Myth 161 Compulsory annuity is good

Compulsory annuity is good It is a hotly debated proposal, well intented, well meaning, and well thought out. But hardly any believe in it except the people proposing it. Who needs $300 in 35 years time when it is as good as worthless. Even double that amount may be worthless. And who wants to hope to live to enjoy this pittance at 85 when the life expectancy age is 80 to 82 years? The compulsory annuity scheme is supposed to provide the money for the survivors to live by. But how, when the money is definitely not enough. This is a classic myth in the making.

Allow public protest

This is what Liew Kai Khiun recommended yesterday. I thought it was an exercise not worth mentioning. But today there were some responses to his remarks. One pro and one against, to provide a balance view by the Today paper. But how many actually wrote in to support or oppose, your guess is as good as mind. By the way, what is the purpose of protest? Sure there are many things that pissed us off every now and then. There are very serious issues and some not so serious. Most went by without any protest. So everyone believes that everything is ok. But no one will know when a Myanmar will visit us, and if it did, everyone will be caught unprepared for sure. For any issue can spark off a major protest when the pent up feelings have been suppressed for too long over the years. And before such a visit, Singaporeans must find a means to express their objections or unhappiness over issues or policies. A public protest or demonstration is the most popular form to show displeasure. But given the current political environment, many would not want to risk the pain. This does not mean that Singaporeans should shut up. KPKB is one means to show displeasure and opposition. Asking questions like school boys in a monologue sessions between school teachers and school childrens, or writing to the media hoping for a reply is exactly what they will get. A reply. And once the reply is given, it is taken for granted that it is explained and accepted, case closed and life goes on. Ya, let's move on. What Singaporeans need is a platform to simply say No. We do not buy your reasons or explanations, and we do not want to go along with it. No need any clever reply whatsoever. That is what a protest is all about. To say no to policies or issues and to tell the authorities not to go ahead with it. And if they do, they can go ahead without the blessing of the people. And sure, that is all the people can do now. And the govt can go on not listening and do what it wants or what it thinks best. But hopefully the democratic forces will play its rightful role one day and a new govt be formed. Protest is necessary and important. But protest for the sake of protest is meaningless if it does not achieve any results. Find a way to say no and for the govt to hear the NO loudly, be it peaceful or violent protest, or just kpkb in the net. The important thing is to get the message across.

The Returns of the Sultans

Malaysia is going through a watershed in its political development. The mess that the politicians have created in the country has opened up a crack for the Royalties to make a comeback after so many years in the wilderness. The people are calling for more royal interventions to curb the abuses by the politicians. And now a royal inquiry into judicial integrity. There are more areas that the sultans could come in to ensure fair play. This is really ironical. In the past, the sultans were sidelined by the politicians for abuses. Now it is the other way. It is now the moderating force and with a higher moral authority to deal with crooked politicians. Welcome to the new Malaysia.

Notable quotes ; Leslie Fong

"Bloggers, on the other hand, just sound off as they please. They are not bound by professional standards and ethics, and are responsible to no one but themselves. So you read them at your own risk, or peril. Newspaper editors who give bloggers space, or even prominence, in their pages, in the hope that this will attract younger readers, are doing damage to their calling.” Leslie Fong, SPH Editor Dum, da di dum, dum dum : )

Growing dichotomy

Lee U Wen wrote a piece in the Today paper today. What he said, from what he had observed, is the growing dichotomy between the govt and the people but without the govt knowing it. Both are talking but not listening, each going its own way. The govt just want to do this. It is good for the people. No way the govt is going to stop this annuity scheme. It is well thought out. Only how it is going to be cooked. The people are saying all kinds of things and all kinds of options and alternatives. The govt did not hear anything. Just appoint another committee of wise men to come out with another solution. This is an unique case of talking and communicating but not listening, not wanting to listen. I am going to do this. Say whatever you like. I am going to do it. I am the caring govt. It is my right to intervene. What your money? You want your money? You can't handle your money!

