Saturday, 24 May 2014

The CPF Conundrum

I think the most repellant thing about Singapore right now is the way retirees are treated here. The message is clear: we are all worker ants feeding the queen, and we work for her until we are no longer able to, until we die from exhaustion. There is absolutely no way we can all enjoy our “golden years” with all the regulations surrounding our CPF money. Our government has decided that there is just one and only one way our retirees can use their hard-earned money. It’s a pitiful existence, one that gives you enough to not die. If it’s our money, why are we not allowed to exercise autonomy over it?

The most heartbreaking thing, perhaps, is seeing our old people work so hard at foodcourt and at fast food restaurants, because whatever meager sums they have, they probably have to use it to pay their bills and loans … sums of money so huge, it was impossible to have paid them off by the time they retired. If we have precious little to meet the minimum sum in the first place, will extending our misery by paying us a paltry amount every month help at all?


If being Singaporean means playing the CPF game, then, I can’t abide by the rules. I would have to seriously consider leaving my home of 30 over years behind.


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Manulife: 4 in 5 feel CPF funds won't be enough for retirement
Those who contribute to CPF can only touch their CPF savings at age 55, and this is after setting aside a minimum sum in their CPF retirement account. The sum is S$155,000 now - PHOTO: SPH

Four in five Singaporeans are worried funds in their Central Provident Fund (CPF) retirement account will not be enough to meet their retirement needs, a fresh survey by Manulife showed.

About 60 per cent of those polled also said there should be more flexibility in fund withdrawal.

The grave anxiety over inadequate coverage in the twilight years comes because CPF contributors feel the savings will not be sufficient to cover retirement expenses, and that the returns are insufficient.

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Full Coverage:
Straits Times: Guarantee CPF Life solvency for peace of mind


Will CPF Min Sum be enough to cover inflation at 65?
Will the CPF Minimum Sum be enough to help CPF Members’ future needs?

The CPF Minimum Sum will be locked when you reach 55 for the next 10 years in the Retirement Account(RA) and earned 4% interest p.a. On reaching 65, you are allowed to withdraw on a monthly basis till the amount is depleted.

Why does our Govt not shoulder responsibility for their Citizens to maintain the Minimum Sum at future value on reaching drawdown age of 65 but keep changing the Minimum Sum every year?

What are all our reserves for?


76 years old lady begged Hri Kumar to help her get CPF money back

This is not a reality show. This is the tears of a spinster born in the year of 1938 who was devastated when she discovered the G took her savings to pay off her land tax @Bt Brown. I don't think "they" dare to upload this video to the public. But I do! This is my recording of the truth, nothing but the truth & in tears! Can u feel her sorrows?

Allow me to air my anger about the lady in "sexy Cheong Sum" here bcoz I am seriously very put off by her attitude. Until now I still cannot get her off my mind....sue me if she's unhappy with what I'm going to say and I am a woman who will honor my words. I cannot believe that the MP allows such a crazy lady to "call the shots" as u can see in this video, that she kept signaling the coordinators to send off that 76yr old senior citizen. She gave me a very bad impression as I witness her using unpleasant hand-signs & gestures to "instruct" her ppl to take action on the poor old lady -- even when MP Hri Kumar himself did not hv the heart to cut her off from the mic. Who is she? She wasn't even a representative from the CPF Board yet she abused senior citizen like that!

To my knowledge, her name card clearly shows that she is just a Financial Consultant from NTUC Income only! So how can this person be giving instructions without permission from the MP? Or unless she is a "family member" of.......WTH! 狗眼看人

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Give Me Back My Money

The 76 year old spinster must have been frugal enough to set aside a portion of her teacher salary to pay for her terrace house, assuming she owns the property. Decades ago, such units could have been selling at a fraction of present day prices. A friend sold off her father's spacious house at the old teacher's estate after he passed on, and could only afford a tiny condominium unit with the proceeds.

She's not the only one who is asset rich, cash poor. Plaintively, the senior citizen had begged, "“What I want is my money back and I want to arrange for my funeral and I want to arrange for my rice and I want to arrange for a nice settlement." She articulated what we now see as a truism, the three letters for our retirement money spell Coffin Provision Fund.

“That’s all I want. Give me back my money. CPF, give me back my money. And make it as soon as possible. Because 76, I won’t be able to live (too long),” she added. If we are in her shoes, we too would like to spend the final hours on our own bed, rather than the tented facilities of our overcrowded public hospitals.


This pioneer has no CPF money left

To start with, he didn’t have much in his CPF when he retired 15 years ago; he had barely $10,000. All of it was spent in the last 15 years, with most of the money going to his children’s education.

This is the story of a seemingly lucky man, Teoh Kun Chen. The 70-year-old could withdraw all his savings in one lump sum at 55 because he belonged to a generation that did not have to grapple with the ordinary account, retirement account, and Medisave.

“My CPF saving was very small because I wasn’t very educated when I was young. I didn’t earn much. I worked as a cleaner. There were times I worked as a road sweeper.

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Concerns Grow Over Singapore Pension System

Protesters at a rally on June 7, 2014 in Singapore after the government said it would raise the minimum retirement-savings threshold. The demonstration involving more than 2,000 people was one of the largest shows of public dissent in Singapore. European Pressphoto Agency


A weekend protest over perceived shortcomings in Singapore's state-run pension system has illuminated widening concern among citizens over the inadequacy of their retirement savings.

Saturday's demonstration—involving more than 2,000 people—was one of the largest shows of public dissent in tightly regulated Singapore, where the governing People's Action Party has seen its parliamentary dominance recede in recent years amid rising socioeconomic pressures.

Political analysts say the protest could pressure the government to undertake bolder reforms to alleviate citizens' concerns over widening income disparities and rising living costs, as well as quell festering grievances against the Central Provident Fund, or CPF, the state-run pension plan.

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OPINION: 58-year-old man speaks from the heart about CPF minimum sum

When I started to work in the society from the age of 21 after my national service. People in our generation have started to contribute to CPF when we started work and looking forward that this is our compulsory saving implemented by the country. We accepted the policy and started to save looking forward that when we reach the age of 55 we can have some money to give ourself some luxury such as travelling, have better food and buying our dream items. Unfortunately the policy keep changing and when I reach the age of 55 I will have to place S133,000.00 minimum sum with CPF for retirement.

