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Releasing $5000 from CPF accounts

I want to share my thoughts about calls by some people for the government to release $5000/ from their CPF accounts to tide them over during this very difficult period.

The call is a popular one, an understandable one and one that I fully empathise with, however, I have my reservations.

One, not everybody has sufficient balance for the withdrawal.

Two, not everybody needs that $5000/.

And very importantly, three, even if the government concedes and after the $5000/ is used up, what is next?

It is a fact that more and more fellow citizens are unemployed, suffer pay cuts and their future is indeed uncertain or even scary. For those many affected people, their debts are piling up fast and their funds are low.

How long C19 is going to be with us, when are CB measures going to be fully lifted and when the current very sluggish employment landscape improves meaningfully, nobody can tell for sure.

I have a suggestion to help our unemployed citizens, especially those bread winner fellow citizens.

I suggest that the government continues with its cash disbursements, calculated at per number of members in the household and at reduced quarterly quantum for the next 12 months and subject the scheme to quarterly review. Also, such cash help cannot be overly generous until it demotivates people from looking for employment.

The overriding condition to qualify and continues to qualify for government’s help has to be that unemployed Singaporeans must prove that they make every serious efforts at job hunting, explain satisfactorily to the relevant authorities why they fail to accept jobs recommended by organisations such as NTUC or E2i etc or proofs of attending approved full time skill upgrading courses etc.

In conclusion, I sincerely urge the pap government to seriously consider my suggestion and not ignore it or reject it outright or taking their own sweet time sitting on it because the cries for help among the growing numbers of our affected citizens is real and often urgent.

Think.

 

Simon Lim

 

 

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25 Responses to “Releasing $5000 from CPF accounts”

  • Harder Truths:

    Temasek Holdings has launched 50-year dollar bonds.

    https://sg.yahoo.com/finance/news/singapores-temasek-launches-50-dollar-040854920.html

    Does anyone here think they are NOT in trouble?

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  • PAP CLOSE DOWN:

    Sounds like Simon is spaeking for the govt.

    What kind of warped reasoning is this? Can you gaurantee people jobs? If not, let people use THEIR CPF monies UNCONDITIONALLY.

    Unless the govt wants to waive utilities, mortgage, housing loans, school fees and other personal loans.

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  • oxygen:

    WE BEEN TOLD in the political zoo that CPF is NOT our money AND NOT DENIED IN THERE, so definitely CANNOT WITHDRAW $5,000 or 5c even in dying emergency.

    @ Simon Lim forgot this? Money NOT in your possession (animus possidendi) or not in your discretionary control unfettered ( animus domini) or worst still both (like CPF) is NOT your money/property.

    PAPpypolitics will never concede this deception it duped of Sia Suay peasants for over 50 years by setting or allowing a precedent which rebuts/refutes their deception of stealth animus possidendi/animus domini which they have conned off peasants for so long.

    IT WILL OPEN UP A PANDORA CAN OF WORMS crawling out.

    Remember your CPF is invested in various investment products BUT YOUR CPF MONEY DON’T OWN ANY MINUTEST FRACTION of those investments (IF IT IS STILL THERE instead of a mere accounting data) in liquidation of all investments funded originally out of our CPF money.

    Anyway, the covid 19 pandemic so-called $100 billion budgetary relief is another FICTION. @ Simon Lim, how much did you got of this quantum? No need to disclose here. You know what you got, rights?

    It is a fiction BECAUSE IT TRANSFER WEALTH OF SIA SUAY PEASANTS to the rich towkays AND THE GOVERNMENT. Those economic “bribes” to towkay (tycoons) will have to be paid back by taxes/levies of current and future generations.

    THE END RESULTS IS THAT IT EXACERBATES THE RICH-POOR INEQUALITY DIVIDE at a time the economy is in a sh*thole of little recovery hopes.

    Our economy have been sinking LONG EBFORE THE COVID-19 PANDEMIC deliver the killer punch.

    Where is the proof?

    The banks are earning a margin of 1% on lending/deposit split but three top local banks are telling MAS (published in one yahoo finance article read) that their distressed loans now is between 5% to over 12% of their loans made out.

