UncleFai
Senior Member
"Minimum" in the sense of "at the very least will guarantee you $X per month for Y years."
CPF Minimum Sum
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"Minimum" in the sense of "at the very least will guarantee you $X per month for Y years."
Kit
Senior Member
Well, it seems like the cost of living is so low in the Philippines that even the domestic maid's lowly salary in Singapore is enough to make a Pinoy rich in the Philippines. Have you not read about the case of Jeanilyn Bermudez who came to Singapore to work as a maid 30 years ago and now runs five businesses, including a recycling business that employs 20 people in her village? A maid's CPF is so low that I don't think she is depending on it to make her what she is today back in the Philippines.http://buzz.viddsee.com/cleaning-like-a-boss/
er... maids have no CPF.
Well, it seems like the cost of living is so low in the Philippines that even the domestic maid's lowly salary in Singapore is enough to make a Pinoy rich in the Philippines. Have you not read about the case of Jeanilyn Bermudez who came to Singapore to work as a maid 30 years ago and now runs five businesses, including a recycling business that employs 20 people in her village? A maid's CPF is so low that I don't think she is depending on it to make her what she is today back in the Philippines.
Obviously u don't know anything BUT keep rattling here.
Maids has no CPF......
and don't compare us with a country like Philippines. You obviously don't know the domestic situation of Philippines.
You can try staying there for a year, and come back tell us whether you like it there or not
tomcat
Senior Member
The only thing you can deduce from what I posted is that most likely I don't have any maids which would be true.
I am not comparing myself to Pinoys. I am just saying that even at maid's salary here, the Philippinos who come here to work as maids can still make enough over time to improve their standing in their own country like that lady Jeanilyn Bermudez. I'm only stating facts unless you think that the article I quoted is fake. Why are you so upset over this, I don't understand.
My question is: "What happens after Y years?
UncleFai
Senior Member
CPF Life.
Suggest you watch the video of the talk I have posted earlier (which I will post again here): http://www.youtube.com/watch?feature=player_embedded&v=ZFwvYtHaPPk
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It's already stated that it goes until death.
If earlier than 20 yrs you get some money back if you opt for basic payout. Nothing if opt for enhanced payout. Can't have the pie and eat it.
Statements leads me to ask how far are you from 65?
Hello, Are we talking about the same thing?
We are talking about minimum sum here not cpf life.
Does my age have anything to do with my ability to discuss the subject?
Yeah, many other countries are like Philippines. But how is this related to CPF?
I can also quote that singaporeans worked in EU and come bk to SG with big chuck of money and staying in Orchard.
So how is your example relate to CPF?
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:bsmilie::bsmilie:
Ya loh. Now what is he saying? 55 is young? So 55 is the new 25? :bsmilie:
It doesn't matter whether expat or coolie.
The quoting of so and so working here and going back with chuck of money is not relevant in this topic.
When we go overseas to work, we gain as much as Filipino coming here to work. At the end of day, each return to home country with big chuck of money.
Is this relevant to CPF topic?
tomcat
Senior Member
If you had read my post on the maid properly, you would have realised that I was not condemning her for taking her hard-earned salary back to the Philippines. I have nothing against people working hard in a decent job for a decent salary, be they locals or foreigners. I had only posted her case here as I admire her tenacity in upgrading herself even though she was only working as a lowly paid domestic maid here in Singapore. From the interview it would appear that she might still be working here as a maid while running her various companies in her home village.
As for the relevance of the post to CPF, there is one if you had viewed the interview video clip and can read between the lines and interpret it for yourself. In the interview, I was very much taken with the statement both she and the representative from Aidha made about the most important lesson she learned about financial management... and that is that she must learn to say NO to demands for money from relatives back home. This statement brought to my mind the experiences of some of my friends who reached 55 yrs of age and were eligible to withdraw their CPF. Many of them were bombarded by pleads and requests from family members and relatives for hand-outs as if the CPF monies were windfall from Heaven and should be shared with one and all. Some of my friends sadly could not resist the pleadings and gave out portions to their CPF money to these people. CPF members need to learn from this maid and stand firm and say NO to demands for hand-outs from their relatives as the money is for their retirement and must last the rest of their natural lives. CPF members must also not treat the CPF money they withdrew upon 55 as a bonus to be splurge at the Mistress Village in Batam or round-the-world holiday trips, etc and instead should guard and make it work and grow into a bigger nest egg for their retirement like this maid who made sure that her hard-earned salary is squirreled away to build up her little empire in her home village unlike many of her fellow maids who splurge their salaries on movie tickets, Starbuck coffee, MacDonald or boyfriends during their Sundays at Orchard Road.
Lastly, I don't understand why there can't be civility in the discussions in this forum. I try my hardest not to use harsh words specifically targeted at individual forum members in any forum discussion and don't think it is too much to expect reciprocity in kind when people response to my postings. There is really no need to be so combative in such discussions to drive your points across.