After 55, I am still working and still contributing with no hope of getting this money back. I am not wealthy and I have 2 sons who are studying in the polytechnic but again another CPF policy deny me of using my miniumum sum to pay for their education. This is really unfair. I do not withdraw the money for luxury but for my sons education it is also not allow. What kind of policy is this and you say it is fair? I have spoken to CPF board numerous times but with no success. Now I am 58 years old and still have to struggle with 2 jobs to earn money not only to support the family but also worry about education fees for my children. On one hand I have CPF saving of that much and on the other hand I cannot use this money at all. I have to struggle with 2 jobs to meet this committments or if not my children will have no education.

Mr Prime Minister just look at your policy and tell me what to do. Sometimes I think that to die will solve all these problems. When I die my children will get to my CPF money and continue their education and my responsibility is over. Just look at the FOXCOMM news that workers commit suicide to get money from the company for their poor family at home. Now our CPF policy is you die then you can get your CPF money. We work and we save. MY FATHER ALSO DON'T CONTROL MY MONEY AND HOW COME I HAVE TO LET THE GOVERNMENT CONTROL MY MONEY. We are old and we do not know how many more years we have. Please give back our money like a gentlemen which you have kept it for us for 35 years. WHY ARE YOU HOLDING ON TO OUR MONEY. LINK

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CPF money 100% safe: Lim Swee Say

"(The) money with CPF... was not only safe, but continued to earn risk-free interest," Mr Lim told reporters on the sidelines of a mock parliamentary debate session for students at The Arts House. -- ST PHOTO: DESMOND WEE

Minister in the Prime Minister's Office Lim Swee Say yesterday assured Singaporeans that their money in the Central Provident Fund (CPF) was "100 per cent safe".

While many investments had been lost during the global financial crisis, he pointed out, CPF had still continued to earn interest then.

"(The) money with CPF... was not only safe, but continued to earn risk-free interest," he told reporters on the sidelines of a mock parliamentary debate session for students at The Arts House.

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Use less CPF money to prepare for retirement: labour chief

The best way for Singaporeans to prepare for retirement is to use less of their Central Provident Fund (CPF) money when they are young.


Minister in the Prime Minister's Office Lim Swee Say said this will ensure the current level of CPF payout can be maintained over time, and not be eroded by inflation.

Mr Lim, who is also the labour chief, made that point when speaking to reporters on the sidelines of the closing of the Singapore Model Parliament on Sunday.

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Prepare for retirement ‘by using less CPF money when young’


The best way for Singaporeans to prepare for retirement is to use less of their Central Provident Fund (CPF) money when they are young. Mr Lim Swee Say, Minister in the Prime Minister’s Office, said this will ensure the current level of CPF payout can be maintained over time and not be eroded by inflation.

Mr Lim, who is also the labour chief, made that point when speaking to reporters on the sidelines of the closing of the Singapore Model Parliament yesterday.

At the event, Mr Lim shared his experience with students when he was a Member of Parliament (MP) debating policies at the old Parliament House. One policy that has received much attention recently is the CPF.

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Tan Chuan-Jin defends increased CPF Minimum Sum
70-80% of new workforce entrants can meet minimum sum, study finds

THE Minister for Manpower, Tan Chuan-Jin, has in a blog post defended the Central Provident Fund (CPF) system and the increased minimum sum.

"Money in your CPF account is your money," stressed Mr Tan, adding that CPF has been put in place to help Singaporeans have peace of mind when it comes to their retirement years.

Earlier this month, the Ministry of Manpower (MOM) and CPF Board announced that the CPF Minimum Sum would be increased to $155,000 to account for inflation and Singaporeans' rising expectations of the basic standard of living during retirement. The new sum, which applies to CPF members who turn 55 between July 1, 2014, and June 30, 2015, came under scrutiny on various online forums.

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Why CPF system is better than other systems: Tan Chuan-Jin
In a blog post, the Manpower Minister seeks to clarify misconceptions about the CPF system

Manpower Minister Tan Chuan-Jin today (May 25) posted a lengthy blog post explaining how the Central Provident Fund (CPF) system works — in particular, dwelling at length on the need for the Minimum Sum and why it is raised yearly — because of misperceptions about it online.

Questions about the CPF have been brought into sharp focus recently after the Government made its annual announcement about the raising of the Minimum Sum, as well as the blogger who was sent a letter of demand from Prime Minister Lee Hsien Loong’s lawyers for writing a piece accusing Mr Lee of misappropriating CPF monies.

Mr Tan explained why the CPF system here is better than other systems adopted in other countries, such as a pension scheme.

related:
THE BUSINESS TIMES: Keeping the nest egg safe
THE BUSINESS TIMES: Tan Chuan-Jin defends increased CPF Minimum Sum
The Online Citizen: “CPF is your money”: Tan Chuan Jin
Channel News Asia: CPF misconceptions clarified
TODAYonline: Why CPF system is better than other systems: Tan Chuan-Jin
Straits Times: 'Money in CPF account is your money': Tan Chuan-Jin
TodayOnline: CPF ensures peace of mind during retirement: Chuan-Jin

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WAYS TO IMPROVE CPF


From its colonial roots in the 1950s as a fund purely to meet retirement needs, the CPF is now a multi-headed beast that helps pay for housing and health care, and has a life annuity scheme.

The pressures on it will only grow amid a rapidly ageing population that is living longer.

Acknowledging the challenges ahead, Prime Minister Lee Hsien Loong promised in Parliament this week that CPF Life would be enhanced so payouts would keep pace with the cost of living.

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Unlikely allies in the CPF debate


The defamation saga between PM Lee and Roy Ngerng has sparked a nationwide debate on CPF. The issue of the CPF minimum sum and the question of where Singaporeans’ CPF money is going to was raised, bringing with it, new scrutiny on the government’s policies. The PAP Government, which is not used to being questioned, now has to face the uncomfortable prospect of answering to its citizens.

People are demanding answers and calls for the CPF system to be reformed are growing increasingly vocal, from the case of a 71 year old vandalising bus stops to get his CPF message across, to the Hong Lim Park rally for CPF reform which is to take place on June 7th. Opposition MPs, NCMPs and NMPs have also raised this issue in Parliement, albeit, with less than satisfactory responses from the government. However, what is surprising is that several PAP MPs have also come out to voice their disapproval with the current CPF system and the government’s performance as a whole thus far. There are clear signs that the consensus is being questioned.

On Monday, My 26th, Inderjit Singh, MP for Ang Moh Kio GRC voiced his disapproval over the government’s economic policies that have alienated the poor and working class. He wrote in a Facebook post that Singapore’s rapid growth from third world to first world has not come without costs. He highlighted how the cost of living had outpaced the wages earned by middle- and low-income Singaporeans. This has forced them to “adjust their lifestyles downwards to live comfortably in their own country”, he said.

