60% voted for this.
The PAP regime has increased the CPF minimum sum (MS) from
$123,000 to $131,000 from July onwards to prevent Singaporeans from
withdrawing their hard-earned savings for their twilight years. The
new MS will apply to unfortunate Singaporeans who turn 55 from July
1 2011 to June 30 2012.
The Medisave Minimum Sum (MMS) will also be raised to $36,000
from $34,500 and the Medisave Contribution Ceiling (MCC) which is
fixed at $5,000 above the MMS would be increased correspondingly to
$41,000 from $39,500.
Only members who have the MS in their CPF account as cash can
apply to commence their monthly payouts of $1,170 when they reach
their draw down age.
The PAP regime claims that “the revisions to MMS and MCC are to
ensure that Singaporeans have sufficient savings to meet their
healthcare expenses, and have been adjusted for inflation.”
With the CPF savings of most Singaporeans tied up in mortgage
loans used to finance over-priced HDB flats, few of them will have
the required minimum sum in their CPF when they reach 55 years of
age.
Singaporeans are likely to end up ‘asset rich’, but ‘cash poor’
in their golden years like this 80 year old toilet attendant
interviewed in the video below as the PAP regime continues to lock
in the hard-earned savings of Singaporeans in CPF to prevent
burdening itself:
The CPF savings of members are not sitting idly in the CPF
board, but are used by the PAP regime for ‘investment purposes’ and
part of it may be used by Temasek Holdings and GIC in their
overseas ‘forays.’
While Singaporeans are unable to withdraw their CPF savings at
old age, PAP ministers have no such worries – they are paid a
pension amounting to two-thirds of their last drawn salaries
starting automatically from 55 years of age even if they remain in
office.
This means that though Mah Bow Tan, Wong Kan Seng, Jayakumar,
Yeo Cheow Tong, Dr Lee Boon Yang, George Yeo, Goh Chok Tong, Lim
Boon Heng and Lee Kuan Yew have retired as ministers, Singaporeans
are still paying their obscene pensions which may cost them more
than $1 million dollars yearly not to mention the current ministers
like Lee Hsien Loong, Teo Chee Hean and Khaw Boon Wan who are above
55 years of age!
With no opposition to its repressive and totalitarian rule,
Singaporeans will have no choice but to resign to their savings
being ‘manipulated’ by the PAP regime like playing ‘masak-masak’.
It won’t be too long before the MS is raised to $200,000 to ‘adjust
for inflation’.
Taken
from:http://www.temasekreview.com/2011/05/31/pap-to-raise-minimum-sum-of-cpf-to-131000-to-prevent-singaporeans-from-withdrawing-their-savings/
