7/23/2018

The Singapore govt insurance business or racket?

The Singapore govt is going into the insurance business in a big way. After the trial run of two compulsory schemes, CPF Life and Medishield Life and facing no objection and opposition, it now feels free and unrestrained to legislate more compulsory insurance schemes for the people using their CPF savings. Now there are Eldershield Life, Careshield Life and dunno what more are in the pipeline.
 

Is this a business or a racket? What I would consider or define as a racket is a scheme that the buyer does not want, does not need, cannot afford but still forced into buying it, compulsory, cannot say no.
 

How many people need or want to buy so many insurance schemes when they could not even afford to live decently, not having three good meals, everyday trying to make ends meet?
 

How many people can afford to pay for so many insurance when life is a financial struggle?
 

How many people would want to empty or deplete their diminishing life savings in the CPF due to inflation, high property prices to buy and buy, pay and pay, for more insurance schemes?
 

When a person cannot say no to buy things that he does not want, does not need, cannot afford to pay for it, it is daylight robbery no matter under what guises. No one shall be forced to buy things against his wishes especially when he cannot afford it and to deplete his life savings against his wishes.
Compulsory insurance schemes are rackets, daylight robbery in disguise.
 

No, it is good for the people? Sure they are good for the people, if they are not forced to buy them and can afford to pay for them. When they are schemed by other people to dip into their life savings against their wishes, the schemes are not so innocent and altruistic. And worse, when the schemes would end up in a lot of surplus or profits that would not benefit the people being forced into paying for them.
 

Oh, the schemes are not profit making! Did you hear that, non profit making whoa. Then why insist on keeping the surplus for the future that may not come to many of the contributors forced to pay for them? Keeping for the future, the rainy day that may not come is a bad excuse. Period.
 

With the stroke of a pen, a few million policies were sold as a few million CPF captive members would be made to pay for the insurance they did not want. One compulsory scheme, say 2 million paying, multiply that by 4 schemes, how many insurance policies are sold? Imagine how tough it is for an insurance agent to sell 20 policies in a year.
 

Damn senang to make millions and billions without having to sweat the small stuff. Worse than ‘pah chioh’ if you understand this phrase in hokien.

26 comments:

  1. Knn lor, cause my kids are working overseas and do not have cpf, I have to use my cpf to pay for all of them as it's compulsory if not they would be prevented from leaving the country when they are back for visit or arrested at airport, Kena charged and jailed and lost their overseas jobs. Really Knn as my cpf will run dry in 10 years just to pay for all these compulsory insurances.

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  2. They have already done their research on whether they will still get enough votes at the next General Election to stay in power if they go ahead with these insurance schemes to suck the people's money.

    If they think the political capital sacrificed in exchange for their gains from these profitable schemes won't dent their re-election chances, they will carry out their plans or wishes with arrogant disregard for everyone else's opinions.

    So who to blame? - the 69.9% !!!

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  3. The Days of Dr Jackal and Mr Hyde are here. But this jackal does not need for the full moon to appear then transform. This jackal can transform to a deadly monster in broad day lught any time he wants.

    As a result, many of his followers, having tasted blood fed by the jackal, become scoundrels and blood-thirsty vampire.

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  4. They call it insurance schemes.

    In reality they are taxes.

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  5. Singaporeans are typically reactionary to any scheme their expensive govt comes up with.

    They paid for such a costly govt believing that these "elites" can deliver...and occasionally, like in this case, They are delivering like an army of Santa Clauses on supersonic sleighs.

    Here is the reason for this move toward compulsory insurance:

    NO WELFARE STATE FOR SINGAPORE

    What is social security/ welfare---that "dole" stuff you hear Brits, Aussies and people from western liberal democracies often speak about?

    The "dole" or social welfare/ security is nothing but govt provided INSURANCE designed to "help" (bwahahahahah) people experiencing arse luck---often exacerbated by their own poor individual behaviour.

    So a few young fellas savvy in finance and econs---BTW, PA Party members, of course and on "track" as the next generation of PAP political mavens decided:

    No fucking way is Singapore going to become a western-styled Welfare State, something must be done, and WE MUST DO IT!

    And so they did. At first the scheme was voluntary, but has since changed to be COMPULSORY.

    Folks, this is EXACTLY like a western welfare state the only difference is:

    THEY COLLECT THE MONEY FROM YOU FIRST to fund the insurance scheme. This has benefits over the welfare sysrtems of the west:

    1. The money is drawn from those who are most likely to use it ("skin in the game")

    2. There is no additional burden on the taxpayer (western states tax at rates as high as 60%, and still can't fully fund welfare progrqams)

    3. It keeps The State from borrowing to fund these programs and passing on the debt to subsequent generations (This is common practice in the west. Govt's are in office for 4-5 years, so there is no incentive to think long term)

    Thank your blessings. Especially if you are a CAPITALIST.

    The govt has protected your booty from being legally stolen to be re-distributed to all the no-money losers who've wasted their lives doing fuck-all.

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  6. Hi

    No point kpkb kpkb and kpkb.

    The 70% OK-ed at the last GE.

    Some even forecasted a 80% at the next GE!

    Sg is like that liao.

    Very very very very difficult to change this!

    So.......really no to kpkb kpkb and kbkp lah........

    Cheers..........

