Support Site for The Unemployed & Underemployed
Monday March 5th 2018

Millennial unhappy with our pro-foreigner economy that benefits not the locals

Dear Gilbert

I went to check my CPF statements today to see how much interest I have accrued for the past year and I realised that after 2.5 years of working, I have around $30k in my CPF OA and SA accounts. Since I am no longer that young anymore at 30 and have to start planning for the future so I did some simple calculations and realise that if I reach 35 and don’t get married by then then maybe I will get a 4-room resale.

Since I have recently attended a short excel course, I did some simple calculations using the features and realise that if I stopped working today and just left my CPF untouched, I would have almost $100k by the time I reach 55. Of course this is not too bad a deal but I was also a little upset for 2 reasons as I will elaborate for you.

First, I did not receive a single cent in my CPF during my time serving NS. If they had paid me the wage of a graduate, then I could have accumulated the same $30k I did from working. Considering I ORD-ed 5 years before I graduated, this would mean that I am giving up on almost $120k in CPF monies when I retire. Even though NS is seen as an important role in defending our country, one just needs to look at how much foreign ‘talents’ there are in Singapore before asking ourselves if this is justified!

Second, I have many Malaysian colleagues who are Singapore PRs but have made their intention very clear that they only intend to work in Singapore and will retire elsewhere. Of course, I don’t blame them. In Singapore a 3-room flat will cost you $300k but for that kind of money you could get a 6-room modern bungalow in Johor’s new Iskandar region and a 2nd hand luxury car (6-7 year old Mercedes E200) there only costs $20k.

So it again revels that the government is doing anything to meet their 6.9 million population target madness even though it is the foreign ‘talents’ who are the main beneficiaries of the system. Imagine you are a PR here, in 5 years you would have saved more than $80k already and you could go back to somewhere to live nicely! All at the expense of locals who have to live with congestion and inflated property prices!


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4 Responses to “Millennial unhappy with our pro-foreigner economy that benefits not the locals”

  1. George says:

    Who did you vote for? Who did your parents vote for?

  2. Texas says:

    Evil regime … has no mercy for fellow countryman … Your death is their begin of joy !!!

  3. alvin 楊康海 says:

    “These aliens are [in Singapore] to work and contribute economically. […and] WHO WOULD WANT TO COME [to Singapore if we compel them to adhere to a passport with nine (9) months of validity with subsequent extensions of the
    tantamount duration until sixteen (16)-and-half years of age, years of full-time military conscription (‘NSF’), lifelong reservist (‘NSman’) liability and exit permit applications as well as restrictions that we IMPOSE
    on ALL our local lads, no matter how many MALE children the parents conceive]?


    – alvin 杨康海 (+65-6416-8101)

    Here is a heads-up for the second (2nd) “city, not country” (think of the [former] world’s highest paid minister of FOREIGN AFFAIRS & law, I will of course neither mention “காசிவிஸ்வநாதன் ‘கா/கே’ சண்முகம்” by name nor the contact details [+65-6478-4898 & +65-6332-8810 ]).

    You may like to contact MALE Singaporean doctor ஜனில்
    புதுச்சேரி (+65-6837-9674 & +65-6879-6000) about what the
    above abbreviations mean, if he even NEEDS to know them [
    youtube . com / watch?v=zlgZHqhnx5o ].

    His father dominic : [ economist . com / comment / 3014446#comment-3014446 ] would be SO PROUD!

    To conclude, you may like to find out more about 林偉傑 (+65-6570-1000) in relation to this: [ youtube . com / watch?v=OsMmd4NQIow ].

    To conclude, you may like to find out more about 林偉傑 (林伟杰) (+65-6570-1000) in relation to this: [ youtube . com / watch?v=OsMmd4NQIow ].

    No regards,
    alvin 杨康海

    P.S. You may like to find out what “காசிவிஸ்வநாதன் ‘கா/கே’ சண்முகம்” & “ஜனில் புதுச்சேரி” are if you do not know Tamil.

  4. xyz says:

    Har har, count yourself lucky that your NS is only 2 yrs & starting allowance is already $400++ per month. During my time I did 2.5 yrs in super-tough amoured infantry and started with only $90/mth allowance. Even at the end of my 2.5 yrs with 3SG rank and in charge of M113 amoured personnel carrier with 0.5inch heavy machine gun & automatic 40mm grenade launcher, and commanding 7 other soldiers armed with GPMGs, anti-tank missiles, LMGs etc, my monthly allowance was max only $350.

    Ever since 1967, Enlistment Act specify that monthly allowance is NOT salary hence no CPF to be paid. For 50 yrs Sinkies being sheep are ok with this & no KPKB to change the law to make NS payments as salary. FYI countries like UK & Europe changed their laws in the late 1950s/early 1960s to make their NS payments same as regular salaries i.e. no difference in pay between NS & regulars. US lagi better — ever since WW2 their conscripts get same pay as those who sign on. Of course most of these countries no longer have NS.

    Your other main issue is that your income too low. By the time I was 30, my combined OA & SA was already $200,000. And this was more than 15 years ago. My degree was in computer science NUS 2nd Upper honours, and I was lucky enough to work for many years in civil service/stat board.

    FYI $100K is NOTHING. CPF is only compounding your money at 2.5% — inflation is going to be much higher than this in the future. In fact things like healthcare, medicine & education have been having inflation of 6% to 15% over the last 20 years!!

    And finally, with your level of earning power, DON’T go for 4-rm flat — go for 3-rm flat instead. You will enjoy much higher rebates & GST vouchers. It’s also much easier for govt officials & social workers to help you if your home address is a 3-rm flat. Trust me, you will thank me much later.

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