How can we help the lower income to retire better?

COVID-19 has shown to ordinary Singaporeans that our country is indeed very rich so much so that we can afford to draw down $52 billion from our past reserves. Our DPM has also confirmed that the government is not legally or constitutionally obliged to put this amount back.

Every year, we know that an amount of at least the size of our NIRC (at least 50% investment returns NII & NIR) would be channeled back for reinvestment; the latest figure would be $18.6 billion.

Separately, on average, 8% of our wages goes into our Medisave Account. A low-income earner, earning $1,500 for 40 years would have accumulated a Medisave amount of $57,600 ($1,500 x 0.08 x 12 x 40) EVEN BEFORE any bonuses and interest.

For an additional $3 billion from the Net Investment Returns to pay for all Singaporeans’ medical schemes, every low-income earner would be enhanced with at least $60,000 in additional retirement funds at the age of 60 in their Retirement Account. This would give them about $500 to $600 a month from 60 onwards.

Every Singaporean will benefit from this – not just the poor!

It is all possible if you make your vote count in the coming GE by voting wisely!

 

CK Lau

 

 

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23 Responses to “How can we help the lower income to retire better?”

  • Do the right thing.:

    Do more for the poor and needy elderly citizen.
    Most of them are too cash poor for their retirements.
    Suggest they should be given $600 pm to help them to retire with some dignity.
    No need to suffer and do manual work at this stage of their life….
    Our National reserve was build on their blood and sweat..Only right we should take care of them in their time of need.
    If this Government refuse to do it,we should vote for one that will do the right thing.

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  • Dun Bluff Mi U Tink I 2pid?:

    The pappies only have 1 aim in every 5 years term.

    Collect money from you, put it in their pocket, give you back very little throughout, and then give you some sweets nearing the end of the term. Once they restart another 5 years term, they repeat the process again. So how is it enough for the man in the street to have enough when the bulk of it is retained by the pappies and their cronies? It is therefore you die your problem.

    If you want a solution, that is to kick these pappies out of the system.

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  • PAPVID-20:

    SG will definitely be a much, much better place for all singaporeans to live in if our parliament is not filled with majority whites.

    GE is coming, highly likely in July. I haven’t been posting much comments online as I’ve been doing my duty as a patriotic citizen, trying to convince those who gave their votes to the whites in the last GE to vote against them in the upcoming one.

    If every of the 30% minority managed to pull one vote away from the whites, I believe we can effect change. Where there’s a will, there’s a way.

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  • Asd:

    Motel is not a country

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  • First things first:

    Seriously, Sinchiapor’s emperor has to give the poor worker a minimum wage guarantee like any other developed economy around the world – or remain a pariah nation most expensive.

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  • Very simple. Please read.:

    There is a very simple way how the poor can retire well.

    There is no need to ask the gov for more money or top up.

    What is the very simple way?

    First. A story. A poor family puts grain into a storehouse every day, for years and years. The storehouse is kept clean so that the grain stays fresh. Unfortunately, the cleaner also charges a heavy “management” fee. After many years, the storehouse is still almost empty.

    What is the very simple way?

    Ask the gov to stop charging super-high “management” fees on our CPF money. With 8% instead of 2.5% return, most of us will retire with a million or a few millions of dollars in our CPF. 8% is what most good pension funds can deliver.

    Of course this gov is addicted to the super-high management fee. The management fee is so high, it is practically daylight robbery of $20 billions every year from our CPF.

    So we must VTO! Hit them where it hurts. Then they will listen.

    VTO. VTO. VTO.

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  • Harder Truths:

    V.T.O.

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  • trublu:

    Hahaha,help the poor sinkies?
    Wait LOONG,LOONG.
    Ah Loong prefers to steal OUR MONEY,$10₩ BILLION,and dish it to PRs/FTs.

    As for poor sgs,cannot help or burden our young with more future tax burden?

    Ong Teng Cheong was NOT ALLOWED TO KNOW EXACT AMOUNT OF RESERVES AS KEY TO RESERVES?
    DOES HALINAH KNOWS HOW BALANCE IN RESERVES AFTER HSK TOOK OUT $100 BILLION?

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  • Soccerbetting2:

    Reported on ST :Quote :-”SINGAPORECourts & Crime Education Housing Transport Health Manpower Environment

    Shops, market stalls under Aljunied-Hougang Town Council to get 25% S&CC rebate

    The town council said this financial relief for commercial establishments will cost it about $300,000.ST PHOTO: KUA CHEE SIONG
    PUBLISHEDJUN 12, 2020, 5:57 PM SGT
    FACEBOOKWHATSAPPTWITTER
    Rei Kurohi
    SINGAPORE – Shops and market stalls under the Aljunied-Hougang Town Council (AHTC) will get a 25 per cent rebate on their service and conservancy charges (S&CC) for June to August.

