Wednesday, 19 September 2007

show me the money

Non-Constituency MP Sylvia Lim of the Workers' Party comments in Parliament today on the CPF reforms.

"The minimum sum to be left in CPF at 55 years has gone up progressively over a short time. Apart from this, we're also required to leave a medisave required amount in the CPF. This means Singaporeans will soon need a total of 145,000 dollars kept locked in the CPF when they reach 55. On top of this, it also takes longer to accumulate savings due to reductions in CPF employer contribution. Besides all the above, the rule allowing CPF members to withdraw half of their savings is being phased out starting from January 2009. It seems to many that a member's CPF money is becoming a bit of a mirage, a virtual pool of water that seems just ahead but as one approaches is in fact much further away."

Is there anyone who can think of a better analogy? Just another 28 more years before I can get my damn money. Or rather, what little of it they let me touch.

Good on you, Sylvia. Now we just need another 30 of you in Parliament.

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