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Say NO to CPF $60k Rule and Compulsory Annuity
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To: Singapore Citizens and Concerned Individuals
We, citizens of Singapore and concerned individuals, STAUNCHLY
OPPOSE the upcoming measures by the Singapore dictatorship to
further deny Singaporeans access to their CPF savings. These
measures include denying Singaporeans access to their first $60k of
their CPF savings for investment (to beat the paltry 2.4% pa
interest rate) and making it compulsory for Singaporeans to buy
annuities that can only pay out but $250 pm after they reach 85. If
Singaporeans die before 85 - and most will - there will be nothing
left behind for their children, who will need to start from Ground
Zero all over again! And that is after a lifetime of national
slavery for third world pay to meet first world cost of living. How
sad!
At the same time the dictatorship will be cutting the interest rate
for the Special and Medisave accounts to below 4% while boasting
that the Government Investment Corporation (GIC) and Temasek
Holdings generate return of 18% pa. Yet where do these two entities
get their money from to invest in the first place? Where is our
money (see article below)? Is the dictatorship lying on the actual
performance of GIC and Temasek? Is the dictatorship treating
Singaporeans' blood and coffin money as some family's
heirloom?
This is yet another piece of evidence that exposes the greed,
wickedness and incompetence of the best paid ministers in the
world. It also shows that the dictatorship is probably making
Singaporeans pay for the GIC's and Temasek's huge investment losses
as well as the numerous subsidies and free scholarships given to
foreigners.
This is not the first time the dictatorship attempts to fleece
hapless Singaporeans and it certainly will not be the last (see
http://www.petitiononline.com/GST7/petition.html and
http://www.petitiononline.com/paypap1/petition.html). Singaporeans
need to stand up against such blatant bullying by the dictatorship
or we will be driven to extinction!
http://forums.delphiforums.com/sammyboymod/messages?msg=150164.1
"I have just received the Department of Statistics Year book 2006
and it is interesting to look at the figures:
Singapore residents by Age Group:
0-4 yr 196 K
5-9 yr 239.3 K
10-14 yr 263.6 K
15-19 yr 238.1 K
20-24 yr 222.4 K
25-29 yr 253.7 K
30-34 yr 303.6 K
35-39 yr 310.1 K
40-44 yr 331.2 K
45-49 yr 314.5 K
50-54 yr 260.5 K
55-59 yr 202.8 K
60-64 yr 120.8 K
65-69 yr 104.3 K
70-74 yr 79.7 K
75-79 yr 56.2 K
80-84 yr 30.9 K
85 & abv 25.8 K
What do these figures tell us?
Those people who are eligible to take out their CPF money now
(these few years) is at the age of between 60-64 i.e. 120.8K. But
ten years later, those at 55-54 yr now would have their CPF due.
These figures are 202.8K which is 67% more than now. If those at
45-49 yr old is to take out their money at 20 years later, it would
mean that the pressure on CPF would be 160% more than the present
situation!
No wonder the PAP government wants to keep deferring the CPF
withdrawal age and raise the minimum sum and ultimately introduce
the COMPULSORY annuity to lock the money in the system so that the
government of the next two or three decades will face less pressure
of meeting the repayment of CPF money to us!
But my stand is still clear, the government has the obligation of
taking care of the citizens if they become old. After all, they
have contributed to the cheap funding of government via the CPF and
in fact, face low return rate from their retirement savings in CPF
due to the compulsory nature and pitiful interests given by CPF
board.
If we look at the figures, we could roughly guage the mortality
rate of citizens AFTER 85 yr old. Assuming that prior to 1960s,
population size is pretty much constant before the baby boom, the
original cohort should be at around 100K (it could be checked by
looking at the DOS year book 1995) but only about 25% survived up
till 85 yrs old and above.
So, is Compulsory Annuity fair? Or that the real problem is their
main concern right now is not merely aging population but the
ability of CPF meeting the repayment pressure in 10 or 20 yrs'
time?
Goh Meng Seng"
Sincerely,
The Undersigned
View Current Signatures
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The Say NO to CPF $60k Rule and Compulsory Annuity Petition to
Singapore Citizens and Concerned Individuals was created by and
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