I am very concern for our ministers. They are so used to their high income and high living. If they did not save enough they will not be able to live the same lifestyle when they reach 80 or 90. The CPF minimum sums will not be enough for them to spend in a year. The CPF must do something to help them when they retire. We as citizens must reciprocate the kindness and compassion and care shown to us by the minister and in turn do something good for them.
I would like to recommend that the CPF designs a special scheme for the ministers like putting $1 mil every year into their retirement fund. Their minimum sum should be at least $5 mil so that they will have a generous payout when they are retired and start to draw down on their savings. Wait a minute, $5 mil minimum sum may be insufficient. An average Sinkie with an annual income of $50k needs a combined minimum sum(MA and RA) of nearly $200k to ensure a similar or decent lifestyle, so the CPF said. How much should be the combined minimum sum for a minister earning $2 mil pa? Simple arithmatics, $2mil versus $50k, works out to be 40 times. So what is sufficient for the average Sinkie at $200k would mean a minister need $8 mil to be set aside in his minimum sums to be able to live well like he is now. No downgrading of the quality of life.
It takes a lot of money to service the mansions they owned, the big cars and the servants to look after the properties. $8 mil minimum sum is just about right. And the Medisave Minimum Sum must be enough should they be warded in private hospitals.
CPF, Please don't fall asleep. You need to take care of the ministers when they retire, you need to plan ahead for them. Make sure they don't squander their monies on mei meis, the expensive ones. Make sure they have enough minimum sums in their MA and RAs to live well into the 80s and 90s. You do not want them to suffer a drop in their standard of living would you? CPF must take good care of the ministers as well. They deserve to be very well taken care of, and the CPF is the right body to look after their interest, plan on how much they should set aside, plan on how to best use their life savings. They deserve better for taking so good care of the citizens by ensuring the citizens have a lot of money in their CPF to retire. The citizens must be grateful and do something for them too.
What do you think?
Chua Chin Leng AKA RedBean
*The writer blogs at http://mysignaporenews.blogspot.com/