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Thread: CPF board raises its minimum sum to $155k

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    Default CPF board raises its minimum sum to $155k

    http://www.businesstimes.com.sg/brea...needs-20140508

    The Ministry of Manpower (MOM) and CPF Board jointly announced on Thursday that the CPF Minimum Sum has been increased to S$155,000 to account for inflation.
    This will apply to CPF members who turn 55 between July 1 this year and June 30 next year.
    This will be set aside in their Retirement Account using savings from their Special, and then Ordinary Accounts.
    The minimum sum for members who turn 55 before July 1 this year remains unchanged.

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    OMG!!!

    10char

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    http://www.todayonline.com/singapore...ise-s155k-july

    SINGAPORE — The CPF Minimum Sum will rise to S$155,000 on July 1 next month, the CPF Board and the Ministry of Manpower announced in a statement today (May 8).

    This new Minimum Sum will apply to CPF members who turn 55 between 1 July 2014 and 30 June 2015.

    The statement added that the Minimum Sum increases over time to account for inflation in order to maintain its real value.

    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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    ponzi..........

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    Moving goal post. This minimum sum sucks. Everyone dies.

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    Worse than ponzi.

    You have a choice in ponzi. You can choose not to invest.



    Quote Originally Posted by august View Post
    ponzi..........

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    But with that sum at age 55years, CPF Life pays $1200 per mth for life which is more than 9% "interest" pa...a pretty good deal, isn't it?

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    Someone must be burning another big hole some where ... olam ? Watson ? Hpt ?
    They lose we suffer. They make, we also suffer.. ;-(

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    Quote Originally Posted by mummy View Post
    But with that sum at age 55years, CPF Life pays $1200 per mth for life which is more than 9% "interest" pa...a pretty good deal, isn't it?
    Depends on how long you live. If return IC 5 years after payout, at most get 45% back.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    Quote Originally Posted by mummy View Post
    But with that sum at age 55years, CPF Life pays $1200 per mth for life which is more than 9% "interest" pa...a pretty good deal, isn't it?
    The payout only start from one's 65 birthday onwards. So still got 10yrs no payout

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    MS increased this year at 4.7%.

    Medisave Ceiling increased at 5.5%.

    Altogether lock up $6000 more in CPF before you can use to service property. More woes...
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    You get back the remaining 55%. So ok la. But we should be able to choose what we want to use the money for.


    Quote Originally Posted by Kelonguni View Post
    Depends on how long you live. If return IC 5 years after payout, at most get 45% back.

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    Quote Originally Posted by Kelonguni View Post
    MS increased this year at 4.7%.

    Medisave Ceiling increased at 5.5%.

    Altogether lock up $6000 more in CPF before you can use to service property. More woes...
    Sorry error in calculations. Medisave Ceiling is increased at 6.6%. Total lockup is $6500 more.
    The three laws of Kelonguni:

    Where there is kelong, there is guni.
    No kelong no guni.
    More kelong = more guni.

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    $1200 pm is already more than the min wage and without kids to feed and raise!
    So why still need to raise min sum?
    Or are they telling us that min wage of $1000 pm is grossly insufficient to survive in Singapore?

    Quote Originally Posted by mummy View Post
    But with that sum at age 55years, CPF Life pays $1200 per mth for life which is more than 9% "interest" pa...a pretty good deal, isn't it?

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    This is grossly unfair.. democracy is let us choose how much to put in annuity since they said is so good... byvthe way... all the ministers do NOT subscribe to this annuiry scheme as they are pensionable. .
    cpf min sum is another scheme for them to get cheap $ to gamble at our expense. :-(

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    Quote Originally Posted by august View Post
    ponzi..........
    There are still a lot of people in love with CPF and it's OA, SRS, SA etc etc.
    Got people put more money into the SA and SRS voluntarily too and some max out the account for the tax savings and retirement planning.

    I can never understand why. But I guess they have full faith in the system.

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    Quote Originally Posted by smallant View Post
    This is grossly unfair.. democracy is let us choose how much to put in annuity since they said is so good... byvthe way... all the ministers do NOT subscribe to this annuiry scheme as they are pensionable. .
    cpf min sum is another scheme for them to get cheap $ to gamble at our expense. :-(
    This is another sacred cow that needs to be slaughtered.

    If I understand it correctly, Pension was designed to recognise the effort of civil servants for their contribution to the country during a time when they were not pay the MARKET Rate of the Top 5-10%(is it?) of the private sector. This was also another way for them to do the right thing to be able to earn that pension during retirement.

    With the implementation of pegging administrative service and ministers to the top tier of private market pay, I don't see how pension can still be allowed.

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    Quote Originally Posted by teddybear View Post
    $1200 pm is already more than the min wage and without kids to feed and raise!
    So why still need to raise min sum?
    Or are they telling us that min wage of $1000 pm is grossly insufficient to survive in Singapore?
    good one !!

