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10-07-2014, 03:40 AM
An honorable member of the Coffee Shop Has Just Posted the Following:
TAN CHUAN-JIN AVOIDS GIVING STRAIGHT ANSWER ON HOW CPF MINIMUM SUM IS DECIDED
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9 Jul 2014 - 7:27pm
http://therealsingapore.com/sites/default/files/styles/large/public/field/image/fjTAN07012014e_0.jpg?itok=a_kLw3cz (http://therealsingapore.com/sites/default/files/field/image/fjTAN07012014e_0.jpg)
In parliament on Tuesday, NMP Lawrence Lien had asked Minister Tan Chuan-Jin how the government decided on the amount to set for the CPF minimum sum.
The newest Minimum sum is set at $155,000 and this amount would mean retirees can receive monthly payouts of about $1,200 a month for the next 20 years.
However, Lawrence Lien wanted to know how the government decided that this is an adequate amount for retirees to live on.
In response, Tan Chuan-Jin said that the government sets a "fairly stringent standard" on how to set the minimum sum.
He also simply said that about half of Singaporeans are able to meet the minimum sum when they reach 55 and that this figure included those who pledged their properties.
He went on to explain that CPF members could pledge their properties to the value of half of the minimum sum as this prevents them from "over-stretching" their needs.
Mr Tan also talked about other issues such as the raised retirement age of 65 years old and the fact that Singaporeans are working longer.
He also said that there are more employers hiring older workers which means that they can continue to save up for retirement.
Tan Chuan-Jin also pointed out that CPF is not the only thing that Singaporeans rely on when they retire, and given the fact that most Singaporeans own homes, they don't have large ongoing costs in their retirement.
He said that these various factors are what are used to determine CPF minimum sum.
Basically, Minister Tan rambled on about working longer and pledging properties to minimum sum before giving some general information about the fact that Singaporeans own homes and have other savings other than CPF.
It would seem that the government doesn't look at other, important factors such as cost of living when deciding on the minimum sum.
Do you think Tan Chuan-Jin gave a clear answer to NMP Lien's question?
Click here to view the whole thread at www.sammyboy.com (http://singsupplies.com/showthread.php?185486-Tan-chuan-jin-avoids-giving-straight-answer-on-how-cpf-minimum-sum-is-decided&goto=newpost).
TAN CHUAN-JIN AVOIDS GIVING STRAIGHT ANSWER ON HOW CPF MINIMUM SUM IS DECIDED
.node-article .field-name-ad-box-in-article {float: left;margin: 15px 15px 10px 0;}.node-article .field-tags{clear: both;} Post date:
9 Jul 2014 - 7:27pm
http://therealsingapore.com/sites/default/files/styles/large/public/field/image/fjTAN07012014e_0.jpg?itok=a_kLw3cz (http://therealsingapore.com/sites/default/files/field/image/fjTAN07012014e_0.jpg)
In parliament on Tuesday, NMP Lawrence Lien had asked Minister Tan Chuan-Jin how the government decided on the amount to set for the CPF minimum sum.
The newest Minimum sum is set at $155,000 and this amount would mean retirees can receive monthly payouts of about $1,200 a month for the next 20 years.
However, Lawrence Lien wanted to know how the government decided that this is an adequate amount for retirees to live on.
In response, Tan Chuan-Jin said that the government sets a "fairly stringent standard" on how to set the minimum sum.
He also simply said that about half of Singaporeans are able to meet the minimum sum when they reach 55 and that this figure included those who pledged their properties.
He went on to explain that CPF members could pledge their properties to the value of half of the minimum sum as this prevents them from "over-stretching" their needs.
Mr Tan also talked about other issues such as the raised retirement age of 65 years old and the fact that Singaporeans are working longer.
He also said that there are more employers hiring older workers which means that they can continue to save up for retirement.
Tan Chuan-Jin also pointed out that CPF is not the only thing that Singaporeans rely on when they retire, and given the fact that most Singaporeans own homes, they don't have large ongoing costs in their retirement.
He said that these various factors are what are used to determine CPF minimum sum.
Basically, Minister Tan rambled on about working longer and pledging properties to minimum sum before giving some general information about the fact that Singaporeans own homes and have other savings other than CPF.
It would seem that the government doesn't look at other, important factors such as cost of living when deciding on the minimum sum.
Do you think Tan Chuan-Jin gave a clear answer to NMP Lien's question?
Click here to view the whole thread at www.sammyboy.com (http://singsupplies.com/showthread.php?185486-Tan-chuan-jin-avoids-giving-straight-answer-on-how-cpf-minimum-sum-is-decided&goto=newpost).