[Scythian]

CPF Board must hike 1% Savings Rate to fight inflation.. 
No time to dream and hope nothing will happen.

"The MAS raised its 2022 forecast for core inflation to be between 3 to 34.0%, up from an 2.5 to 3.5% projection made in April. Inflation is projected to rise slightly above 4.0% in the near term, before easing towards the end of the year. "

We, CPF members demand CPF CEO to listen closely to MAS and act accordingly...

[Scythian]

CPF Board must hike 1% Savings Rate to fight inflation.. 
No time to dream and hope nothing will happen.

"The MAS raised its 2022 forecast for core inflation to be between 3 to 34.0%, up from an 2.5 to 3.5% projection made in April. Inflation is projected to rise slightly above 4.0% in the near term, before easing towards the end of the year. "

We, CPF members demand CPF CEO to listen closely to MAS and act accordingly...

MAS must give instructions to CPF CEO to respond to members calling for higher OA interest rates to fight inflation.

There's no room for competency in this turbulent time, thus, CPF CEO must not delay any further but act fast.

[FangFang]

Interest up bo ?

[teaserteam]

Did they lower the interest rate to below 2.5% when bank interest was about 1% for many years. What made u think tt they must follow bank rate movement? Written in CPF Acts they must cater for inflation? Where?

[Lukongsimi]

CPF Board must hike 1% Savings Rate to fight inflation.. 
No time to dream and hope nothing will happen.

"The MAS raised its 2022 forecast for core inflation to be between 3 to 34.0%, up from an 2.5 to 3.5% projection made in April. Inflation is projected to rise slightly above 4.0% in the near term, before easing towards the end of the year. "

We, CPF members demand CPF CEO to listen closely to MAS and act accordingly...

Correct cpf our retirement nest ..retire comfortably

[talky]

MAS must give instructions to CPF CEO to respond to members calling for higher OA interest rates to fight inflation.

There's no room for competency in this turbulent time, thus, CPF CEO must not delay any further but act fast.

the cpf ceo has to take the order fr the top
he cant decide n has no power to decide either

[Scythian]

the cpf ceo has to take the order fr the top
he cant decide n has no power to decide either

He's a moron

[talky]

He's a moron

ask this q who appt him for this post
who is the ULTIMATE BOSS ??????

[lvlrsSTI]

[lvlrsSTI]

[lvlrsSTI]

[sukhoi_mmd]

CPF Board must hike 1% Savings Rate to fight inflation.. 
No time to dream and hope nothing will happen.

"The MAS raised its 2022 forecast for core inflation to be between 3 to 34.0%, up from an 2.5 to 3.5% projection made in April. Inflation is projected to rise slightly above 4.0% in the near term, before easing towards the end of the year. "

We, CPF members demand CPF CEO to listen closely to MAS and act accordingly...

Before you talk about demanding, can you post here for everyone and explain how CPF interest rates are determined? Are they set depending on the suka suka mood of the CEO?

[maxsanic]

The current CPF OA interest rates are based on 1% + an average of 3-month fixed deposit interest offered by the 3 local banks.

This policy needs to be reviewed urgently as these benchmarks are no longer relevant nor do the reflect the real life experience of depositors. The problem is all 3 banks adopt the policy of publishing artificially low official interest rates while offering real much higher interest rates as "promotions" that do not form the CPF benchmark.

For e.g. although the 3 banks are all offering 2+% interest rates for fixed deposits of different tenure as promotions, they are still officially maintaining a policy of less than 0.1% on paper. If the CPF continues with such inaccurate benchmarks, the gap is going to get wider and wider.

[Scythian]

The current CPF OA interest rates are based on 1% + an average of 3-month fixed deposit interest offered by the 3 local banks.

This policy needs to be reviewed urgently as these benchmarks are no longer relevant nor do the reflect the real life experience of depositors. The problem is all 3 banks adopt the policy of publishing artificially low official interest rates while offering real much higher interest rates as "promotions" that do not form the CPF benchmark.

For e.g. although the 3 banks are all offering 2+% interest rates for fixed deposits of different tenure as promotions, they are still officially maintaining a policy of less than 0.1% on paper. If the CPF continues with such inaccurate benchmarks, the gap is going to get wider and wider.

No effort, GIC benefitted $ billions from offshore higher interest rates while still borrowing extremely cheap CPF savings @ 2.5% pa. (Way below inflation).

Who doesn't know how to make $$$ like that?

