11/24/2008

$42b in reserves

When I read this in the old media, I was thinking that this must be gov'ts money. Actually it is not. It is the people's money in the Medisave. Singaporeans have $40b in their savings parked in the Medisave. Now why is this called 'reserves?' Your money, my money, my money your money? Is it not wrong for people to understand that when we use the word 'reserves' we are referring to the general public or govt's money in the national reserves. Why are the people's money in the CPF or Medisave referred to as 'reserves' and not the people's savings? Ok, it did mentioned that it was both. Here is a clip of the press statement. SINGAPORE: Health Minister Khaw Boon Wan said healthcare costs will not be a problem during this recession. Speaking at the NHC Time Capsule event on Saturday, he said most Singaporeans have sufficient savings in their Medisave accounts, and hospitals will be more generous with Medifund applications during these hard times. The total reserves for healthcare stands at S$42 billion, 14 times the annual health expenditure. S$40 billion is parked in citizens' Medisave and it is growing at S$2 billion a year with contributions from workers.... Copied from CNA.

4 comments:

Anonymous said...

Is the money still inside CPF? Maybe they also invested them in some high return instruments, with eyes wide open, since they have to pay you more interest for medisave and special accounts. Don't blame them for any losses hor. Anyway, it is the people's money but it ultimately belongs to the Government. They media could be right in asserting that it is a reserve.

Anonymous said...

screw him!
so what if its 42 zillions?
how have we benefited?
can't even use for most medical expenses.
its only use is for the gahment to avoid responsibility to its citizen.
you die ur business.

redbean said...

my point is that it is our money, not the country's reserve. but now it is the country's reserve. the country can count on it, can we?

Anonymous said...

Whatever lah, just be like Lim Swee Say, scream with happinness when you see your CPF statement. Can touch the money or not is another thing.