CPF

ORIGAMIST SG · 2011-10-12T14:48:06+00:00

Can, unless you are declare dead by doctor. There are 3 categories of CPF paid out, the so called longevity paid out until 85yo.After 65yo,1st cat, if you op...

ORIGAMIST SG

Today I receive a letter from CPF saying I can use my CPF money to top up my mother account. Last month, they told me I cannot use my CPF money to pay for my housing loan because I need to set aside some money for my minimum sum.. isn’t it a joke?

I can have a nice figure in my ordinary account while I cannot use it for my housing. I told them I am not working and do not have cash to pay for it. They say they are sorry to hear that but there is nothing they can do about it. Now they want me to top up my mother account with this money …. This is the million dollar government we have.,

mancha SG

Firstly it is not a million dollar government but a multi-billion dollar government, maybe even more.

Top up your mother's account is a once off payment, and also up to a certain amount, no more.

Your loan will be a monthly deduction that will deplete your account faster than you can build it up.

angel7030 SG

Indirectly, they are telling you, they need to use your CPF monies NOw

likeyou SG

Today I receive a letter from CPF saying I can use my CPF money to top up my mother account. Last month, they told me I cannot use my CPF money to pay for my housing loan because I need to set aside some money...

How much you have in your cpf account?

How much you want to top up to your mum cpf account?

What is the balance need in the cpf account?

Likely, many people will be in the same boat as you.

Plse share more information with us ya.

ORIGAMIST SG

I got less than $20k.. Last month they say my limit up and cannot use the money. It have to be for minimum sum. Last night they send a letter say I can top up my mum. Isn’t it the same as taking the money out of the account? So what happen to the minimum sum rule now?

Now the situation is worst right Confused if they allow me to use it for my housing payment, at least the bank won’t for the time being take action against me and so I have a roof over my head. If I take the money and top up my mum account, I still got no money for my house and my minimum sum is affected.

charlize SG

A lot of people will be in your situation soon.

They cannot use any more CPF money to pay for their housing loan because they have hit the limit.

ORIGAMIST SG

yes, I understand many will be. This is what I do not understand why the government is doing this?

βέτά SG

They prefer to keep all your money in CPF so that they can keep inflation in checked.

Inflation is 5.7% and GDP growth only 0.9% in sunny Singapore now.

STAGFLATION!!!

Hitman Factory 1 SG

yes, I understand many will be. This is what I do not understand why the government is doing this?

because they think you are all a bunch of suckers and can thus be bullied anyday,anywhere and anytime anyhow.

i think voting is much too late.

ORIGAMIST SG

And to think that CPF is complusory, so how much of our money are they keeping it.

Hitman Factory 1 SG

sounds like u are getting totally ripped off by cpf board.

u can always find a few countries to immigrate out from spore.

they get zero in the end if they give everyone a damned future with screwball policies that any drug addict or drunkard can conjure up.

Hitman Factory 1 SG

The Minimum Sum was set at $80,000 in 2003 and will be raised gradually until it reaches $120,000 (in 2003 dollars) in 2013. These amounts will be adjusted yearly for inflation

Hitman Factory 1 SG

What if you are a bankrupt?

Hitman Factory 1 SG

How much is the Minimum Sum?

Setting aside the Minimum Sum when you reach 55 ensures that you have some regular income from age 65 to live on in your retirement.

The Minimum Sum was set at $80,000 in 2003 and will be raised gradually until it reaches $120,000 (in 2003 dollars) in 2013. These amounts will be adjusted yearly for inflation.

If you are unable to set aside your full Minimum Sum in cash, your property, bought with your CPF savings, will be automatically pledged for up to half of your Minimum Sum.

Hitman Factory 1 SG

THATS ODD......the cpf website seem to be rather vague on what age u can withdraw all $$$$$$ in cpf.sounds damn fishy.

Louis dave36 SG

government using our hard earned money, only give us 4% interest?

Bio-Hawk SG

Lol, all of you seem to be quite content by this. Working hard, putting all this money into another account and letting the Govt. choose what they want to do with it and not complaining.

Perfect sheeps^^

βέτά SG

Inflation at 5%.

If you keep $100 in the bank with 5% interest rate, in 15 years time, the $100 would have become $208.

Hitman Factory 1 SG

Lol, all of you seem to be quite content by this. Working hard, putting all this money into another account and letting the Govt. choose what they want to do with it and not complaining.

Perfect sheeps^^

why cant i put$$$$$$ in bank n getall interests at 4%/year in oz fixed deposit instead??since age 55 there seems to be more complications if minimum sum is not met and $$$$$ seems like frozen with so so interest rates!

Hitman Factory 1 SG

how u expect me to buy porn when my cpf all frozen n cant be taken out?