Weighing in on Clifford Theseira’s grouses against the CPF system (Part 2)

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Continue from Part 1.

CPF Board: “Mr. Theseira had withdrawn a total of about $140,000 from his CPF since turning 55. If Mr. Theseira had not done so, his monthly payout could be more than $1,000 per month.”

The CPF Board then says, rather sneakily, that Mr. Theseira owns a 5-room HDB “which is fully paid up”.

First, it is redundant to say Mr. Theseira would be able to draw $1,000 if he had not drawn from his CPF, because Mr. Theseira needed the money to survive. So he drew from his CPF when he turned 55, which is what the CPF is for.

Second, the $140,000 he has drawn out in total is equal to about $686 per month over 17 years (from 55 years old to 72 years old). It is not a large sum.

Third, the $686 per month drawn is used for expenses for daily living for both Mr. Theseira and his wife. So, it’s about $343 per person per month – this is probably why Mr. Theseira took up a Grab licence cos the CPF payout isnt enough for him and his wife to survive.

Fourth, the CPF Board’s statemlent seems to be saying that Singaporeans should not withdraw their CPF savings when they turn 55, and should keep it as long as until they are 72, when they could draw out $1,000 per month. But this assumes that first, one can survive after 55 and/ or continue to work till 72.

But isn’t this what Mr. Theseira is in fact doing – getting a job as a GRAB driver at the age of 72?

Fifth, what is the point of mentioning that Mr. Theseira has a 5-room flat which “is fully paid up”? That he should sell his flat to feed his wife and himself? Is this what our senior citizens should do when they are old, sell their homes which they have spent their entire lives to earn?

Sixth, Mr. Theseira says he has $60,000 In his Medisave account. Yet he is still being asked to contribute to it. Isn’t the Basic Healthcare Sum (previously known as the Medisave Minimum Sum) capped at $57,200 at the moment? (I think it is much lower for Mr Theseira who is 72 now.)

Instead of addressing the issue, the CPF Board has gone to make irrelevant statements.

Why does a 72-year old Singaporean, who has CPF and Medisave savings, still need to work to just make ends meet, for himself and his wife?

That is the question the CPF Board should answer, and not play with numbers.

 

Andrew Loh

 

 

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12 Responses to “Weighing in on Clifford Theseira’s grouses against the CPF system (Part 2)”

  • Mr Theseirai Made A Mistake:

    I completely agree with the CPF that Mr Theseira should not have drawn $14O,000 FROM HIS cpf AT 55 YEARS OLD OR ELSE NOW HE CAN GET MORE THAN $1000 per month. But did the government ever give money to those who do not have enough CPF money ? You die your business, wait long long.

    The reason is that if he did not draw the $140,000 out, then the Jinz will have more money to gamble and speculate and finally lose all the money.

    CPF you think Singappreans are stupid. KNNBCCB

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  • Let us remember this:

    CPF money is our own money.

    because pap clown lost a lot of CPF money in gic and pap clown wife lost a lot of CPF money in temasek, pap needs to raise GST besides keeping CPF money longer and longer.

    vote pap, it is the same as kissing your own money in CPF goodbye. just like those sheep folks who died and left behind S$200m plus without spending a cent of their own money. so sheepingly stupid.

    vote OPPO. let New Government change the rules to return CPF money to CPF owners. with New Government, can indict pap clown and pap clown wife like Dr Mahatir New Government under PH is now indicting najib and najib wife.

    vote OPPO, many benefits. best of all, with change in agc spf cpib bank negara chiefs, pap clown and pap clown wife no horse run finally indicted.

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  • Double standard:

    How come when I was 55 I wanted to draw down but they don’t allow me.
    I got a $140,000 and I only receive $750.
    Who is spreading fake news?

    I am sure many are very sick of the CPF. Just return our entitlement and stop manipulate our saving.

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  • PAP.GUARANTEE.WIN.GE2019/20:

    Our great Leader PM Lee had already said, if CPF return all the money at age 55, Singaporeans will splurge it on young woman at Batam/Thailand/Malaysia/Vietnam etc.

    When Singaporeans finished spending their CPF monies, then they will come back asking our great Leeder PM Lee for charity assistance.

    Singaporeans are shameful lots and you can see many of these Singaporeans in
    Batam/Thailand/Malaysia/Vietnam etc

    PAP.GUARANTEE.WIN.GE2019/20
    Majullah PAP, PAP Huat, Huat, Huat ah

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  • HDB flats depreciate to ZERO:

    The Government wants to give Singaporeans a “pension” using their own money while top politicians and civil servants are paid millions each year. This is a compelling reason for REGIME CHANGE.

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  • Wait Util Death:

    Might as well tell him to wait till 93 years old then he can draw $2,000 pm.

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  • Absolute Power:

    A great way to steal.

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  • Phillip Ang?:

    What happen to Mr Phillip Ang, the great commentator on CPF mistakes?
    Has he been terminated?

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  • oxygen:

    @ PAP.GUARANTEE.WIN.GE2019/20:

    OI OI OI, RUBBER-TAPPER aka durian picker from Boleh-land, your business is so bad that you can’t afford your breakfast money tomorrow and need to troll here for another 50 cents?

    PAP.GUARANTEE.WIN.GE2019/20: Our great Leader PM Lee had already said, if CPF return all the money at age 55, Singaporeans will splurge it on young woman at Batam/Thailand/Malaysia/Vietnam etc.

    When Singaporeans finished spending their CPF monies, then they will come back asking our great Leeder PM Lee for charity assistance.

    Singaporeans are shameful lots and you can see many of these Singaporeans in
    Batam/Thailand/Malaysia/Vietnam etc

    PAP.GUARANTEE.WIN.GE2019/20
    Majullah PAP, PAP Huat, Huat, Huat ah

    GD Star Rating
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  • pliant:

    promise can return our hard sweat money when reach 55 but keep shifting goal post. scaring plus terrible!

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  • Zhenzidan:

    PAP.GUARANTEE.WIN.GE2019/20:
    Our great Leader PM Lee had already said, if CPF return all the money at age 55, Singaporeans will splurge it on young woman at Batam/Thailand/Malaysia/Vietnam etc.

    When Singaporeans finished spending their CPF monies, then they will come back asking our great Leeder PM Lee for charity assistance.

    Singaporeans are shameful lots and you can see many of these Singaporeans in
    Batam/Thailand/Malaysia/Vietnam etc

    What about women? You mean they splurge on young men? Your mother one of them?
    PAP.GUARANTEE.WIN.GE2019/20
    Majullah PAP, PAP Huat, Huat, Huat ah

    GD Star Rating
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  • Eaglefly:

    Hi Andrew,
    You wrote a very good response to cpf goons.
    Thank you

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