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  7. PM-elect Kee-chiu Chan already said - that those who perceive the pinch are only the ones who don't have the means to meet their wants !

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  8. Its the result of voting lee-ches into power. They are ticks that only know how to suck blood. It is time smalland return to uk or oz rule. Long live the Queen!

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  9. Who will live longest ? (a) the Queen (b) Mahathir (c) Loong

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  10. Matilah, there is a big difference between welfare state and robbing the people of their life savings.

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  11. The massive massive 70% like to be sucked dry!

    Hahaha.........


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  12. "Keeping for the future" - the future in Singapore belongs to new citizens and PRs.

    By then, true blue Sinkies who build up the nations' reserves thru hard work and numerous compulsory taxes will already be almost extinct.

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  13. Akan datang more to come la. Between now and next erection, the garmen will be scheming more count drake policies, bet u after erection when the ruling party wins they gonna come more sucking schemes to suck all Sinkies up high & dry, probably an air tax, human space tax, kaki Lang tax or even unemployment taxes coming ur way & many wat the hell taxes u all never hear off..

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  14. @ RB

    >> Matilah, there is a big difference between welfare state and robbing the people of their life savings.

    Of course there is. I agree...but... Who is robbing who? Pray tell. This "Takut Sakit Takut Mati" Insurance is compulsory..therefore IT IS A TAX.

    CPF is not the member's money. We've been thru that over years and years. If you're still holding onto that belief, then sorry lah, I'm not debating you until you can PROVE to me that CPF money in its entirety belongs to the members...no "moving the goalposts" for your argument to "fit" your world-view. Prove to me that you own your entire CPF like you do your bank deposit or any security you bought on the market.




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  15. Must kpkb to the 70%. Kpkb here is no use.

    Those who come here to read are amongst the 30% who got screwed and can feel the pain and injustice.

    The 70% who got screwed also but some of them feel "siok" and ask for more screwing - these are the sycophants, cronies, running dogs and balls-carriers. Some of them are already numb from getting screwed in the ass too much and cannot feel anything - these are people like Matilah. Some of them got screwed and feel the pain but are too coward to go against their own conscience. Some of them simply do not know what the fucks is happening because of over-concentrating their time earnung money and have no time to think. Some of them simply bo-chap, tida apa, can't be bothered.

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  16. The 70% - the winners under the current system - will be at the National Day parade Aug 9, waving small flags and celebrating with blissful joy.

    The 30%, the losers under the current system, will stay at home Aug 9 with TV switched off, feeling bitter.

    (Some of the 70% may hang flags outside the flats of the 30% to make it look like there's widespread celebration)

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  17. With more than 2 weeks before Aug 9 national day, some of the 70% can already be seen driving their cars around with a flag fluttering against the wind on the side of their cars, feeling happy like fuck !

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  18. ex-PM Najib Razak introduced the Security Offences (Special Measures) Act (SOSMA) in 2012 to replace the Internal Security Act, similar to that of Singapore.

    Yesterday Dr Mahathir said:

    “Najib’s law allows a person to be arrested and not to be taken to court, and if that person died, there will be neither inquiry nor action taken against those who killed him. That is the law passed by Najib and we will repeal that law.”


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  19. Some unthinking ones with their flags drove into Matland.

    Those behind them, suay suay had to endure three hours jam and checks by the Mats customs.

    The balls carriers now don't want to be called Grassloots or Rots now changed name will hang the flags on the common corridors or lift landings for you to signify all are happy with the Papies.

    This year at least they have the Singaporean identities on the posters.

    Last few years they have mostly the Foreign trashes and chap Cheng on the posters.

    Pui!!

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  20. Forget to add I had observed that those who had hung the Flags on their Windows are the PAP stooges of Grassrots/Loots members and those who had rented out their HDB premises for rental income and spend their time shaking their balls and legs at coffeeshops.

    They loved the PAP. I knew because in my estate these are occupied by the Foreign Trashes and call girls and possies.

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  21. Virgo, why u so unlucky to have call girls living near u. For bachelors they probably don't mind cause it's convenient.

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  22. Virgo, walau bang balls lar. Cannot tahan but now a day, the call girls are widespread into hdb heartland Liao

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  23. Too many foreign thrash in Singapore. The rich and mighty won't feel a thing because these foreign trash bring them more money and more power. It is only the masses of 90% who dwell in neighborhood hdb flats who feel and experience the strain, stress, stench and stains.

    You the majority have asked for it. So, bare with it.

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  24. The Four S's of the strain, stress, stench and stains, that you feel and experience, represent the 4 Asses in you of 4 different races (Chinese, Malay, Indian and Others). Veey befitting. Don't you think so?

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  25. Anon 7.27 must be one of those who been brainwashed by our Great Leaders that they are here to help us poor natives to have employment or else we be starved to DEATH.

    Little do he know that he is here due to the maganity of the Majority who has not fully awoke to kick their arses out of obilvion.

    Likewise, our still dream on Great Leaders as earlier posted magnificently by one Bro in the earlier Maiushan affair.

    Have seen they got bolder and even scorned our fellow bros and sis of our land.

    Also, defiance of our Nation's Integrity and Sovereignty by putting their national flags in their country of adoption giving them rice and fish to eat when their country of birth celebrate their Independence or Insolvent Day.

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