Random Thoughts
The Straits times is a buz with many stuff these few days, we have people acting self righteously and pointing a finger at others for not being courteous, we have people criticising people who are unhappy, we have big wigs telling us to get out of their uncaring faces, we have people telling us the job market is on the mend, we have people telling us things like locals will be treated better than foreigners ( doesnt that happen in most countries???) and so on...
But what inspires my random thoughts is the issue of CPF. Currently a singaporean worker has to contribute 20 percent of his pay to this CPF, a kind of savings scheme designed to ensure that singaporeans have money when they are old. I am not very familiar with CPF, apparently u cant draw ur money unless u are:
1) buying a house
2) above a certain age
3) healthcare...go check wikipedia...
anyway, these scheme has been criticised (both on the net and in the RARE letter to the Straits times forum...), and i dun have much idea ...but i will now exercise my right to expression (note the absence of the word FREE?) and give my two percent worth...
1st percent:
There is now talk of reducing the contribution for low income groups. This in itself is a good move. Imagine earning 1080 a mth (6 per hr). Then with 20 percent deduction, the poor fella takes back only 864. Minus all the payments and he gets little to spend. So u reduce his contribution.
However, remember this CPF is for u to pay for ur old age too. So what happens when u do reach old age or get retrenched and are unable to get a job, then u have less money in ur CPF. Remember the "revelation" that CPF is not enough for old age? in such a situation wont the poor fella be in a worst position once he is in old age?
Yes...there are those who say there is workfare....but remember the article where the 40 yr olds and above cant get a employed? and since there is no welfare....what will happen?
2nd percent:
Then there is this thing about the conditions whereby one can draw money. Apparently the conditions are defined rather narrowly ( according to the few letters in the forum) . Then remember that this CPF has 20 percent of ur hard earned cash. What if (touch wood) u are "called home by God" without meeting the prerequisites to draw money? then u dun get to enjoy the fruits of ur labour!!!!!
Anyway thats my RANDOM THOUGHTS on the matter...as its not one matter where i have done much homework on i cant vouch for the accuracy of some claims...so if any of u know better pls tell me...thank u
The Straits times is a buz with many stuff these few days, we have people acting self righteously and pointing a finger at others for not being courteous, we have people criticising people who are unhappy, we have big wigs telling us to get out of their uncaring faces, we have people telling us the job market is on the mend, we have people telling us things like locals will be treated better than foreigners ( doesnt that happen in most countries???) and so on...
But what inspires my random thoughts is the issue of CPF. Currently a singaporean worker has to contribute 20 percent of his pay to this CPF, a kind of savings scheme designed to ensure that singaporeans have money when they are old. I am not very familiar with CPF, apparently u cant draw ur money unless u are:
1) buying a house
2) above a certain age
3) healthcare...go check wikipedia...
anyway, these scheme has been criticised (both on the net and in the RARE letter to the Straits times forum...), and i dun have much idea ...but i will now exercise my right to expression (note the absence of the word FREE?) and give my two percent worth...
1st percent:
There is now talk of reducing the contribution for low income groups. This in itself is a good move. Imagine earning 1080 a mth (6 per hr). Then with 20 percent deduction, the poor fella takes back only 864. Minus all the payments and he gets little to spend. So u reduce his contribution.
However, remember this CPF is for u to pay for ur old age too. So what happens when u do reach old age or get retrenched and are unable to get a job, then u have less money in ur CPF. Remember the "revelation" that CPF is not enough for old age? in such a situation wont the poor fella be in a worst position once he is in old age?
Yes...there are those who say there is workfare....but remember the article where the 40 yr olds and above cant get a employed? and since there is no welfare....what will happen?
2nd percent:
Then there is this thing about the conditions whereby one can draw money. Apparently the conditions are defined rather narrowly ( according to the few letters in the forum) . Then remember that this CPF has 20 percent of ur hard earned cash. What if (touch wood) u are "called home by God" without meeting the prerequisites to draw money? then u dun get to enjoy the fruits of ur labour!!!!!
Anyway thats my RANDOM THOUGHTS on the matter...as its not one matter where i have done much homework on i cant vouch for the accuracy of some claims...so if any of u know better pls tell me...thank u
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