The Singapore Democratic Party’s (SDP) Dr Chee Soon Juan released a video of some of the common concerns faced by Singaporeans. Not only did he highlight the problem of not being able to withdraw their CPF (Central Provident Fund) money at 55 years old, he also spoke about the declining value of HDB (Housing Development Board) flats.
On the topic of CPF, Dr Chee cited a study that found retirees need at least S$1,380 a month to get by. He also explained that less than 75 per cent of Singaporean elderly receive less than S$500 a month from their CPF.
Should the elderly want to sell their HDB flats, he cited that property agents found much difficulty in selling flats that were 30 to 40 years old.
You die your business#SDPNOW #TheWayForward
Posted by Chee Soon Juan 徐顺全 on Tuesday, 28 May 2019
“If you manage to sell (the flat), you think you can use the money?” he asked. A levy has to be paid, and the rest of the money returned to CPF with monthly amounts doled out.
Dr Chee then went on to talk about how the full amount of one’s CPF contributions can only be withdrawn at the age of 65, when previously it was 55. Many netizens agreed, wanting the option to manage their own funds instead of having it tied down with the government.
The SDP captioned their video with the phrase, “You die your business”, a statement with which many seemed to concur.
Dr Chee ended his video clarifying that the incumbents were not all bad, but added, “You have to understand that a party that has been in power for too long will bully the people”./TISG