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#1
26-12-2014, 07:30 PM
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Cdac contribution rate up by as much as 200%?
An honorable member of the Coffee Shop Has Just Posted the Following:
Post date: 25 Dec 2014 - 8:44am  Increase in CDAC contribution rates According to the TR Emeritus article “CDAC increases contribution rates for 2015” by Hardy (Dec 24) – “What’s CDAC’s rationale for the increase which they term as a “revision”? It says on its website http://www.cdac.org.sg/: “CDAC held dialogues with the community on the proposal to raise the contribution rates in order to provide more help to the low income families and less successful individuals. The community is supportive and the CDAC Board has given the approval for the contribution rates to CDAC Fund which have not been changed since the implementation on 1 September 1992, to be revised as follows, from January 2015.” Who were those people CDAC held dialogues with? How it is they were empowered to speak on behalf of hundreds of thousands of employees? I support charity myself but I feel that it is wrong to force people to donate however noble the vision and objectives. It should be voluntary like most charitable donations. It’s also odd that CPF, a pension fund, is involved in this compulsory charity scheme.” – Hardy may have “hit it right on the nail” as to why “CHARITY: VOLUNTEER HOURS DOWN, FEWER DONATORS AND DONOR PARTICIPATION AT 10 YR LOW?” (The Real Singapore, Dec 20). Donations to charity dropped by $61m By forcing people to donate and increasing the “forced” donations – it may be counter-productive. Is this why there was a drop in charity donations by about $61 million or six per cent last year? $36,1b budget surplus, but still increase CDAC donation rates? Since the budget surplus (IMF fiscal reporting guidelines) was $36.1 billion in FY2012 and the estimated surplus for FY2013 was over $20 billion – why is the Government not giving more money to CDAC? The “wayang” of Govt grants to CDAC Let me get back to the CDAC. According to Mr S Y Lee and Leong Sze Hian’s article “Increase contribution rate, then next day double the grants?” (Sep 1) – “Don’t you find it rather odd that just one day after the self-help groups announced the increase in the contribution rates by as much as 329% due to deficits – the next day – the Government announces a doubling of the grants to them? Govt pretend didn’t know? You mean the Government did not know that the self-help groups were going to increase the contribution rates? Or is it that the Government is so efficient that it decided within a day to double their funding? Why wasn’t the increase in funding announced at the same time? Of course, it may really be rather odd to announce the doubling of grants because then how does one justify the increase in the contribution rates? Is it kind of like just a show (wayang)?” CDAC contribution rate increase by as much as 200% So, is the increase for the CDAC contributions at 50 per cent for those earning $3,501, and as much as 200 per cent for those who earn more -justified? Win Battles Lose War TRS Contributor http://therealsingapore.com/content/...-rate-much-200 To opt out, print this and give it to your HR department. http://www.cdac.org.sg/about-us/mont...ribution-forms Attached Images Click here to view the whole thread at www.sammyboy.com. 
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