    AT THIS RATE, IT WILL TAKE THE THREE BANKS 5 to 12 years to recover their losses if the distressed borrowers went belly up. And that is if THERE IS NO FURTHER ESCALATION OF DISTRESSED BORROWERS from today.

    OUR FAKE ECONOMIC MODEL is heading for an implosion soon. And I am NOT HAPPY with PAPpynomics.

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  • oxygen:

    @ Simon Lim,

    ADDING ON TO the preceding, here is an interesting read from Bloomberg.

    oxygen: Our economy have been sinking LONG EBFORE THE COVID-19 PANDEMIC deliver the killer punch.

    Where is the proof?

    The banks are earning a margin of 1% on lending/deposit split but three top local banks are telling MAS (published in one yahoo finance article read) that their distressed loans now is between 5% to over 12% of their loans made out.

    Singapore Regulator, Banks in Talks to Extend Debt Relief. The relevant caption reads of the “cliff effects”

    Bloomberg :Like their global competitors, Singapore’s largest lenders DBS Group Holdings Ltd., Oversea-Chinese Banking Corp. and United Overseas Bank Ltd. are bracing for a wave of soured debts. As of June 30, debts under relief programs accounted for about 5% of DBS’s total loan book, 10% of OCBC’s, and 16% of UOB’s, according to their second-quarter results.

    https://www.bloomberg.com/news/articles/2020-09-28/singapore-regulator-banks-in-talks-to-extend-debt-relief-scheme

    I AM VERY PESSIMISTIC and sorrowful for those trapped with big mortgages, low savings balance and having suffered pay cut, risky of retrenchment any moment or still partying in zombieland/fantasyland -UNLESS, of course, YOU BELONG TO THE “NATURAL ARISTOCRATIC” CLASS of highly visible consumption and display/orgy of shameless avarice/greed living in the public space.

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  • oxygen:

    THERE IS STILL A LOT of digital-raped warped minds among the millennial still partying/living in the technology zombie fantasy land of utopia wonderland of instant gratifications.

    I don’t know how long more before the gravely-damaged global economy walks forward again, but sure it is gonna walk backward as long as the covid-19 pandemic still haunting our health and way of life/economic functioning.

    There will be a breaking point for PAPpypolitics in the ballot box IF THEY CONTINUE TO REFUSE OPENING UP THE CPF DECEPTION BOX OF CRAWLING WORMS and let SIA SUAY LIVES today for today.

    Those who die of poverty can’t vote, BUT WHAT ABOUT THOSE SURVIVING FAMILY MEMBERS?

    In Ah Tiong land, Mao’s Cultural Revolution starved tens of millions to death but the CCP has no moral compass or conscience in pretended ignorance or caring of humanity BECAUSE THERE IS NO VOTING THERE.

    LEE-jiapore?

    I wait and see what will happen if misfortune came around to rape the 61.2% dreamy sia-suay caught in the economic cyclone when the next round of Covid-19 pandemic sweeps through when a lot of good businesses now will also swept into the graveyards.

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  • xoxo:

    i have said many times,MEDISAVE will be used to suck your balances in your cpf till they dont need to find money to return you.
    Instead,you need to TOP UP if your accounts fall short???

    This daft gahmen are increasing premium$ for medishit up to 35 pct !
    $100 BILLION IS BURNT-GONE IN A FLASH LIKE * LIGHTNING*!
    NOW,it is time to begin COLLECTING MORE MONEY TO COVER THE BIG HOLE !

    WHAT A STUPID COHORT OR RATHER TROUPE OF WHITR-AR$ED MONKEYS.

    MORE LEVIE$,TAXES,PRICE INCREA$ES TO COME,COVID OR NOT!
    ONCE VACCINE FOUND,EXPECT MORE AGGRE$$IVE FORMS OF COLLECTION$$$!!!

    these idiot$ just know how to $quander meaningle$$ly and rush to cover the BIG HOLE$ THEY DUG!

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  • Frustrated:

    Why do people keep talking about tiny amounts in CPF?

    $5000? Oh God. Please talk about $1 million. That’s your real investment returns that have been diverted to the gov treasury.

