An honorable member of the Coffee Shop Has Just Posted the Following:
Quote:
A commenter pointed out that we should be looking at the age group of those above 60 to see how many older Singaporeans there are who aren’t able to meet their CPF Minimum Sum. I did exactly that and found out that only 32% of older Singaporeans had CPF balances of more than $150,000.
This means that there would be up to 68% of older Singaporeans who would not be able to meet the CPF Minimum Sum and wouldn’t be able to take their CPF out at all!
Of these 68% of older Singaporeans who aren’t able to take their CPF monies out, how many of whom don’t even have savings because they have been earning low pay? A report in 2005 showed that 62% of older Singaporeans work because they need the money. Are there 62% older Singaporeans who simply cannot retire? Also, among the low-wage workers, a high proportion of them are the elderly.
http://www.tremeritus.com/2013/08/09...f-minimum-sum/
I am not going to repeat what the writer above has stated. You can click on the above link to read the entire article. Even by very optimistic estimates half or more than half will not be able to reach the targeted minimum sum by retirement age.
The PAP realising this a few years ago, patched this up with something known as the Parental Maintenance Act to legally force children to look after their parents. No other developed country has implement this for several reasons Doing so will severely strain the lower middle income families ...a working bread winner not only has to support his children ..he now has to support this parents this will cause fertility rates to fall as the burden to support 3 generations is too high. To make this work the cost of living has to be kept low and incomes has to rise steadily - the pap failed to achieve both. Such forced schemes also strain the relations between siblings and between parents and children as responsibility is forced down to a family with financial strain. It also cause poverty to spread from one generation to another limiting social mobility as such schemes cause financial strain on the lower classes.
While the pap broadcasted to every living room yesterday all the advanced defense weaponry and expensive gadgets...what I saw the same morning is the result of their lopsided policies that ultimately harm Singaporeans....what did I see?
This is what I saw on National Day
http://www.sammyboy.com/showthread.p...y-at-McDonalds
Click here to view the whole thread at www.sammyboy.com.
10-08-2013, 09:40 AM
68% at and above retirement age today cannot reach minimum sum.....
