Say NO to CPF $60k Rule and Compulsory Annuity sign now

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"

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Tracy PearsonBy:
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Singapore Citizens and Concerned Individuals

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