About CPF

I don’t post much online. But I feel a need to voice this out because I’m really upset about my situation and how it was handled by the relevant parties.

Did you know that if you use your parents CPF to pay for your education, you are required to repay it back to your parents…CPF using CASH.

The interest is 2.5%.

So the background is, my mom paid for my poly education using her CPF. Upon my graduation, I was greeted with letters from the CPF Board demanding that I repay the full sum plus the interest my mom would have earned if the money had been left in her CPF. I applied for a deferment as I was unemployed and was going to uni.

CPF continued to send me letters. I never borrowed from loansharks but this is what it feel like to be hounded by them, minus the splash of paint, fire or pigs head.

We went to see our Constituency Minister, who empathised with us and sent in an appeal letter to waive the interest which was rejected.

Subsequently, my family and I headed down to CPF to see what can be done.

Nothing…apparently. The staff who served us was more than unhelpful.

My issue with this is:

1. Why can’t I have the option to repay using my CPF? Either way, I would to be employed to have the money and have CPF…unless I’m self employed.

2. I understand this policy was put in place to protect parents from not getting their money back. But if both parties are alright with it, why not? It’s her savings, her money.

3. Why weren’t we made aware of it when we chose to pay via my moms CPF?! Had we known earlier, we wouldn’t have chose this option.

4. The constant reminders from CPF is irritating. They are worse than loansharks. The irony is, shouldn’t it be my mom chasing me since it’s HER savings??

5. Lastly, the staff who served us at CPF was not only unhelpful, he was also rude. He sat us down in his office, and basically he was there to just listen and tell us he cannot do anything. He gave an automated answer that was programmed into him saying that it’s out of his hands. He can’t do anything.

No effort to look into the situation or feedback to his HQ. He didn’t even note down our issue on paper or his computer – I mean, if he wasn’t going to do anything about it, he didn’t have to be so obvious right? He said we can pay by instalments until my mom turns 55, then interest will be waived. But he also said, rather arrogantly that the CPF criteria will change. (Higher saving goal/increase the age). My mom has to be 55, and reach 171k in her retirement a/c to waive the repayment.

For those who do not know what CPF is, it’s basically 20% of your monthly salary that is automatically deducted and put inside this “savings account” for your retirement.

And to those who are not aware of this, please take note, using YOUR CPF to pay for YOUR OWN CHILD’s education is not “free”, you would be better off paying hard cash, and then get your child to return you the money once they have started working.

 

*Facebook post by Nadiah Ash.

 

 

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23 Responses to “About CPF”

  • UniQ:

    Congratulation, I bet you are among the 70%.

    Much said….

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  • Bapak:

    I think either you & your mother missed the step to inform CPF that your mother does not wish you to pay. Or did they not sent you that option choice letter. You can still try to convince your mother to tell CPF to cancel the repayment. Lesson here, read all fine lines & be very careful what you sign when dealing with the team that goal post keep shifting positions.

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  • PC Ong:

    The writer questions are very amateurish and easy to respond to:

    1. If you use your own CPF to repay your parent CPF, there is no replenishment for the amount that was withdrawn to finance your education. You must repay with cash or else how can the CPF maintain its constant pool of funds for investment?

    2. Even if your parent OK with it, the govt is trying to protect all parents from potential swindling children.

    3. You should do your own research earlier instead of blaming the govt for not telling you earlier.

    4. It is CPF job to chase you, especially since your parent is so indifferent about it.

    5. CPF policies are set by the govt. The employees at CPF can’t do anything about it.

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  • cannot vote pap:

    Dear Nadiah Ash, we feel your pain.

    there is no way clown pap and S$m gang are going to take care of citizens’ welfare. these liars only care about the S$m they pay each other without our appproval.

    did you, and your mother, vote pap GE2015, thinking, wah clown pap is so good it allowed mama cpf to be used for education?

    it is alright if both your mama and you had made that mistake GE2015.

    correct it by voting against clown pap in a few months time GE2019.

    only with New Government can the heartlessness of current civil servants and statutory boards officers be removed.

    there is no other way. vote against clown pap. vote them out of government. let a better group of Singaporeans form New Government to take care of you, your mama, and us. Thank you.

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  • Tom Lee:

    The terms of CPF repayment with interest is actually a known fact to the public. The scheme has been in place for a while. However, what I don’t understand is how are you going to repay your mom’s CPF if you are going for your Uni studies. This is one aspect you should highlight to them. They can’t possibly be expecting you to work and return the monies before continuing your further studies. That would be too much.

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  • Trust only myself:

    Who did your mum vote for……?
    Don’t complain if MP cannot help…….

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  • knnbccb:

    All this alrdy kena many many blue till one idiot total paKar :”cPeeF not pupils $$$” and the only reason sinkie cock go batam fiack
    ArseEnlargementSteam to $0 @99 to 18hellGate and pls note that another 15days the great past tense demand reunion with all Pigs

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  • Ronny:

    what’s new? everyone knows the cpf is a black hole where u will never get back your monies.

    but singaporeans still prefer to live blindly and think the government is the best.

    PAP has mastered the art of mind control. if Hitler was still alive, he would have ruled the world by learning from PAP on how to mind control singaporeans to the blindingly obvious scam that is the cpf

    sad but true..

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  • William C:

    And to those who are not aware of this, please take note, using YOUR CPF to pay for YOUR OWN CHILD’s education is not “free”, you would be better off paying hard cash, and then get your child to return you the money once they have started working.

