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12/05/2011

Are you glad that lease buy back scheme is extended to 4 and 5 rm flats?

Some people are glad that this scheme is extended to them so that they can sell their flats away and live on the proceeds till they die. Come with nothing go with nothing. I think they are all Buddhist or are living out the philosophy of Buddhism. And probably these people may also be those with no children to want to hand something down to them. Or maybe they have lived a dignified lifestyle, financially independent of their children and there is no obligation or attachment to want to do something kind to their children.

Or maybe family and kinship are no longer relevant or important in the culture of Singaporeans. So everyone is independent, no emotional attachment, no sentiments. They may want to die in some foreign land and would not care less if their children or relations will be present or absent at their last days or last rites.

Of course many probably understand that by the time they hit old age, they will be so broke, for one reason or another, that the only thing they can fall back on is their little flat to see them through the last years. Just pray that they do not need to be hospitalised or the little flat would not be enough to pay for the hospital bills. Or if enough, they would not have a lease buy back to fall back on anymore.

It reminds me of fate of living in smaller space. Eventually it is not unforeseeable that each Sinkie will have a space as big as those in the mortuary. And they will say no choice if we want economic growth and a better quality of life. They forfeited the right to think, to ask themselves if this is what they want, if there is an alternative, or if other people’s choice is The Choice and they cannot do anything about it.

7 comments:

Anonymous said...

Every new scheme in policy making is getting trickier and more sophisticated. How many are able to fully understand the implication and consequence?
WP NMP Gerald Giam seems to be elated with the lease buy back scheme. Has his party and he himself studied the scheme? Have they weigh the effect of it?

Anonymous said...

Dealing with sheep is so easy. Just prepare them and condition them that at the end of the road is a cliff and they just have to jump. And the sheep will just baa, baa, baa, and go along, and it really amazes me that they will jump.

Matilah_Singapura said...

I think this scheme is the best "compromise" and it really doesn't penalise anyone to a significant degree.

At least for some (I would say many) folks it is a way they can get money.

No one is equal in luck or ability. Some can accumulate wealth and gift their wealth to their offspring and other chosen benefactors, and others will struggle just to get by. No magic govt policy or the insanity of welfarism will change this.

At least for folks who really need the money, and the lease buy back scheme "rewards" them for looking after their family by looking after the home.

But... redbean is no satisfy... Perhaps people should turn to him, the great benevolent redbean if they need money :)

Chua Chin Leng aka redbean said...

If only they elect me as the President, I will give 50% of the pay for people in need. But first must find some easy money to give away.

Anonymous said...

The person who takes up the Lease Buy Back scheme has to buy an immediate annuity. It is definitely not advantageous to use it to get income because of the very low interest rates. Had they introduced this ten to fifteen years ago it would have been worth it. The interest was at least 5 to 6 percent. Now it may be much less.

Anonymous said...

The party which benefits most from this Lease Buy Back scheme is the insurer issuing the annuity. It's like you lend them a lump sum of, say $200k and they pay you back in small monthly installments of $500+-which includes interest.In the meantime, they re-invest your $200k to make a profit over the long term.

Anonymous said...

My auto lease buy back scheme is to get an expense allowance from my children. And when I go visiting the lord, my flat will just go to them.

No exploitation by anyone or institution.