Sunday, 1 October 2023

We are shifting our daily news to Gutzy.Asia Support us there!

PAP must return CPF money to the people: SDP

By Howard Lee
Responding to Prime Minister Lee Hsien Loong’s announcements at the National Day Rally on enhancements to the Central Provident Fund scheme, the Singapore Democratic Party has issued a media statement calling on the government to “stop playing these money games and, instead, honour its pledge to return to Singaporeans their CPF savings”.
PM Lee has announced at the National Day Rally that, while the Minimum Sum for CPF will be increased next year, citizens would soon be able to take advantage of amendments tot he lease buyback scheme to help increase their retirement savings. He also indicated that rules will be relaxed to allow CPF members to withdraw 20% their CPF Minimum Sum at age 65, if certain conditions are met.
SDP indicated that PM Lee’s announcement  failed to address an all-important question, which was how older Singaporeans would be able to survive in their retirement.
“As it is, most Singaporeans do not have enough to meet the Minimum Sum of S$155,000, which will be increased to S$161,000 in 2015,” said party secretary-general Chee Soon Juan in the statement. “Giving back retirees small monthly installments of a few hundred dollars under the Minimum Sum Scheme will not allow them to survive in a city ranked as the most expensive in the world.”
Instead, he referred to earlier proposals made by the SDP in the areas of housing and healthcare policy, to alleviate the situation.
The first solution is to remove land cost from HDB prices and to implement a Non-Open Market (NOM) scheme for flats, which will allow Singaporeans to ‘sell’ their flats back to the government. The portion deducted for land cost, which the SDP estimates to be  between $100,000 to $300,000 per flat depending on the flat-type, can then be returned to their CPF accounts.
A great proportion of any CPF member’s monthly contribution to their retirement savings goes towards paying mortgages for the home they live in.
Next, SDP proposed for Medisave to be scrapped and instead for the government to implement it’s proposed National Health Investment Fund, earlier proposed as part of the party’s national healthcare plan, the cost of which the government would help supplement.
“In this manner, there will be universal healthcare in Singapore and Singaporeans will be relieved of the burden of paying unaffordable healthcare expenses.” Medisave, one of the three components of the 3M national healthcare plan, is also paid for using CPF contributions.
Lastly, SDP proposed that the government returns CPF fund to the people, without the imposition of a minimum sum, which is only made available to citizens at age 65.
“Singaporeans must be able to withdraw all their savings to fund their retirement years. In other words, abolish the Minimum Sum Scheme. Singaporeans are much better custodians and managers of their own money than the PAP Government.”
SDP believes that the measures it proposed “will give Singaporeans sufficient funds to live our retirement in security and dignity. Singaporeans work hard our entire lives and should not be squeezed even more during our retirement years.”

Notify of
1 Comment
Oldest Most Voted
Inline Feedbacks
View all comments

Latest posts

Election surprises and certainties: Dissecting Tharman’s presidential win

In the 2023 Presidential Election, Mr. Tharman Shanmugaratnam secured a stunning 70.4% landslide victory, surprising many, including himself. Despite expectations that TKL would win the opposition votes, voters from both camps showed a preference for Tharman's charisma and perceived competency. As Singapore reflects on the outcome, questions arise about the election's fairness and the real implications of Tharman's dominant win.

Volunteer as a Polling and Counting Agent for Singapore’s 2023 Presidential Election

For the upcoming Singapore Presidential Election on 1st September, members of the civil society have spearheaded an initiative to strengthen our democratic fabric. We invite committed individuals to join us as Polling and Counting Agents, standing together for a transparent, fair, and just election. This vote counting exercise, organized by members of civil society, is not specifically in support of Mr Tan Kin Lian, a candidate in the upcoming Presidential Election. It's an exercise in active citizenry. Nonetheless, Mr Tan endorses this initiative, which hinges on his candidacy, championing transparency, and has given permission for the results to be shared publicly.

Reflections from the Centenary: The Legacy of LKY and Singapore’s Future

Gilbert Goh reflects on the LKY centenary event: an inspiring showcase of a leader's global legacy juxtaposed against current challenges, urging Singapore to continue its path of progress.

Lim Tean advocates for Tan Kin Lian: A visionary leader for Singapore’s Presidency

In his speech at Mr Tan Kin Lian's launch of his presidential bid, Mr Lim Tean passionately championed the need for a truly Independent President. Highlighting Mr Tan Kin Lian's unique credentials and genuine concern for the wellbeing of Singaporeans, the Peoples Voice leader emphasized the pressing challenges of rising living costs and job insecurities faced by the public. Mr Lim depicted Mr Tan Kin Lian as a beacon of hope for the nation, advocating for a leader who genuinely understands and represents the people’s aspirations.

Tan Jee Say endorses Tan Kin Lian for President: A courageous, genuine, and humble...

In advocating for a truly representative leader, Tan Jee Say underscored Tan Kin Lian's humility, courage, and genuine dedication. Highlighting the pressing need for restored public trust and effective independence, Tan Jee Say emphasized that Tan Kin Lian, as the 'People's President', would bring back hope to Singaporeans and champion true democracy

Tan Kin Lian’s pledge: Rekindling unity and charting a vigorous future for Singapore

In the press conference to announce his bid for the Singapore presidency, Tan Kin Lian emphasizes safeguarding Singapore's reserves and strengthening public service integrity. Drawing on his 30-year leadership at NTUC Income, he envisions a future with affordable living, accessible housing, and job stability, pledging collaboration with the government for a united nation.

Strengthening Singapore’s political foundations: A call to action by Leong Mun Wai on Singapore’s...

Leong Mun Wai urges Singaporeans to strengthen political checks and balances, emphasizing, 'The best is yet to be for Singapore if we dare to make the right decision in upcoming elections.

Trending posts