I am fully convinced

Thanks to the great debate in Parliament on the inadequacy of the CPF system as a retirement plan. I am now fully convinced that Singaporeans will have serious problems when they get old. And I have been having sleepless night thinking about this problem and how to help them. This morning I worked up with a solution. Singaporeans must save more. Singaporeans must save another 20% of their income to maintain the lifestyle that they are used to when they retire. We should have another compulsory saving scheme. All Singaporeans must open a savings account in the big four local banks and contribute 20% of their monthly income to this saving scheme. This contribution is by law. Now, so simple. All retirement problems solved. No need all the complicated formula and funding by the govt. Self funding, and this is congruent to our self reliance policy. I am going to be the saviour of the pathetic unthinking sheeples who cannot plan and look after themselves. They must thank me for the sleepless night and all the hard squeesing of my brain juice. I have been thinking real hard.

Singapore-Burma

A Burmese Aung Soe appeals to Singapore to remain invested, but keep the moral high ground not just short-term interests. Sept 25, 2007 Well, the sad fact is that Singapore nowadays is being seen by average Burmese as a country which only cares for short term benefits. Winning the hearts of 55m Burmese will pay off in long run than tarnishing its reputation being identified as a mere materialistic nation. Singapore can stay neutral, keeping high moral ground while making wise investments. It should refrain itself from being seen as accomplice of junta.... Friends in need are friends indeed. Posted by: Aung Soe I copied the above from littlespeck.com The Burmese are looking at us as a materialistic country devoid of feelings. Just money and profits, no morals. The Indonesians and the Malaysians are also saying the same. Coming from the Burmese means that much more pertinent. They have no quarrels with us and their views are more objectives. What about we Singaporeans looking at our country or govt? The similarities are ironic and shocking. Despite all the so called caring politicies that are claimed to be good for the people, they are but unfeeling, cold and calculative policies to achieve the interest of an entity called country or nation but compromising or sacrificing the interest of the warm and feeling people. Good for the people are not necessarily good for the people. More for the state. The phrase 'good for the people' and similar phrases have taken on a meaning that is anything but good for the people. Only the converts would publicly agree to them but may not in private. No one is going to say that there is an elephant in the classroom. We have lost that connection with the people, uncaring for the people without knowing it, intentionally or otherwise. But everyone in power still claims and thinks so, that they care for the people. Only the people affected knows the tooth.

Thank you Chok Tong

I will like to thank Chok Tong for his thought to help the self employed. Its the thought that counts. But just concentrate on helping the self employed in his constituencies. I know how to take care of myself. And I think many self employed too know how to take care of themselves. Please don't bother. We appreciate your concern. Thank you, thank you very much. May God bless you for your good thoughts and good deeds. Just leave us alone.

Self employed - Be prepared

When the govt is showing concern for them, they better start to prepare themselves for all eventualities. Now what's up next? Chilling!

Josephine Teo's reply in ST forum

To her, as long as the intention is good, it is ok for the govt to intervene, in this case the CPF reforms. The govt has a duty and a right to introduce policies and changes that affect the people. True. But is the right to one's own money a sacred right to be protected? The govt has acquired land and properties, in the past and paying a fraction, for redevelopment of the infrastructure. Now it is paying market rate compensation. The withholding of people's money in the CPF and insisting that they buy annuities are different issues. Should the govt next insist that the people must buy their coffins and a place at the columbarium, deducted from their CPF, and put aside a sum for funeral expenses? If individual rights to their own properties and money can be so easily violated on the ground that the govt said it is good for the people and nation in the long run, what are the implications? And also the sanctity of a contractual agreement entered into at one time and can be changed later without the consent of the other party. Violations in such nature have very serious consequences in the long term. An agreement is an agreement. That is what we told the Indonesians and foreign investors. Are we setting a very bad example in the changing of CPF terms and conditions? Are these things important at all? Siew Kum Hong better push for a discussion on these matters in Parliament soon.

