Maybe 99.co can correct my interpretation if I am wrong. The accrued interest is not the amount being paid to CPF nor HDB and disappear. It is mentioned in the article that "On the other hand, if the property was sold at a market price, after paying off the outstanding loan, if the remaining balance is less than the amount of CPF savings to be returned, they would not have to top up the difference in cash." So it should not be considered as debt. It is the additional amount that should had been parked into my CPF account after house sales. This can be withdrawn by cash at 55 under their terms and conditions fulfilled, or given back to me for retirement as CPF Life Payout, or given to my beneficiary when I die. Is my understanding correct?
2022
Kalang guni man got no cpf and die without money bring to oven .. haha
The accrued interest is compounded interest of 2.5% based on the amount withdrawn (lump sum and monthly mortgage payments) over the withdrawn period. The accrued interest goes back to the individual(s) CPF OA account. So actually, this helps to increase your CPF OA sum which eventually will be transferred to your retirement account. Personally to me, it is a good approach that the govt is helping us (the citizens) in our retirement. I did my sums before I sold my hdb and as such, I was about to return both the original sum plus accrued interest and have some positive cash returns as well.
I have been doing the researching of apartments to rent myself, scheduling the viewing appointments and seeing the apartments on my own. A couple of landlord agents have told me that even though I did all the work myself without any tenant agent whatsoever, I must still pay the commission of the landlord's agent simply because the market right now is in favor of the landlords and the landlords are deciding to pass the expense on to the tenants. I find this unethical and corrupt. What recourse do I have?
No doubt there are those who are truly lacking in money, but those are the extremely small minority. The problem with most people is that they spend too much. I know many acquaintances who readily complain about the rules/tax/gst/jobs, yet they regularly eat at restaurants, drive a car, go for aesthetic treatments, etc. Living a basic life in Singapore is actually relatively cheap. It's only when you add in all the unnecessary items that it starts to get expensive.
CPF is ultimately meant for retirement, and to ensure that the future generations are not overly taxed with the burden of supporting the elderly. It isn't meant to be your personal bank account where you can withdraw funds as and when you want. If you choose to use cpf savings for your housing, the condition is that you are able to sufficiently provide for yourself and would be able to cough up the amount plus interest to support your own retirement. If you accept that you are always free to NOT use your cpf funds for housing, or just don't sell your house.
From Age 55 retirement extended to Age 60 THEN UP UP UP until going 70!! Goodness gracious!!! The people above 60 years old Age is a most sensitive for many low wage earners and those with little CPF monies in their retirement account!!! WHY MENTALLY TORTURE THESE PEOPLE who can’t spend their, that little monies in their retirement account!! Worse even not enough CANNOT Withdraw AT ALL from Either, OA or Medisave or what little amount in retirement account!!!
CPF should not hold those much needed monies especially the ones that have no monies even in banks!!!
BE Sensitive to THESE PEOPLE TRULY INDIVIDUALS NEEDS as their means of SURVIVAL!! RELEASE TO THEM AND PLEASE DON’T HOLD THESE MISERABLY POOR PEOPLES MONIES!!!!!!!!!!
It’s unacceptable that those Seniors who sold their home after LKY Set Age of CPF withdrawal for Retirement to PAY BACK CPF for retirement plus interest!!
It’s more likely that some percentage of People who DIES EARLY Unfortunately NEVER GOT TO SEE THEIR OWN RETIREMENT MONIES and even get to smell their Years of Blood and Sweat to save that sum!
Sometimes one wonders WHAT AGENDAS such Policy benefits those who sets the rules instead of letting these oldies enjoy their final years spending their own monies instead of being tied down!!!!!!
With me spending a lot of time in a year outside Singapore in the last 2 years due to pandemic border closures, I made a conscious decision to downsize my apartment and move to a one-bedded apartment from a 4 floors Landed Property, but only to learn that most Landlords are rejecting my offers given that I am Indian. Note, this is after they ask me to share all my confidential information including IC copies!! Ridiculous. Never imagined Singapore to treat me like a cocktoach just because of my race. I have lived in Hong Kong for over 2 decades but never felt so belittled. All my excitement to move into a 'so-called-picture-perfect city' is slowly but steadily dashing to grounds. As a senior executive in my firm, i have been instrumental in hiring local Singaporeans and promoting local labor, but here I am almost no where to move to given the atrocious behavior of these silly dumb head, not-so-friendly landlords!! Shame on them. Ministers including PM have been striving hard to bring in harmony, but its like playing drums to a deaf bullocks!! Sorry Sirs with all due respect, we are being unwelcomed even after your efforts!
Majority of people commenting either doesn't know the full return terms, or are just commenting based on their own narrow thinking... Maybe writer can make it clearer about the reasons and exemptions as well.