Being born in Singapore comes with a long list of perks but may have downsides too. Among the common gripes are the Central Provident Fund (CPF) savings scheme and the challenge of owning cars.
Financial strategist CF Lieu or @cflieu on TikTok highlighted all these in a recent video.
@cflieu Replying to @cflieu this is the clip @Malaysia Finance Strategist for Malaysians, as a licensed financial advisor who has Malaysian clients with Singapore permanent residency, working in Singapore yet planning to retire rich, retire early before 60 back in Malaysia after milking that strong Singaporean dollar during their peak earning power years in their 40 and 50 years of age. #ringgitmalaysia #malaysiavssingapore #cpf #cpflife #singaporevsmalaysia ♬ Emotional – Bang Nono
He even went so far as to make a bold statement that Singaporeans are jealous of Malaysians for various reasons.
Among them are Singapore’s CPF scheme in comparison to Malaysia’s Employees Provident Fund (EPF). He also noted that Singaporeans struggle to own cars due to the high costs.
TikTok user @cflieu posted the video of his hot take on Friday (17 Nov).
“I don’t think you understand how many Singaporeans are secretly jealous and envious of Malaysians,” he said.
While Singaporeans have a strong currency, they essentially want the things that Malaysians have.
Firstly, Lieu noted that Malaysians working in Singapore who want to stop working can withdraw from their CPF savings with no strings attached.
“That can make any Malaysian an instant ringgit millionaire,” explained the financial strategist. However, it’s important to note that the Government announced the closure of non-citizens’ and non-permanent residents’ (PRs) CPF accounts earlier this year.
Therefore, Malaysians working in Singapore can only enjoy such a privilege till 31 Mar 2024, the last day they can withdraw their CPF savings.
Source: @cflieu on TikTok
Back home, they also have the option of channelling money to their EPF. Should they decide to retire early, they can simply withdraw these savings.
On the other hand, Singaporeans cannot enjoy such a privilege with their CPF.
Lieu then launched into the hot topic of car ownership in both countries.
While Malaysians can afford cars on a fresh graduate’s salary, Singaporeans still struggle to do so after years of work.
“Singaporeans feel resentful because [they] work 10 years [and yet] still struggle to get just the permit to own a car.”
Source: @cflieu on TikTok
He is, of course, talking about the Certificate of Entitlement (COE).
In light of these examples, the financial strategist reflected that Singaporeans may feel like the Government controls everything.
However, he quickly noted that the Government only has the best intentions.
“Which government in the world is so considerate [to] force you to save money so that you have money to pay for your medical care in old age?” he asked, after citing the example of MediSave.
Despite the occasional complaint, Lieu felt that not many Singaporeans would renounce their citizenship.
The few who might are those who purportedly wish to “liquidate” their CPF savings or perhaps own a car.
According to Lieu, most others prefer to stay Singaporeans due to the efficient and safe social system and a zero-corruption government.
The financial strategist then noted that Singaporeans may have more to complain about if they moved overseas.
Having already addressed why Singaporeans are jealous of Malaysians, he further explained that there’s also resentment for Malaysians who earn more than locals.
This is because of the Singaporean sentiment that Malaysians are supposed to be doing the “dirty work” that they don’t want to do.
“If you’re a Singaporean, you just cannot fathom the fact that a Malaysian can earn a higher pay, more than S$8,000, more than you in your home country.”
He then pointed out that Singapore is a meritocratic country where experience, qualifications, and skills will get you a handsome salary.
As such, Lieu noted that Singaporeans who are unhappy about foreigners who are earning more should simply upskill themselves.
In a final note, the financial strategist said that if a company sees value in an employee, it will provide the appropriate salary.
Do you agree with the points he made in the video? Share your thoughts in the comments.
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Featured image adapted from @cflieu on TikTok.
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