CPF cut to 33% wef 1 Oct 2003

[blurblock]

CPF cut and lowering of ceiling (eventually) => more taxable incomes.
So that will help to balance the government budget.

As for housing, it is very likely that HDB will start to rent flats (rather than sell them). If so, the cost of housing *maybe* more realistic. Frankly, which flat really still standing after 99 years -- and not many of the flats in the first decade of our nation's history still standing.

Cutting pay is probably a gesture. Fixed overheads -- such as rental expenses -- are not trivial either.

Renting the flat? be more realistic will you, renting the flat is more expensive then buying them. A 4 room flat is rented for about $1200 per month, to "buy" the flat it cost about the same per month too, and you do not have a free will to sell it to get cash back, at least when you "buy" it you can reclaim cost.

Moreover, for the current position of HDB, Singaporean are effectively "renting" HDB flat, the flat belongs to HDB not you even when the flat is fully paid for. HDB can reclaim the flat anytime paying you the "valuation" price set by them or the purchase price then whichever is lower. Ya.... who is going to pay for all the interest paid for paying the flat? And when they reclaim the flat, you will still have to pay them admin charges and at the same time lawyer's fee if applicable.

They delibrately have it in the middle of their term..... dare them to put it during election year, and I see their explaination ......

If they say the cost of the worker is getting more expensive then the neighbouring country, they should also reflect the truth that the cost of lving here in Singapore is more expensive then the neighbouring countries..... the pay of the ministers are at least a few times more then any neighbouring countries. They themselves are not affected by the cut, they earn tons and tons of monies, but for us worker below, we will have to bite the bullet.

Look at it this way, the cost of a flat or a car in Singapore is definitely 10 times if not more then China or Bangadesh. For god sake the cost of public transport is more expensive then neighbouring counties. Then they are using the excuse of the worker here is more expensive? It's a vicious cycle. If the cost of living is high, the worker is expensive too.... you can't have a place where the worker are cheap and the cost of living is bloody high.

 

[tohcp]

i was wondering why the government don't reduce the rental fee of the factories or is it already been reduced?

I believe the rental fee of factories or land is much much cheaper in other asian countries, right?

 

[cyke]

I may sound harsh, but we Singaporeans like to spend beyond our means. Take buying a place for example, we max our CPF payments to the fullest, always expecting the economy to get better in the future and having the CPF contribution restored to 40%. Was it a wise move on our part? Should we blame the government when external factors beyond its control come along? Just as we as individuals have things we can control and things we can't, likewise the government isn't omnipotent. Sometimes we are too naive.

 

[cyke]

i was wondering why the government don't reduce the rental fee of the factories or is it already been reduced?

I believe the rental fee of factories or land is much much cheaper in other asian countries, right?

If I'm not wrong, this has been reduced as a whole over the past years. There is a limit to how much rates can be lowered, and I suppose there might be some impact on other segments of the property market. Lastly, this move only benefits the manufacturing sector.

 

[ahbeng]

Look at it this way, the cost of a flat or a car in Singapore is definitely 10 times if not more then China or Bangadesh. For god sake the cost of public transport is more expensive then neighbouring counties. Then they are using the excuse of the worker here is more expensive? It's a vicious cycle. If the cost of living is high, the worker is expensive too.... you can't have a place where the worker are cheap and the cost of living is bloody high.

precisely, even goh chalk tong's pay is (i believe) 10 to 20 times more (may be even more) than the chinese premier and india pm. not to mention our overpaid millionaire ministers. what does this prove? everything is expensive.

 

[ahbeng]

Just as we as individuals have things we can control and things we can't, likewise the government isn't omnipotent. Sometimes we are too naive.

of course singaporean have been naive all the while. still believing we had a super-government that has solutions to turn the situations around. only when a country suffers, we can judge how capable the government is.

 

[vince123123]

Hmm i dont recall anything being said abt employee contribution being reduced...could u point me to the part?
tks

The only slightly good thing that I can see in this thing is that I potentially stand to get 2% more cash in hand by 2006 due to the reduction in employee contribution rates.
.

