Wednesday, September 28, 2011

How to solve the messy CPF Life scheme



Many people find it difficult to choose among the four options given by CPF Life. Many of them do not like the CPF Life scheme for reasons that are peculiar to their personal situation. Here are my suggestions on how to get out of this messy situation.
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4 comments:

michael13 said...

The government can easily enhance CPF life scheme by increasing 20% more in the monthly payment for all the four options. This will make the scheme more attractive and encourage more to join. More importantly, to create a more social stability environment by having pension-like scheme for the retirees. Narrowing the income gap has become a top priority for the PAP government to consider whether we will move forward together as a people or go spiral down in the next 5 years. Many well-informed Singaporeans know the result will be shown in the next GE 2015/2016 - the last chance for the ruling PAP to prove themselves, alternatively they can also become the next opposition party. In fact, time is running out for Singapore to stay as a nation, with or without LKY!

September 28, 2011 3:47 PM
yujuan said...

All we could say, it's immoral to make this CPF Life scheme mandatory.
CPF members should be given a choice, after all it's their life's savings. Decision should be in their hands.

September 28, 2011 5:46 PM
Anonymous said...

Yes, I agree that the scheme is very unpalatable.

It forces people at a certain age to be part of it regardless of their health, or their priorities.
The most unsavoury part is the "pooling" where dying early is punished!

Since I cannot opt out, I will be choosing the least payout with maximum legacy for my loved ones.
Once I have the minimum sum, I will withdraw the lot!

September 28, 2011 6:11 PM
yujuan said...

Yes, let them keep the minimum sum, but withdraw whatever balance immediately. If necessary,top up with cash the Medisave account at your own pace, which is tax deductible. There would come a time, where balance funds left in your Account would be held back to be transfered all into Medisave, on pretense medical costs are increasing. Never trust the CPF. Our money is used by GIC to invest big abroad, like the botched UBS investment. Imagine, at one single session, GIC committed our hard earned savings of S$14 billion to UBS, they dunno the meaning of diversification at all, all to protect whose interests, reflect on this.

September 29, 2011 2:17 PM

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