10/19/2017

Class action suit against the Govt on CPF savings

Philip Ang is proposing a class action suit against the Govt on accountability, transparency and the return of our CPF savings at 55. Below is his proposal posted in the TRE. I will definitely support this motion if it is finalized. Maybe Gilbert Goh should work with Philip Ang to hold a mass briefing at Hong Lim and collect signatures of CPF holders in support of this class action. Other forms of acceptance should be work out to make it easy for the rest of the CPF holders to accept this proposal, including house to house visit. The opposition parties could be roped in to help in this cause that affects the pocket of all Singaporeans.
 

While on this, the proposal should strictly be about Singaporeans and not about PRs and ‘locals’. Let them fight their own battles after all they could easily withdraw every cent they want when they decided to return to their home countries.
A class-action lawsuit against the government.
 

This will not be a mere request or begging the government for transparency and accountability in the management of hundreds of billions in CPF monies. CPF members will demand for a full set of accounts to be published.
 

On the assumption that GIC’s 6% rate of return claims are factual, we seek the return of the difference between the amount paid to CPF members and what GIC claims to have earned. Plus interest.
 

We also seek the return of our CPF savings at 55. Returning our CPF through monthly installments at 65 – till we die – is not acceptable.
 

Neither will we accept:
– Frequent tweaks of CPF rules which have impacted the well-being of hundreds of thousands of retirees.
– The appointment of unqualified CEOs such as former military personnel/civil servant with no prior fund management experience.
We are also opposed to government abuse of our retirement savings to:
– Conceal the size of our national reserves.
– Channel tens of billions to a single fund manager, government-linked GIC.
 

We seek a revamp of the failed CPF scheme which should be simplified. To increase retirement funding, a higher percentage of wages should be allocated to CPF SA with a corresponding reduction in CPF OA allocation.
 

The limits to the use of CPF MA – arbitrarily implemented by the government – for hospitalization, insurance premiums, etc must be removed. After all, this is our money.
The government should also appoint other non government-related fund managers to manage our CPF savings.
 

Besides the above, other factors will also be taken into consideration after CPF members have confirmed their support for the class-action lawsuit.
Costs
 

The lawsuit will be funded by CPF members through crowdfunding. Depending on the number of CPF members involved, the cost should not be prohibitive, eg 10,000 members X $100 = $1 million or 100,000 members X $10 = $1 million.
 

Transparency and accountability are of utmost importance and details could be worked out at a later date.

42 comments:

Anonymous said...

While they were tweaking the CPF rules, election rules etc, daft Sinkies continue to vote for them.

The present state of the CPF is not a once in 50 years tweaking action by the PAP.

It was an ongoing attempt over the years by the elected Government to hold on to as much money as possible, and the tweakings were an ongoing affair that daft Sinkies are well aware of, but just continue to vote for PAP.

They appear to enjoy the rope tightening around their necks. In that scenario, why would the PAP bother to stop sqeezing and choking the daft Sinkies? Or for that matter to change their dictatorial behavior?

Now no one knows the state of the CPF and if the suit is successful, do you think the CPF has that kind of money to return to CPF members past and present who will reach 55?

I think the suit might just show how sore CPF members are, but it will just end up with throwing good money after bad.

Anonymous said...

The only way this Govt is going to honor & pay the CPF back to citizens is when it got 48 seats out of 90 seats in election. Hopefully Ho Jinx and Gang do not lose all Temasek & GIC funds by then. In the midst of one of the greatest bull market 2015/16 Jinx lost $25bln, and last year GIC lost $45bln. The Tech bull market had started since 1994, now then the Woman is aggressively buying & investing in Tech & Fintech, etc....you know she is in all probability buying at the TOP...its her skills Buy Top & Sell Bottom...just look at selling NatSteel, Singapore Power & NOL & US/Europe Bank shares (2008/9)at bottom. She will be graved in history as the worst big-time Fund Manager in the world....another 1st for Singapore. Better pray she & Boon Heng (hahaha...Fund Chairman...hahaha) quit their jobs asap.

Anonymous said...

Rb class action is not recognised in sg so even with crowd funding a success and someone took up the legal challenge and won, he will be the only one getting his money back.

Anonymous said...

