Singapore’s HDB-CPF system has caused tremendous suffering for our elderly

A very sobering report concluded by the Duke-NUS Medical School’s Centre for Ageing Research & Education and the Ministry of Health (MOH) found that a stark majority of our elderly Singaporeans over 60 are unable to meet their monthly expenses.

This must be a big slap to the face of this hopeless PAP government. To begin, Singaporeans are one of the world’s top retirement fund savers so, what went wrong? Where have all their high savings accumulated over the decades meant for their retirement gone to?

By now, it is everybody’s knowledge that too much of our citizens’ CPF savings have been used to service the loans for their overpriced HDB flats, leaving them with little for any meaningful retirement. Furthermore, the interest rates paid on their savings were too paltry when compared to similar retirement funds, such as the Australian superannuation fund or the Malaysian Employee Provident Fund (EPF).

Furthermore, high-handed and rigid government policies limit any meaningful amounts to be disbursed for a decent retirement living. Hence, many elderly fellow citizens are forced by circumstances to continue working even into their twilight years. To make matters worse, people are living longer and the costs of healthcare in Singapore is no joke.

It sadden me when I heard people from China commenting that, unlike their elderly people back home, our old people are working in large numbers, not so much by choice but forced by circumstances. In time to come, if there is no change in the political landscape, it will almost certainly also happen to today’s younger generation.

Our citizens must be convinced that they deserve better and vote wisely. Otherwise, in an environment of poor governance and shrinking opportunities, they will only have themselves to blame.

 

Simon Lim

 

 

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26 Responses to “Singapore’s HDB-CPF system has caused tremendous suffering for our elderly”

  • oxygen:

    ASSET ENHANCEMENT POLITICS IS A SCAM of transferring wealth from the peasant Ah Sengs & Ah Huays poor to the rich.

    In this late desperate stage, PAPpypolitics/PAPpynomics is – by tweaking its CPF hanging ropes to HDB housing funding – is only helping OLDER DESPERATE PG/MG to buy OLDER smaller housing. This is rubbish economics of false prosperity – PGA and MGs cannot eat their downgraded older flats expiring to zero at end of lease like biting a sandwich when they are thirsty and hungry.

    A successful, prospering economy will find this outcome instead – younger people can increasingly affordably finance their purchase of NEW housing.

    So sad in old age to see LEE-jiapore declining to this stage of entrapment of fictitious property wealth of delusions. CPF as retirement money is JUST A PASSING WIND OF FICTION “monetized” by economic ghosts of fake wisdom in asset enhancement politics scam.

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  • Gen NOW:

    First things first.

    Baby boomers like Simple Simon besotted with Dirty Harry, swayed by his fiery English rally speeches, and voted him and his cronies back in election after election, and still alive, must first come out publicly and admit their mistake, ask for forgiveness from the generations after them and work hard to teach the younger voters what has gone wrong with the country under the present leeders.

    This is but one way to redeem themselves, heal the ‘wounds’ they have inflicted on the people – albeit unintentionally but certainly not without deeper insight into themselves – who have suffered decades of oppression and who continue to suffer the consequences of policies made by self-serving leeders.

    Do that first, Lau Lim, and rally your cohort of ‘sinners’ to do just that first; you, as a group, have let later generations down. By millions of miles!

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  • never voted pap:

    It sadden me when I heard people from China commenting that, unlike their elderly people back home, our old people are working in large numbers, not so much by choice but forced by circumstances.

    1st, pap says they choose to work as a form of exercise. past few days on pap tv there is this advert of a 68 year old working as a driver. the problem is, the words he spoke clearly hard to believe. perhaps he was speaking the truth. perhaps he was just mouthing something for a few S$. point is, it is very hard to believe manual labour is suitable for anyone past 65. lky proudly said he would continue working forever. but he was in air cond office with a retinue of aides. not a hotel driver nor out there collecting pap newspapers for puppy poo.

    2nd, these fellow citizens have a choice. they can continue as they are by voting pap or they can change for the better by voting OPPO. if they are happy as they are, we have nothing to say. if they are unhappy as they are, well, they asked for it. good thing is, they can repent and improve by voting OPPO GE2019. at least the lives of their children and grand children are guaranteed to improve with New Government.