    Now then you know. Most students take all provisions for granted assuming everything they have are god gifted to their parent. Not many parents will want to tell their kids how difficult they are to raise them up – increase in GST, water bill, electricity tariff etc

    What is wrong to pay back installment with 2.5% interest? The 2.5% interest is also going back to your mother OA in CPF. Your mother does not deserved this 2.5% despite feeding you and provide you a good education?

    The millennium generation generally favour the ruling party because they are shielded away from the hard life by their parents – the Merdeka and Baby Boom Generations.

    Wait till you reach your mid career, have a family, housing loan then you will know how you are screwed by the ruling party. By then you likely to live in denial to accept the truths

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  • N.Jungne:

    Mismanaged by the Dishonorable, must be voted out

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  • Vote for New CPF Board....:

    Vote wisely at the next GE so that your CPF can be unlocked for your children education without having to pay interest!

    Your CPF money and your children need to pay interest?

    Uniquely Singapore indeed!

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  • rukidding:

    While the Ministers and MPs and senior civil servants are “enjoying” their High pay package and “powers”……you have been “made and turned” into a “small fly” and “intimated and reduced” into a “Nobody” !

    But who to blame ???….blame those who “supported and voted” for them !

    That is why…they called you a “Daft” !

    WAKEUP !….FIND YOUR COURAGE !….BOOT THEM OUT !

    The “DIVIDE” and the “BULLY” is getting out of hand !

    “FIGHT” and “DEFEND” your rights and YOUR PRIDE !

    Fcuk them !

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  • LIONS:

    CPF IS JUST ANOTHER bigLEE $cam!

    what else?!

    PAP cares,PAP really,really cares… about how to $uck you dry!

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  • GANESH KRISHNA:

    Dear Nadia

    Learn to develop some thick skin and just ignore the irrtating reminders of the CPF.
    They can do nothing about it.

    they will issue alot of threats. But for act on it.

    Just stay cool.

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  • HarderTruths:

    Just know CPF belong to government just like you belong to the government.
    I am not joking.
    70% are behind the government on this – no matter what.

    Next time vote oppo.

    Although nothing will happen you will still feel better not voting for evildoers.

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  • True facts:

    The major issue voiced down to cpf is that there is a sudden change in policy where in the past they agreed to release the fund once the old folks reaches 55 years old and now keep delaying with all funny excuses.

    There is basically no reason for them to hold for fund forever and keep saying that you can live until 100 years old.

    They are not God and majority of sinkis cannot even see their hard earned money from cpf.

    Many old folks need to work until kick the bucket because there is no retirement fund like cpf for them to depend on despite the fact that they bring in FTs to fight for jobs here.

    Alot of sinkis are currently unemployed even young graduates sitting at home without any job for them.

    Unstead of taking care of the locals they keep holding onto their cpf and bringing in FTs to fight for jobs here.

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  • IB Ong:

    is right here. CPF is never ever a pension scheme, unlike those enjoyed by our ministers or senior civil ‘servant” when they retired.

    CPF is merely a FORCED saving into a fixed deposit account but TOTALLY controlled by this government. You have no say and they can change the rules any time.

    CPF and CPF polices are set by this government and NOT created for your benefit. So even if your parents want to use their OWN money to help their OWN children, but since it does not benefit the government of the day, of course they chase after you like a loan shark.

    What do you expect?

    And yes, do your research. Go look around if there is anything close to such “pension scheme” in around the world.

    You might see better what you have created.

    PC Ong:
    The writer questions are very amateurish and easy to respond to:

    1. If you use your own CPF to repay your parent CPF, there is no replenishment for the amount that was withdrawn to finance your education. You must repay with cash or else how can the CPF maintain its constant pool of funds for investment?

    2. Even if your parent OK with it, the govt is trying to protect all parents from potential swindling children.

    3. You should do your own research earlier instead of blaming the govt for not telling you earlier.

    4. It is CPF job to chase you, especially since your parent is so indifferent about it.

    5. CPF policies are set by the govt. The employees at CPF can’t do anything about it.

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  • Pakatan Singapura:

    GANESH KRISHNA:
    Dear Nadia

    Learn to develop some thick skin and just ignore the irrtating reminders of the CPF.
    They can do nothing about it.

    they will issue alot of threats. But for act on it.

    Just stay cool.

    well said, bro. we agree. just ignore the cpf reminders. after all, it is her mother’s CPF money she is using, and not citizens’ CPF unlike clown gic and clown wife temasick. and citizens cannot initiate any hanky panky checking since cpib reports to clown himself. truly WTF when parleement is all clown compliant.

    but still must take precautions. withdraw all cash from bank and such under name of Nadiah. to prevent the accounts from being frozen.

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  • Merdeka Generation Unhappy!:

    Too little too late!

    We don’t need handouts!

    Sorry and Apology no more in fashion!

    We demand CHANGE!

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  • Only One Important Rule:

    Now then you know.
    The problem now is that the CPF money is held back and the minimum sum keeps increasing because of the huge losses in GIC and Temasek investments.
    Only when you come to face it, you feel the pain.
    Many others still sleeping.

    Hopefully the pain will help you to remember one important rule,
    Never vote for any PAP candidate.
    Kick them out of government.

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  • Hank:

    Nadiah, you can fight back. Tell all your relatives to vote against pap. They do these to us we give them a black eye in the next election!

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  • Change We Must:

    Your mom can request to waive your repayment of all the fees she paid for your education with her CPF money.

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  • Singapore Son:

    This is the best article I have read so far in 2018!

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