    The town council, which is run by the Workers’ Party, said this financial relief for commercial establishments will cost it about $300,000.

    AHTC said in a statement on Friday (June 12): “This decision comes following the announcement of a three-phased lifting of circuit breaker measures. Now in its first phase, many businesses are still not able to open, or are opened with restrictions…” “Unquote.

    Response :Wow, opposition ward get 25% more S&CC rebate. Surely, it is opposition ward and such rebate is unlikely be given by PAP, right? So vote opposition got more gains? How come all those shameless beast women from PAP ward never match dollar for dollar and double S& CC rebate for Punggol GRC home residents to have another 50% more S&CC rebate from June to August?

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  • Do more:

    Do more for the retirees Citizen.
    Let them have a decent retirement…
    Suggest we give them $600 per month at least if they do not have any savings…or sufficient CPF payout…
    Only right thing to do…

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  • Defenceless Timids:

    When you grow old, you lose sexual ability.

    To retire happier, you need to find your balls first.

    Being such timid populace, you so not qualify to retire happily unless you have balls to live happily.

    The more you fear, the more you cannot retire because you are gonna get MUCH MORE of the same. Influx and cheap labor is all they know.

    Retirement? More like where is your job now taken away by foreigners?

    You are fked because you continue to live in fear of the bully. Your fear Enables the Bully to shaft it up your ass deeper than ever.

    A timid army cannot defend the sovereignty.

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  • Tremendous:

    When the deputy village chief said that the village will be in a much weaker financial position in the years to come, he was riding on the disbursements or huge budgets. He should have been upfront to state that the financial position was already much weaker before the disease came. The village had lost huge amounts in international investments and no big heads rolled.

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  • oxygen:

    @ Very simple. Please read.

    CPF AND HDB ARE ALL RIP-OFF SCAMS – we are told in the political zoo (not denied in there) is NOT our money and if HDB is ever “affordable”, how come most people need to supplement the mortgage outstanding with CPF top-up??

    Very simple. Please read.: There is a very simple way how the poor can retire well.

    There is no need to ask the gov for more money or top up.

    What is the very simple way?

    First. A story. A poor family puts grain into a storehouse every day, for years and years. The storehouse is kept clean so that the grain stays fresh. Unfortunately, the cleaner also charges a heavy “management” fee. After many years, the storehouse is still almost empty.

    What is the very simple way?

    Ask the gov to stop charging super-high “management” fees on our CPF money. With 8% instead of 2.5% return, most of us will retire with a million or a few millions of dollars in our CPF. 8% is what most good pension funds can deliver.

    My Aussie superannuation (CPF) have paid me an annualised return of slightly higher than 8.25% for over 20 years.

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  • CK Lau:

    Attached calculation to reflect inclusion of interest. It would be close to $142,000 instead of $57,600.

    https://m.facebook.com/story.php?story_fbid=685396538963743&id=100024802083415

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  • vote for transparency:

    they take a whole chicken from us each year ..then give back just one or two skinny wings back…
    and for that we have to be grateful to this inept gov who treat foreigners better than own citizens ..pgs and mgs who slogged blood sweat n tears for this country..
    folks do the right thing at coming GE.. or forever hold your tongue…no more chances left.
    theyve sold out our country to the highest bidders.

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  • Trust:

    By telling you
    1. To trust us
    2 cannot release your cpf to you as you may squander it by going to 2 govt approved casino
    3. Govt has no objection to you wearing mask
    4. To go for voting soon during Ge
    5. Train n bus journey short distance……no need 6 feet apart
    6. 2 persons can visit your mother once a day………never say visit FATHER…..Died?
    7. Lump Sinkies count together with prs
    8. Anglo can Party are Robertson quay……..you never tall us the party so we don’t know
    9. The rest you add

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  • trublu:

    GE2011: PM LEE & HIS ROBIN-HOOT$ TOLD young sgs HE CANNOT GRANT AIDS to the OLDER N JOBLESS POOR sgs or ELSE the YOUNG SGS WILL HAVE TO SHOULDER MORE FUTURE TAX BURDEN.
    THEN,HE GAVE THEM LOLLIES TO SUCK FROM THE SAME RESERVES,NO LESS.