..u can't sue the govt for this..this govt MIWs lightning party will ask u to form a party & contest in general election..even if u win ur party need at least a 2/3 majority in parliament to change rules so that CeePuiFxx monies can be return to people at age 55..its David vs Goliath task..

Anonymous said...

It is too late for this kind of action.

Just like it will be too late to regret when the PAP gets 100% of the seats in Parliament.

Then we will know the real meaning of getting struck by lightning.

Believe in the omen. It is what the PAP logo stands for.

Anonymous said...

PAP should return us our hard-earned CPF savings at 55 as per original plan. It is not PAP's money but our money. PAP O$P$ !

Anonymous said...

The CPF Life annuity scheme is a total rip-off.

If You buy CPF life and die soon after 65, your bequest money to your family is so little compared to the amount if you don't buy.

If u dont buy the CPF life, you get leave all your savings to your family. But PAP forces CPF members to buy the CPF life, so that the shorter-life ones fund the longer-lives ones, and the PAP don't need to spend on the elderly.

We should be getting every single cent of our CPF savings back after we die.

Anonymous said...


Not because that I want to pour cold water.

No use protesting at HLP.

In Singapore, protesting at HLP is no use one.

Waste time waste time.

How many will be there? Same faces?

Anyway, whether at HLP or not, people at most will only kpkb and kpkb.

But when come to voting..........PAP! Only lan lan!

PAP knows this! You dont know meh, kpkb is our national hobby!

Yes! It is very good to dream on!

Yes! No harm to have an afternoon gathering at HLP.

Any impact? I think it will be the same answer.....tan Ku Ku!

Hahaha........be happy and worry less!

Chua Chin Leng aka redbean said...

Don't forget the clause that says you have to pledge half your property to CPF for borrowing your own money. Under this clause you still have to pay to CPF when you are 100 years old or more should you sell your property/HDB flat when you are supposed to take back your CPF at 55.

Your contract with CPF is at 55 but your debt to CPF is forever until you die.

Anonymous said...

U cannot get your cpf in lump sum. Look at these figures:
Sinkieland garmen s revenue is S$8.95billion.
Spending is S$10.78billions. Oredi short money.
Garmen debt is S$483.36billion.

Garman short money can pay the debt including cpf? So cpf cannot get lump sum paid at 55.

Look at the figures on garmen spending: S$11 billions, but military spending is USD9.99billions. That is S$13.6billions.

The figures cannot tally because the spending is not inclusive of military spending of S$14 billions?

Borrowing cash needed is the only way. Still want to pay off the debts in cpf? Tan ku ku may be done.

Vote for opposition to sort out the figures. Or wait till it shut off the cpf payment then consider to vote for opposition, it still not too late. Or wait till they say cpf is part of national service with new constitution line, similar to reserve pessidance. Just pop up and no need to vote at all. For children s future, contributing cpf is contributing to defense, like doing ns at $500pm, and let foreigners to do the jobs is better with another 7millions foreigners. So bigger defense cost, all citizens cpf will spend for protecting foreigners at work.
But when foreigners at work, they take out all cpf when going home, or dont pay cpf at all.
Garmen only borrow from citizens.

Can understand the future? No more cpf to pay as fresh blood lines for cpf are cut off, due to mass immigration policy for 10 millions population.

Piecar mp said cpf is not belonged to people s money is absolutely correct. Future children pay cpf as ns defense cost beside doing Ns for foreigners to take jobs here. U vote for pap u get this kind of results. Its built into the policy of population for sinkieland. Just that sinkie voters are not thinking.

Virgo49 said...

Why only Chiam See Tong brought up the HDB issue in Parliament and NO Opposition MPs ever bring up this issue???

Is it because they are also gaining big figures in their CPF's A/C that they keep mum??

There is no need for any Class action or Suit if only one single MP being it up in Parliament.

Sinkies,you asked them to join in Class Suit against the PAP? ?

Fat hope, they will say you try first, if ok, then we join in.

Or by that time, some suckers will sacrifice on our behalf in Fighting them and we shall harvest the same benefits.

If things go wrong, hey I am not involved you know!

Ban Shua PAP. Ban Ban Shua!!

Anonymous said...

There are so many assets and land to sell. Sure got money to pay off the debt. But not sure got anything left or not when everything is sold off.

An easier way is to pass a law to make compulsory schemes using the CPF money to pay. What would happen to your life time savings?

Anonymous said...

