Top-up CPF account for SAHM

With rising costs and increased learning needs, financing our children's education is no longer a simple walk in the park. Discuss with other parents about how they are managing their finances to cope with their expenses.

Top-up CPF account for SAHM

Postby lee_yl » Sun Mar 08, 2015 4:23 pm

"Tell your husband about 6% interest and get him to top up account, MP tells them" Today's Sunday Times article on top news on page 4.

While the intention may be good, there is little or no material benefit for the family for such a move. Topping up CPF account for the extra 1% interest (and only applicable to balances below $30,000 for those above 55), means having the funds stuck in the CPF account until 62 and if the balance does not meet the minimum sum requirement, I may not even get to use the money at all.

To really encourage topping-up of CPF accounts, the government could consider having more generous tax relief benefits. Otherwise, I would rather DH pass me the cash.

I am NOT looking for any handouts from the government but since it is not giving me anything in the first place, then it should not be giving such suggestions. It is just like transferring money from the left pocket to the right pocket but the money gets stuck in the safe custody of CPF.

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Re: Top-up CPF account for SAHM

Postby pirate » Sun Mar 08, 2015 9:21 pm

So, apparently we are encouraged to take our money, put it into our wives' CPF account, with the end result that the money will then become NOT our wives' money. :razz:

:siam:

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Re: Top-up CPF account for SAHM

Postby Misty Rain » Sun Mar 08, 2015 10:36 pm

pirate wrote:So, apparently we are encouraged to take our money, put it into our wives' CPF account, with the end result that the money will then become NOT our wives' money. :razz:

:siam:


And once in CPF, it is neither the husbands' money too.

One government spokesperson, Kong Chee Kim, has since come out to clarify this confusion about who exactly does your CPF money belong to: “Your CPF money can, in fact, be anything you imagine it to be.”

“If you think your CPF money belongs to you, then it belongs to you.”

“If you think the CPF money doesn’t belong to you, then it doesn’t belong to you but to someone else, as a collective pool of funds for everyone’s use or locked up as part of the state’s coffers that drives the economy as it is used to finance spending.”

“Actually, to tell you the truth, this is something almost all Singaporeans don’t realise: Ask not if the CPF money belongs to you or doesn’t belong to you. Ask whether you, as a Singaporean, belong to the CPF?”


http://newnation.sg/2015/03/govt-confir ... k-it-isnt/

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Re: Top-up CPF account for SAHM

Postby janet88 » Sun Mar 08, 2015 10:49 pm

Govt not giving out money to SAHMs...then don't suggest anything.
Asking husbands or children to top up sahms account is nuts.
Like what lee_yl said, it's just from left to right pocket.

Kids also need CPF to buy hdb flats when they get married. Honestly, I wouldn't want my son to top up my account or he won't have enough to pay for his flat. Hopefully he and his future wife can afford to pay for their flat without having to top up with cash.

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Re: Top-up CPF account for SAHM

Postby ammonite » Mon Mar 09, 2015 7:35 am

Misty Rain wrote:
And once in CPF, it is neither the husbands' money too.

One government spokesperson, Kong Chee Kim, has since come out to clarify this confusion about who exactly does your CPF money belong to: “Your CPF money can, in fact, be anything you imagine it to be.”

“If you think your CPF money belongs to you, then it belongs to you.”

“If you think the CPF money doesn’t belong to you, then it doesn’t belong to you but to someone else, as a collective pool of funds for everyone’s use or locked up as part of the state’s coffers that drives the economy as it is used to finance spending.”

“Actually, to tell you the truth, this is something almost all Singaporeans don’t realise: Ask not if the CPF money belongs to you or doesn’t belong to you. Ask whether you, as a Singaporean, belong to the CPF?”


http://newnation.sg/2015/03/govt-confir ... k-it-isnt/


:slapshead: please don't believe everything you read. Go and read the "About Us" page of New Nation. Their logo also clearly states '50% real news'.

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Re: Top-up CPF account for SAHM

Postby Misty Rain » Mon Mar 09, 2015 8:34 am

ammonite wrote:
Misty Rain wrote:
And once in CPF, it is neither the husbands' money too.

One government spokesperson, Kong Chee Kim, has since come out to clarify this confusion about who exactly does your CPF money belong to: “Your CPF money can, in fact, be anything you imagine it to be.”

