CPF operate like ‘secret society’?

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Why CPF so many things cannot tell you one?

I refer to Lim Tong Wah’s letter “More clarity needed on CPF Life payouts” (Straits Times Forum, Aug 14).

It states that “In January, I had requested a copy of the estimated payout from the Central Provident Fund (CPF) Life scheme from the age of 65 to 70.

Last month, I again wrote to the CPF Board for an update of the estimated payout. Since interest would have accrued, I was curious to know what the new increased payout would be.

To my horror, the new estimated payout amount was lower than that in January.

My immediate thought was that there might have been an unauthorised withdrawal from my CPF Retirement Account (RA).

I logged in to my CPF account, and, to my relief, found that the amount in the RA remained untouched.

Feeling puzzled as to why the payout was lower when the RA amount remained the same (without the interest accrued), I wrote to the CPF Board for clarification.

After a few days, a CPF staff member called and explained that the computation method used for the payout in the month of January was different from the one used in July. But he could not explain why, as the computation was carried out by a different department.

I hope that the CPF Board can be more transparent and consistent in the processing of our CPF Life payouts.

It is very difficult for a layman to accept that the same amount in the RA will give a lesser payout as time passes.

This defies logic. There is interest accrued as time goes by, and so the payout should be more (regardless of how insignificant it is).”

My friends said “Aiyah, this one a lot of people know already lah!

CPF operate like secret society one hahahaha!

When people ask – can make CPF Life actuarial report public? Silence is golden lah!

Can make CareShield Life, MediShield Life actuarial reports public? Silence is always golden lah!

This shit times also quite useless and funny one – deserve 151st lah – never ask how much less the monthly payout? Now everybody no head no tail hor!

Blockbuster movie coming soon – cannot wait to see what the CPF reply say?

Aiyah, last year when Lau Liang receive letter say his monthly payout supposed to start age 64 auto delay until 70 – shit times also never never ever report lah!

So, nobody knows lah why kenna cash poor forever lah!

Heh Lau Liang you still got keep the CPF letter apologise to you or not?

Have lah! – If at night can’t sleep – You read and enjoy lah! –

CPF: “No action is required if you wish to start your payouts at age 70”?” (Sep 7, 2017)

How much I get since CPF delayed to 70?” (Sep 26, 2017)

CPF: Delaying payout age will get higher amount‘ (Oct 10, 2017)

CPF’s nonsensical reply in ST Forum?” (Jun 18, 2018)

Oh I almost forgot, lau liao! Last time Minimum Sum Scheme pay you 20 years, now pay you longer years, means less is it?

Shit times also never report this one!”

Leong Sze Hian

About the Author

Leong
Leong Sze Hian has served as president of 4 professional bodies, honorary consul of 2 countries, an alumnus of Harvard University, authored 4 books, quoted over 1500 times in the media , has been a radio talkshow host, a newspaper daily columnist, Wharton Fellow, SEACeM Fellow, columnist for theonlinecitizen and Malaysiakini, executive producer of Ilo Ilo (40 international awards), invited to speak more than 200 times in over 30 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of Indonesia and Brunei. He has 3 Masters, 2 Bachelors degrees and 13 professional  qualifications.