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Monday, 18 August 2014

Press release: #ReturnOurCPF – HDB

On 17 Aug 2014, during the National Day Rally 2014 it was said that:
Four-room flats will be eligible for the Lease Buyback Scheme.
Low-income elderly will be given a yearly bonus to help them with their expenditure during their retirement years through a new Silver Support scheme.
At the same time, it was also said that CPF members will be able to withdraw a lump sum from their savings, possibly up to 20 per cent, after they reach 65 years of age.

This may make even more money for the Government.
The $320,000 flat – if it appreciates at say an average annual rate of 5% (HDB historical rate of appreciation is about 6%) – will be $1,383,022 in 30 years’ time.
The $155,000 ($135,000 top-up to CPF plus $20,000 cash bonus) if assumed to be borrowed at an average interest rate of 5% (currently the banks’ housing loan rate is about 1.5%) – will accrue to $669,901, in 30 years’ time.
Does it mean that the flat owner stands to lose $713,121 ($1,383,022 minus $669,901)?

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.
From a cash flow perspective, the Government is still not spending a single cent on the retirement and housing needs of Singaporeans.
Allowing people to withdraw up to 20% as a lump sum from one’s CPF from age 65, does not address the issue of people who can’t make ends meet from age 55 to 65.
Moreover, I do not agree with the increase in CPF minimum sum to $161K and as a working adult, I want my CPF to be returned to me when I reach the age of 55 to retire.

The increase of the total combined minimum sum (MS plus MMS) to $204.5K is unreasonable and an event will be held on 23 August 4pm at Hong Lim Park
#ReturnOurCPF – HDB

There will be a press conference on 20 August 2014 6 pm at Artistry Café 17 Jalan Pinang, 199149
The media is invited to this press conference.
Kindly confirm your attendance.

Han Hui Hui