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Loud thunders and little rainfall

Gig workers split on whether they want mandatory CPF contributions – Advisory Committee on Platform Workers (ACPW).

I will be blunt and forthright with my commentary and if I have offended any persons inadvertently, I offer my early and sincere apologies.

I consider ACPW’s initiative on this matter as unnecessary, loud thunders and little rainfall at best and utter waste of time at worst. Let me explain.

Singapore is a very expensive place to live in and despite us being the world’s top saver too, many people who have yet to own a HDB flat can literally feel that a truly affordable flat is quickly slipping them by.

That, in short, explains why younger gig workers want mandatory CPF contributions. They may not be highly educated and earn big money but as far as housing is concerned, they are sensible people. I applaud them.

Many older gig workers do not want mandatory CPF contributions because according to those surveyed, they have one, fully paid off their housing loans and two, they have their own retirement plans. To me, the former is more believable but I am unsure about the latter.

I do not believe that enough of them have sufficient savings of their own. Common back-up plans would be to count on their children’s financial support, opt for HDB lease buy-back or monetised the flat and downgrade to a smaller HDB unit…etc.

To such persons, I will say to them that men propose and god disposes. I am a realist and I make no apologies for being a realist. Many employees also have fully paid off their housing mortgages too, have better retirement plans and are still contributing to their CPF.

I consider previous pap governments had made a major mistake in not mandating that even self-employed people contribute to CPF savings except in some cases such as taxi drivers contributing towards their own medisave accounts.

Today, in the face of rising and rising cost of living, first 1% point GST increase just around the corner and another in 2024, high inflation, higher and higher housing prices, a fast ageing population, people living longer lives and last but not least, very expensive health care and elderly care cost… having money no enough in Singapore is not only shameful, despicable, unwelcome but torturing too and for those people with not even a basic CPF savings and social safety net to fall back on, eventually their problems will become ours, I stress, become our collective social and national problems. (Please read this paragraph again).

Today and very unfortunately, we have a weak pap government who wayang more than performing real hard and unpopular but very necessary work. A stronger government will mandate that all self-employed and gig economy workers contribute to CPF and will work through the quantum, implementation, enforcement and failure to comply issues etc. They are not easy issues but they are also not impossible to overcome issues.

On paper, medisave looks good but in practice, it falls short in that there is a cap to its utilisation thus adding to the scepticism of people who contribute to it and frustrate people who genuinely need to use it. I put it down to the faults and incompetence of those detected from ground reality millionaire pap ministars.

In conclusion, mandatory CPF contributions has more pluses than minuses and our experiences have clearly shown us that despite us being the world’s top savers, too many fellow citizens still face a money no enough situation.

If this government continues to lacks the political will and courage to effectively tackle the challenges of large numbers of our citizens who have no CPF savings and related issues and kick the can further down the road, it is consciously leaving behind a very big and dangerous mine or a clear and present danger for future generations to disarm and/or to shoulder.

Think.

 

Simon Lim

 

 

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READER COMMENTS BELOW

13 Responses to “Loud thunders and little rainfall”

  • Hold Ho Ching accountable:

    Straits Times: MAS dispels misconceptions on crypto exchange Binance following FTX collapse

    Parliament should have a Commission of Inquiry to look into the Temasek investment in FTX. Why did Temasek lose $400m by investing in a scam?

    Ho Ching should be held responsible and accountable for this fiasco. She was Temasek CEO when it invested in FTX. She should also be immediately removed as Temasek Chairman.

    The Chief Technology Officer of Temasek should be sacked.

    DPM and Finance Minister Lawrence Wong should take a firm and clear stand on this issue. Temasek reports to MOF so he can remove Ho Ching as Temasek Chairman. He can also initiate a COI on why Temasek invested public funds in a scam.

    Tech: Again I say, go buy ToTo, your chances of striking is higher than what u r asking for above. lol

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  • Simon Simple:

    Why don’t you tackle the critical point: lousy returns of CPF. If CPF give back 8% returns, as other good pension funds do, we CPF members will be rich.

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  • opposition dude:

    Perhaps the solution is for all gig workers to decide if they want CPF contributions or not. As Simon says the younger ones want CPF while the older ones do not. So let all of them choose is best lah.

    But this could also lead to a potential problem when employers see how much they can save by NOT paying CPF. This could lead to them retrenching the younger ones (sound familiar when some alien takes over one’s job doesn’t it?) and keeping the majority of the older ones since they could save loads on CPF contributions.

