Seems like a dilemma for Singaporeans to just find a job and earn a lot of money. Screw your morals, family and other obligations, Medisave comes first.
Medisave – pay up or be charged? -- “Failure to pay Medisave contributions is an offence under the CPF Act and is liable for composition fine and possibly Court action.”
Even when you are not in Singapore, you need to contribute Medisave.
It seems like hoarding cash and giving to the Government is important here as you need cash for:
cash to pay COV for HDB Flats.
cash to pay my sch fees.
cash to get married.
cash to pay for my rental (cannot afford HDB)
cash to survive, cos i don't know when i will be lay off.
cash for my daily necessities cos living standard cost of Singapore is too high.
cash as welfare for poor people is $30 a month meal coupons, which will be used up in 3 days.
Medisave, CPF and other forms of contributions seemed like monies you cannot access anytime soon. It is virtually a form of tax if you can't use it.
There was a time you can access the funds when you are above 55, but things change, laws change, and I've known many people who had $$ in CPF and are 65, yet are so poor now as they do not have a job, family or a way to survive, except just getting $800 a month when they have thousands in their CPF which why want to use to start a business.
We need a change.
-- Iron Bowl