CPF rates went up in 2016 - check your payslips...

[Primrose Hill]

The UK state pension sucks

[Barnsley]

The UK state pension sucks

I concur , but how can the system can be improved to increase the pension. What the Govt pays out in one area has to be taken from somewhere else sadly.

Nothing more embarassing for a state to have its elderly scared to turn on the heating or cannot afford to buy food. When the old have to resort to begging or out collecting cardboard the shame on a Government should be enough for them to act.

[Primrose Hill]

Hi Barnsley, I really do not know. My friend from US and I were discussing precisely this issue. Her mom claims SS - gets circa $1k per month excl rental, utilities, food stamps, healthcare & free transportation.
My mom claims nothing. She absolutely & categorically refused. That's up to her, that's her decision.
However, the only thing that she wants to claim - her Freedom pass - they refused her.
On what grounds? She do not have any bills in her name. She was rejected last year, she now lives with her sister. The council told her that her bank statement stating her name and address is not good enough, she needs a bill, aka utility bill.
Rant over

[Primrose Hill]

In general, state pension with all the bs on SERPS in or out and now we have to opt back in etc.
you have to work and complete 30/33 years of service to get a GBP140 per week.
NHS - that's a lucky draw. If there aren't major illness, then queue and wait for a bed to be made available. Pray that the medication that you need is on the NHS approved list. Community nurses are short in supply. Do locum/GP's even still do housecalls?
Geri wards are full to the brim as hospices aren't available or care home spots aren't available.
Carers? Is that still available?
The only way of obtaining the full benefit as an OAP is to never worked. Become the benefit generation. Then the govt has to give you a council house, job seekers allowance, free NHS everything.
If you have worked or middle class, forget it, you are screwed.

[PNGMK]

In general, state pension with all the bs on SERPS in or out and now we have to opt back in etc.
you have to work and complete 30/33 years of service to get a GBP140 per week.
NHS - that's a lucky draw. If there aren't major illness, then queue and wait for a bed to be made available. Pray that the medication that you need is on the NHS approved list. Community nurses are short in supply. Do locum/GP's even still do housecalls?
Geri wards are full to the brim as hospices aren't available or care home spots aren't available.
Carers? Is that still available?
The only way of obtaining the full benefit as an OAP is to never worked. Become the benefit generation. Then the govt has to give you a council house, job seekers allowance, free NHS everything.
If you have worked or middle class, forget it, you are screwed.

It's not much different in Australia (with the exception of Medicare). The people with the best benefits at retirement will be the baby boomer generation who never worked and lived on benefits all their life. I know at least 6 friends on disability and that's the best one to be on. They'll migrate to a full pension at 65 and still maintain rental assistance, free bus passes etc. IF they can get into a State Owned Home and claim nominal aboriginal heritage (a friend just managed to do it as her bastard son's father was an abo) then they're even better off.

[PNGMK]

I finally got around to calculating the effect of the change. Because I'm over 50 (but below 55) the change was significant. My total monthly CPF contribution went from $1750 to $2220 (due to the $5000 cap jumping to $6000 - i.e. 37% of $6000 is $2220) and of that $470 pm increase $170 came from my employer due to the $1000 increase * %17 - effectively I got a $2040 pa pay rise without arguing for it.

Now let's just hope the Gahmen adjusts upwards the contribution rates for >55 by 2019..... otherwise I'll have a mandatory reduction in my total remuneration.

Current rates are here: https://www.cpf.gov.sg/Employers/Employ ... tion-rates

[x9200]

For me they just took the money from my base salary and transferred it to CPF so like they decided for myself I need to save more and will be ok with lesser money in my hand.

[PNGMK]

For me they just took the money from my base salary and transferred it to CPF so like they decided for myself I need to save more and will be ok with lesser money in my hand.

You mean they subtracted the employers additional costs from your salary without asking? Depending on your contract that may not be legal. The employers CPF contribution is meant to be paid by the employers - not removed from the employees salary - although of course it's part of the overall cost of having an employee.

[x9200]

Yep, but I guess they took care to have it annexed somewhere. It's a state funded corpo so I doubt they made some basic mistakes.

[PNGMK]

Yep, but I guess they took care to have it annexed somewhere. It's a state funded corpo so I doubt they made some basic mistakes.

That makes it worse in my view. State funded corp should know the reason CPF is there... and not mess with it to save a few pennies. That's very un-Singaporean of them and I would probably write an anonymous letter of complaint to the PM and Minister of .... (not sure which one is in charge of Chartered companies).