10/11/2009

CPF annuity take up rate encouraging

The scheme was announced in February last year followed by promotions and free gifts of $4000 for those who signed up early. 200,000 invitations were sent out to those eligible and 11,787 have signed up. This is an encouraging figure. What, less than 6% signed up for such a good deal? Another 500,000 invitation letters will be out in the next round to encourage more people to sign up. These belong to the group that has escaped the compulsion net. Singaporeans are really hard to please. With such a well thought out scheme, all devised for their own good, and with early bonus of $4000! Why aren't Singaporeans rushing or queuing up for such a great scheme? Singaporeans are known for their kiasu mentality and ability to smell out a good deal. And when there is one, you can bet that they will queue up overnight for it. When there is money to be made, the Singaporeans will be there. The scheme was announced in February last year followed by promotions and free gifts of $4000 for those who signed up early. 200,000 invitations were sent out to those eligible and 11,787 have signed up. This is an encouraging figure. What, less than 6% signed up for such a good deal? Another 500,000 invitation letters will be out in the next round to encourage more people to sign up. These belong to the group that has escaped the compulsion net. Singaporeans are really hard to please. With such a well thought out scheme, all devised for their own good, and with early bonus of $4000! Why aren't Singaporeans rushing or queuing up for such a great scheme? Singaporeans are known for their kiasu mentality and ability to smell out a good deal. And when there is one, you can bet that they will queue up overnight for it. When there is money to be made, the Singaporeans will be there.

5 comments:

Anonymous said...

They call that encouraging? I have to dig my ears and rub my eyes.

They know fully well that it is not going to be popular. That is why they have to make it compulsory in 2013 for all CPF account holders to join the scheme.

The shitty media's loud and shameless propaganda is that the number of people signing up is still double what the private annuity sector is able to attract, which is around 6000 people.

With so much publicity, gifts and invitations, that is just hard to swallow, calling it encouraging.

By the way, not all who signed up will get the full $4000. It depends.

Anonymous said...

The truth is that we (the commoners) do not have brains to match the top scholars (the schemers). So, whatever the schemed must either be very excellent for all of us or for all of them.

As we are not so intelligent as them, we have to be very careful. We cannot take their words simply at face values. We have to make use of our past experiences.

Basing on past experiences, I think it would be foolish if we do not guard our little bits of hard-earned savings jealously and suspiciously. Lest we get into another Madoff's or Lehmen Brothers' (or Leemen Bros) type of devastating unrecoverable ponzi scheme.

The great schemers at hard at work earnestly trying to justify their million dollars salaries. And where will their million dollars salaries come from except through and by all of us. So, whenever the schemers come out with any scheme, we must never forget that it is only a schemers' scheme. It is time that we commoners also start to scheme - and what should this scheme be?

Our scheme should be:

To rid Singapore of the all greedy, over ambitious, great schemers who have never earned a honest day's pay except to sit down and scheme and scheme to squeeze as much as possible out of the blood and sweat of the commoners, the majority of the hardworking class.

redbean said...

between keeping the money under my pillow where i can touch it, smell it, count it, and use it when i want to, and to put it in someone's hand, lose control of, and not knowing what can happen next, i think i will better to keep them under my pillow.

at least i know that it is my money, my money.

Anonymous said...

'SCHEMERS', the most beautiful and befitting word for those ugly people who specialize in crafty and cunning plans.

patriot

Anonymous said...

When banks start to charge for keeping my money, I will just keep it under my pillow. It is the logical thing.