Living on Charity

I briefly watched Cheryl Fox on CNA last night interviewing a Mdm Heng(not her real name). Mdm Heng is around 60, sickly and lonely. Her three children and husband had passed away. She depends on a monthly withdrawal of $290 from her CPF to get by. Not enough definitely. And she needs handouts from some kind souls to pay for her medicine and a bit more. Her social life is as good as zero. Living on charity is a life of shame and despair. She wouldn't dare to strut herself around to share her woes with everyone. But that could change if she can appear on one of the charity show as a star recipient. She would become an instant celebrity. Everyone will know her instantly. But Mdm Heng need not have to depend on charity. She has another $20k in her Medisave. Unfortunately or fortunately, this sum cannot be touched unless she is admitted to a hospital where she would have to pay a ransom. And the $20k is just for that, if, IF, she ever get herself admitted. But If she does not have this good fortune, she would probably never have the chance to touch her $20k, her fortune. Our well designed system has protected our people from the expensive medicare system by making sure that everyone has the money to pay. But no one ask the fortunate recipients of this kind and caring system whether they are beneficiaries or victims of the system. Why can't the system allow Mdm Heng to draw out her little fortune to live her life with a little self respect, a little dignity, but have to depend on charity, kindness and mercy of others when she has her own money stuck in the Medisave? At least she could live 5 or 10 years as a respectable person, independent and not having to wait for handouts? She is at best a wretch. When her money is spent, and if she is so unfortunate or fortunate to be still alive, then the charity can come in. She may not need any charity if her life is not that long. Is our system kind or cruel? I think we are so kind that we don't even know the difference between good and mean.

No need to bother the govt with our old age.

Singaporeans should tell the govt, thank you, please do not feel responsible for our old age. We will take care of ourselves, with our own money in the CPF now. Just return the money to us. Where can I find a T shirt that reads, 'Thank you' in front and 'Don't bother' behind?

Life at 85

The first thing I will do is to go for a complete overhaul. Change whatever parts that need to be changed. Get hair implants, crown a whole new set of teeth if the jaw bones can hold, go for lazik treatment, botok the whole face, pull all the skins or replace with nuskin, and start a swinging 85! Now, won't that be wonderful? A second life, without worries and the longetivity insurance will pay me ever after.

Rank Country/territory Life expectancy at birth (years) Overall Male Female World average 67.2 65.0 69.5 1 Japan 82.6 79.0 86.1 2 Hong Kong (PRC) 82.2 79.4 85.1 3 Iceland 81.8 80.2 83.3 4 Switzerland 81.7 79.0 84.2 5 Australia 81.2 78.9 83.6 6 Spain 80.9 77.7 84.2 7 Sweden 80.9 78.7 83.0 8 Israel 80.7 78.5 82.8 9 Macau (PRC) 80.7 78.5 82.8 10 France (metropolitan) 80.7 77.1 84.1 11 Canada 80.7 78.3 82.9 12 Italy 80.5 77.5 83.5 13 New Zealand 80.2 78.2 82.2 14 Norway 80.2 77.8 82.5 15 Singapore 80.0 78.0 81.9 16 Austria 79.8 76.9 82.6 17 Netherlands 79.8 77.5 81.9 18 Martinique 79.5 76.5 82.3 19 Greece 79.5 77.1 81.9 20 Belgium 79.4 76.5 82.3 The above figures show that life expectancy is at best about 85. But we must be proactive and prepare to live till 95 or 100. So we must prepare our people now, and keep their money before they squander them away. And with our world class health and medical care system, Singaporeans will outlive all the the people in the world soon. 50% of those who are 62 now will live to 85. That is a Singaporean fact. They are more or less guaranteed to benefit from the annuity scheme.

Stop the kidding

Anyone with a fully paid 3 rm HDB flat and prepared to rent out one room will have more than $300 income to get by. And this is inflation hedged as the rental will only go up with time. Not taking into account any other forms of income or savings. He DOES NOT need the $300 from any annuity scheme. All he needs is don't try to eat sharks fin, go to concert, drive a mercedes, admit himself into A class wards. Just live simply. He will have more than enough. What can a 85 year old do? Run around and feeding himself with viagra?

Actually ah...

Actually ah... Though there were some whinings and kpkb everywhere, the people believe that the govt is a good govt and all the things that are being done is for their own good. Even this annuity scheme and whatever the govt is going to scheme, the people simply love them. The kpkb is just for show, like a girl being ask for a date. Don't want lah, but actually want to accept it like hell. I beg you, the people will vote the PAP to power in the next GE with overwhelming majority. That is for sure.

