Life is spinning fast!

kooikeat05 · Today, 07:35 AM

It would be easier for the people to buy the proposal if the govt could spell out in details exactly what kind of 'problems' it is expecting. In the case of monetary issue, it would be useful that the projections be made public.

noellow · (#3)

This longevity insurance is day light robbery condoned by the government.
At 50 the assured under the law puts say $50,000 into the longevity insurance. Payment will not be effected until the assured reaches 85.
The amount of interest earn from this $50,000 for 35 years is substantial working on compound interest. Yet the amount to be paid out is a nominal sum of say $400 which in 35 years time the purchasing power could have dropped by at least 50%. Nothing much could then be done with the residual sum.
The other deceiving point is how much longer can one live after reaching 85?
On the other hand, if the assured dies earlier say at 65 the $50,000 hard earned money is gone rather than return to the family members.
Is this equitable? Why is this point not emphatically made known to the general public? Another deception by the goverment?
The government is not only making us, the citizens, pay and pay (PAP)it is also always "pien ah peh" (deceiving the elderly uncle - PAP).
The PAP government has been planning alot of things they think are good for the citizens. This time round it is far from being good. It is day light robbery.

astarga1 · (#4)

No, longevity insurance is daylight robbery *BY* the government.
The assured will be unlikely to need the $400 payout for long after 85. So as neellow has counted, our substantial hard earned life savings will be gone. To where, only the government knows.

Sabailand · (#5)

How about using our CPF money to invest in some cash cow investments such as the 4D counters & the Integrated Resorts which are guaranteed failure free.

voice4epp · (#6)

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Eh but why r the gahmen using our CPF MONEY to address this "PROBLEMS"?
I can'T relate this solution to this "problem", why using our MONEY???????????
In english one will just say: MY FUCKING PROBLEM?
I WORK, I PAY TAX, NOW I HAVE TO TAKE CARE OF THOSE WHO LIVE BEYOND 85 FOR THE GAHMEN, WHAT KIND OF A BULLSHIT IS THIS!!!

0517elias · (#7)

"Mr Tharman said that the CPF system should be managed so that it could be sustained for decades.

'Make sure it can be self-sustaining and the only way it can be self-sustaining is that we don't use the CPF to either subsidise someone else or we don't put subsidies into the CPF scheme, one group against another, one group subsidising another group,' he said at the dialogue with grassroots leaders. "

"we don't use the CPF to either subsidise someone else" - Huh? Not practising what he's preaching? So what's with the annuities going to someone else after one's death?

lestherch · (#8)

it is getting harder and harder to get back our CPF monies.
every few years, the rules keep changing,
and in time to come,
your monies is no longer "your monies",
it has become part of Singapore Inc.

noellow · (#9)

Tell Tharman be plain about his language. Don't beat about the bush. Answer to the point.
What happens to the annuity when the assured dies prematurely? Likewise if assured dies within say 5 years after 85 is it right for anybody other than the deceased's estate to have a claim to the annuity. $50,000 for 35 years at compound interest is alot of money. If investment savvy, $50,000 after 35 years could easily grow to $5 if not $50million.
Surely Tharman knows more than simple ABC to deliver a simple language explanation. Any concealment is deception.

talktalk · (#10)

As usual talk and talk becuase the policy is a "con" job.
Attempts after attempts to deprive us from our own CPF.

After a few years, the CPF policy keep changing and we will have to continue working because our CPF money had becomes the Government money.

It is easy to collect the money from us but impossible to return the money back to us.

Very_Concerned · Today, 07:15 PM

The fear I have most is that the government will try to disguise the compulsory annuity thing as a choice to the citizens.

In the first place, noboday thinks its a problem. It is always been the responsibility of the family to look after the aged. The self sufficient approach is always being preach by the government and yet now they talk about pooling of money. This completely violate that principle.

I am afraid based recent onslaught of articles (most if not all are for this compulsory annuity) they will come out with something that appears to be a choice. There will be claims that people want the annuity but some want a choice to decide if the money goes back to the family instead of going to a pool. You have a choice to buy a rider.

Please all ministers, this is not a choice and please do not attempt to paint it like it is a choice.

