What's Happening with Malaysians' CPF

[foradob8]

Happy New Year Everyone!

A new year has dawn, and one of my resolutions this year is to make sure that all Malaysians' that used to work in Singapore, get their CPF plus returns if any....

What I fail to understand is why Singapore govt... is discriminative in their paradigm... what's to negotiate? I used to work in Singapore for a decade, I paid my taxes there and obey the rules... but it hurts to see my East Malaysians able to withdraw their CPF whilst I have to wait till 55 y.o...

Now Goh wants to negotiate airspace... with CPF... that's not negotiating... rather blackmail.

I hope their new premier has got better values, and just! I hear he's a highly educated man.

Maybe, if we can, all Malaysians' currently working in Singapore should resign.
Everyone boycott Singapore... then ...maybe then they'll know

[keith]

You're not alone. Many Malaysians too have spent more many years in Singapore and like you, they paid taxes and CPF - me too have spent more than 10 years there.

And if you're a guy, the age is not 55 but 60, and they revised the CPF withdrawal age every now and then. By the time we reach 60, probably the age for withdrawal has been revised to 80. I guess, unless our present government insist firmly, like the previous administration tried to, our money in CPF is as good as gone.

Yes, by the way, I have banned every made-in-singapore products that I know of as a protest.

[mysticalangel]

I also used to work in Singapore for a while. What I don't understand is why East Malaysian like myself can take out the CPF while West Malaysian must wait till 55 or so???

[ng]

foradob8,

I have also worked in singapore for a few years. This issue has
been ongoing since 1998 !

Let us look at the bright side, if we had withdrawn earlier, we would have lost some currency exchange because now the singaporean currency is stronger around 2.3, who knows it might even go up to 3 in the future.
Our malaysian ringgit is losing strength all the time.

Of course, for those who need it now, we should not wait until we retire.
But what is there to stop the government from transferring everything
from CPF to bring it to EPF, then we would still have to wait until 55 years old to withdraw.


mysticalangel,

Funny as it sounds, east malaysians are considered not as close to singapore as west malaysia. The most important reason is that the number of west malaysians who worked there is much larger than east malaysians. So they tend to lose a lot if everybody withdraws.

[mysticalangel]

Ng, that's really funny. I only know that the last time I enquiried, if I take out my CPF then I can't go back to work in Singapore. I have not taken it out yet.

[ivanhow]

Why not just go ahead and w/draw the CPF despite the clause that says that one cannot work in Spore after w/drawing the CPF?

Cos, after not working there for so many hears, it is not likely one would go back there to work. The clause saying that one cannot work in Spore is actually redundant. Even if one were to go back to Spore to work, it would probably be on a very rare occasion not to 'work' there as an employee, but probably as a self employed, on a business venture or something else.

So, just go ahead and request for a w/drawal despite the clause. If that get into a hitch, then one should raise the issue with the Spore authorities to ask them for an explaination - if the CPF allows withdrawal even before reitirement with "disallowing work in Spore" condition attached.

Just a suggestion!
Hope this helps :)

[keith]

It's not true. Peninsular Malaysians are not allowed to take out their CPF regardless the situation. The clause mentioned is for other nationalities or East Malaysians. For those applicable, whoever have withdrawn their CPF money wish to go back to Singapore to work, they have put their money back into CPF with interests.

This is what they told me when I checked with CPF Boad before coming back a few years back.

If we, Peninsular Malaysians, are allowed to take the money, I'll be the first one to take my CPF money out, as I have no intention to step on Singapore's shore for either work or leisure.

[aroki]

was all these rules not spelt out when you guys when to work there? when you take up the job, you know of the consequences especially if you are from peninsular malaysia thus it should not be a surprise. off course you could have been young and in need of a job and not thought off the future.

You make money in their land, follow their rules...the rule changes on withdrawal can happen in Msia too. Not happy about the rules, don't go.

hats off to those who have made their minds not too work there again..

It is best we don't give up our air space rights for the CPF..too much too give up.