Please stop nannying us

We do not want to be nannied. Please stop nannying us. And please stop uttering that the people are hopeless and mindless and always ask the govt to nanny them. It is the govt that insisted on nannying the people against their wishes, to be left alone.

Oh God, have mercy on your people

The people must beg the govt for mercy. Please, please don't help us.( I thought that was what the govt said. There is no charity. The people must look after themselves, with their own money?) The more the govt is trying the help the people, scheming all kinds of solutions, the more the people will get it. To help the poorer section of the people, we have the 2% GST. Now what, everything is shooting up beyond control. More than the 2% for sure. The govt is going to provide world class transport system. Be prepare to pay world class fares. No free lunch. World class hospitals, pay. No such thing as opting for C class wards. You will be subject to means testing to make sure you pay. The GST was the magic formula to help the poorer people. Now we have another magic formula to help the aged, whether you need it or not, you must have it, in one form or another, flexibility. This is another cure all formula. And whatever objections there will be another counter argument for it. One thing for sure, it is a well thought out plan. A must have plan. Without which the people and the nation will face disaster in the future. The govt is going to help the people to help themselves. And the people pay, with their own money. There is no other better solution to this. No other solution except this one. The supertalents have done their jobs. They could not find any. All the suggestions by the people are hogwash, flimsy options that cannot work. Whine as much as you can now. But as sure as the sun will rise, the annuity plan will be there and you have to pay with your CPF money. Even if you have been planning for your own retirement plans with all your savings and insurance and assets, and children to support you. Oh God, please don't do so much for us, please. Your children just want to be children.