    I suggest they have an option to let us be Temasek / GIC shareholder ...

    e.g. 30% min sum at age 55 invest in Temasek, 20% GIC, the rest annuity, based on NAV of course (they can keep it secret ... 10y later sell also secret), for 10y our super investors Temasek and GIC should be able to make something like 10%pa right?

    ha ha ha ha
    Ride at your own risk !!!

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    Quote Originally Posted by focus View Post
    There are still a lot of people in love with CPF and it's OA, SRS, SA etc etc.
    Got people put more money into the SA and SRS voluntarily too and some max out the account for the tax savings and retirement planning.

    I can never understand why. But I guess they have full faith in the system.
    because avg GDP growth is going to be much much much lower than 4% in the next 20y
    Ride at your own risk !!!

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    Glad I have the option of not having CPF contributions in my job so that my money is not locked up...

    But govt will prob say to detractors that the regular increase in minimum sum is to offset inflation...

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    if I remember correctly 50% of min sum can be pledge with property. so effectively ordinary acct only need 75K.
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    Quote Originally Posted by focus View Post
    There are still a lot of people in love with CPF and it's OA, SRS, SA etc etc.
    Got people put more money into the SA and SRS voluntarily too and some max out the account for the tax savings and retirement planning.

    I can never understand why. But I guess they have full faith in the system.
    I stand by SRS. Its a very useful too.
    “Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
    ― Martin Luther King, Jr.

    OUT WITH THE SHIT TRASH

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    Quote Originally Posted by minority View Post
    if I remember correctly 50% of min sum can be pledge with property. so effectively ordinary acct only need 75K.
    Yes, only half minimum sum needed and it can be from SA plus OA so one can just transfer money into SA from OA for it to earn 4% to help keep up with the minimum sum increase. Can then use OA for property etc if SA is enough as anyway, SA cannot be touched till retirement.

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    So will they increase the min wage for cleaners, security guards etc EVERY YEAR to offset inflation?

    Quote Originally Posted by mummy View Post
    Glad I have the option of not having CPF contributions in my job so that my money is not locked up...

    But govt will prob say to detractors that the regular increase in minimum sum is to offset inflation...

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    Do you have medisave?

    In addition to the min sum of $155,000 from OA & SA, most (if not all) there is still another $45,000 stuck in medisave which you can't take out, that makes the total $200,000 per person stuck in CPF that they can't take out..............

    Assuming we have 4 MILLION adults with CPF accounts, each $200,000, that will make the total stuck there = $800,000,000,000 or $800 BILLIONS!


    Quote Originally Posted by mummy View Post
    Glad I have the option of not having CPF contributions in my job so that my money is not locked up...

    But govt will prob say to detractors that the regular increase in minimum sum is to offset inflation...

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    Quote Originally Posted by teddybear View Post
    Do you have medisave?

    In addition to the min sum of $155,000 from OA & SA, most (if not all) there is still another $45,000 stuck in medisave which you can't take out, that makes the total $200,000 per person stuck in CPF that they can't take out..............

    Assuming we have 4 MILLION adults with CPF accounts, each $200,000, that will make the total stuck there = $800,000,000,000 or $800 BILLIONS!
    I believe she has medisave.
    Medisave contribution is mandatory for self employed.

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    Quote Originally Posted by teddybear View Post
    Do you have medisave?

    In addition to the min sum of $155,000 from OA & SA, most (if not all) there is still another $45,000 stuck in medisave which you can't take out, that makes the total $200,000 per person stuck in CPF that they can't take out..............

    Assuming we have 4 MILLION adults with CPF accounts, each $200,000, that will make the total stuck there = $800,000,000,000 or $800 BILLIONS!
    Some believe that CPF is a Ponzi scheme and that the recent sharp increase in minimum sum is to compensate for investment losses as Temasek, our reserves and CPF are not very clearly distinguished and may be the same thing.

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    Quote Originally Posted by mummy View Post
    Some believe that CPF is a Ponzi scheme and that the recent sharp increase in minimum sum is to compensate for investment losses as Temasek, our reserves and CPF are not very clearly distinguished and may be the same thing.
    Fact and figure please, lot of believe everywhere don't be one of them.

    Do you believe Bank create money.

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    Can't really say this way without evidence and facts.

    However, it is surprising that with $155,000 + $45,000 = $200,000 person, isn't it enough for some old man/lady to survive for 20 years? Why need to keep increasing min sum for retirement account and medisave account?

    If not enough, then how can min wage of $1000 per month be enough for an adult who have to raise children and support old parents?

    Quote Originally Posted by mummy View Post
    Some believe that CPF is a Ponzi scheme and that the recent sharp increase in minimum sum is to compensate for investment losses as Temasek, our reserves and CPF are not very clearly distinguished and may be the same thing.

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    Quote Originally Posted by teddybear View Post
    Can't really say this way without evidence and facts.

    However, it is surprising that with $155,000 + $45,000 = $200,000 person, isn't it enough for some old man/lady to survive for 20 years? Why need to keep increasing min sum for retirement account and medisave account?

    If not enough, then how can min wage of $1000 per month be enough for an adult who have to raise children and support old parents?
    Actually, in Sg, with inflation and if no children and no savings, may not be enough.

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