Comments on: CPF – F1 or F9 : Poor get less % than the rich? http://theonlinecitizen.com/2007/07/cpf-f1-or-f9-poor-get-less-than-the-rich/ a community of Singaporeans Fri, 19 Mar 2010 01:40:17 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Anon http://theonlinecitizen.com/2007/07/cpf-f1-or-f9-poor-get-less-than-the-rich/comment-page-1/#comment-1158 Anon Sun, 08 Jul 2007 11:54:55 +0000 http://theonlinecitizen.com/2007/07/02/cpf-f1-or-f9-poor-get-less-than-the-rich/#comment-1158 Last year (2006), I collected a portion of my miserly CPF Money and left a tiny portion of the withdrawable amount with the Board hoping to prevent myself from 'misusing it as well as to earn the 4% interest rate. The Officer who attended to me repeated the withdrawal arrangements before I left; that was, I have transferred the withdrawable balance into the so called Retirement Account which earn 4% interest and can be withdraw from age 62 onwards. However, on my birthday this year(March 2007), I received a cheque from CPF for the withdrawable balance plus the interest accrued at 2.5%. I went to the CPF Tampines Branch to verify and was told that I have arranged for withdrawal according to the Records in the CPF Computer System. As the money came in handy because I had gambled (shame) away the initial sum and also because the Balanced Sum was negligible, I ended my case. Ultimately it was also that I deemed it futile to pursue the Matter and gave up. Just for info of readers. Last year (2006), I collected a portion of my miserly CPF Money and left a tiny portion of the withdrawable amount with the Board hoping to prevent myself from ‘misusing it as well as to earn the 4% interest rate. The Officer who attended to me repeated the withdrawal arrangements before I left; that was, I have transferred the withdrawable balance into the so called Retirement Account which earn 4% interest and can be withdraw from age 62 onwards. However, on my birthday this year(March 2007), I received a cheque from CPF for the withdrawable balance plus the interest accrued at 2.5%. I went to the CPF Tampines Branch to verify and was told that I have arranged for withdrawal according to the Records in the CPF Computer System. As the money came in handy because I had gambled (shame) away the initial sum and also because the Balanced Sum was negligible, I ended my case. Ultimately it was also that I deemed it futile to pursue the Matter and gave up. Just for info of readers.

]]> By: Leong Sze Hian http://theonlinecitizen.com/2007/07/cpf-f1-or-f9-poor-get-less-than-the-rich/comment-page-1/#comment-1159 Leong Sze Hian Sun, 08 Jul 2007 09:22:55 +0000 http://theonlinecitizen.com/2007/07/02/cpf-f1-or-f9-poor-get-less-than-the-rich/#comment-1159 I have also not been able to find this information on the web site. You may have to find people whose CPF statements will show this difference. I had a letter published in the newspaper on this issue, and the reply also did not answer my question. Cheers Leong Sze Hian I have also not been able to find this information on the web site. You may have to find people whose CPF statements will show this difference. I had a letter published in the newspaper on this issue, and the reply also did not answer my question.

Cheers

Leong Sze Hian

]]> By: Adrian Lim http://theonlinecitizen.com/2007/07/cpf-f1-or-f9-poor-get-less-than-the-rich/comment-page-1/#comment-1157 Adrian Lim Sat, 07 Jul 2007 19:53:17 +0000 http://theonlinecitizen.com/2007/07/02/cpf-f1-or-f9-poor-get-less-than-the-rich/#comment-1157 "To further illustrate this unfairness, a rich man with $189,200 will get 4 per cent on $94,600, whereas a poor man with $94,600 will get 4 per cent on $47,300 and only 2.5 per cent on the other $47,300." Pardon my ignorance, I have read through cpf website and I have not come across any ruling that give rise to the abovementioned circumstances. Could you please enlighten me on the rules which you have read? “To further illustrate this unfairness, a rich man with $189,200 will get 4 per cent on $94,600, whereas a poor man with $94,600 will get 4 per cent on $47,300 and only 2.5 per cent on the other $47,300.”

Pardon my ignorance, I have read through cpf website and I have not come across any ruling that give rise to the abovementioned circumstances. Could you please enlighten me on the rules which you have read?