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  • Food,GroceryPricesAlreadyUp:

    yesterday on news…
    Medishield premiums to go up by 35% but most sgs, with subsidies, will be paying only 10% more.
    the grab back has begun folks.
    already hinted at MRT, bus fares to go up next year.
    what next? your guesses are as good as mine.

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  • Anon:

    Stop giving out cash, period. I am unsure out of the 100Billion, how much actually trickled down to those who really needs it. Furthermore, how many people out there are gaming the system in getting those cash layouts from government?

    Already, we are seeing increase in electrical tariffs, increase in MediShield Life premiums, and the impending hike in GST in the near future. What they give out, they will take back.

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  • Lam par:

    medishield premium up.
    Pritan,what can WP do as THE OPPO.
    Go form strong alliance.
    WP alone can do nothing to stop the nonsense

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  • Soccerbetting2:

    Reported on Straits Times :Quote -”Electricity tariffs to rise 9% for households in next 3 months; gas prices to increase 5%
    The average monthly electricity bill for families living in four-room Housing Board flats will increase by $7.01 (before GST).
    The average monthly electricity bill for families living in four-room Housing Board flats will increase by $7.01 (before GST).ST PHOTO: LIM YAOHUI
    PUBLISHED3 HOURS AGOUPDATED1 HOUR AGO
    FACEBOOKWHATSAPPTWITTER
    Jessie Lim
    SINGAPORE – The electricity tariff for the three months starting Thursday (Oct 1) will rise by an average of 1.83 cents per kWh compared with the previous quarter.

    Gas tariffs for households are also set to increase by 0.83 cent per kWh for the same period.

    SP Group said on Wednesday (Sept 30) that the increase in electricity tariffs in the coming quarter is due to higher energy costs, which form a major component of the electricity tariff and are paid to power generation companies.

    Likewise, fuel cost hikes have also pushed the gas tariff up, said City Gas in a separate statement on Wednesday.

    SP Group noted that in spite of the increase, the electricity tariff is still the second lowest rate in the past three years.

    Other components of the electricity tariff, such as network costs and market support services, remain unchanged.

    ADVERTISING

    The rise means that for households, the electricity tariff – before a goods and services tax (GST) of 7 per cent – will increase from 19.6 cents to 21.43 cents per kWh for the period from Oct 1 to Dec 31, or an increase of about 9 per cent.

    The average monthly electricity bill for families living in four-room Housing Board flats will increase by $7.01 (before GST).

    As for gas tariffs, households will see their bill rise from 16.36 cents to 17.19 cents per kWH (before GST) in the last three months of the year, or an increase of about 5 per cent.

    Both the SP Group and City Gas review the electricity and gas tariffs quarterly based on guidelines set by the Energy Market Authority.”Unquote .

    Response :Electricity increase 9% and gas increase 5%. One shot increase so much .Pui !

    Today ,I bought one meat ,two vegetables and rice cost me $3.80 .Used to be around $3.30 or $3.40 for one meat,two vegetables and rice .Very fast ,all goods and items will be increased one by one .Better wake up .When the country is run by evil women everywhere,it will be evil profiteering .

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  • Poor People Party:

    Poor people are on the rise
    They can’t afford a good sack of rice
    Go market, they look and relook at the price
    Of an item not so nice

    Some may turn to crime or vice
    From sunset to sunrise
    It isn’t a big surprise
    Coz their actions are never wise
    Lost their balance in a city rich in disguise

    Small but promising
    And..
    Something big is really missing
    Can you spot it without guessing?

    Before errlection, Santa Claus
    After errlection, Satan Claws
    Clawback much, much more
    And more to come….
    Ready to Roll..!

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  • Covid Pandemic Fund:

    We don’t want govt penny pinching help.

    We can manage on our own using our CPF savings only $5k!

    Note the govt has failed their promise to withdraw our CPF at age 55!

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  • Do more:

    Need to do more for those badly affected and not qualified for the various support scheme. Can’t survive.
    if their CPF savings can help them to tie over this tough period…why not?
    Not much help if they are dead.

