Annuities - More statistics
Dr Vincent Chia showed some statistics on the life expectancy of people according to social classes. It is a known fact that life expectancy favours the richer nations. And domestically, the more well off will live longer. Dr Chia showed that 43.5% of those who lived past 85 lived in 4 rm flats or better. 29.1% lived in 3 rm flats and 11% in 1 and 2 rm flats. A compulsory annuity scheme will benefit more the economically better off people, especially when those who die earlier will have their contributions forfeited to benefit the survivors. Who's bright idea is that? But this does not address the half blanket problem. This is an old story of a poor man with a half blanket. In the cold of the night, if he covers his legs, his top body will be exposed. If he covers his top, the bottom will be exposed. No matter how he tries, he cannot cover all his body. In the case of the lower income group, this is their plight. To put money aside for the future is to go hungry now. Not to do it means they will go hungry later. Either way, it is LPPL. When you are poor, you are poor. And to make things worst, you are told to be self reliance. Don't expect the govt to help you. Don't expect your children to help you. Forget about the virtues of family and filial piety. All the young people, when hearing that it is not their problem to help their ageing parents, because the govt said so and appreciated their problems of having difficulties even to look after themselves, must be feeling very relieved. A big load has been taken off their shoulders. They will not be blamed. The old folks' problems is their pasar. This is the value of this country.