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FINANCE MINISTRY: GOVERNMENT CANNOT SPEND YOUR CPF MONIES


NO CENTRAL Provident Fund (CPF) monies go towards Government spending as this is prohibited by law, the Ministry of Finance (MOF) said last night.

In a response to queries by The Straits Times, it also reiterated that there is no link between CPF interest rates and GIC returns, even though the latter manages the Government's assets.

MOF was clarifying what the Government does with the money that goes into the CPF and how it determines CPF interest rates, topics hotly debated following online speculation that CPF cash is invested by Temasek Holdings and GIC, and comparisons between their returns and CPF returns.

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With higher inflation, review of CPF returns timely

The review of Central Provident Fund (CPF) returns to contribute towards reasonable retirement adequacy beyond raising the Minimum Sum is timely and crucial.

When inflation hovered around 2 per cent, a 2.5 per cent return on the Ordinary Account — where most of our contribution goes, especially in the early years of employment — seemed decent.

When inflation hit 5.2 per cent in 2011 and 4.6 per cent in 2012, it diminished the real value of CPF balances. Inflation rates of 3 to 4 per cent could be a new norm.

related: MP asks for better returns on CPF savings


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CPF issues can be resolved


RECENT public attention has focused on the Central Provident Fund (CPF), with some expressing unhappiness at the increase in the Minimum Sum.

Others call for greater transparency in the deployment of CPF funds.

Prime Minister Lee Hsien Loong also told Parliament last week that the Government is studying how to improve the CPF and CPF Life annuity scheme so that payouts keep pace with the cost of living.

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Govt pledges improvements for CPF, retirement needs: President Tan

The Government will improve the existing Central Provident Fund (CPF) savings and CPF Life annuity schemes, and develop more options for Singaporeans to unlock the value of their homes after they retire, said President Tony Tan today (May 16)

This is to ensure that Singaporeans, who are living longer, have enough for their financial needs in their golden years, said Dr Tan

The President made these remarks as he addressed Parliament, which was opening for a new session. In his wide-ranging speech, Dr Tan touched on issues such as social mobility, social safety nets and increased social spending. He also talked about infrastructure improvement, new immigrants and constructive politics.


related: CPF improvements on cards as Parliament reopens


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Government urged to review CPF holistically
The CPF system can provide adequately for retirement with prudent choice of housing, a paper by NUS economists in 2012 showed. TODAY FILE PHOTO

Beyond gradually raising contribution rates, the Government would need to re-examine the Central Provident Fund (CPF) system holistically as it seeks to ensure Singaporeans have enough for their financial needs in their golden years, observers and Members of Parliament have said.

Among their suggestions are increasing the interest rates for the Ordinary Account (OA) and Retirement Account (RA), lowering the withdrawal limits for buying property and relooking the allocation between the OA, the RA and the Medisave Account.

Yesterday, the Ministry of Manpower (MOM) said it would continue to review and improve the CPF system in consultation with the labour movement and employers, “so Singaporeans can retire with peace of mind, while taking into account the cost implication to employers”.


CPF should be retired instead


Since 1999, the CPF rate has not been adjusted regardless of inflation rate; it stands at a historical low of 2.5%. In fact, for years 2007 to 2013 our average CPF rate is at negative yield of -0.8% after inflation. (Chris K @ TRE May 26th)

Consistent with the objective of having CPF as a retirement nest egg, initially the government had kept CPF rate at least above inflation (as per Chart 1). But in recent years, the inflation rate had been way above CPF rate.

From Chart 2, it is shown that the CPF rate initially had been above POSB rate from conception, but from about 1973 the rates start to converge. And since 1986, the CPF rate tracks the POSB rate more closely.

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Govt to ensure S'poreans retire with more CPF

SAVINGS in the Central Provident Fund (CPF) and the CPF Life annuity plan will be boosted to ensure that Singaporeans are better provided for retirement.

According to the addenda to the President's address released yesterday, the Ministry of Manpower will "continue to review and make improvements to the CPF system in consultation with tripartite partners, so that Singaporeans can retire with peace of mind".

The President's address was made in Parliament last Friday.

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CPF system shouldn’t be loaded with too many objectives: observers

The CPF system should not be loaded with too many objectives at any one time, said observers in response to the Ministry of Manpower’s (MOM) addenda to President Tony Tan Keng Yam’s address in Parliament.

In its addenda, MOM pledged to continue improving the CPF system with retirement adequacy in mind, and also said it would look into the possibility of extending the re-employment age beyond 65.

The number of citizens aged 65 and above will triple to 900,000 by 2030.

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CPF savings, annuity schemes to be enhanced

The current system of Central Provident Fund (CPF) savings and the CPF Life annuity scheme will be enhanced so that Singaporeans can be better provided for in retirement, the Government said today (May 20).

The Ministry of Manpower (MOM), in consultation with tripartite partners, will review and make improvements to the CPF system.

The Government said it will also review and enhance financing schemes to help with the cost of severe old-age disability and long-term care, as it pledged to strengthen social safety nets to give Singaporeans “greater peace of mind”.

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Think CPF Will Cover Your Home Loan?


CPF is a system that, like it or not, is there to help you with the three biggest financial situations you’ll ever face – healthcare, retirement, and property.

Let’s face it, if you haven’t used your CPF account to purchase a property – you will eventually. After all, purchasing a property is one of the rare exceptions where CPF allows you to use the funds stashed away in your Ordinary Account (OA). However, CPF does have limitations.

If you’ve read our article An Ex-CPF Employee Exposes the 3 Biggest Complaints Singaporeans have About Their CPF Accounts, you know that CPF’s housing limitations are a huge source of discontent.

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Questions on the President’s Address

Last Friday, as customary, Tony Tan delivered the President’s Address at the reopening of Parliament. It laid out the government’s broad policy directions for the second half of its term.

Politicians, also as customary, reacted positively to the President’s Address. In particular, they applauded the President’s call to do more for the older generation, for more options to unlock the value of homes and for improvements to the CPF savings scheme.

In essence, the speech covered areas and priorities that the government has already decided to focus on and which it outlined for the President to read.


An Important CPF Regulation You May Not Have Known About

Every Singaporean has a CPF account. Yet more often than not, we have more questions than answers when discussing CPF regulations. DollarsAndSense.sg takes a look at one important regulation that you may not have known existed.

Early last week, Singaporeans were up in arms as the government announced that the CPF Minimum Sum (MS) had been increased to $155,000. As per the usual, Singaporeans took to the streets social media to voice their displeasure over this “latest policy change”.

