No thanks to this MIW government
for making the issues even murkier and dropping misleading hints by
some ministers, only to be made more confusing by the PM asserting
a differring opinion - {until his statement made in public is
legislated}.
The CPF nomination will remain valid for whatever monies that
remain in the CPF - AFTER the minimum sum is deducted from each
Singaporean's CPF account for the Annuity Program to look after
ourselves during the Old Age.
PM LHL had come out clearly to give his opinion that when one dies,
the remaining amount left in the Annuity Program will not be
refunded to the surviving members of the Family.
If one enters the Annuity Program with $10,000 and only to receive
the first month payment of $250, and die - of starvation or boredom
- during the first month, then the remaining $9,750 will not be
returned and will stay in the Annuity Pool for the benefit of
others {which include your family members if they do not inherit
your genes in dying so early}.
Is this another form of tax as suggested by AndrewYap, or is this
not a daylight robbery to cover for the big hole that the flawed
CPF scheme has created ?
The CPF scheme depends on a constant increasing number of new
members paying monthly contribution to cover the hole that is
created by the large amount of saved up money, and which the few
retiring Singaporeans will draw when they reached age 55 years -
{as promised in the original CPF Scheme}.
Can such a scheme be possible - with a declining population, and
with the CPF money utilised and stuck in low-interest government
bonds paying for the dead immovable assets in the form of
infrastructure investments ?
So many changes have been made to delay the payout of the lump sum
due to Singaporean on the legislated retirement age. The retirement
age was constantly changed from Age 55 to Age 60, then moved to Age
65.
The present Annuity Scheme is a master stroke that do not require
any payout, but take from every Singaporean a sum of $10,000 that
will not be returned.
With an estimated population of 2,000,000 Singapore Citizen
workers, and 1,000,000 foreigners - the government will pocket
$30,000,000,000 at a single stroke of the pen to sign this scheme
into legislation.
This is enough to cover all the holes that this MIW government has
created from Shin Corp to Suzhou.
If this scheme is not another obvious act of breaking a promise
given to Singaporeans since 1957 - what other acts is more obvious
?