    YOUNG KEPT QUIET WHILE $ucking the LOLLIE$$$???
    BUT TOLD their aged parents they cannot rely on SOCIAL ASSISTANCE BUG MUST DIE DIE EARN THEIR OWN MONEY like CLEAN TOILETS ETC.

    NOWW,IN 2020,NOT ONLY HELP THE HAVESCBUT HUGE AMOUNT OF $100 BILLION N GIVEN TO NON-SG PRs/FTs who have ENOUGH SAVINGS OF THEIR IWN WHILE DUMPING MANY OLDER SGS WITH $70₩ CRIMBS OUT OF THESE SGS’ PAST ACCUMULATED RESERVES.

    LET THE FIRMS YSE THEIR OWN *RETAINED EARNINGS* FIRST???
    WHY USE SGS’ past RESERVES?

    I SAY THIS IS SOCIALISM FOR THE RICH AT THE EXPENSE OF SINKINGPOREANS!!!

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  • NotMyProblem:

    You want a solution, first kick out the problem.

    Kick the PAP out and we can look forward to changes in our lives.

    As it is now when they gave you $600, they said they gave $23,225. Some more it’s all from taxpayers, you are the taxpayers.

    I am sure it is this amount of $23,225 that we have to pay back. Also we need to pay for those bills for temporary accommodation and meals for foreign workers, that includes hotels’ and cruise ship’s bills.

    Just prepare to pay. Remember you took only $600.

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  • Soccerbetting2:

    Reported on Straits Times website :Quote – “Survey shows they are ready to pay up to 10% or 20% more if extra money goes to workers
    Janice TaiSocial Affairs Correspondent
    Around eight in 10 Singaporeans are willing to pay more for essential services such as cleaning or security if the extra amount goes to the workers themselves.

    They would pay up to 10 per cent or 20 per cent more for such services. This could include service and conservancy charges (S&CC) for Housing Board flat dwellers or maintenance fees for private property owners
    …. “Unquote.

    Response :” Around eight in 10 Singaporeans are willing to pay more for essential services such as cleaning or security if the extra amount goes to the workers themselves.

    They would pay up to 10 per cent or 20 per cent more for such services. This could include service and conservancy charges (S&CC) for Housing Board flat dwellers or maintenance fees for private property owners”

    Pui! Pui! Pui! After overcollecting tons of S&CC fees and environmental disposal fees and that amount to tons of billions per GRC per year basis, yet the environment is never effectively cleared of fallen leaves everywhere, and

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  • REGIME CHANGE is the solution:

    How?

    REGIME CHANGE IS THE SOLUTION.

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  • Bobo:

    Do more:
    Do more for the retirees Citizen.
    Let them have a decent retirement…
    Suggest we give them $600 per month at least if they do not have any savings…or sufficient CPF payout…
    Only right thing to do…

    The opposition parties have many good policies for our retirees. Give them the mandate to see the changes rapidly.

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  • another round of rent-seeking:

    //:Quote – “Survey shows they are ready to pay up to 10% or 20% more if extra money goes to workers
    Janice TaiSocial Affairs Correspondent
    Around eight in 10 Singaporeans are willing to pay more for essential services such as cleaning or security if the extra amount goes to the workers themselves.

    They would pay up to 10 per cent or 20 per cent more for such services. This could include service and conservancy charges (S&CC) for Housing Board flat dwellers or maintenance fees for private property owners
    …. “Unquote.//

    must be those 151th standard wayang survey ?? SCC&CCS charge has been increasing over the years right and did the quality of service really improve or more or less the same as in the 80s or 90s, etc ?????

    and over the years did the increase really pass down to the essential workers (relative to the absolute $$$ increase that the white monkey idiots have collected) ??? or good part of it going into some so-called upgrading work which involved tearing down and rebuilding some existing useful structures while putting in unnecessary frills ?

    and why highlight only SCC&CCS ?? priming daft sinkies for another round of rent-seeking to be done ????

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  • never listen to pap:

    1st, if not pap S$m wage, don’t reproduce. need to ffff. so can marry. but if not pap S$m wage, cannot reproduce. why have children and make them suffer under pap S$m regime?

    2nd, between marry and car, have that car. need to ffff, S$50 can Myanmar ah mei swee swee. no need expensive wife. if pap S$m wage, then, anything can lah. if not, don’t be stupid. car lite is for pap ministers only. not for cash poor.

    3rd, believe pap die fastest. anyone with S$m yearly income can always talk hen and chicken one. honesty is far from their mouth. because they need sheep to produce cotton so that they can continue paying each other S$m wage with sheep cotton.

    we have never voted pap. our conscience is clear.

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