CPF Minimum Sum
- Thread starter Jedi
- Start date
kei1309
Senior Member
ninelives
Senior Member
no, trs, yahoo, strait times, farbrications....all are craps.
kei1309
Senior Member
which is my point to sammy. if you can believe that crap, why not other websites.
lots of idiots these days thinking they know so much. especially Roy Ngerng
Always read both sides of story.
These ppl going up to speak, always have own agenda
Those idiots who complain abt CPF, never know or understand how CPF system actually works.
To write a full length is very long. I will try a short one so you wont fall asleep.
This is how it works. Your cpf money is transfered by cpf to monetary authority of singapore (MAS). In return the goverment will issue a bond, SSGS (simply a piece of paper saying the goverment owes cpf the money they have taken) this bond is guranteed by the Singapore Government. The MAS will transfer the money to GIC for investment as Singapore Reserves.The GIC is in fact operating as a hedge fund. Hedge Funds worldwide are not regulated by any government. They could loose all the money.
Here is the problem:
Assume someday the government goes rouge. They clean out the reserves, like Marcos of the Phillipines or GIC failed in all the investments. Time for you to withdraw your money. There is no money because of above.You said nevermind our cpf is guranteed by the singapore goverment(SSGS) backed by strong assets (so claimed by the government). Do you know where are the assets? Even the late President Ong could not get an account of the assets! So the gurantee is as good as nothing! If you were not afraid I am.
A second scenario: When the government looses all the money. Government has no money on its own. Government money comes from two sources; taxes and printing money ( modern term:quantity easing,) In order for them to pay you, they start printing money, this lead to massive inflation and by the time you withdraw your cpf you could buy a loaf of bread for $100. If they start to increase taxes so that they have money to pay you, the next working will pay dearly.
It is in our interest to keep a keen eye on the cpf.
Not all who complain are idiot.
So far, most are!
Where do you obtain your statistics that most are?
One liner statement like this shows you are in that category.
Yutaka Go
Senior Member
Well written.
If the SG gov cannot pay back the CPF money, they will raise the retirement age to 99 or set a higher minimum sum
Nobody can stop them in parliament
It's my opinion. I don't need statistics to support my opinion. You wanna play name calling?
If you must have statistics, what do you have to support your long story?
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sammy888
Senior Member
i saw this on facebook:
https://www.facebook.com/Fabricatio...3440582045291/676924082363603/?type=1&theater
it might be one of those pappy IB guys posting it.. BUT if you're stupid to believe TRS, you ought to be stupid enough to believe that pappy IB guy as well
not everything is as what it seems, and obviously these people have an agenda to pursue.
you can believe what you want, but in the end, don't become a fool that just believes one side of the story
I think you need to understand how I look at her situation and what she is asking for. This has nothing to do with her house which for all we know it has already been paid out. what interest me is the fact she is talking about reaching that age close to what they govt said we will live so what then? If she only have a few more years to go and she want to settle things in her life including planning her own funeral AND SHE IS LIKE ME NOT MARRIED BUT SINGLE. We are settling our life's responsibility toward that ending time of our lives. SHE IS A PRIME EXAMPLE of that claims the govt is making.
What is the alternative? Leave the money in there to give to CPF when we die????? I am like that as a manager of my life.. I have the money outside of CPF but so what? Whatever is in my CPF account is still my money and I choose to be able to control and make full use of it the way I want. If I want to keep it inside and not use... that's fine. But if i want to take it out or consider what use I need for it at a given time.. I need to know I am able to do so work that into my planning with some predictability in case of emergency. This means I have full control of my life and property including money. Is that wrong?
I could go on but from all my observation over all these years.. I keep smelling smoke and nobody has ever ... ever gave us a satisfactory or worst a proven proper answer as to what is being use and done with that money. We instead are by law to totally base that on TRUST AND FAITH LIKE RELIGION that the money is safely kept and used by 'others'. Sorry...I see too much human lies and BS the world over to trust that deeply. You can? You trust your family, your lover or friends that must and have never been cheated or bluffed? Sure? It can only go so far for me before I start to think where I smell smoke.. there is a fire hidden somewhere. Till something can show me in black and white .. i will always have a skeptical side that is always on the lookout for the truth whatever it is. If you want ot stay under a rock all your life and keep the faith.. That is your right. I can respect that. It's silly as real life will make you the victim to some situation in life but I can respect that.
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sammy888
Senior Member
Spot on That is my concern. When you think things out logically and clearly without emotion and you start to connect the dots.. you can't help but see cracks and other small signs that something is not right with the picture. That is how science works. I can't be sure if I am right but there is smell of smoke but each time, every time someone starts to ask questions, the power that be gets very edgy and over protective BUT YET still no concrete answer but deflections.
