CPF Minimum Sum to go up from July 1st 2008

[tom]

CPF members who turn 55 between July 1st. 2008 and June 30th 2009, will have to set aside $106,000 in their Retirement Accounts. The CPF Board said in a statement that these individuals will receive monthly payouts of $910 starting from the age of 64, for about 20 years.

From age 55 on our retirement day, to age 64, a total of 9 solid years, we have to depend on ourself to survive. What about the rest of our family ? ( Not forgetting at this crucial period, our children may be in university )

At the same time, accounts will be raised gradually to reach $120,000 in year 2013. If in year 2013 our balance in CPF is $120,500 at age 55.......... on our faithful retirement day at age 55, we can only draw a mere $ 500..........maybe not enough to go for a trip to the Genting Highlands.   

Today, parents are spending hefty sums of money on their kid's tuition. ( not sure if it is necessary )......of course part of our salary goes to CPF. It will accumulate when it is not used.  But.....what about paying for housing ? house upgrade, insurance, investments losses etc. At time of retirement, how much do we actually have ?

Sometimes when the authorities made certain announcements, it is always wise to sit down and do some calculations. What say you ?? 

[Stallion]

There is only one objective, and we all know it clear enough since day one.

To get our CPF money back, there is only 2 options:-

1. Migrate

2. Die and next of kin gets the $$$

[punggolboy]

Well the idea is, when we are 55, we are consider useless to the country.  A liability and so troublesome to take care and provide expensive health care services.  They want us to migrate and die elsewhere as we do not have enuf land to bury us.   

They can get many young foriegn talents to takeover our place.   An asset compare to ppl who are 55 an above.  Remember, we are Singapore Inc.  Money more important than taking care of us.

[tom]

The authorities must not forget foreign workers are only using Singapore as a stepping stone. Most came here, speaks  little broken English. They work, mingle with the locals in the offices, learn whatever they want to learn and off they fly to greener pastures. 

Example, qualified foreign nurses working in our hospitals, need to undergo further re-training, learn English, attend further hands-on on the job training, probably till they qualify as a Singapore train nurse. Once  certified they switch off to the  states where they are paid in US Dollars. I was told in Singapore an experienced staff nurse gets about $3000 wheras in the States they were paid USD 4000. So where do you want to work ?

This philosophy applies to all foreign workers and professionals. So if the authorities think that all Singaporean  due for CPF claims are a liability to Singapore, they are making a serious mistake.