While their frustration, as some commentators put it, over the “ever-changing goal post”, is understandable. The changes made to the MS are not entirely unpredictable. Part of the reason why Singaporeans are unhappy could also be due to not fully understanding a policy set in place in 2003.

related: Separating the realities of the CPF-HDB scheme from the myths

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3 reasons why Singaporeans can never save enough CPF


Currently, we have more than 55% of the CPF account holders not able to meet the Minimum Sum. For Singaporeans who are not comfortable with numbers, you can simply have a little walk down the streets and look at the abject poverty happening live.

Some of them could be working as cleaners, while the unfortunate ones will be picking cardboards or cans from bins to bins. It is clear most of these poor people are old people who are well above their CPF Withdrawal Age of 55, which begs the question: What happened to the CPF system?

For the reasons why CPF funds for most Singaporeans is inadequate, Singaporeans please do not bash yourselves for not saving enough (in fact we are among the world's highest savers). The PAP may try to quash your ego claiming you are worse off than the foreigners they brought in, the fact is they are pretty good at bullsh*t.

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An alternative view of 55% of Singaporeans not being able to meet the Minimum Sum

There are a few things we cannot run away from:
  • CPF and Your networth sans CPF make up your total networth
  • Its just that your CPF is locked up. But its still part of your networth
  • What is meant for retirement (CPF) becomes available to be used for mortgage payments. 50% of your property can go towards meeting the minimum sum
  • Normal folks hate that their money is locked up for a long time, CPF or no CPF. They would rather put it in endowments since at most they can surrender them at a loss
  • The majority of the people don’t understand why do you need an annuity like the CPF Life and treat it as something they won’t see it forever
  • The rates at 2.5% and 4% are reasonable but not the 6-7% to attract people to lock up their money to see good growth
If you hate to see your money being locked up, and that you understand that you won’t see your money forever, why would you want to top up something like that?

related: Raising the CPF Minimum Sum and CPF Life


CPF Ordinary Account interest rate stays at 2.5 per cent from July 1 to Sep 30


Central Provident Fund (CPF) members will continue to get a risk-free interest rate of 2.5 per cent per annum on their Ordinary Account savings from July 1 to Sept 30, the CPF Board and the Housing Board said in a statement on Wednesday.

This is because the computed CPF interest rate, derived from the major local banks' interest rates from February to April, was 0.21 per cent - below the legislated minimum of 2.5 per cent.

An extra 1 per cent interest will also continue to be paid on the first $60,000 of a CPF member's combined balances in their Medisave, Special, Retirement and Ordinary Accounts, of which up to $20,000 can be from the Ordinary Account. This extra interest will go into the Special or Retirement Account.

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CPF members allowed to decide how savings go to nominees

The majority of CPF members opt for cash nominations. From time to time, however, the CPF Board has received requests from members who, like Mr Wee, prefer their savings to be transferred, on their demise, to their nominees’ CPF accounts.

This is why the Board introduced an Enhanced Nomination Scheme in 2011 to allow these members an avenue to have their bequest wishes fulfilled. We have contacted Mr Wee to provide him with more details about the scheme.

CPF members who wish to make a nomination are encouraged to visit one of our service centres, so our customer service executives can explain the schemes and act as witnesses. To reduce their waiting time, members can make an e-appointment on the CPF website.

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Where are CPF cash invested: Don't tell you
The above FAQ came from GIC website.

How do the government pass off that 2.5% currently the yield on our OA is reasonable? It is because we are getting it not from risky investing but in the safest form possible in SGD: Special Singapore Government Bonds that cannot be spent but must be invested.

Fair right? Not at all.

What happened is after the government pay with their IOUs for cash at CPF, they add risk to the cash in order to obtain higher returns by investing elsewhere. They cannot keep cash or they will be seriously out of pocket over time paying us the interest.

related: CPF: Experts tunnel vision

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118% increase in Minimum Sum over 13 years

We refer to the article ”Singapore Parliament reopens: CPF schemes for retirement to be improved, says President Tony Tan” (Straits Times, May 17).

It states that ” Among the Government’s goals in its second term is to ensure that Singaporeans are adequately prepared for retirement, with enough savings to tide them through their golden years. The CPF schemes are meant to be a way to build up retirement funds.”

ES alerted us to page 19 of the 2001 CPF Annual Report.

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SPP: Singaporeans need alternative retirement schemes other than CPF

The Singapore People's Party (SPP) has called for alternative retirement schemes, in response to the President's address.

"Raising the CPF minimum sum is not the only way - it makes retirement tougher," it said in a statement on Saturday.

"Many Singaporeans are also deeply unhappy about the compulsory annuity CPF scheme. We need alternative retirement schemes to build an inclusive society."

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CPF Minimum Sum Has Increased. Now What?

So, the CPF Minimum Sum has been raised once again. While it’s definitely annoying, we shouldn’t be parking all our savings in one source anyway.

If you intend to retire in Singapore, you need to practice forward planning. As it is, CPF policies are ever-changing so you’ll need to have a backup plan in order to enjoy your golden years. But first, why does the CPF Minimum Sum increase every year? The short answer: inflation. In order to keep up with the rising cost of living, the CPF Minimum Sum has to increase as well.

However, consider this – the CPF Minimum Sum went up from $148,000 last year to $155,000 by July 2014, which is a 4.7 percent increase. According to a press release by global consulting firm ECA International, employees in Singapore are only expected to receive a pay increase of 4.5 percent in 2014. What this means is, wages in Singapore are not rising fast enough to keep up with the annual CPF Minimum Sum increase. We could whinge about this all day but it probably wouldn’t change a thing. We just need to get smart with how we save our money.

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CPF Minimum sum: Retirement scheme, or money hoarding monster?

We refer to the announcement by the Ministry of Manpower and the Central Provident Fund (CPF) board that the CPF Minimum Sum will be raised to $155,000 from July 1. (press release)

It states that the Minimum Sum will be raised to $155,000 for CPF members, up from $148,000 for those turning 55 between July 1 last year and June 30 this year.

The ministry goes on to explain that the Minimum Sum is increased to account for inflation, in order to maintain its real value over time.

related:
CPF Minimum Sum to be increased to $155,000 from July 2014
CPF MS hike meets with swift criticism from public
A Rethink of CPF Life

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Revisit the assumptions arriving at CPF min sum

I think the approach would be better and the argument more sure-footed to win over many other fence-sitters if the opposition take the view that we must go back to the bases used to arrive at the minimum sum when it was first tabled in parliament.

