Wednesday, June 18, 2014

The Answer Is YES!

Should PRs Leaving Singapore be Allowed to Keep All of Their HDB Sales Proceeds?

This is the title of an article that first appeared on the MoneySmart blog. The question of the article is whether Singapore Permanent Residents (PRs) should be allowed to withdraw all their CPF money and Housing and Development Board (HDB) sales when they leave Singapore.

In my mind, the answer to that question is simple; YES!

Of course they should be allowed to withdraw all their money. What's the reason foreigners are coming to Singapore in the first place? They are here to make money. So once they are done, they will want to take their money out when they leave Singapore. What's wrong with that?

For Singaporeans who think they should not be allowed to do so, think about this; what will happen to the money if they are not allowed to do so? The money in their CPF will stay in the CPF! Do you think the Singapore government will move that money to the accounts of Singaporeans? Dream on if you think the answer to that is a "yes".

Singaporeans have little to no control over the timing and amount of their CPF money they can withdraw and many Singaporeans are angry with the government on this. Let's not allow the government to do the same thing to our foreign workers as well. 


Anonymous said...

whose side are you on, man ?

Ghost said...

The side that is correct. Just because Singaporeans have a bad deal on the CPF does NOT mean we should make foreigners have the same bad deal as we do. Two wrongs do not make a right.

Anonymous said...

What if they squander the money? Nonono..

Ghost said...

And that affect Singapore because...? It's their money, if they want to squander it, why should we care?

Anonymous said...

Bcos this creates a non-level playing field tilted to ft's advantage.

We provide build the stadium, maintain the field, everyone enjoys the game but when it's over, they just take off and we are left to do the area cleaning - with our time and money.

Ghost said...

You want a level playing field so that everyone can have the positives, not because everyone can have the same negatives.
Singaporeans now have a negative with the Min Sum requirement; that does not mean we should give this negative to our foreign workers to get a "level" playing field. Having such a thinking is just stupid.