Singapore Expats

Renouncing PR and SRS withdrawal

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Lisafuller
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Re: Renouncing PR and SRS withdrawal

Post by Lisafuller » Wed, 26 Apr 2023 10:46 pm

malcontent wrote:
Wed, 26 Apr 2023 10:08 pm
I am still a little conflicted about this one.

Mainly because the intent of PR changed without providing a reasonable alternative. Over that same time period, employers cut expat benefits. I guess we can say “vote with your feet” and leave, but it’s not always that simple.

I am fortunate; despite remaining on an EP my employer has always provided a substitute for CPF. As you can probably imagine, over the 27 years, I’d easily have lost out on over a half a million dollars (considering both employer contributions and CPF interest). I can’t imagine how others can deal with it. My BIL is one of them, over 10 years on EP and no CPF or substitute.
You're very lucky, it seems that you're one of the few who has found a job where they are truly (close to) irreplaceable and therefore get to reap significant benefits. I don't know many people who've been on EP as long as you have.

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malcontent
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Re: Renouncing PR and SRS withdrawal

Post by malcontent » Wed, 26 Apr 2023 11:36 pm

Lisafuller wrote:
Wed, 26 Apr 2023 10:46 pm
malcontent wrote:
Wed, 26 Apr 2023 10:08 pm
I am still a little conflicted about this one.

Mainly because the intent of PR changed without providing a reasonable alternative. Over that same time period, employers cut expat benefits. I guess we can say “vote with your feet” and leave, but it’s not always that simple.

I am fortunate; despite remaining on an EP my employer has always provided a substitute for CPF. As you can probably imagine, over the 27 years, I’d easily have lost out on over a half a million dollars (considering both employer contributions and CPF interest). I can’t imagine how others can deal with it. My BIL is one of them, over 10 years on EP and no CPF or substitute.
You're very lucky, it seems that you're one of the few who has found a job where they are truly (close to) irreplaceable and therefore get to reap significant benefits. I don't know many people who've been on EP as long as you have.
I’m definitely not irreplaceable, but I have good job security because I don’t give anyone a reason to want to replace me. I accept criticism, I am eager to learn, always go the extra mile and can get along with just about all stripes. I don’t get stressed out because everytime I look at my paycheck, I have yet to see anything added for stress pay.

The only time I’ve ever had a clash is when some half-wit tried to screw with my work-life balance for no valid reason… that’s where I draw the line!
It is impossible for a man to learn what he thinks he already knows - Epictetus

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PNGMK
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Re: Renouncing PR and SRS withdrawal

Post by PNGMK » Thu, 19 Dec 2024 12:29 pm

malcontent wrote:
Wed, 26 Apr 2023 10:08 pm
I am still a little conflicted about this one.

Mainly because the intent of PR changed without providing a reasonable alternative. Over that same time period, employers cut expat benefits. I guess we can say “vote with your feet” and leave, but it’s not always that simple.

I am fortunate; despite remaining on an EP my employer has always provided a substitute for CPF. As you can probably imagine, over the 27 years, I’d easily have lost out on over a half a million dollars (considering both employer contributions and CPF interest). I can’t imagine how others can deal with it. My BIL is one of them, over 10 years on EP and no CPF or substitute.
There's absolutely been a change in intent. When I applied there was no discussion at all about becoming an SC. I rarely hear now either of those urban legends who were invited to apply for PR or for SC by the ICA.
I not lawyer/teacher/CPA.
You've been arrested? Law Society of Singapore can provide referrals.
You want an International School job? School website or http://www.ISS.edu
Your rugrat needs a School? Avoid for profit schools
You need Tax advice? Ask a CPA
You ran away without doing NS? Shame on you!

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malcontent
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Re: Renouncing PR and SRS withdrawal

Post by malcontent » Thu, 19 Dec 2024 1:06 pm

PNGMK wrote:
Thu, 19 Dec 2024 12:29 pm
malcontent wrote:
Wed, 26 Apr 2023 10:08 pm
I am still a little conflicted about this one.

Mainly because the intent of PR changed without providing a reasonable alternative. Over that same time period, employers cut expat benefits. I guess we can say “vote with your feet” and leave, but it’s not always that simple.

I am fortunate; despite remaining on an EP my employer has always provided a substitute for CPF. As you can probably imagine, over the 27 years, I’d easily have lost out on over a half a million dollars (considering both employer contributions and CPF interest). I can’t imagine how others can deal with it. My BIL is one of them, over 10 years on EP and no CPF or substitute.
There's absolutely been a change in intent. When I applied there was no discussion at all about becoming an SC. I rarely hear now either of those urban legends who were invited to apply for PR or for SC by the ICA.
Screws only go one direction here… tighter.
It is impossible for a man to learn what he thinks he already knows - Epictetus

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