Take a 2-step approach: Apparently, Leong TH has already pointed out that the PROJECTED inflation rate used then has not turned up in line with the projection. In other words, let’s use the variance to REDUCE the difference.

That is only logical. Anyone who objects is but an ideologue or mainly concerned with his or his party’s pride that the projection had been flawed. The latter is really silly since no projection is likely to be 100% accurate. None will find fault with an admission…well, except maybe because you claim to be top talent & paid yourself millions to do that projection. So, the first immediate aim is to reduce the difference arising from the variance in inflation rates, projected vs actual.

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CPF Minimum Sum – How To Navigate?
The CPF Minimum Sum will be raised to $155,000 from 1st July 2014. What is the CPF Minimum Sum and how do we “navigate” it? Can we be “exempted” from the CPF Minimum Sum?

Briefly, the CPF Minimum Sum is the amount of money you have to set aside for retirement. When you reach 55 years old, savings from your Special Account and Ordinary Account, up to the Minimum Sum, will be transferred to a new account called the CPF Retirement Account, aka CPF RA Account.

After setting aside the Minimum Sum, you can withdraw the remaining amount in your CPF SA and OA accounts. Read on to find out how you can withdraw more money. When you reach 65 years old (assuming you are born after 1953), you will receive monthly payouts from your RA Account for about 20 years.

What happens if you live beyond the 20 years?

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Free my CPF

The CPF Minimum Sum (MS) will be raised to $155,000 from July this year. The CPF Board's intention for the MS is to provide members with a monthly income of about $1000 (for those who have the entire MS in their retirement account) for 20 years from the drawdown age.

But there has been a lot of well-documented unhappiness about this MS scheme. For example, in December last year MP Lily Neo posted on her Facebook about how one of her resident was unhappy because Dr Neo "could not get CPF to allow him to withdraw his savings". During the "Free My Internet" protest at Speakers' Corner last year, I also observed a number of older men protesting with placards which read, "Free my CPF".

Prior to the introduction of this MS scheme in the year 1987, CPF members could withdraw all their savings in their ordinary account upon reaching the age of 55. The MS was $30,000 in that year. In the year 2000 the MS had risen to $65,000, or by 116 percent in 13 year. And Moneysmart pointed out in their article about how MS was further increased by 138 percent in the next 14 years, and is now at $155,000.

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Some facts about CPF you may not have known

The CPF Board is a statutory board under the Ministry of Manpower (MOM). In Singapore, the Central Provident Fund (Abbreviation: CPF; Chinese: 公积金, Pinyin: Gōngjījīn) is a compulsory comprehensive savings plan for working Singaporeans and permanent residents primarily to fund their retirement, healthcare, and housing needs.

Highest pension contribution rate in the world? Working Singaporeans and their employers make monthly contributions of up to 36 per cent of their salary to the CPF and these contributions go into three accounts:
  • Ordinary Account - the savings can be used to buy a home, pay for CPF approved insurance schemes (CPF: Issues and questions?), investment and education.
  • Special Account - for old age and investment in SA (Special Account) approved financial products.
  • Medisave Account - the savings can be used for hospitalisation expenses and approved medical insurance schemes.
related:
YOUR CPF: The Complete Truth And Nothing But The Truth
Top 8 SHOCKING Facts About The Singapore CPF


Make sure you use the right CPF Nomination Form, or your CPF goes to nominees’ CPF!


Pay your CPF to your nominees’ CPF? We just discovered that you can now choose to pay your CPF to your nominees’ CPF on your demise, instead of as the normal cash to your nominees. - Thanks to a posting on facebook.

It is called the Enhanced Nomination Scheme (ENS) that has been available since 1 January 2011. Media ever report? Was this ever reported in the media?

Under the ENS, there are 2 options for you to choose. Pay to Special/Retirement Accounts first? You can choose to credit your CPF on your death to your nominees’s Special and Retirement Accounts first (up to the prevailing Minimum Sum – currently $148,000), followed by the excess to your nominees’ Medisave Account up to the prevailing Medisave Contribution Ceiling (currently $43,500).


CPF crossing the red line

The govt seems to be very comfortable with all the changes introduced to hold back the people’s life savings in the CPF. I must admire the govt’s confidence that the people will go along, albeit some kpkb, but nothing will happen. And it is all up to the govt and the CPF account holders are just hapless daft Sinkies that cannot do anything to protect their life savings. I am not going to say how far more or what else would break the camel’s back. In m view the back has been broken and now it is a matter of how the people will react to this violation of their life savings.

All the excuses and forced reasons to keep the people’s savings have not gone down well with the people. The majority does not believe any tiny wee bit of what was thought as good and logical reasons. No way. Even if the people are daft, they will not be so daft as to have their life savings snatched from their hands when they badly needed them. Does the govt really feel so confident that everything is fine?

The first red line that was crossed was the change in withdrawal date. The others were the Medisave Account, the Minimum Sum Accounts, the Retirement Accounts, Special Account and the latest, the Medishield Life. It was full withdrawal in cash at 55 with none of the abovementioned. The incremental changes introduced over the years have practically changed the CPF into something else. The CPF is the people’s savings, not a Charity to the govt, not a Pension Fund of the govt. How audacious for anyone to think he can meddle with it like it is his own money or his grandfather’s money?


How much is CPF collecting from the workforce

The current CPF contribution rate is 16% from employer and 20% from the employee making a total of 36% of the monthly income. Using an average salary of $3,000 and 2 million employees (for simplicity in calculation) contributing to the CPF, just ball park, the monthly contributions work out to be (36% x 3000 x 2m) $2.16b or $25.92b a year. Now that is an awfully big sum of money going into the CPF.

To those who are prudent and responsible, this is not simply a lot of money to play with but a lot to money to return with interest. They will be very careful not to touch this money but to manage it with extreme care while under their safe keeping. It is other people’s money, the CPF members’ money that must be returned.

But if you have a bunch of crooks, like in a rogue govt, they will be easily tempted to spend it, to act clever, to think of getting bigger returns without knowing that the bigger the returns the higher the risk of losing it. Some will capriciously be thinking of behaving like rich men and go flashing the money to everyone and even wanting to flaunt the wealth by throwing some around. It is such a nice feeling to have so much money to play with. And if not enough, no worry, the tap is flowing and every month there will be another $2b flowing in, unlimited supply of money.