11:12pm
They can pass a law to pay cpf 20 cents for every dollar they owe to cpf members, except foreigners pr can take out 100% in full dollar when going home.
Then the debt of $500millions will be reduced to $100millions only. That is what they will most likely do to future when debt is growing further for supporting another 3 millions foreigners to settle on sinkieland. Gdp grow by accepting foreigners immigrants is the base policy from the pink shirt man. There is no other way to grow gdp as selling pc electronic parts can never sustain sinkies economy to grow. The retailers are collecting revenues but the rental is increasing while the employers have to pay less salary to their workers. This part is stuck policy. Consumption will not grow except rental go up by new building and enbloc higher rental cost that pop up the gdp. So the matching one is to open more to immigrants to take up jobs here.

Anonymous said...

Hi anonymous 1130am

Pleaseeeeeee don't spread fear here leh!

What?? We can get back only 20% of our cpf by passing a law!

We already have issues with the govt concerning our cpf, with your 20% theory I m sure many people are now panicking.

HahahaAaaaaaaaaaa!

Anonymous said...

"There are so many assets and land to sell" Anon 11.12

Right. Even your HDB is part of their asset. That must be the biggest asset holding the Government owns. Can they sell or not?

In reality, even the President does not know how much assets they own, because the 50 years of counting is still ongoing.

Am I wrong?

Anonymous said...

We talk about pyramid selling. Here we have a CPF pyramid that is now a big issue with funding and we want them to pay retirees the full retirement money at 55?

Foreigners come with nothing, work for a few years and take out in full their CPF monies and its bye bye for good. The more foreign workers we let in, the bigger the problem it will be for the CPF board because, with fewer locals contributing to CPF, the pyramid cannot withstand the withdrawals of the retired and retiring group, hence they have to keep member's money longer and longer.

They thought that by just raising the retirement age again and again, they can solve part of the problem, as retirees continue working and contribute while retiring later. It is, as what they say, just kicking the can further down the road.

What is to become of the CPF system in years to come? Little wonder younger CPF members, having little confidence in the system, are not leaving much in their CPF account short of what is compelled by law.

Anonymous said...

1:55pm
U have a good insight on why cpf runs out of cash. PR withdrawing 100% out is the big outflows. They have 500000 PR many are converted from employment passes working in financial and banking big number salary. Go marina south to look for them. With more foreigners, mean less citizens get into employment of justified salaries, those citizens who work would have small jobs to contribute with less salary.
Recently one post said one angmor drug addict and hiv positive got his job at 24 at temasek poly. One can calculate how much is the expat packages for him working for 8 years here with fake degree. If someone born here got the job, imagine how much he she can contribute to the cpf to lend the garmen money.

12:19pm
U should think positive. If the garmen cut off 80% cpf to repay, it will have more cash to spend. NS men collect $500pm is a great cut off similar to cutting off cpf debt to garment. The right figure is $2000pm minimum wage to survive on sankingland. Full time 2 years plus 13th month is $39,500 short change.

If u think they dare not to cut cpf by 80% u are wrong as they had not been paying the right salary to NS men.

Cut cpf 80% or whatever % will not be considered as defaulting debt to rating agencies. Not harm to sinkieland rating. Why not? They will do it similar to reserved for some race in position.

Anonymous said...

Wah wah wah,,,,,,,,

Anonymous 158pm please also don't spread fear here leh!

Not careful, can kena lim kopi!

Based on your pyramid theory, Singapore "finished" laio!

Take out your money quick!

Anonymous said...

2:35pm
U like to lim kopi, u r the boss there? People are hungry for cash, free kopi is also good. Where and when can go to lim kopi? tell them to lock up all writing here, can score promotion to head of pm job.

b said...

Class action is no use lah. Just make sure next time pap gets only 50.1% votes. It will change many things.

b said...

Sg should abolish mandatory ns and be a state of us and no need to spend so much money on defense. Sinkies can move to usa for cheaper housing and cars, sinkies can have more money for retirement, sinkies can stop being disturbed by papies, sinkies can vote for President Trump, sg no need to be bullied by matland or indland, us can spy scsea easily etc. So many benefits.

Anonymous said...

PAP should have dignity - keeping other people's hard-earned CPF savings and don't return to them is very shameful . . .

Anonymous said...

