For the lower wage group, "money is really not enough"... , they probably know that already... I suppose they're pushing this CPF contribution so that the low wage workers can "take care of themselves-medical expenses especially" during old age. Our govt is smart isn't it? So they dun "burden" the economy when our population ages... Off course to put it nicely to them or "packaging"per se, they'll tell u saving in CPF is good for you! Who doesn't know that? But for them, the lower wage worker like one of my relatives, salary just cover barely expenses.
well if thats the purpose aint that better for the bulk of the working population? i would rather tat they push for more finnancial planning for the needy right from the start than to turn our country into a welfare state where subsidies are jus given freely to anyone and everyone..
imagine up to half of your income is taken away as tax to support the welfare of your countrymen.. tats wats happening in many 'welfare states' in europe...
Certainly & positively agree we shouldn't move toward a "welfare state", but the govt actually can do much more to help this group. Financially planning? Yes, gd idea, but also need $... unless govt provide free financial planners to this group... also need $..u think govt will do this for free?...so they got lucky draw, sponsor private sector....But it's like a merry-go-round, round & round, did they hit jackpot? Doubt so, the workfare bonus is by far, I think, the most workable help they've rendered to this group of low wage workers.
