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9/10/2007

Annuity, A rethink?

Not all needs to contribute to the annuity scheme. Those that could not live long enough. And those who already bought annuity insurance. What about those with pension schemes? I will proposed that all the ministers and mps and civil servants under the pension scheme be exempted from the annuity scheme. What for if they are already provided for in their old age? The same principle shall apply to all Singaporeans. Singaporeans who have provided for their old age, who have enough savings and assets, must be exempted. Otherwise it is another wasteful and foolish thing to add on the annuity thing. I will support a Means Testing to exempt people from the scheme. People who can prove that they have income or assets that are worth more than what the annuity scheme can provide for shall be exempted from it. And this Means Testing shall be extended to the minimum sum and Medisave. People who have more than $120k in assets that can be pledged to the CPF shall be exempted from the minimum sum. People who have medical insurance shall be exempted from Medisave. And no need to declare all the assets. Just enough to cover the minimum. A billionaire needs only to prove that he has more than the $120k and Medisave and annuity equivalent will do. No need to strip clean. And people who have children who have pledged to look after them shall be exempted. This will encourage the young to commit to look after their parents. There is no need to pah tau, pau buay and pau kah liow.

2 comments:

Anonymous said...

"And people who have children who have pledged to look after them shall be exempted. This will encourage the young to commit to look after their parents"

Redbean, what if it turns out that the children cannot themselves survive on their salary. Would they honour their pledge? If not, then what?

redbean said...

what if most of the people did not live till 70?

living till 85 is a fat dream. if you can dream of living till 85, you can dream of children supporting you.

if you can believe in 85, you can believe in your children too.

both are red herrings.

the probability of both coming true is about the same.