more than the minmum monthly sum of $700++, I could use my pensioner’s statement and be exempted from retaining any CPF money in my RA. That means I could draw out all my CPF monies
Being risk adverse and wanting to keep some money for rainy days, I opted for Option 1 and retain $94.6k in my RA
Yesterday I was told by CPF Board that the RA maximum has been increased to from $94.6K to $99+K in 2008 and if I wish to, I can top up another $5k.
I went to CPF Board today to top up my RA. When I asked whether they are any implications for the top up, it was then told I was told that if I opt to top up, I will forego Option 2 and Option 3 in future.
I am a true Singaporean who believes that the govt nor any of its agencies need to sneakily trap our citizens but nowadays I cant help but suspect that some policies are implemented sneakily.
From this episode with CPF, my questions are:
1. Why is there a need to change the options for the top-up?
2. Why was it done so sneakily?
3. Is this a CPB Board strategy to trap unsuspecting CPF members and lock in their monies into CPF funds?
My advice to all Singaporeans is not to trust the govt unquestionably “
May 13, 2008 at 9:50 am
I still think folks who bought shares using CPF funds should have a voice in the companies AGMs.