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your minimum sum is your cpf life. No minimum sum, no cpf life. Low min sum, low cpf life money.
not your ability but it seems you did not delve into the fine print, which is likely for someone at a distance from it.
hanzohattori
Senior Member
*Cue for sion to come up with shigeo tokuda image references :bsmilie:
huatman
Senior Member
NTUC chief Lim Swee Say clarifies media report on CPF
http://www.channelnewsasia.com/news/singapore/ntuc-chief-lim-swee-say/1194908.html
NineEleven
New Member
Ladies & gentlemen, ultimately, we're discussing about our retirement, this is what the CPF is set up for. The government does not and will not look after us so it's a forced saving.
There's nothing much we can do about it unless we vote them out & put someone more resourceful in taking care of the citizens. Do you think it's possible in the near future? Not likely because even with a new government, they need at least two terms to overhaul or fine tune to see results.
Meanwhile, instead of banging & shouting. I suggest that we look into taking care of ourselves while you're able & healthy. I don't sell insurance or MLM products but please spend some spare time to study how to enrich yourself & accumulate assets so that you can have a more comfortable old age.
The lifestyle depends largely on your expectations, requirements & of course the cost in the place of settlement so it may not be in Singapore. It could be in a 3rd world country or perhaps a metropolis. US$1K a month may be enough for some while others require ten times more but it's a choice & be realistic. It's a future some distance away for some & very near for others. So instead of whining, why don't you take it by the horns and overcome the issue?
Personally, I have not given much thoughts to my CPF as it's there only as a bonus. What happens if I'm ill, will the medisave be enough? Will my savings be enough? Recently, a friend told me that his brother just passed away after 2 years of fighting with cancer. For the last few months, it cost a staggering S$40K a month just on hospital bills. S$40,000.00. I didn't ask how much it cost in total since the brother passed away but it can't be less than 6 figures. I've also known a friend who sold his semi-D to nurse his sick father and still lost him but money did give them some extra time together.
So, stay healthy & eat well.
Trivia:
Do you know that parents are by law required to take care of their step children as well even after divorce? And Vice Versa, because there are many abandoned old folks out there and the State has to take care of them especially when none of the children wants to or willing to. This is where the Maintenance of Parents Bill come in, it falls under MCYS and they are a powerful department. It is one of the few ministries that can make you declare all your assets, freeze your account with court order then dispose of your assets to assist in settlement of outstanding hospital bills. Even illegitimate children must bear responsibilities.
That is another horrible way to burden our children so please beware of that. Good day.
There's nothing much we can do about it unless we vote them out & put someone more resourceful in taking care of the citizens. Do you think it's possible in the near future? Not likely because even with a new government, they need at least two terms to overhaul or fine tune to see results.
Meanwhile, instead of banging & shouting. I suggest that we look into taking care of ourselves while you're able & healthy. I don't sell insurance or MLM products but please spend some spare time to study how to enrich yourself & accumulate assets so that you can have a more comfortable old age.
The lifestyle depends largely on your expectations, requirements & of course the cost in the place of settlement so it may not be in Singapore. It could be in a 3rd world country or perhaps a metropolis. US$1K a month may be enough for some while others require ten times more but it's a choice & be realistic. It's a future some distance away for some & very near for others. So instead of whining, why don't you take it by the horns and overcome the issue?
Personally, I have not given much thoughts to my CPF as it's there only as a bonus. What happens if I'm ill, will the medisave be enough? Will my savings be enough? Recently, a friend told me that his brother just passed away after 2 years of fighting with cancer. For the last few months, it cost a staggering S$40K a month just on hospital bills. S$40,000.00. I didn't ask how much it cost in total since the brother passed away but it can't be less than 6 figures. I've also known a friend who sold his semi-D to nurse his sick father and still lost him but money did give them some extra time together.
So, stay healthy & eat well.
Trivia:
Do you know that parents are by law required to take care of their step children as well even after divorce? And Vice Versa, because there are many abandoned old folks out there and the State has to take care of them especially when none of the children wants to or willing to. This is where the Maintenance of Parents Bill come in, it falls under MCYS and they are a powerful department. It is one of the few ministries that can make you declare all your assets, freeze your account with court order then dispose of your assets to assist in settlement of outstanding hospital bills. Even illegitimate children must bear responsibilities.
That is another horrible way to burden our children so please beware of that. Good day.
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NineEleven
New Member
As we can see, anything related to Filipino is a sensitive issue lately.
Another good example for squandering away money is the recent news about the Indian lady from Johor who received a huge sum of money from donations & insurance payout due to her deceased husband. I read with anger & sorrow because it proves that some people don't know how to handle money when they have a windfall. It's tragic not for her but the children.
She's not alone. It's common news that people who won huge sum from Toto etc only to be poor again very soon so the story which you shared is relevant in in teaching us how to manage money.
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I think because of some unwise people, G need to lock up your money for your own good. That make a lot of people angry.
Imagine after the incidence of two boys hit by cement truck, G make a rule that no one below the age of 16 will ride a bicycle without adult supervision!It is for the safety of the kids!
Imagine after the lost of flight MH370, G make a rule that no one should fly on Malaysia Airline....for your own safety.
I know some of my friends mention that they won't take Malaysia Airline but this is purely their personal choice.
People are angry when their personal choices are controlled.
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