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  • Screwpap:

    Tech, you should not make such comments.
    Buy toto ?

    Better keep quite if nothing positive to say.

    Tech: On the possibility of an independent COI, I opined that it is harder than buying ToTo and striking it, Is anything wrong with that?

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  • Screwpap:

    Every one knows gov is out to collect our hard earn wages, lock it up for them to casino like crypto.

    Gig should be encourage to buy insurance in any form, for old age. Let oppo make time for them to learn via classes.

    WP, PSP, RP, SDP…..

    MAKE YOUR VALUE COUNT

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  • Dr. Chan:

    @Simon Simple
    CPF is a Ponzi – just like HDB, COE and Population Whitepaper. Same as FTX.
    Even National Reserve. They all belong to PAP, feeding Ho Ching’s gambling habit. 9 times out of 10 they lost all your money.
    That is why the ever increasing GST, CPF minimum sum etc. Because they lost all your money liao.

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  • idontbelieveinccpbs:

    You are a clown honestly, you dont look at overall picture.

    Why do so many strong abled body PMETs plying PHV and Food delivery?

    Why they do all these jobs instead of good paying jobs with CPF contributions.

    Yes, you can force them to pay CPF but does it solve the problem of locals being forced to downgrade to menial jobs or under employed?

    Clown… honestly…. seen your postings, you really similar to TKL

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  • Relax:

    @”Many older gig workers do not want mandatory CPF contributions because according to those surveyed, they have one, fully paid off their housing loans and two, they have their own retirement plans. To me, the former is more believable but I am unsure about the latter.”

    Response: just wondering
    1) if it’s like what people always said that CPF money is not easy to get back, then why older workers want contributions?
    2) if the workers’ monthly income is not fixed, so cpf contributions will affect their take home pay, so why do they want contributions?
    3) if assume people don’t have family members to inherit cpf money, why contribute? Money go to who?
    4) can govt make it a mandatory contribution for employers? As for employees, if I am not wrong there’s voluntary top-up?

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  • xoxo:

    Truly,it is a matter of COL being allowed to go $ky-high and shoots through $tratoshpere.
    One of the Biggest Cost of Operations of Big and SMALL businesses here is clearly RENTAL COSTS.
    THIS COULD EASILY BE REGULARI$ED AND THEN BE BETTER REGULATED.
    COL IS CLOSELY LINKED TO THE PROFITS OR WORSE,PROFITEERING.
    There are *FLOOR$* placed for *making profits*(money) when WE *PRICE* our GOODS N SERVICES* BUT THERE ARE NO *CAP$* to PREVENT PRICE$ FROM RI$ING AND RI$ING ???

    THE G IS INVOLVED IN BOTH PUBLIC N PRIVATE SECTORS BUSINESS.
    IT HAS VAST INFLUENCE ON *PRICING* AS PRICE-MAKER N MARKET-LEADERS from UTILITIES TO TRANSPORT TO HOUSING(HDB N CAPITALAND,ETC) N EVEN HEALTHCARE .

    In fact,the G has become A PROFITEER ITSELF IN SO MANY WAY$?

    This is a dilibitating $tance that will eventually harm the COMMON GOOD OF SGS,by and large,over time and space.

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  • Button:

    Gov want levy worker.

    Abolishing return back money.

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  • 2Daft2Live:

    Simon, CPF is a Ponzi scheme. It’s an excuse to rip off the workers’ hard-earned money while pretending to help them save for retirement, housing, medical bills and whatever not. The truth speaks for itself. Today, the average SG worker cannot retire with a peace of mind or buy a house without borrowing until their pants drop.

    Go back to the basic. Establish a truly independent pension fund overseen by the President. The President is already given the responsibility of looking after our reserves. Just extend the office’s scope to cover this pension fund. I no longer trust any political parties to take care of our retirement funds. Flashing a pot of gold in front of power hungry politicians is a recipe for disaster.

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  • Trust only myself:

    Always asking people to think…………siow.

    Otherwise there will not be so many unthinking Singaporeans…..

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  • Gig worker:

    Too many gig workers…high risk.No protection.
    Can loose jobs easily when their “employers” shut down.
    Look what happen to food delivery company in Australia…most of these companies are not profitable… burning investors money.

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