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  • vincent tan:

    the 95years cpf tweaked are meant to
    LOCK-UP more cpf monies!
    plain evil.
    95 is at 10 years above the current
    85 life expectency
    the clown prince really anyhow count

    PAP chants
    “lock cpf UP !” by hooks or crooks

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  • patriot of TUMASIK:

    Simon…visit Woodlands MRT mall RepublicFood court and see for yourself the elderly doing cleaning services MOSTLY Pioneers…on the quite I pass a 5$ bill to an elderly lady cleaner who declined it saying…”I work for my living” without adding the “I don’t BEG”!!!…that Simon is the Pioneer Generation for you…The Pride that BUILT this NATION!!!…Elderly but yet NOT begging and accepting handouts from strangers knowing that they were DECEIVED by Leaders they TRUST

    PRIDE as a Human & Patriot??? Not this Bunch of IDIOTIC FOOLS passing off as ARISTO-CRAPS!!!

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  • Harder Trruths:

    Serves them right. Always voting pappies.
    Now they can enjoy their karma.
    Don’t ask me to pay for their selfishness I have my own problems.

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  • LIONS:

    Lee Ah Long has $crewed COMMON citizens up completely.
    He has turned our lives upside down.
    What we painstajingly built for our families,he continues to destroy.

    Public Policies have been turn into ANTI-citizens PUBLIC PRACTICES.

    TIME FOR ALL COMMON sgs to wake up and use their VOTES WISELY.

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  • LIONS:

    POLITICS is being used to satisfy one person’s whims and fancie$.
    This is NOT governing.
    It is MIS-GOVERNING.

    THE PEOPLE ARE SUFFERRING and do these politicians truly care?
    Look at the 4G n their *PROMOTER*?
    Still thinking of WAY$ TO SCREW us instead of determining WAYS TO REDEEM US from the hellish dumps they created for us.

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  • Flabbergasted:

    In the early nineties, when I started going to China for business, mention the word Singapore and that someone is from there, there will surely be people wanting to take a look.

    Hearing the fame of LKY, they want to know if the Singaporean is really some superhuman with 3 heads and 16 hands.

    Then, were we proud of the Singapore passport.

    Fast forward today to the useless bapuk, Singapore and Singaporeans are the brunt of jokes in China.

    It doesn’t help with our paper generals teaching them how to do business, with China’s progress, its like teaching your father how to “make babies”.

    Nowadays, it’s embarrassing to admit you’re a Singaporean.

    The Singapore passport has become a piece of toilet paper that can be haved by any shit from any shithole.

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  • C’est la vie:

    *****
    Poreans are trapped in their own ignorance and indifference.

    The affected and disadvantaged ones continue to tick the PAP box.

    So in their boxes they remain, … along with millions more, suffering and enduring in nescience.

    Status quo is the resultant.
    ***
    *****

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  • Singapore Fooled Again N Again:

    And end of the day, your HDB flat drop to zero value when lease expire.

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  • I like lyCHEE, hate LOONGan:

    A smart cunning crook will not resort to openly robbing money. That is very obviously a crime. He’ll ‘geng’ and come up with investments scam. Con people into believing the investments will earn them money for the future for their retirement.

    Or the crook will con people into buying some things, telling them that the value will only rise in price and will never drop.

    Eventually the people who trusted and believed in the crook have to suffer.

    Oops! Did I make our G sounds like a crook? I didn’t mean it. There’s a obvious difference between them after all. Our G doesn’t even need to do any convincing job. It’s so powerful it can easily set or change rules and laws to make anything and everything works their way. Oops again! Did I make them sound even worse? Heehee, better stop here.

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  • Tom Lee:

    Simon, it is this huge group of seniors that gave the 70% mandate in the last GE. They have gotten what they voted for. Leave them alone.

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  • Recalling PAP history:

    It is with great poignancy that we recall how our founding fathers Dr. Goh Keng Swee and Dr. Toh Chin Chye struggled for the well-being and the future prospects of Singaporeans before LKY’s great schismatic purge of the 80′s. “Checks and balances in the government machinery” during their time in office could never have been a “seductive lie”. The people’s CPF was sacrosanct! We were less than 2.5 million people in a democratic-socialist and technologically progressive third-world nation.
    What have the educated middle-class to look forward to today in this crony-elitist over-populated casino island? Just applying for a pigeon-holed roof over one’s head is a drawn-out lifelong commitment into retirement years.

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  • 70%:

    70% voted for poverty and they will get it . Their grandfathers voted for prosperity, and they got it.

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  • Lye Khuen Way:

    Alas, Simom, not enough of our fellow countrymen are aware of the stark realities regarding their over-priced Public Housings and their pathetic balances in their CPF as compared to other seniors elsewhere.