I look at this thru life dealings of how people can lie thru their teeth from guilthy people I meet in the Police Force making arrest to lying husbands to buisness partners who borrow money and cheat you...etc Over time you start to see things a little more clearly that something signs instinctively. You have NO PROOF but you can feel it in your bone something is not right and when things always start to change a little to often you start to notice things further. If other people who criticize me want be an ostrich and put their head under the sand all the time and dream of happy thought, I have no problem with that. Just like the idiots who spend their money on booze,bimbo women or what have you vices. Their life and their money. I don't for now need the money yet but it is still my money and I want to make sure it is there when i need it to be and nothing wrong is done with it right under our noses. I can tell you, if something really is wrong, the citizens will be the last to know and by the time everyone finds out, the guilty have left the country. That is not the biggest problem yet. The biggest problem are those of us who are left in Singapore in limbo to pick up the pieces.
Maybe I am over thinking this but I have to keep poking this every now and again simply because we have never ever gotten a black and white report as to how that money is being used and by who and how much. the same people who control our CPF are the same people on the board of some of those companies taking the money to use. there is a legal term for this in law.. " conflict of interest". Any legal or businessman or manager knows what that means when practices involve in parties like that. I don't need my money as badly as some of the nay sayers think we are or I am, my main pursuit is answers to questions a lot of people have been asking for a long time INCLUDING a former President of Singapore. THE CPF is just a means to that end to finding that out that's all I am saying.
You can say I have no statistic but I am searching for statistic from them. We have yet to historically get any so far. And that is a solid statistic I am standing on.
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kei1309
Senior Member
everyone knows that. however, most are NOT even listening to the explanations. you are just one of the few who have their own thoughts.
most people i know just say "i want my money"
and you can say whatever you want, but thinking that the government will actually try to lose all our money is insane. do you even know why the returns on investment are low?
because they keep it in low-risk investments.
now most of those small-minded detractors are demanding that we must have higher interest rates. BUT that only comes with higher risk investments.
go ahead. you want to risk it all on your own, you can do it. just don't complain when everything is gone.
Think about it for a second. If everyone did not care or meekly submit to whatever government is saying or doing, what it would become? We will degenerate into nazi/communist society whereby everything told from above is absolute. There is a need for balance in everything. There is no good/bad guy in politics, only the one from which the country benefits more.
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Yes. That's how they work
But isn't this all our banks are doing the same?
You put money into your bank saving account, what will they do with your money? Sit on it?
This is basic money economics.
And isn't this all other countries are doing as well?
Who will let the money sit idle?
U say the govt got no guarantee. Isn't this what insurance companies are doing with your insurance policies, that they promise to pay out in case of a claim? So why are you not questioning insurance companies? What do they have to guarantee your payout?
Our govt also guaranteed our bank savings, after the US financial crisis. Why u don't also question what asset the govt has to guarantee this?
Don't say until govt turn rouge. No system is perfect. Whatever system u adopt, there will always be loopholes.
If I agree with you totally, then what alternative do you have, to improve the system? Take out entire CPF system? This won't be possible.
An opinion must have some basis, either from known research, personal interaction or at least ask your friends. I cannot just wake up one morning and say all Singaporeans love Roy and it is my opinion and expect others to believe. Even if I were to say majority of Singaporeans love Roy, I can support my saying so based on the money he collected.
My post was in relation to donut88. He called people who question the cpf idiot. I responded to his post and at the end of it stating that not all are idiots. Yet you persisted to call people idiots. You stick a finger in my face and I responded accordingly. I make no apoligies for it.
I am confused by your response, but I will try to response.
No where did I say cpf money should be sitting around doing nothing, it is naive to even think that way.
"isn't this all other countries are doing as well?" No not all countries are doing this. Malaysian EPF, DO NOT have minimum sum.
You then talk about insurance companies, what has that got to do with my statement that the assets used to guarantee are not accounted for? In any case to believe insurance companies are there in case of payout is a dream! There is no guarantee. They can go bust!! So in your interest CHOOSE your insurance company carefully. Don't trust blindly.
Government guarantee of bank savings is a bonus. I don't question something that is a bonus.Even if I needed the guarantee and there was none I am ok with it, because I choose that bank and assume the risk. I bank with many banks to diversfy my risks. I choose my banks carefully. I excerise my right to choose. With cpf I have no choice I am at the mercy of one organisation. Therefore I cannot accept the risk of having $155K in the hands of one organisation.
"No system is perfect" precisely for that reason I want my money back.
What alternatives? Don't clutter this thread as it is about minimum sum. Start a new thread titled "CPF is the best" and I will engage you there.
Finally don't clasify people who questioned as idiot. It is a very strong word. It is through questioning that you see light.
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