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Singaporeans, let’s unite and demand #ReturnOurCPF

Media Release

On 8 May 2014, the Central Provident Fund Board, a statutory board under the Ministry of Manpower, released the news that the Minimum Sum that will apply to CPF members who turn 55 between 1 July 2014 and 30 June 2015 is $155,000.
In addition, the Medisave Minimum Sum will be raised to $43,500 from $40,500. A member may need to have both these amounts before any excess funds can be withdrawn.

At a time when Singapore is ranked as the most expensive place to live in the world, where Singaporeans yet continue to receive the lowest wages among the high-income countries, CPF is akin to an additional tax on our income.

Historically, we may have the lowest real rate of return of all national pension funds in the world.
An estimated only 1 in 8 Singaporeans who reach age 55, were able to meet the CPF Minimum Sum and Medisave Minimum Sum, entirely in cash from their CPF accounts.

There is no transparency and accountability towards how the government is using our CPF monies, or the returns derived from CPF funds.
All these despite MPs calling for higher rates, improvements to our CPF system practically every year.

It is undesirable that after working till the age of 55, Singaporeans are unable to take out their CPF and retire with many elderly resorting to collecting cardboards or selling tissues papers to sustain their daily needs.

As such, this event aims to highlight the inadequate measures in place to protect the retirement needs of Singaporeans.

Event details:

Date Saturday 7 June 2014
Time 4.00pm – 6.00pm
Venue Hong Lim Park – Speaker’s Corner

Programme:

Time                     Speaker
4.00pm – 4.15pm Mr. Tan Kin Lian, presidential candidate
4.15pm – 4.30pm RP's stand by Kenneth Jeyaretnam
4.30pm – 4.45pm SDP's message by Ariffin Sha
4.45pm – 5.00pm Mr. Leong Sze Hian
5.00pm – 5.15pm Ms. Han Hui Hui, activist
5.15pm – 5.30pm Mr. Roy Ngerng, blogger
5.30pm – 6.00pm Questions & Answers

To find out more about the event, you can go to the Facebook event page at:
https://www.facebook.com/events/540971529345418


There will be a press conference on 4 June 2014 6 pm at artistry cafe:
17 Jalan Pinang, 199149.
We would like to invite the media to this press conference.