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The Real CPF


I recently read Part I and Part II by Leong Sze Hian and Roy Ngerng on the Central Provident Fund of Singapore and commend them for their level of detail and analysis. I would urge everyone to read and re-read their work to understand what is going on financially in Singapore. Rather than revisiting or reanalyzing their work, I would like to emphasize a couple of points which I believe are of central importance to understand the financial management of Singapore.

First, the CPF acts as an implicit tax on Singaporeans forcing you into lower earning CPF investments. Currently, CPF returns 2.5-4% beneath returns on other assets and beneath the rate of inflation incurring large losses on savers. What makes this forced saving is that it is regressive in nature. In other words, it penalizes the poor more than the wealthy. This is simply immoral. Ask yourself whether the wealthy in Singapore who make little if any forced CPF contributions would accept earning 2.5% on their investments?

Second, given that CPF contributions are invested with either GIC or Temasek, the government is essentially confiscating all returns above the CPF rate of return. This is best noted in Chart 6 of Part II. The implication here is that the Singaporean government is keeping an enormous amount of money using the retirement savings of its citizens.

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CPF minimum sum raised to S$148,000 for members turning 55 from July 1

From July 1 this year, CPF members who turn 55 between 1 July 2013 and 30 June 2014 will need to set aside a minimum sum of S$148,000 in their Retirement Account.

The minimum sum for those who turned 55 last year was S$139,000.

Each successive cohort of those who turn 55 will have the sum been adjusted over the years to account for inflation, longer life expectancies and Singaporeans’ rising expectations of their quality of life post-retirement.

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The CPF-HDB Scheme

There is something very insidious about the CPF – something that they have never told you. Today, let’s uncover the truth about the CPF and find out its true colours for ourselves.

Let’s jump straight in.

Do you know that if you had started work at the age of 21 in 2001 and earn a median wage, by the time you are 55, you should have accumulated almost $700,000 in your Ordinary and Special Account (OSA) (Chart 1)?

related:

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Will Singaporeans Ever Get Back their CPF Saving?

Today if a young adult in his/her 20s starts to work this year, he/she will need at least $500,000.00 in the CPF saving before he/she can withdraw excess cash from the minimum sum of $500k when he/she is 55 years old. This is assuming that CPF minimum sum is raised by $10k every year. At this rate, it might be impossible to take back their saving when they turn 55 years old.

What is worse is our government is always changing and implementing so many rules to make it difficult for citizens to take back their own saving. Dr Toh Chin Chye (杜进才), a well-respected PAP old guard was against the withdrawal age from 55 years old to 60 years old. In 1984 parliamentary dabate, he said, " The fundamental principle is this. The CPF is really a fixed deposit or a loan to Government, which can be redeemed at a fixed date when the contributor is 55 years old. It is as simple as this, that the CPF has lost its credibility, the management of it. This is fundamental."

Do we have a leader in Singapore today, to speak up for Singaporeans who are against the yearly increment CPF minimum sum? Is it any wonder why PAP is detested by so many citizens for imposing unreasonable law on Singaporeans.

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The CPF debacle: the gambler's pitfall

Hi everyone. Much has been said of late about the CPF minimum sum threshold increase and this has been captured quite succinctly by cartoonist Demon-cratic. I have left a comment on that cartoon on his Facebook page (that the only way to get your full CPF money out is by migrating and renouncing your Singaporean citizenship) and it did generate an angry response. I am not the kind of person to get into an argument on Facebook, I would rather deal with it calmly on my blog. Firstly, let's kick off with Demon-cratic's cartoon, just in case you have not seen it yet.

Now the comment I posted on his cartoon was, "Can I state the obvious? The only way to withdraw your CPF is when you migrate to another country and renounce your Singaporean citizenship." This is of course, factually true - but someone by the name of Vto PAP reacted rather angrily to my statement. He said, "Then u have fallen into the F**k Party's trap. When u migrate, more reasons to import trashes from Third World country and screw my families staying put. I did not serve NS to quit my country. Quit the party that betray you!! Singaporeans are more than that! VTO!!"

Now, let's calmly deal with this sticky issue. I have made no apologies about the way I have always taken the path of least resistance by choosing to leave Singapore as soon as I could, rather than stay and try to get rid of the PAP. Believe you me, I dislike the PAP more than most Singaporeans - that was why I was out of Singapore within a few weeks of my ORD in 1997. I studied in France and the UK in the period 1997 to 2000 and then worked all over Europe and Asia since 2000 - including a brief period in Singapore in 2011 as a British foreign talent. I have really enjoyed the experience of working and living in so many differences countries. I have long renounced my Singaporean citizenship and acquired British citizenship to enable me to work in the EU more easily - yes I realize that in gaining this convenience, I was giving up a chance to vote the PAP out, but it was a small price to pay because I doubt my one vote would ever make much of a difference in Singapore given how over 60% of the population still gladly vote for the PAP.

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Minimum sums schemes for ministers

I am very concern for our ministers. They are so used to their high income and high living. If they did not save enough they will not be able to live the same lifestyle when they reach 80 or 90. The CPF minimum sums will not be enough for them to spend in a year. The CPF must do something to help them when they retire. We as citizens must reciprocate the kindness and compassion and care shown to us by the minister and in turn do something good for them.

I would like to recommend that the CPF designs a special scheme for the ministers like putting $1 mil every year into their retirement fund. Their minimum sum should be at least $5 mil so that they will have a generous payout when they are retired and start to draw down on their savings. Wait a minute, $5 mil minimum sum may be insufficient. An average Sinkie with an annual income of $50k needs a combined minimum sum(MA and RA) of nearly $200k to ensure a similar or decent lifestyle, so the CPF said. How much should be the combined minimum sum for a minister earning $2 mil pa?

Simple arithmatics, $2mil versus $50k, works out to be 40 times. So what is sufficient for the average Sinkie at $200k would mean a minister need $8 mil to be set aside in his minimum sums to be able to live well like he is now. No downgrading of the quality of life.

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Tired of working: Thinking of setting up your own pension fund?

Involuntary retirement?

I have been a volunteer doing financial counselling for about a decade now. One of the most common cases that we come across, are people who have lost their jobs, their business has to be discontinued for reasons other than business financial failure that may typically consume most of their assets, or people who may feel that they are tired of working and need a long break.

A case study:

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CPF WEBSITE UNABLE TO EXPLAIN CPF POLICIES CLEARLY AND CONFUSE SINGAPOREANS

Out of curiosity, I searched around the internet to understand more about CPF MS but I was very disappointed because the CPF website itself is so difficult to navigate and it does not explain itself well at all. It is very frustrating. The other sites I saw that talks about CPF MS is very political based and often bash political parties. I am not interested in those.