[Alice Alicia]

Knowing pap, they give you 1 percent but will take back 2 or 3 percent elsewhere.

[Ola]

He's a moron

This one arh?

I call him Head damage

just as sotong and spineless as Shoot Blank Queen

[maxsanic]

This one arh?

I call him Head damage

just as sotong and spineless as Shoot Blank Queen

Tan See Leng is either deliberately feigning ignorance to avoid the real issue or he's a Class A imbecile.

The real problem lies with the policy benchmarks as I have shared above and that's obvious to anyone who pays cursory attention to the situation. The public does not need an entry level receptionist to regurgitate that the benchmark 0.09% + 1% =1.09% and therefore the 2.5% floor calculation is accurate.

[sukhoi_mmd]

Tan See Leng is either deliberately feigning ignorance to avoid the real issue or he's a Class A imbecile.

The real problem lies with the policy benchmarks as I have shared above and that's obvious to anyone who pays cursory attention to the situation. The public does not need an entry level receptionist to regurgitate that the benchmark 0.09% + 1% =1.09% and therefore the 2.5% floor calculation is accurate

hike 1% for OA only? or suka suka hike 1% for all the cpf accounts? You want upside, what if pappies give you upside but they review and remove the floor rate of 2.5% and let CPF rate become floating rate? Most people are using OA for housing, you hike 1% but they don't have much OA balance, and HDB housing loan becomes 2.7%. You must be Class A genius, talk so easy.

[maxsanic]

hike 1% for OA only? or suka suka hike 1% for all the cpf accounts? You want upside, what if pappies give you upside but they review and remove the floor rate of 2.5% and let CPF rate become floating rate? Most people are using OA for housing, you hike 1% but they don't have much OA balance, and HDB housing loan becomes 2.7%. You must be Class A genius, talk so easy.

You are mixing up two issues here. Whether CPF should be on a floating rate without protection is debatable, there are defined contribution plans on both sides of the spectrum globally and advocates from both sides can argue till the cows come home. I have also reflected quite a bit on this issue in several posts a few months ago, you can search for them if you are interested to know more. However this is not what is being discussed here.

What I am referring to is the divergence of the CPF's official benchmark policy with the spirit and intent of the policy when it was first set up in the first place which warrants a serious review. The idea behind the current policy is that the CPF would start off with an average person's opportunity cost in a risk free instrument and then provide a 1% premium to help citizens better achieve their retirement goals. In addition, in return for its members "giving up" on potential upside resulting from the government's investments in riskier investments, members are guaranteed a floor at 2.5% which also aligns with the idea to provide maximum pension stability.

The challenge now is the policy when implemented in a solely mathematical way has deviated substantially with the spirit and underlying rationale of its original intent. The 3MFD interest rates of the local banks no longer accurately reflect the average person's opportunity cost in a risk free instrument due to the presence of two interest rates operating in parallel - one is official (the CPF benchmark) which most monies are NOT parked under and the other is "real" (promotion) in the sense that most monies are parked under.

[sukhoi_mmd]

You are mixing up two issues here. Whether CPF should be on a floating rate without protection is debatable, there are defined contribution plans on both sides of the spectrum globally and advocates from both sides can argue till the cows come home. I have also reflected quite a bit on this issue in several posts a few months ago, you can search for them if you are interested to know more. However this is not what is being discussed here.

What I am referring to is the divergence of the CPF's official benchmark policy with the spirit and intent of the policy when it was first set up in the first place which warrants a serious review. The idea behind the current policy is that the CPF would start off with an average person's opportunity cost in a risk free instrument and then provide a 1% premium to help citizens better achieve their retirement goals. In addition, in return for its members "giving up" on potential upside resulting from the government's investments in riskier investments, members are guaranteed a floor at 2.5% which also aligns with the idea to provide maximum pension stability.

The challenge now is the policy when implemented in a solely mathematical way has deviated substantially with the spirit and underlying rationale of its original intent. The 3MFD interest rates of the local banks no longer accurately reflect the average person's opportunity cost in a risk free instrument due to the presence of two interest rates operating in parallel - one is official (the CPF benchmark) which most monies are NOT parked under and the other is "real" (promotion) in the sense that most monies are parked under.

Personally, I'll be delighted if CPF pays higher interest, I received $34k interest in 2021, risk free. I use cash for my housing instalments, but how many members are like that? How many would be happy to get a cpf interest rate hike when they've substantially sunk their OA monies into property? For those members who want more, they can try their hand at investing under CPFIS - but we know how that has turned out for a good number.