Written by Ng E-Jay 30 May 2014 (i) CPF savings have been depleted by rising property prices. The young working adults are saddled with lengthy mortgages and are left with less funds in their CPF accounts for retirement. (ii) The CPF earns low returns compared to returns purportedly earned by GIC, Temasek, and MAS on […]
Month: May 2014
The key to addressing the economic frustrations felt by many Singaporeans is to amend the economic policies and structures that cause worsening economic inequality and marginalisation. These inequitable policies were not instituted by migrants and will not automatically disappear if the migrant population decreases. We urge for the energies of civil society to be directed toward creating a fairer, more equal society for all, including universal labour rights and employment protections.
In light of the above deficiencies of the CPF system, Singaporeans must also start to question why the CPF is earning such low returns and why the government has not been forthcoming and transparent as to how exactly CPF member funds are being used or invested.
Under the new bus contracting model, the government will own, provide, and fund all bus operating assets and infrastructure, including buses, depots, monitoring and operations systems, and fare systems. The LTA will determine the bus services to be provided and set the required service standards. Bus operating companies will then bid for the right to operate these services through competitive tendering. Twelve packages of routes, with about 300 to 500 buses each, will be available, and the packages will be based around depots and could be a combination of existing and new routes.
At a press conference on Sunday, 25th May, Mr Tan Jee Say announced the formation of the party and unveiled the founding team, which includes ex-People’s Association members, former members of the Young PAP, architects, a retired army colonel and other professionals.
Singapore’s competing and often contradictory commitments to both China and ASEAN represents a long-term strategic dilemma and a potential national security threat. It is imperative that the Singapore government re-position itself and not allow wanton capitalistic motives to be the sole motivator of its foreign policy.
Brandishing slogans that read “STOP THE CHINA INVASION”, and “CHINA MUST RESPECT THE PEACE IN EAST VIETNAM SEA”, the anti-China riots escalated on Tuesday into arson, looting, and assault on security guards and foreigners. Fortunately, there were no reports of casualties.
Businesses, faced with increased rental costs, have no choice but to pass the costs onto consumers, or risk shutting down. That is why the prices of so many of our daily necessities and conveniences of life have gone up so quickly. Hawker fare and prices at food courts have soared in recent years precisely because of rapidly rising rentals.
How has the CPF minimum sum changed over the years? In 2003, the minimum sum, adjusted for inflation, was only $80,000! Five years later in 2008, it had become $106,000. And now, within the span of a decade, it has nearly doubled to $155,000. This represents a compounded rate of increase of slightly over 6 percent per annum for the eleven years from 2003 to 2014.
The Enhanced CPF Nomination Scheme, which was introduced in January 2011, enables a CPF member to transfer their CPF savings to their nominees’ CPF accounts when they pass away, subject to the prevailing Minimum Sum limit and Medisave Contribution Ceiling (MCC).