    Soon, they will have less alternative news channels.

    It is indeed sad.

    Ironically, we have ourselves to blame.
    Too many have allowed for too many times the ruling party to dictate almost every aspects of our lives with impunity.

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  • oxygen:

    @ Lye Khuen Way

    OPPRESSION IS UNNATURAL OF STABLE PROGRESSIVE ORDER, they must leave grave consequences for all peasant Ah Sengs and Ah Huays but……like you said, it is voters’ self-inflicted wounds.

    Nearly 70% of them are too stupid to even begin to discover they are stupid to infinity.

    THEY VOTED FOR DICTATORSHIP AND OPPRESSION instead of checks and balances.

    Lye Khuen Way: Too many have allowed for too many times the ruling party to dictate almost every aspects of our lives with impunity.

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  • HDB will be ZERO @ 99 years:

    It will get worse. Most Singaporeans have their retirement money (CPF) tied up in their depreciating HDB flat.

    It is clear now that allowing the use of CPF money for paying for HDB flat is a big mistake, especially after the price of HDB flats was pushed up. It “drained” the CPF accounts of Singaporeans into a depreciating asset. Blame LKY. Blame GCT and LHL for flawed Asset Enhancement Scheme.

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  • Singapore in the 1980s:

    Flabbergasted:
    In the early nineties, when I started going to China for business, mention the word Singapore and that someone is from there, there will surely be people wanting to take a look.

    Hearing the fame of LKY, they want to know if the Singaporean is really some superhuman with 3 heads and 16 hands.

    Then, were we proud of the Singapore passport.

    Fast forward today to the useless bapuk, Singapore and Singaporeans are the brunt of jokes in China.

    It doesn’t help with our paper generals teaching them how to do business, with China’s progress, its like teaching your father how to “make babies”.

    Nowadays, it’s embarrassing to admit you’re a Singaporean.

    The Singapore passport has become a piece of toilet paper that can be haved by any shit from any shithole.

    In the 1980s, whenever in Taiwan, and the ladies know it is a Singapore man, they never let him go without trying to be his wife.

    In a short little 30+ years, after seat warmer wouldn’t go and pap clown, Singapore today truly has gone down the drain.

    The Singapore then was indeed on the ascendant. But started to fail when seat warmer wouldn’t go took over and failed when pap clown took over.

    Worse, pap open leg policy during pap clown has cheapened the Singapore brand much further. Because pap clown admitted only cheap cheaper cheaperest mouths to low ball costs when actually everything became expensive due to unchecked land cost inflation by pap clown.

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  • Singapore Decline:

    During LKY time, Singapore is riding high.

    From Goh Woody onward, Singapore started to go downhill.

    Fark both Woody and Pinky for bringing us down the drain. KNNBCCB

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  • mike:

    Many whom i spoken to in their 30s and early 40s are still very much belongs to the 70%.

    They are too busy with their daily life of making a living, raising kids and have no interest with what is going on until they might loss their job some days.

    These people are very hard to bring sense to them as they have too much to loss than gain if their current status changed.

    I have a feeling that the G will still be in the majority of parliament until at least 2030s before the bao-toh 3G Lee comes into picture.

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  • James Lee:

    Both the PGs and MGs who are now facing the consequences of dubious policies on CPF,Housing and the Privatization” of our Public Hospitals, have realistically been taken for a rough and damaging ride into their retirement.If the present 4G leaders are sincere in their praise and appreciation for the contributions made by these seniors to nation building,then those in the corridor of power in the govt should help redress this problem by providing without further delays the following to all PGs and MGs:-

    1) Fully subsidised basic hospitalisation and health care.The government can save on the usual medisave top ups and medical subsidies.

    2)Because of 1) above,the moneys in their Medisave Account amounting to more than $30,000 can be released to meet their retirement needs.

    3)Unconditionally give a monthly payment of S$500/= to all PGs and MGs to further boost their standard of living for their remaining life span.

    4)Waive all charges and fees for the Singapore Passport for all seniors.

    Immediate actions are indeed needed before it’s too late!!!!

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  • not enough workers + talents:

    //The Singapore passport has become a piece of toilet paper that can be haved by any shit from any shithole.//

    white idiots went for the numbers (open-leg policy) and these chat-ba-lang people knew the game well and know how to game the system (be it application for pr, ep or whatnot) and now many of them became citizen-convert making even greater numbers helping / urging even greater open-leg policy. even at 5.5m going upward towards 6.9m or 10m, businesses still claim not enough workers + talents.