You will have crossed the line of all trust I have in the government if you do not allow the citizen to decide if they want to buy the annuity or not. All the crap about pooling is a must for economy of scale to get the needed benefit must never over-right what is essentially the citizen right to their own money. If the government crosses this line, the trust will never be able to be regained. No matter what the government does in the future. The basic situation is that the government does not listen and willing to wash their hands at the expense of the people and is basically a hypocrite in their self reliance principle. So, please stop all these nonsense now. There must be more important things to focus on than this.

Think about it, these >85 yr old build up the country. We can easily extend help to ensure that the children look after them. This would be acceptable - even if its harsh. But to lock up their money and if they die early, it goes to others is too much. It basically reduce their opportunity to live the lives they wish to and yet, if they die too early, they lose all the money contributed.

HC029 · (#12)

If this rule comes in place, a lot of talents will leave Singapore, especially those who do not have families to tie them down. Getting the annuities is fine but why wait till 85 before u can cash in. The average longevity especially for males is only 70 now and there is no indication that that this is going to increase. Why don't the government look into the gender issue as well? The females can only cash in later???

kooikeat05 · (#13)

For all its economic success, Spore is a sorry case when it comes to personal rights. In any other democratic country you would see protests in the streets instead of 'ghost' protests in a virtual world like this.
In terms of trampling on people's rights, this annuity plan takes the cake. Reading about what Mr Tharman says about the plan and that it is not being used to subsidy anyone, I cant help but laugh and wonder alound where did we get this clown and pay him $1mil a year.

This Really Happen! Our Airforce is indeed effective! RSAF jets scramble to intercept civilian aircraft
Airspace shut down for 50 minutes after plane heads here without approved flight plan
By Teh Joo Lin & David Boey
SINGAPORE'S airspace was shut down temporarily last night when two air force F16 jets were scrambled to intercept a civilian plane heading here without an approved flight plan. The Republic of Singapore Air Force (RSAF) fighter jets went into action at 6.42pm, said the Ministry of Defence (Mindef). They intercepted the single-engine turboprop Cessna 208 and escorted it to land at Changi Airport. The plane 'was heading towards Singapore airspace without an approved flight plan', said Mindef spokesman Darius Lim. Once the Cessna 208 landed, the police took over investigations. It is believed the civilian plane, which typically seats nine passengers, was flying in from the Thai resort island of Koh Samui when it triggered Singapore's air defences. The resulting shutdown of commercial airspace affected 23 aircraft, disrupting flights in and out of Changi Airport. The shut down lasted for 50 minutes from 7.10pm until 8pm, a Civil Aviation Authority of Singapore spokesman told The Straits Times. She added that 16 incoming flights and six departing aircraft were delayed for between 15 and 40 minutes each. One more inbound aircraft was diverted to Senai Airport in Johor. A passenger on the flight was 34-year-old business executive Philip Koh, who was flying in from Brunei. His flight was due to touch down at Changi Airport at 8pm, but just before its final approach, the pilot informed passengers that the plane could not land because of an 'interception due to unidentified aircraft'. The plane was diverted to Senai and stayed on the tarmac at the airport for about an hour, said Mr Koh. The plane finally arrived at Changi Airport at about 9.45pm. Contacted last night, Singapore Airlines said there were short delays to a few departing flights between 7.30pm and 8pm because the airline was waiting for take-off clearances. This is not the first time the air force has been called into action. In August 2003, two RSAF jets intercepted a Portuguese-registered civilian aircraft that breached Singapore's airspace. The pilot, whose plane had run into electrical problems, tried to land at Tengah Airbase before two A4 Skyhawks were scrambled alongside it. Under escort, the Cessna plane later landed safely at Seletar Airport. The 61-year-old pilot was questioned by the police before he was released. Aviation experts said that following the Sept 11, 2001, attacks, the RSAF operates an enhanced air defence against airborne terrorist threats, 24 hours a day, seven days a week. Air forces the world over have been wary of copycat attacks by terrorists commandeering planes as 'guided missiles'. Colonel Lim said: 'The RSAF continues to maintain a high state of readiness.'

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