“If you think your CPF money belongs to you, then it belongs to you.”

“If you think the CPF money doesn’t belong to you, then it doesn’t belong to you but to someone else, as a collective pool of funds for everyone’s use or locked up as part of the state’s coffers that drives the economy as it is used to finance spending.”

“Actually, to tell you the truth, this is something almost all Singaporeans don’t realise: Ask not if the CPF money belongs to you or doesn’t belong to you. Ask whether you, as a Singaporean, belong to the CPF?”


http://newnation.sg/2015/03/govt-confir ... k-it-isnt/


:slapshead: please don't believe everything you read. Go and read the "About Us" page of New Nation. Their logo also clearly states '50% real news'.


So the above is untruth? According to Chia Yong Yong's speech, it can't be further from the above.

I believe the CPF, to a great extent, is a good and sound policy to protect people in their old age. But Chia Yong Yong's speech really unsettles me. She might have good intentions to 'advise' people to be prudent with CPF, but to say that the money does not belong to the people, that is overboard. While she might be appealing to the people's sense of moral obligations, but her words left a bad taste in my mouth.

https://www.youtube.com/watch?v=kwXIaqQkOyI

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Re: Top-up CPF account for SAHM

Postby hquek » Mon Mar 09, 2015 8:59 am

I really don't know why MP will say such a thing...does not make cow sense at all to me. Take cold hard cash that can be spent on something and park inside CPF that is locked for a very very long time. I know the interest compounded etc will give one a better life (in future, and if we can live that long hor). Only applies to people who have too much cash and don't know what to do with it. How many pp in such circumstance?
:stupid: :stupid: :stupid: :stupid: :stupid: :stupid:

reminds me of peanuts.

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Re: Top-up CPF account for SAHM

Postby pirate » Mon Mar 09, 2015 9:07 am

Misty Rain wrote:So the above is untruth? According to Chia Yong Yong's speech, it can't be further from the above.

I believe the CPF, to a great extent, is a good and sound policy to protect people in their old age. But Chia Yong Yong's speech really unsettles me. She might have good intentions to 'advise' people to be prudent with CPF, but to say that the money does not belong to the people, that is overboard. While she might be appealing to the people's sense of moral obligations, but her words left a bad taste in my mouth.

https://www.youtube.com/watch?v=kwXIaqQkOyI

Not as bad a taste as PM endorsing it.

https://www.facebook.com/video.php?v=867713179958056

There are better ways to talk about responsibility.

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Re: Top-up CPF account for SAHM

Postby janet88 » Mon Mar 09, 2015 9:44 am

Basically, you are telling husbands to put money into govt account....top up wives' account? We only see what is on paper...I want to see cold hard cash. 不给钱就算,还要放钱在别人的口袋? :siao:

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Re: Top-up CPF account for SAHM

Postby jetsetter » Mon Mar 09, 2015 9:55 am

pirate wrote:
Misty Rain wrote:So the above is untruth? According to Chia Yong Yong's speech, it can't be further from the above.

I believe the CPF, to a great extent, is a good and sound policy to protect people in their old age. But Chia Yong Yong's speech really unsettles me. She might have good intentions to 'advise' people to be prudent with CPF, but to say that the money does not belong to the people, that is overboard. While she might be appealing to the people's sense of moral obligations, but her words left a bad taste in my mouth.

https://www.youtube.com/watch?v=kwXIaqQkOyI

Not as bad a taste as PM endorsing it.

https://www.facebook.com/video.php?v=867713179958056

There are better ways to talk about responsibility.



You mean you didn't know New Nation is our The Onion, Misty Rain? :slapshead: All the pseudonyms (e.g. Kong Chee Kim = 公积金) used by NN are parodic representation of pp in our society. I'm quite hooked on NN these days as they just hired a couple of damn good writers who write better than ST journos.

CYY - she made some good points which I had raised in the other thread "Budget 2015" with regard to SkillsFuture. :evil:

CPF - she must be misunderstood. She did say "I'm not sure" at the end of that segment on CPF. Her bottomline is Singaporeans have the moral obligation to spend our CPF prudently, wisely and responsibly. She needs to read up on the history of CPF.

CPF is OUR money without a doubt. Didn't TCJ assure us last year?

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