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9/26/2007

I am fully convinced

Thanks to the great debate in Parliament on the inadequacy of the CPF system as a retirement plan. I am now fully convinced that Singaporeans will have serious problems when they get old. And I have been having sleepless night thinking about this problem and how to help them. This morning I worked up with a solution. Singaporeans must save more. Singaporeans must save another 20% of their income to maintain the lifestyle that they are used to when they retire. We should have another compulsory saving scheme. All Singaporeans must open a savings account in the big four local banks and contribute 20% of their monthly income to this saving scheme. This contribution is by law. Now, so simple. All retirement problems solved. No need all the complicated formula and funding by the govt. Self funding, and this is congruent to our self reliance policy. I am going to be the saviour of the pathetic unthinking sheeples who cannot plan and look after themselves. They must thank me for the sleepless night and all the hard squeesing of my brain juice. I have been thinking real hard.

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