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  • rukidding:

    My friend who is 60 yrs old is a kidney transplanted patient as well as suffers from Gastric Cancer.

    His medication cost per month goes into the “thousands”.

    His medisave only allows him to draw out S$300 PER YEAR !!!

    Thus, every month he receives a “reminder” letter from GH “demanding” payment of his medications.

    Funny thing is , he still has over $80,000 dollars in his Medisave accounts and YET he is only “allowed” to draw out S$300 PER YEAR !!! (not per month )

    He thought he was the only one having such problems when he went to SGH business centre looking for solution.

    The “Usual” “Tai Chj” re[;y was to go and seek “social assistance” ????

    What a Joke when you still have S$80k in your medisave account ???…what social assistance ????

    Then, finally the Business Centre Manager “confessed” and told my friend if he could “help” write a letter “direct” to MR GAN, Minister for Health to “help” represent many,many, many others who were in the same “situation”

    What do you people think ??? Is PAP really “brillant” and did PAP really “cared” ????

    Hmmmm,…..your guess is as good as mine ????

    Btw , this is not “Fake News”…it is indeed really happening on the ground !!!

    Don’t think any “sane” or “saint” MP would “dare challenge” this issue !!!

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  • LIONS:

    Singapore Decline:
    May 15, 2019 at 3:29 am (Quote)
    During LKY time, Singapore is riding high.

    From Goh Woody onward, Singapore started to go downhill.

    Fark both Woody and Pinky for bringing us down the drain. KNNBCCB
    ============================================================================

    THOSE DAYS,WE WERE BLESSED WITH LEADERS WHO WANT THE BEST FOR THIS COUNTRY AND ALL BONA FIDE SINGAPOREANS.

    PEOPLE LIKE DR GOH KENG SWEE were respected by both sgs n those who came here.
    even wall-streeters from USA dare not kachau our fiancial markets when DR GOH was FINANCE MINISTER,GO ASK THOSE LIKE THARMAN WHO HAVE WORKERD FOR DR GOH.

    WE HAD HON SUI SEN.
    WE HAD RAJA.
    WE HAVE TOH CHIN CHYE.
    WE HAD A COHORT OF LEADERS THEN WHO DID WHAT THEY COULD,NOT FOR MERE $,BUT FOR REAL SINGAPOREANS AND SINGAPOREANS RESPONDED TO THIS TOTAL COMMITTMENT BY DOING THEIR PART as bus-drivers,as road-side cleaners,as teachers, civil servnats and bankers.

    we all did SG PROUND,DIDNT WE?

    WHERE WERE THE 4G??? STILL SUCKING PACIFIER OR SCHOOLING???

    THATS WHY DR GOH WAS RIGHT,PUBLIC SERVNATS MUST BE COMMITTED TO THEIR VOCATION,THEIR CALLING NOT UNLIKE PRIESTHOOD.

    WE SALUTE YOU DR GOH AND YOU AND YOUR COLLEAGUES WILL FOREVER BE REMMBERED FONDLY…

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  • Mark Myword:

    The fact that the traditional sources of immigration to our island that would go on to form more than 90% of the majority Chinese population
    - namely Hokkiens from Fukien province and Tiochius and Cantonese from Kwangtung province, both traditional sources of almost all of our ethnic Chinese immigrants up to the 1960s~70s -
    are drying up since the 1980s speak deafeningly loud volumes about how the peoples in these provinces have been viewing the prospects of a good life to be had in this the ever widening sinkhole that is the stinkypool.

    We now only attract ‘interim migrants’ from the third-, fourth- and worse-tier/rated inland provinces (eg. Hunan, home province of Chairman Mickey Mao & the home of unscrupulous petty thieves/scammers/fraudsters/cheats and counties, not to mention their townships and villages, basically out-of-work farmer-beggars that their country does not want (to feed) but whose backs are better seen the last of by their own nation, own compatriots, even fellow villagers!

    The US and other western, OECD countries – even progressive Asian ones like Vietnam and India – will soon realize what our freely-issuers-of-passports have been up to and begin withdrawing in droves one after another visa waivers for SG travelers to their lands, if not totally banning us outright from visiting, all thanks to Chairman Mao’s fellow Hunanese and other substandard human-being compatriots from inner Sinaland.

    By which time it will be late to cry over spilt milk. Once the international community starts to despise your Little Red Book and avoid it like it was the book of Mao’s quotes.

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