Yahoo! Finance Singapore, 17 Jun 2014,
What enrages you more? The fact that you can’t cash out your Central Provident Fund (CPF) account unless you renounce your citizenship, or that Singapore Permanent Residents (PRs) can withdraw all of their CPF funds AND Housing and Development Board (HDB) sales proceeds with them when they leave Singapore?
Understandably, you’re pissed off because it’s not fair that someone from another country can take part in your social security program (CPF), use it as a glorified saving account, and withdraw all of it when he/she moves back home.
Let’s not forget the property issue as well. A PR flipping his/her property before leaving Singapore can easily make several hundred thousand dollars – more than enough to buy a huge landed property in 75% of the world.
These are issues that beg the question, “Should PRs be allowed to cash out whenever it’s convenient, or should they pay their fair share?” Full story
Understandably, you’re pissed off because it’s not fair that someone from another country can take part in your social security program (CPF), use it as a glorified saving account, and withdraw all of it when he/she moves back home.
Let’s not forget the property issue as well. A PR flipping his/her property before leaving Singapore can easily make several hundred thousand dollars – more than enough to buy a huge landed property in 75% of the world.
These are issues that beg the question, “Should PRs be allowed to cash out whenever it’s convenient, or should they pay their fair share?” Full story
Related:
Tan Chuan-Jin: Former PRs are still allowed to return back to Singapore to work after withdrawing their entire CPF upon leaving
