Minimum Sum and minimum wage
As an effort to ensure that CPF members have sufficient savings to support a basic standard of living during their retirement, the Singapore government has set up the Minimum Sum Scheme in 2003. With this Scheme, the members are required to leave a Minimum Sum in their CPF accounts at the age of 55. In return, from the drawdown...
Plight of self-employed – You owe CPF, you lose license
Recently when I was in a taxi I just got reminded of this stupid system which I believe has been in practice for many years. The uncle told me if you owe CPF Medisave Account you will not be allowed to apply for or renew licenses such as taxi license or hawker license. Taxi drivers have to ensure their Medisave Accounts are...
Do we need Govt to decide how we spend our CPF?
Perhaps it is time to re-examine the paternalistic nature of the social contract between the Government and the people. Most Singaporeans do not harbour any conspiracy theories on their Central Provident Fund (CPF) money, but are more concerned about it being made available to them when they retire. Manpower Minister Tan Chuan-Jin...
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