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  • goal post shifted again:

    people might die of hunger before the PAPs release any of cpf money before draw down age.
    cuz there’s no more money left .taxpayers cpfs got “gambled” away by HJ.
    besides that 3 top sg banks are being looked into for suspicious activities.
    in fact this gov is oredy grabbing back the Santa come early gifts.
    they oredy hinted at mrt /bys fares to rise next year..
    yesterday news reported that oyr MEDISHUELD LIFE premiums to go up..
    Today announced gas and electricity rates up by next month…citing oil prices!
    thousands of sgs are struggling, loss of jobs and messes of lufe due to covid…but our mil$ gov dont care about all that.
    to them their stomachs are full, so not a care in the world.

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  • Free Rider Singaporeans:

    Dear Simon,
    For once, I agreed with what you said below:
    “The overriding condition to qualify and continues to qualify for government’s help has to be that unemployed Singaporeans must prove that they make every serious efforts at job hunting, explain satisfactorily to the relevant authorities why they fail to accept jobs recommended by organisations such as NTUC or E2i etc or proofs of attending approved full time skill upgrading courses etc.”

    That is why we need to have mean testing to weed out scammer like old man Zhenzidan who spend all his money on women young enough to be his daughter and then came crying to my master PAP PM Lee acting pitiful and ask for free lunch.

    This is not fake news. Scammer old man Zhenzidan said it himself.
    http://www.tremeritus.net/2020/09/05/updates-on-in-house-techie-medical-condition-5-sep/

    GE2024.PAP.Guarantee.Win.Again
    Majullah $PAP$ $PAP$ Huat$ Huat$ Huat$
    Lazy Singaporeans must be Cheaper, Better, Faster

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  • 35% Increase - Medishield Life:

    This PAP Govt is too much. Very soon we will need to pay 35% increase for premium for Medishield Life. The 1st two years we have subsidies from the government, but after that every year we will have to pay the 35% increase.

    When we reach 60 years old, all of us will be unemployed and where are we going to get cash to pay the increase ? Slowly but surely the PAP Govt is sucking all our CPF Money away.

    Would you still want to vote for this evil and greedy PAP Government ?

    Ladies and Gentlemen, its time to kick out LHL and the PAP Government away.

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  • Harder Truths:

    35% Increase - Medishield Life: This PAP Govt is too much. Very soon we will need to pay 35% increase for premium for Medishield Life. The 1st two years we have subsidies from the government, but after that every year we will have to pay the 35% increase.

    I have said this is coming. it has to come. And it will get worse. The regime needs your money anyway it can get it. Expect taxes, ERP etc. etc. to keep rising. This is the sign of a failed system that must get more money to feed itself. And we are the cash cows waiting to be slaughtered.

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  • Harder Truths:

    oxygen: Remember your CPF is invested in various investment products BUT YOUR CPF MONEY DON’T OWN ANY MINUTEST FRACTION of those investments (IF IT IS STILL THERE instead of a mere accounting data) in liquidation of all investments funded originally out of our CPF money.

    Brilliant observation. The people fund the regime’s investments. The 4% is never realised as people DIE before they get to draw out the FULL SUM. The loot is then ROLLED OVER into other accounts. The regime KEEPS THE INVESTMENT & PROFITS.

    CPF IS NOT PART OF YOUR WILL – ‘your’ CPF cannot be taken out and distributed after death – it must be rolled over. it is never your money. It is 40% of your earnings going directly to the regime.

    oxygen: I don’t know how long more before the gravely-damaged global economy walks forward again, but sure it is gonna walk backward as long as the covid-19 pandemic still haunting our health and way of life/economic functioning.

    $G has nothing to offer the world. The banks will relocate to perhaps India. $G is building their facilities for them (Jurong Corporation) and the Indians are getting their training here. Simply steal all the processes, software etc. from $G and transfer everything to Thieves’ Paradise.

    The service sector will die first. Most $G like to work in this sector because it is fast money. They will get kicked out first. Then the banks and industrial sector. etc. Finally the PMET’s will go. Only the FT will be holding jobs in $G.

    This recession will make the last one in 1930′s look like a picnic.

