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Monday, 9 June 2014

Hong Lim Park Rally "Return Our CPF"

I was at the Rally on 7th June 2014.  Above are some of the photos I have taken .  As they say, a picture is more than a thousand words.  According to the organizers there were 7,000 attendees.  This is not surprising as every citizen has a CPF account.  How monies in the CPF funds are managed and invested is a concern for every one.  It took the self immolation of Tunisian Mohamed Bouazizi to be the catalyst for the Arab Spring Uprising on 18.12.10,  Will a defamation suit ignite a "new political awakening" in the Singapore scene?  It is everyone's guess.   It is imperative for the Government to deal with the "CPF issue" fairly and competently.  Otherwise, it is not inconceivable for a "tsunami" effect to take place in the 2015 General Election.


Anonymous said...

I am no PAP supporter.
But if withdrawing all your money at one go, and if you finished it all, what then?
Sure some may need to withdraw their money, but let's be honest the majority don't.
Has anyone figure out what will you do if your neighbour spent it all and then ask you or the govt to help him for the next 30 years of his life?

Koh said...

Your concern is understandable. At present the scheme is a bit rigid one size fix all - minimum sum, cpf life, draw down date depending of age after 55, etc. We can have more options like 1/3 of withdrawal amount at age 55 for those retirees who need the money & 2/3 of the sum as they grow older in instalments,etc. The interest payout should cover the inflation rate & not 2-4 per cent now. Our civil servants & financial wizards in the pte sector, I am sure can come up with better & innovative options to help our retirees.

Gintai_昇泰 said...

Well said. It shld be no re realistic. Imagine on 1st July when you hit 55 yrs with 150K but you only get 5K cash cuz the min sum is 155K. How would you feel? Put yourself in that guy's position to understand. Future retirement payouts shld balance with current needs. There must be a balance between the current and future needs. Whatever about those self employed with no CPF? Will they die a pauper or work till their last breath? More fine tuning need to be done for this otherwise good CPF system. We need to perfect it taking into account competing needs present and future.

Koh said...

Agree with you retirees' needs at time of retirement & many yrs down the road until he passes away are important consideration. The Govt. reason for raising the minimum sum to 155K is because of "inflation-generated projection." How about giving interest payouts based on the same criteria so that retirees don't loose out. Ways must always be found to protect the retirees' savings!