CPF Board introduces new CPF Life plan to trap more CPF

The PAP must be laughing all the way to the bank at how easy Singaporeans could be taken for a ride.

The CPF Board has just introduced another new plan to trap even more CPF in GIC. Called the CPF Life Escalating Plan (EP), it allows members to postpone enjoyment at 65 to years later when our body does not allow us to enjoy much.

Such a plan appears to have little demand as the real issue facing a majority of CPF members is retirement funding shortfall.

Since there is also a lack of competitive pricing and bequests, monthly payouts, etc are determined solely by one party, how could this be beneficial to CPF members?

After all, it’s an open secret that PAP’s incentive for tweaking policies to ‘help’ the people has always been its profit motive.

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1 Response to CPF Board introduces new CPF Life plan to trap more CPF

  1. Sinkie says:

    Many financial bloggers have analysed this new CPF Life Escalating Plan. The conclusion is that it is very poor value for an elderly retiree …. even worse than the Standard Plan — which is itself long criticized for keeping too much of your CPF money if you die before 85 yrs old.

    Half or more of Singaporeans will die before 85 — this means that most of your CPF money will be retained inside CPF Life. Your family members will only get very little or zero CPF money. CPF Life is a scheme to force Singaporeans to pay for other Singaporeans’ retirement funding.

    In this manner, PAP is avoiding the use of annual budgets, budget surpluses or reserves to support elderly retirement.

    CPF has already been bastardised by PAP into a piece of crap & full of holes, such that it now has to force “socialize” retirement funding among CPF members — totally going against the raison detre of CPF in the 1st place …. which is segregated individual personal savings — fully redeemable by individual members.

    CPF has been deformed by PAP into a ridiculous parasite with the worst of both personal savings scheme & western taxation scheme —- forced savings that is higher than western tax, but benefits & retirement funding that is much lower … and money that has to be surrendered to the State when you die.

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