 

[MatthewSCL]

Dont worry....i would not be a singaporean next year!!!!

Quoted in Sat "Chai Jin zhui ji",,,,.....thats the best part of the show man..!...

All income going lower while prices are going higher and higher....water bills, power bills....etc etc....transport....why are all these still as high as before? Its like tieing a knot around your neck...and then pulling it slowly....making you breathless in the long run....

how i wish I can put down all the things in singapore and fly to other countries,,,...sigh.... :cry:

 

[kiwitan]

Fret not, Prime Minister-in-waiting Lee Hsien Loong will reveal the economic aids to help us Sinkaporeans cushion the impact of this CPF cut to save our jobs. Be sure to expect more promises of Economic Restructuring Shares, Sillyaporeans Shares, longer mortage years etc. With all these in place, we all can be happily working into our 70s to have a roof over our heads.

>> So make sure that you vote the PAP into Power in the next General >> Election, or else we will all be fcuked.

So make sure that you vote the PAP into Power in the next General Election so that they can continue to fcuk us deep deep.

 

[blurblock]

If I'm not wrong, this has been reduced as a whole over the past years. There is a limit to how much rates can be lowered, and I suppose there might be some impact on other segments of the property market. Lastly, this move only benefits the manufacturing sector.

Actually, I don't think so, most shop owner I know are complaining as it seems that the government is still increasing rental price gradually, though the increament is not as great, but they are still increasing the rent.

 

[ahbeng]

So make sure that you vote the PAP into Power in the next General Election, or else we will all be fcuked.

We have already being fcuked, repeatedly :bsmilie: :bsmilie: .

 

[ahbeng]

Fret not, Prime Minister-in-waiting Lee Hsien Loong will reveal the economic aids to help us Sinkaporeans cushion the impact of this CPF cut to save our jobs.

That useless piece of shitty maggot want to be hero loh. he ain't no LKY man.

 

[kiwitan]

He's aint no shitty maggot cos he can reach out to slap you across the table.... Maggots where got hand

That useless piece of shitty maggot want to be hero loh. he ain't no LKY man.

 

[Darren]

Reminder to members: please keep this discussion sane and sensible without descending into name-calling, obscenity and innuendoes.

 

[ckhaos]

The goal of this round of CPF retuning is to make the local economy more competitive for investors.

Now, what does increasing minimum sum, changing withdrawal rules at age 55, etc. got to do with this goal?

 

[kiwitan]

Increasing the minimum sum means there is more of our CPF money in the Pappies coffer to pay themselves handsome bonuses and salaries to the ministers. Increasing the withdrawal age means the our money is no longer within our easy reach so that the Pappies can use it to generate more interests in some overseas investments.

Now, what does increasing minimum sum, changing withdrawal rules at age 55, etc. got to do with this goal?

 

[cyke]

We should not get blinded by emotions. Which government has the guts to make this apparently unpopular move? Incidentally I think our government handled the SARS crisis very well. We have a pretty capable government. Let's not complain and complain or start crying the moment we fall and hurt ourselves or the moment we get bullied. Are you a weakling or a fighter? Just take the bitter medicine - life will go on.

 

[andylee]

Fret not, Prime Minister-in-waiting Lee Hsien Loong will reveal the economic aids to help us Sinkaporeans cushion the impact of this CPF cut to save our jobs. Be sure to expect more promises of Economic Restructuring Shares, Sillyaporeans Shares, longer mortage years etc. With all these in place, we all can be happily working into our 70s to have a roof over our heads.

>> So make sure that you vote the PAP into Power in the next General >> Election, or else we will all be fcuked.

So make sure that you vote the PAP into Power in the next General Election so that they can continue to fcuk us deep deep.

Shit!! I so old liao also never vote before!!when there is election, it's always walkover!! Now I feel I'm been WALKOVER!

 

[espn]

Even if they give us aids to help us tide over the hardtimes, the same time there will be some reduction elsewhere.

They call this equilibrum. This is the way government work, you want a good life in singapore, join the PAP or government.

 

[Alex]

Ladies and Gentlemen,

A roof over the head is paramount..! We have to tighten our belts!!

Alex