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20-11-2014, 11:10 AM
An honorable member of the Coffee Shop Has Just Posted the Following:
The chairman of the advisory board Professor Tan Chorh Chuan said this after the first public focus group discussion on the CPF system.
Incredible, isn't it - that they now say this after 50 years and using our money?
Even bankers like Mr Pang Lead We go suckered in....
Before the rollout of CPF Life, Mr Pang said he had transferred money from his CPF ordinary account to the special account to enjoy a higher interest rate, hoping to claim a bigger lump sum when he retired.
But when CPF Life was introduced in 2009, and made mandatory for all who would turn 55 in or after 2013, it became a system of monthly payments instead. "It is like going to the bank and signing up for a fixed deposit scheme, only to be told later that they have changed it to an annuity plan, he said. I don't think it is very fair."
Sunday Times, Nov 16th.
Click here to view the whole thread at www.sammyboy.com (http://sammyboy.com/showthread.php?194335-CPF-Advisory-Chairman-quot-More-to-be-done-to-explain-CPF-to-low-wage-workers-quot&goto=newpost).
The chairman of the advisory board Professor Tan Chorh Chuan said this after the first public focus group discussion on the CPF system.
Incredible, isn't it - that they now say this after 50 years and using our money?
Even bankers like Mr Pang Lead We go suckered in....
Before the rollout of CPF Life, Mr Pang said he had transferred money from his CPF ordinary account to the special account to enjoy a higher interest rate, hoping to claim a bigger lump sum when he retired.
But when CPF Life was introduced in 2009, and made mandatory for all who would turn 55 in or after 2013, it became a system of monthly payments instead. "It is like going to the bank and signing up for a fixed deposit scheme, only to be told later that they have changed it to an annuity plan, he said. I don't think it is very fair."
Sunday Times, Nov 16th.
Click here to view the whole thread at www.sammyboy.com (http://sammyboy.com/showthread.php?194335-CPF-Advisory-Chairman-quot-More-to-be-done-to-explain-CPF-to-low-wage-workers-quot&goto=newpost).