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  • Fake Economy Fake Subsidies:

    Fake Economy
    Fake Subsidies
    Facing TOTAL ECLAPSE (Economic Collapse)

    Fake Cancerous Investments
    Fake Carcenogenic Commitments
    Facing TOTAL RELAPSE (Real Lapses)

    Fake Leaders
    Fake Dealers
    Facing TOTAL APOCOLAPSE (Apocalptic Collapse)

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  • PAP CLOSE DOWN:

    Yes just received a note that they will be deducting $440+ this Nov. Pay them for nothing. $440+++ can be some electrical appliance.

    35% Increase - Medishield Life:
    This PAP Govt is too much. Very soon we will need to pay 35% increase for premium for Medishield Life. The 1st two years we have subsidies from the government, but after that every year we will have to pay the 35% increase.

    When we reach 60 years old, all of us will be unemployed and where are we going to get cash to pay the increase ? Slowly but surely the PAP Govt is sucking all our CPF Money away.

    Would you still want to vote for this evil and greedy PAP Government ?

    Ladies and Gentlemen, its time to kick out LHL and the PAP Government away.

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  • PAP CLOSE DOWN:

    Just because a few old men like to spend on women doesn’t mean EVERYONE ((males/females/otherwise) would do the same.

    Women will use it sign spa packages. Men will buy new computers. Probably, many will use it to travel.

    Since the world has fallen on hard times, let people draw out THEIR money from CPF. They are adults. If they lose money, it’s their responsibility.

    The govt lets FTs come and take away jobs from locals. They know jolly well what is happening. e21/NTUC/WDA are farce. Only fools beleive there are jobs at these places.

    Free Rider Singaporeans:
    Dear Simon,
    For once, I agreed with what you said below:
    “The overriding condition to qualify and continues to qualify for government’s help has to be that unemployed Singaporeans must prove that they make every serious efforts at job hunting, explain satisfactorily to the relevant authorities why they fail to accept jobs recommended by organisations such as NTUC or E2i etc or proofs of attending approved full time skill upgrading courses etc.”

    That is why we need to have mean testing to weed out scammer like old man Zhenzidan who spend all his money on women young enough to be his daughter and then came crying to my master PAP PM Lee acting pitiful and ask for free lunch.

    This is not fake news. Scammer old man Zhenzidan said it himself.
    http://www.tremeritus.net/2020/09/05/updates-on-in-house-techie-medical-condition-5-sep/

    GE2024.PAP.Guarantee.Win.Again
    Majullah $PAP$ $PAP$ Huat$ Huat$ Huat$
    Lazy Singaporeans must be Cheaper, Better, Faster

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  • VOTE FOR MORE OPPOSITIONS:

    MALAYSIA GAGMT HAVE ALLOWED THEIR CITIZENS TO WITHDRAW RM$500 per mth for 12 mths from their EPF during this very hard times and also increase helps for common people,and
    giving financial helps besides other helps.
    This $500 each mth ,is to help common people tie over great financial difficulties, and
    urgent needs for foods as many are out of jobs.
    Next six mths more Singaporeans will be retrenched, as many businesses folded.
    PAP gamt affter each GE, in their DNA will increase levies,taxes,etc,etc
    And NOW they are in power, do u think they heed your grievances and complaints.
    THOSE WHO VOTE FOR THEM, TIME TO THINK HARD,AND DONT FALL FOR THEIR DAILY PROPAGANDAS.
    U ARE INDIRECTLY SHOOTING YOUR OWN FEET.
    THINK!!!

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  • Wrong time:

    Wrong time to increase prices at this time.
    Very insensitive to Citizen problem…especially those jobless now.
    Where is the empathy ?

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  • Soccerbetting2:

    Maybe Simon Lim,the partner of Lim Tean in GE2020 in Punggol Pasir Ris GRC, still haven’t known that Lim Tean has been arrested by the police according to internet news.However I still find no picture that show Lim Tean has been handcuffed and arrested by police .All I find is just one man in red shirt handcuffed but no head is shown and that cannot be determined as Lim Tean except that picture report say so .Reports from internet say he committed some crimes of misappropriation of client money and stalking of some beast women employee.At this stage he is arrested,and how is he going to represent LSH on the LHL defamation case coming soon.Maybe jail has a whole lot of millions coronavirus$$$ awaiting him .

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