CPF LIFE is another cheating scheme

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An honorable member of the Coffee Shop Has Just Posted the Following:

Post date:
25 May 2014 - 8:17am






From: yansimon52
This is to inform all CPF members should be very cautious when signing up for the so called CPF Life Scheme.
It is a big con scam.

I recently found out some elderly CPF members had money from their CPF retirement account deducted as "Annual Life Premium Deduction" ranging from hundreds to almost a thousands of dollars but the actual payout from the scheme is less than S$50 per month.

This is quite shocking because through out the whole CPF Life consultation exercise last year, the idea of having a annual premium deduction from CPF member's RA account as well as its quantum were not raised and consulted at all.

In addition, all CPF Life members were not informed of this "Annual Life Premium Deduction" when they sign up for it.

And the funniest thing is how could the quantum of CPF Life annual premium deduction be 10-100X more than its monthly payout ?

Logically, if the yearly premium is so high while the monthly payout is so low, though the scheme will run for 20 years or more, all 30,000 CPF Life members will eventually exhaust their RA account after several years of premium deductions where and how would CPF Life member received their monthly payout ?

To conclude, CPF Life is another screwed up money sucking game.

As I said....this is their (MIWs) con job of screwing you rubbish ppl...those with low CPF saving......to either give up your citizenship and stay elsewhere and die elsewhere...or you just lan lan let the govt siphon away your CPF over time...until you up the lorry. Don't ever dream of getting a well deserved 'rest and relax' twilight years after all those years of hard work you did for the country. In fact, this CPF Life scheme has hurt alot of those low income workers (whose saving range from $20K to $80K (with low CPF saving). They (CPF/govt) still got the cheek to tell you that for those with $80K cpf saving...you could used up 30K for your housing..to buy your so-called 'studio apt' for old folk .LOL...LOL...

On average those 1 rm 1 hall studio apt are selling at 70K to 80K...HDB already con you with this sort of high prices...so your 30K (plus need to top up in cash about 40K) plough into this studio apt (LOL) will lead you high and dry in your twilight years....lan lan until your up the lorry.

Well...our MIWs would tell you rubbish ppl that they wanted to make sure or to take care of you of your well being right thru your old age....they say they will give you $200 to $300 monthly allowance. Wowww.....what can this $300 do for you in our Sg high cost of living? I think social welfare give up higher allowance that this pathetic monthly $200 to $300 CPF Life scheme. Can say its another scam job created by our 'too smart alec' MIWs.

This time I bet you the ruling party PAP is gonna face an uphill task in this coming erection....for their being 'too smart'. Do you know that how many poor ppl fall into this low CPF saving category?

SG Truth
*The author blogs at http://sg-truth.blogspot.sg/






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