But luckily I found this IM$avvy Facebook page that tried to explain CPF MS in a simple straight forward manner.

CPF board website is a failure because it cannot even explain things in a simple manner. Here are the extracts on MS from IM$avvy. I hope you can let more Singaporeans more about this:

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Another Rise

Recently, the CPF raise the minimum sum (again) from S$148,000 to $155,000. Many Singaporeans are unhappy at this widely expected move and the blogsphere is filled with articles condemning the increase I don’t understand why Singaporeans are so unhappy.

I don’t understand why because I can’t understand how any Singaporean can still think that we are ever going to get our CPF money. I have never thought of my CPF being “my money”. How can I say that when I can touch, move or take out the money? Getting the money when I retired? Forget about it! How many times has the Minimum Sum been increased already? I lost count years ago.

So I see the latest increases in the minimum sum as a non-issue. The Singapore government want to raise the minimum sum, go ahead. I can't do anything about it and well...it's not like I'm ever going to see the money anyway.

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CPF Minimum Sum to be raised to $155,000 from July 1

The CPF minimum sum will be raised to S$155,000 for those who turn 55 between July 1 this year and June 30 next year, the CPF Board and the Ministry of Manpower (MOM) announced in a statement today (May 8). This is S$7,000 more than last year’s minimum sum of S$148,000.


“To cater to Singaporeans’ rising expectations of what is considered a basic standard of living in retirement, the CPF minimum sum has been increasing for each group of members turning 55 yearly, to reach a target of $120,000 (in 2003 dollars) by 2015. In order to maintain its real value over time, the minimum sum increases to account for inflation,” said the CPF Board and MOM.

From July 1, the Medisave Minimum Sum will also be raised to S$43,500 from S$40,500, while the Medisave Contribution Ceiling will be increased correspondingly to S$48,500, from S$45,500.

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PAP Government raised CPF minimum sum by 4.73 percent to S$155,000 wef 1st July 2014 to account for inflation
Question: Singapore's actual annual inflation rate averages 6% over the past five years?

Ministry of Manpower (MOM) has just announced that the minimum sum that will apply to CPF members who turn 55 between 1 July 2014 and 30 June 2015 will be increased to $155,000 from $148,000. This will be set aside in their Retirement Account using savings from their Special, and then Ordinary Accounts. (press release) The Minimum Sum for CPF members who turn 55 before 1 July 2014 remains unchanged.

The ministry explains that the increase in the minimum sum is to maintain its real value over time, accounting for inflation. Along with the change in the minimum sum, from 1 July 2014: 
The Medisave Minimum Sum will be raised to $43,500 from $40,500. A member will need to have this amount in his Medisave Account and also meet the CPF Minimum Sum before excess funds can be withdrawn.

The Medisave Contribution Ceiling will be increased correspondingly to $48,500, from $45,500. This is the maximum balance a member can have in his Medisave Account. Link


Related: PAP's ingenious scheme to hold your CPF money after your demise




Enhanced CPF nomination scheme transfers your CPF to your beneficiary’s CPF

Exactly why would any CPF member choose to do so, however, is quite beyond me

The CPF Enhanced Nomination Scheme (ENS), which was introduced in January 2011, enables a CPF member to transfer their CPF savings to their nominees’ CPF accounts when they pass away, subject to the prevailing Minimum Sum limit and Medisave Contribution Ceiling (MCC).


All the savings in the Ordinary, Special, Medisave and Retirement Accounts, as well as discounted SingTel (ST) shares, will be distributed to the nominees in the proportion as stated in the nomination form.


All CPF members whose nominees are Singapore Citizens or Singapore Permanent Residents (SPRs) are eligible to make an enhanced nomination. This can be done at any of the CPF Service Centres, where CPF Customer Service Executives will be able to guide the CPF member through the process and also act as witnesses for the nomination.


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Only 1 in 8 meet Minimum Sum balance

From the 1 July 2012, the CPF Minimum Sum (MS) and Medisave Minimum Sum (MMS) will be raised to $139,000 and $38,500, respectively.

The gradual phasing-out of the MS withdrawal rule, which is currently set at 10%, will be fully implemented on 1 January 2013. Those who reach the age of 55 will now be able to withdraw $5,000 if they have less than $139,000 in their CFP balance.

Let’s investigate a little further as to the number of people who will have a minimum sum balance when they reach 55. In 2011, 45% of CPF contributors had pledged their property when they turned 55, which translates to 1 in 8 who were able to meet the minimum sum balance.

related:
So many CPF problems?
Right form to be used or your money goes to nominees’ CPF
CPF returns are the lowest in the world?


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Tan Kin Lian: Your CPF savings are SAFE

I wish to address the issue on whether the CPF is able to pay off all its members, if it is dissolved today.

The annual report of the CPF at 31/12/2012 showed total amount owing to CPF members to be $230 billion. This is invested in Singapore Government Securities totaling $229 billion, with a few other billions invested in other assets.

If CPF were to be wound up, will the government be able to pay the $229 billion?

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SINGAPORE'S CENTRAL PROVIDENT FUND (CPF)

In recent years, policymakers around the world have been attracted to the concept of integrating a consideration of assets into policy efforts aimed at securing and enhancing social welfare. The theory behind asset-based welfare policy suggests that while income facilitates immediate consumption, social development over the long-term occurs primarily through asset accumulation and investment (Sherraden, 1988, 1991). Assets may not only provide individuals with the ability to exert control over resources that can increase their financial security, they might also orient owners to future aspirations and be linked with positive economic, psychological, and social effects. To explore policy efforts consistent with this theory, Sherraden (1991) proposed the establishment of life-long asset accounts for each individual, preferably for newborns, as a vehicle to implement asset-based welfare policies. He further suggests that asset-based policy should be inclusive, progressive, and built around a single integrative and coherent framework (2003a).

The experience of Singapore provides an instructive case study for the potential of this approach. This affluent city-state in Southeast Asia has developed an innovative and comprehensive set of policies that employs an asset-based approach to social welfare (Asher & Nandy, 2006). At the center of these efforts is Singapore's Central Provident Fund (CPF). The CPF has gained international recognition as a particular model for meeting social policy objectives (Hateley & Tan, 2003). As one of the key pillars of Singapore's social safety net (Central Provident Fund Board, 2007b), the CPF seeks to facilitate retirement security while minimizing welfare transfer payments in a manner consistent with a national philosophy of self reliance (Central Provident Fund Board, n.d.-e).