]]> By: Kew Kah Fatt http://theonlinecitizen.com/2007/07/cpf-f1-or-f9-poor-get-less-than-the-rich/comment-page-1/#comment-1156 Kew Kah Fatt Thu, 05 Jul 2007 03:36:58 +0000 http://theonlinecitizen.com/2007/07/02/cpf-f1-or-f9-poor-get-less-than-the-rich/#comment-1156 Yan Chee Keong, I based on report of Chia Shi Teck that he used over S$700,000 CPF money for his apartment. This is what I don't agree with the policy of the rich putting too much money into CPF. S$500,000 is good enough for them because they are the kiasu people, therefore they will buy more insurance coverage for themselves and their family members. I am not interested on the salary ceiling for contribution. What I suggested is no contribution for people earning below S$1,000. Only their employers have to contribute their part. This is somewhat like in 1968 and before. I started work in 1968 and my initial pay was S$190. I did not have to contribute to CPF. My job then was a temporary clerical officer in MOE Exam department. Yan Chee Keong,

I based on report of Chia Shi Teck that he used over S$700,000 CPF money for his apartment. This is what I don’t agree with the policy of the rich putting too much money into CPF. S$500,000 is good enough for them because they are the kiasu people, therefore they will buy more insurance coverage for themselves and their family members.
I am not interested on the salary ceiling for contribution. What I suggested is no contribution for people earning below S$1,000. Only their employers have to contribute their part. This is somewhat like in 1968 and before. I started work in 1968 and my initial pay was S$190. I did not have to contribute to CPF. My job then was a temporary clerical officer in MOE Exam department.

]]> By: Yan Chee Keong http://theonlinecitizen.com/2007/07/cpf-f1-or-f9-poor-get-less-than-the-rich/comment-page-1/#comment-1160 Yan Chee Keong Wed, 04 Jul 2007 12:01:43 +0000 http://theonlinecitizen.com/2007/07/02/cpf-f1-or-f9-poor-get-less-than-the-rich/#comment-1160 Kew Kah Fatt, CPF contribution: (1) Maximum contribution for the private sector is calculated based on a salary ceiling of $4,500 for both the employer and the employee. (2) Maximum contribution for Non-Pensionable Employees in Government Ministries and Statutory Bodies & Aided Schools are calculated based on a salary ceiling of $4,500 for both the employer and the employee. (3) Maximum contribution for Pensionable Employees in Government Ministries and Statutory Bodies & Aided Schools groups are calculated based on a salary ceiling of $6,000 for both the employer and the employee. No contribution of more than 1 million, check this out at www.cpf.gov.sg you need to read more. LOL... Kew Kah Fatt, CPF contribution:
(1) Maximum contribution for the private sector is calculated based on a salary ceiling of $4,500 for both the employer and the employee.

(2) Maximum contribution for Non-Pensionable Employees in Government Ministries and Statutory Bodies & Aided Schools are calculated based on a salary ceiling of $4,500 for both the employer and the employee.

(3) Maximum contribution for Pensionable Employees in Government Ministries and Statutory Bodies & Aided Schools groups are calculated based on a salary ceiling of $6,000 for both the employer and the employee.

No contribution of more than 1 million, check this out at http://www.cpf.gov.sg you need to read more. LOL…

]]> By: Kew Kah Fatt http://theonlinecitizen.com/2007/07/cpf-f1-or-f9-poor-get-less-than-the-rich/comment-page-1/#comment-1161 Kew Kah Fatt Tue, 03 Jul 2007 06:14:38 +0000 http://theonlinecitizen.com/2007/07/02/cpf-f1-or-f9-poor-get-less-than-the-rich/#comment-1161 My suggestion is to deduct from S$1001 onwards. Those below S$1000 income should not be deducted. This is about the policy in 1968. Then S$200 income did not be deducted for CPF. S$200 then is now about S$1000. I also advocate a maximum contribution to S$500,000. Many who earn high salary now might have contributed more than S$1 million. These are people who are highly educated and rich businessmen/women. They should know how to manage their money. By manipulating the CPF policy, the government is indulging into the lives of the people. This is like saying: 'all Singaporeans are stupid except the PAP'. So if you are smart, you don't vote for them. My suggestion is to deduct from S$1001 onwards. Those below S$1000 income should not be deducted. This is about the policy in 1968. Then S$200 income did not be deducted for CPF. S$200 then is now about S$1000.
I also advocate a maximum contribution to S$500,000. Many who earn high salary now might have contributed more than S$1 million. These are people who are highly educated and rich businessmen/women. They should know how to manage their money.

By manipulating the CPF policy, the government is indulging into the lives of the people. This is like saying: ‘all Singaporeans are stupid except the PAP’.

So if you are smart, you don’t vote for them.

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