Owe money pay money - that's the universal rule, the right rule !

Anonymous said...

Halo Daft 70% ahguamen, READ below a repost here:

///AnonymousOctober 17, 2017 12:42 pm
这些年来忍受着种种不平等的对待,
渐渐开始怀疑我们今后面对的未来,
也许李不明白meesiam是没有蚶的,
人民给的sweatblood$不是永远的,
马上要放手离开不属于我们的未来,
没办法只能选择runroadlikelhylsw了?///


Kpkb so much for (old) FART?

Too LITTLE too LATE le?

Only one outcome now?

Either rot in ahgualand or rr?

Anonymous said...

A late autumn poem, "dedicated" to some daft who are still habouring "wet dreams & false hope" (to get back their sweatblood$$$ (which are already) converted into gambling chips and otherwise known as coffin purchase farm$$$ ...? In the end, as stated in this poem, it is not unlike a late autumn botak dried up solitary tree with not even a single leaf left on the branches awaiting the onset of the blistering chilling cold deep winter in a depressing melancholy cold sad late autumn nite...?


明月几时有知己,
问青天今夕何年,
起舞清影似人间,
天上宫阙不胜寒,
乘风归去恐高处,
芬荣零落在瞬息。
海上天涯若比邻,
故乡月亮不再圆,
海内知己共此时,
但愿千里共婵娟,
唯待明月与君同。
壮年憔悴失婵娟,
浮生汗手痕染眉,
独宿寒夜泪两旁,
婵娟不在夜啼鸣,
空闺独守月中霜,
悲欢离合不长久,
秋叶落尽树凋零,
美景已逝夜更残!

Anonymous said...

Google translate:


"When the moon has a friend,
Asked the blue sky today, what year,
Dancing clear like the world,
Heaven palace is too cold,
The wind back to fear high,
Fen Rong scattered in the twinkling of an eye.
Sea horizon if neighbors,
Hometown moon no longer round,
At home,
I hope thousands of miles in a total of Juan,
Only to be the moon and Jun.
Emperate haggard lost leng Juan,
Floating life sweat tattoo eyebrow,
Lonely night tears on both sides,
Moon is not singing in the night,
Empty boudoir alone in the month of frost,
Joys and sorrows are not long,
Autumn leaves fall dead,
The beauty is gone!"

Anonymous said...

Bing translate:

"When the moon has a bosom friend,
Ask the Blue sky tonight what year,
Dance the Shadows like the world,
The Sky Palace Cold,
By the wind to fear Heights,
Fern Rong was shattered in a twinkling.
If the sea is near,
The home moon is no longer round,
At this time,
I wish I could moon
Only the moon and June.
The Moon of manhood and sickness,
The sweat of the hand marks the eyebrow,
On both sides of a cold night's tear,
Moon not in the Night Crow,
The empty maiden is keeping the moon frost,
The joys and sorrows are not long,
Autumn leaves fall as trees wither,
The beauty of the Night is dead!"

Anonymous said...

Virgin 69 the other quoted that in bayjing, open windows free cigar, on the tap free klang seafood bakuteh soup (but gaylooooong lor 11 & 15 jn with gayloooong rd also have lah)?

In ahgualand, on tv free circus (abt some silly protest)?

Open door, free comedy (abt prata declared nasi lemak & life sweatblood savings beecum coffin prohibitten farm$$$)?

Ahleeholehole said the joke on them?

Who is the them?

Ahguamen and ahgualand?

Circus & comedy galore?

Lol ...

Anonymous said...

As a post-independent potential-rr candidate, many in similar situation have lo(oooooo)ng given up hope of any respite to the continuous downward spiral of future prospect and (LT) viability (of ahgualand)?

Thus, the best is to "act blur" like lhylsw, "play along" & rr to "escape" from the onset of "a future worst than the citizens of the poorest sub saharan desert" in ah-free-ker?

Anonymous said...

Eg. Of PCCMentality policies:

(1) Skew future

(2) Pro(stituting)ductivity & In(sane)novation P(CC)rogramme

Etc .

Etc .

Etc .

.
.
.
.
.

Etc .

Etc.

Etc.

Got hope or naught?

Need rr or not (like lsw for the younger generations)?

Yew tell meeeee lah?

Anonymous said...

