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CPF Special Account closure: What is the impact?
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CPF Special Account closure: What is the impact?
#CPF #Special #Account #closure #impact
“The Straits Times”
A slew of changes to the Central Provident Fund (CPF) system announced at Budget 2024 including the closure of the Special Account (SA) for those aged 55 and above from 2025. READ MORE:
When the SA is closed, savings in that account will be transferred to the Retirement…
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Close then close lah. I dont give a f
Look at ABSD and COE, are these curbing the market from moving? NO, so who wins? The GOV
Don't bother, the Gov will not listen, plus what they implemented, since when the people benefitted, they only hide behind the statement that says it benefits the lower income.
Do not top up RA money cannot be liquidate
you gonna need a PHD degree to fully comprehend the CPF system
This video is about the 101 ways to confuse and distant you from you money. Period.
So mean if we reach 55yrs old and not meet the ERF we cannot withdraw $5000 is it. Please explain more details is it we can withdraw $5000 or no . Thank you.
Every few years some minister will tamper cpf original rules
I don't agree that SA will only benefit the rich. It also helps the lower income that has less power to top up their SA during their working life before age 55, a good chance to grow their emergency fund (after finally paying off their home loans).Now with SA closure, they are actually earning lesser intetest as CPF funds channel to OA if they continue to work.
Ah, no more SA shielding before people even know what's shielding.
Not clear.. May be some slide would have been better.
Let people decide how they want to manage their savings and retirement funds! Stop treating people as if they're dumbs!
What's important singapore had changed to a multi-nation country (multi-nation-singapore) so even with the saf soldiers also no use, it's the pap party mistakes and there's no way to u-turn back.
Wow! Another great decision made by the PAP govt. It's so obvious that PAP is the only responsible and effective party in s'pore, taking every possible measure to ensure the rich do not benefit from the special account.❤❤
Simply, “ if you cannot convince, you confuse the people ! “.
Honestly, the government should grandfathered SA for those above 55 !
Closed all members account and return our whole-life hard-earned stressed n sweat c p f money, not thanks for retirement account and " high " interest rates, we can take care of ourselves,
Got to be stupid to park more money in a scheme where the goal posts keeping getting moved. Next up will be CPF Life withdrawals to only start at 70 and removal of ability to withdraw OA until 65.
4% – fair rate for non withdrawable balances
2.5% – fair rate for fully withdrawable balances
What is the fair rate then for balances that can only be withdrawn for housing and education? Logically should be somewhere between 2.5 and 4%?
For years (and even now) l still have no idea what the special account is for.
Why always make things difficult for our sg citizens as moreober our local own population are getting lesser ..
Haizzzzzzz
Majority people said they choose the pap party but only getting more and more sufferings and problems from the pap party always.
As the saying goes: the people like to choose the pap party so let the people suffer.
Wow sounds so confused cant they simply it to make it more easier to understand for older people to make it more clearly for working people
Think of it as a system that is primed for the public and private real estate market and therefore primed to generate financial reserves for the government who ironically is still rather tight-fisted in redistributing the returns from the reserves back to citizens.
Redistribution should be based on income not CPF balances. A member with higher CPF balance is not necessarily richer than one with a lower balance because the former may prefer a less costly home and a safer retirement.
Dividends from financial investments are also mostly untaxed so think of the outcome delivered by CPF as welfare for the rich.
having higher investable income to plow into property and businesses means outsized returns earned compared with those who have to make do mostly with lower returns from CPF.
Taken as a whole, CPF is not at all redistributive. It is highly regressive because CPF contribution caps deliver disproportionately higher investable income to the rich. In an era of escalating property prices and low wages