overheard from -> Fabrications Led by Opposition Parties (FLOP)
Submitted by a reader
“That Roy confirm plus chop will claim credit for any CPF changes/improvements despite Govt, since 2003, already planned to review the CPF system till 2015”
Overheard again :
- I expected some to be stupid enough to credit Roy Ngerng for any CPF-related announcement, and I wasn’t disappointed.Glad that G did what is right, and not what is popular.MS increase slated for next year (the 10th increase as announced in 2003) will go ahead. There is no need to increase further, except for inflation-adjustment.
No change in CPF fundamentals, OA/SA/RA concept stays, CPF OA/SA investment scheme stays, no lump sum withdrawal at 55 way before retirement age maintained, use of property to pledge 50% of MS stays, use of cash after MS goes into RA for outstanding loans if CPF is depleted stays.
Partial lump sum pay out, on request, up to 20%, after 65, is the only thing new. This is to address requests to go for a pilgrimage, a good holiday, etc.
- today i met a guy, he said that he dun have enough cpf for the ms. then i told him he can do a lease buyback scheme. the ironic thing is he said he wants to leave his flat to his children. i wanted to tell him, he used his cpf to buy the hdb so it is only right to use your flat to finance your retirement. if he thinks in such a manner, HDB should really rethink the scheme of allow ppl to use their cpf to buy flats. to have ppl like him is real, but his thinking is very wrong and should be made known….
- That the next and final increase in the minimum sum has always been posted on CPF website.