While Singapore became independent in 1965, the CPF was originally established by the British colonial government in 1955 as a compulsory defined-contribution savings scheme. It was designed to provide financial security for workers after retirement or when they were no longer able to work (Asher, 1991). However, over the years, the CPF has been used to accelerate national economic growth (Central Provident Fund Board, n.d.-e) and has since evolved into a comprehensive social security savings plan with various pre-retirement uses such as financing healthcare, post-secondary education, home ownership, and other asset enhancement investments. Furthermore, the CPF is an integral part of the continuum of asset-based policies in Singapore that extend throughout the life course (Loke & Sherraden, 2009). Policies such as the Children Development Accounts (CDAs) that target children from birth to age six, the Edusave Scheme that benefits school-going children, and the Post-Secondary Education Accounts (PSEAs) are fully integrated with the infrastructure of the CPF. Unused balances in the CDAs and the Edusave Accounts are rolled-over to the PSEAs, which in turn transfers its unused balances to the CPF. With a portfolio of continuous managed investment, the CPF has become a life-long provision (Aw & Low, 1996)
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Singapore Daily: CPF
– TOC: Hri Kumar’s CPF forum – an honest farce
– SG Wealth Builder: Singaporeans’ misconceptions on the CPF System
– Money $mart: Did the Committee Just Save You From Paying Huge Medical Bills?
– The Independent, SG: Medishield Life: What is clear and not so clear
– Singapore Man of Leisure: Know your CPF queue number
– Musings From the Lion City: The Main Problem With The CPF
– Likedatosocanmeh: Govt awaiting CPF Valuation Limit time bomb to detonate
– Mothership: 20 ways to really enjoy yr $155,000 CPF Min Sum if you took it all out
– Small steps for Social PR: The Poor’s Curse Of Instant Riches
– Food Fuels me to Talk…: Why G must never hand over all CPF
– SG Young Investment: Return our CPF?
– The Side Parting: Why the Young Should Care About MediShield Life
– Blogging for Myself: Tan Chuan Jin explains the CPF returns?
– My Singapore News: The CPF Dialogue – The people taking the initiative
– Living Investment: To switch or not to switch?
– The Independent, SG: CPF: Old policy, new fire
– The Heart Truths: Growing Our CPF: Time To Go Back To The Basics
– Singapore 2B: On CPF
– Tots of Cynical Investor: CPF Life: What sucks/ Which is closest to Minimum Sum
– Inve$tment Moat$: The CPF is giving us a HIGHER savings rate
– Blogging for Myself: Watching people get CPF wrong
– A Load of Fish: Can you invest better than CPF?
– SG Wealth Builder: How to get your CPF monies before you turn 55
– Likedatosocanmeh: PAP vs People’s Power, non violent revolution to end tyranny
– Singapore Alternatives: CPF: Can I trust PAP government with my CPF money?
– A Sporean In Australia: CPF Scheme that had me Decide Enough Was Enough
– Devadas Krishnadas: Why it’s so hard for S’poreans to understand CPF
– Sgpolitics: Consolidated summary of deficiencies in the CPF system
– Money $mart: A MoneySmart Response on Why Roy Ngerng is Wrong
– Cooler Insights: Conversations on CPF
– WonderPeace: Talking Point on CPF – a waste of time
– Signs of Struggle: “Our Money” – minding the gaps in MOM’s CPF blogpost
– SG Young Investment: Queries on CPF minimum sum – Pledging your property
– five stars and a moon: CPF: Comparison of retirement plans around the world
– cheerful egg: What You Can Do About This CPF Thing
– Just Speaking My Mind: Finally Ministers are Talking about CPF!
– Life of a simple boy: Are we happy?
– Limpeh Is Foreign Talent: CPF Part 3: the Cheese Cake Conundrum
– Singapore Alternatives: CPF MYTH – Is CPF Really Risk Free?
– Cheerful Egg: What You Can Do About This CPF Thing
– Dollars and Sense: Separating the realities of the CPF-HDB scheme from the myths
– Blogging for Myself: Where are CPF cash invested: Don’t tell you
– Dr Wealth: 3 Truths About CPF
– Singapore Notes: CPF Is Broke
– Reflections on Change: MediShield Life Should Not Be Pre-Funded Part I
– My Singapore News: Revamping the CPF?
– Cheated Singaporean: The 3 idiots in the CPF debate
– The Heart Truths: YOUR CPF: The Complete Truth And Nothing But The Truth
– Dollars & Sense: An Important CPF Regulation You May Not Have Know
– Signs of Struggle: “Our Money” – minding the gaps in MOM’s CPF blogpost
– SG Young Investment: Queries on CPF minimum sum, Pledging your property
– 5 stars and a moon: CPF: Comparison of retirement plans around the world
– cheerful egg: What You Can Do About This CPF Thing
– Just Speaking My Mind: Finally Ministers are Talking about CPF!
– Cheerful Egg: What You Can Do About This CPF Thing
– Dollars&Sense: Separating realities of the CPF-HDB scheme from the myths
– Blogging for Myself: Where are CPF cash invested: Don’t tell you
– Dr Wealth: 3 Truths About CPF
– Singapore Notes: CPF Is Broke
– Reflections on Change: MediShield Life Should Not Be Pre-Funded Part I
– My Singapore News: Revamping the CPF?
– Cheated Singaporean: The 3 idiots in the CPF debate
– SingaporeNotes: CPF is broke
– likedatosocanmehHow our CPF scheme will end in tears for CPF members
– The Heart TruthsYOUR CPF: The Complete Truth And Nothing But The Truth
– Dollars&SenseAn Important CPF Regulation You May Not Have Known About
– Money $mart: Will We Ever Get Our CPF Money? CPF Raises Minimum Sum
– Mad Stranger the Investor: CPF minimum sum 2014
– Marry Thai Girl Singapore: CPF Minimum Sum Raised to $155,000
– Ravi Philemon: Free my CPF
– The Heart Truths: CPF Min Sum Increased: How Many Ways To Milk You Dry
– Just Speaking My Mind: Increase of CPF Minimum Sum Again
– Tzlee: CPF Minimum Sum at $155K?!
– Sgpolitics.net: CPF Minimum Sum raised to $155,000
– My Singapore News: CPF Minimum Sum raised to $155k effective 1 Jul
– Singapore Alternatives: Should we take CPF & PAP government to court?
– Limpeh Is Foreign Talent: The CPF debacle: the gambler’s pitfall
– Just Speaking My Mind: Will Singaporeans Ever Get Back their CPF Saving?
– The Heart Truths: Where Your CPF Money Is Going
– My Singapore News: Minimum sums schemes for ministers

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