Though Emperor Qin Shi Huang was a brutal tyrant, his legacy lives on till this day? He decreed the use of a common language among the Chinese and the minorities and this has remained so till now and is unlikely to change in time to come.

What lasting legacy did the other (equally ruthless) tyrant, albeit of a micro-state not even one-twentieth the size of modern Beijing, leave behind that would stand the test of time?

Is it something similar to the emptiness left behind by ozymandias in time to come?

Given so, what are we working for?

So Samuel Huntington is right to say that what the ex-kempantai ww2 employee built would go into the grave together with his passing?

Anonymous said...

Why is that so? What would be the main reasons? What could be the causes? Is it the continued arrogance of the so called self anointed super talents who can't even manage a small public transport system well? Is it the very system that old fart created? All the achievements are like a mirage? Without a strong base, there is no way of hoping the sky scrapper would not come tumbling down? Especially those residing in the sky scrapper ivory towers so high that the clouds can be seen outside their windows? Typically extreme aloofness? Totally out of touch with the ground? Is it not if but when?

It all started bcos of over the fight for the affection and love of a woman?

In a way, if you look at history, it is women rather than men who charted the course. Our founding PM, in his eulogy to his 63-year life long beloved wife mentioned that if it was not for her, he would be a different man and did different thing. In a way, his wife charted history through him. Look at modern China, if not for Empress Dowager's follies, Sun Yat Sen would not have succeeded and there would not be the modern China we know today.

In a way, woman charted history in this world. 成也是女人, 败也是女人。It is no different for a red dot. It succeeded bcos of an outstanding woman. It may fail one day bcos of woman, albeit a different woman.

Who could be this woman? Is she born yet? Or she is already in this world?

Does it got to do with ho fun, prata and nasi lemak?

Anonymous said...

No empire in history did well making riches through vices such as drugs ( read opium ), prostitution, casinos ......?

The Great Britain Empire peddled drugs (opium) into China and forced down their throats via 2 Opium Wars but their empire disintegrated faster than they can count the riches and materials supposedly acquired through making the Chinese addicted and perished through opium smoking?

Casinos bring short term wealth and riches to the top few percent but sooner or later, the house of cards will come tumbling down and prove that it is just that?

Ask yourself, which prostitute wants to be one if there are other better means .....?

Which drug lord wishes to risk certain death peddling drugs if there is other means in their disposal?

Which brings to the question which other means do they have beside resorting to casinos to sustain (short term) wealth?

Would a prostitute resort to prostitution if she has other feasible alternatives like making a living being a teacher, doctor or lawyer?

Should a prostitute bask in glory that she became a millionaire for prostituting herself?

Should a nation feel proud and fool themselves in disillusion that they are rich through peddling and prostituting casinos to drive wealth creation?

With opium or casinos, there is only one course left for a society to go and it is all the way DOWN ......?

That is the "LOOT" cause and game changer?

All others are secondary?

Once cancer starts to grow and fester, the end is actually already at the door step?

What would make this time different?

Firros said...

Everything is about timing. I would propose that we list out all the things that are wrong and the twisted policies, independence of the organs of State, appointments to key appointments in the Civil Service and other Organs of State, manipulating the laws of the land through unilaterally amending our Laws, and brainstorm to find the methods and the timing for these issues to be raised,one at a time starting with the issue of least importance to the big one which of course should include this class action on CPF monies and impeachment of the government or certain leaders if this is possible. Then work on a timeline to raise one issue at a time with the masses through visits starting with close family, friends and colleagues culminating in the more serious issues timed for immediately after the next elections are announced.

Chua Chin Leng aka redbean said...

Hi Firros, welcome to the blog.

There are many issues and yes, to take one at a time. We need the support of everyone to make this case a success so that other cases can follow.

All readers, please do your part. This is the first little step to redress a wrong to the people's life savings.

Go forth and spread the good news.

Wahid waren said...

CPF as simple as Cheating Poor Families

Wahid waren said...

POSB
Professional Of Blood Sucking

Wahid waren said...

DBS
De Blood Sucking

Wahid waren said...

SUBS
Systematically Blood Sucking

Wahid waren said...

SBS

Wahid waren said...

SMRT
Surely Meeting Real Troubles

Chua Chin Leng aka redbean said...

Welcome to the blog Wahid. You are very creative.
Spread the good news so that more people can contribute to the Lim Tean Fund.