This is the Truth, not the Tooth

CPF changes An uncle's woes He writes from the heart how his elusive savings promised for 55 had eluded him even when he was laid up. Sept 22, 2007 This anonymous bloger posted this letter when commenting on "CPF Lies - The very blackest kind." by Kenneth Tiong http://freedom-for-man.blogspot.com/2007/09/cpf-lies.html Anonymous said, Hi Kenneth, Quote from ST, 20 Sept 2007: "To a question by opposition MP Low Thia Khiang (Hougang) on whether the Government of Singapore Investment Corporation (GIC) uses funds from the CPF funds to invest, Dr Ng said: "The answer is no." "Later he rose to add: "The relationship is not so simple". I could not believe my ears and eyes! Far as I’m concerned, it’s a STUPID EVIL (moderated)! I watched a video of parliament and I saw Hen (Manpower Minister Ng Eng Hen) denigrating a nation by mocking his own and other MP's, violating and belittling the intelligence of Singaporeans, insulting uncles like me for being too dumb to handle our finances, saying, "having a fling here, having a fling there". I cannot believe that an overpaid manpower servant that we pay with our taxes thinks so lowly of his fellow citizens! A case of “kurang ajar” or, in the hokien dialect which is pretty popular in Parliament now, “kiam kah”! If I remember well, when I started work as a teenager in 1968, I was told by my boss that 25% of my pay will go to CPF. He will contribute 25%. My boss said, “That’s law, don’t worry. Government guarantees you’ll get it all back when you retire at 55”. On reaching my retirement goal/age of 55, I was shocked that they have moved the goalposts many times since I started work at 1968. My money wasn’t my money anymore. Yes, there's Special, Medisave & Retirement Account - SMRA - "You can't touch these!" A hip hop/rap song? To be fair, I received my yearly CPF statements of the changes, but who reads? I did not. Eight years ago I had a heart attack and ventricular fibrillation. I was jobless for seven years. Lately, I was suspected of having other health challenges and in the past months, I had my share of visiting polyclinics and hospital. Poor rich! I'm rich enough to have more than $28,000 sitting in my Medisave Account BUT I cannot use it for tests, treatments and medicines in hospitals and polyclinics. Yes, my bills from Changi General Hospital and Polyclinics had to be paid in cash from my pocket. Oh, they tell me I can only use it if I spend more by visiting the hospital again for an artery ballooning/stent or a by-pass procedure. Or maybe another heart attack and ventricular fibrillation caused by the agony and heartache of “My Money Sits in CPF but Cannot Use For Staying Alive!”; “They Use my $$$, Make A Profit, Don’t Pay Back, Then Say I Stupid” & “Not Enough, Want Some More, Force Annuity On My Children!” Since nobody wants to employ a sick geezer with a heart condition and other challenges, I am fortunate that a kind soul, having faith, love and trust in me, offered me a sum of money to start a little business last year. I registered a sole proprietorship in ACRA to start the little business. Another heartache - I was informed that I could not register because I owed CPF Medisave which I did not pay when I was self-employed previously. Unless I pay up, I could not register my little business. Imagine, I was broke and I still had to top up my Medisave (already loaded with >$28,000) if I wanted a licence to make myself productive again. Simple: No Top Up, No Licence. This is what I know as Uniquely Singapore First World Standard of Whatever! Another irony: After seven years of joblessness (due to my health challenges) without paying tax, I made good enough to pay tax again for year ending 2006. I've done my part as a citizen, I even did NS in the army from 1969 to 1971. "Fend for myself"? I have. I pledge myself as part of “a united people regardless of race language or religion to build a democratic society based on justice and equality so as to achieve happiness, prosperity & progress for our nation”. As a simple heartlander, I’ve done my tiny part. No worries, I may just jump in front of moving MRT before I bother my busy hardworking government with any problem. Question: What has the Government done for me? Zilch. . . and please don’t do anything. Whenever you do something for the good of the people, you cause me more pain than gain! Eg: PUB increase, 7% GST, Bus fares increase, etc. Just don’t hurt my family further by forcing my children to pay for annuity which is another scam to leech from innocent citizens! On second thought, you may want to upgrade my HDB flat with a “Go-And-Die-Chute” so that sick and old people like me who have outlived our usefulness to the regime can self-destruct by jumping into it. Health Minister may like this idea as he wants me to die at home so that I will not be a bother or a burden to his money-making hospitals. Based on the video, Mintsters just give us plenty of sarcasm and zero empathy. Just Mr. Hen talking cock! Another wayang, another day’s work to justify obscene million dollar pay! The more they "strengthen the CPF", the worse our lives become. ... Please, denigrate us no more and stop treating Singaporeans like idiots! Let us live with dignity. Just because we are peace loving citizens does not mean that you can walk all over us. Trying your luck too far may just change a push to a shove. Yes, even peaceful monks can turn into citizen activists. They are at it in Myanmar! Do what’s honourable - Simply explain the difference in returns of GIC, Temasek and my hard earned CPF. Come clean with transparency! My problems may have been less if the returns in my CPF had been on par or better than Malaysia’s EPF. Maybe part of the interest that could have been mine has ended up in the purchase of Manchester City Football Club. Am I co-owner now? Thanks Kenneth for igniting the fire of a sick and tired Singaporean to write something on this disgraceful state of affairs Sincerely, Feed me to the Fish http://freedom-for-man.blogspot.com/2007/09/cpf-lies.html I copied the above article from littlespeck.com This is a polite letter from a disgusted oldie who could not take it any more. And this is only one of many written, by one who can write. And there are many who cannot write or have no means of expressing themselves and be heard, but have more angry things to say. My posts in my blog and forum are only skimming through the tooth by being polite. I could post more angry stuff. But despite what this anonymous uncle said, he is still a sheeple. He only demands an explanation on the difference in interest earned. Remember my story on the Sheeple and the Robber? We should be demanding that the 55 withdrawal age stays and including the Medisave and Retirement Account portion. That was the first position. And if people want to put some in Medisave and Retirement Account for higher interest, let that be voluntary. The owner decides what he wants to do with his money. And why should self employed people continue to pay into their Medisave when it has reached the legal maximum? Is the contribution to the Medisave a bottomless pit? If $28k is max, those who have reached the max need not have to put in any more. What other stupid reasons? Whose fucking idea is that?

I want, I want!

Civilisation progresses because of dreams, dreams of better things. Singapore will progress because of such dreams, and Singaporeans are all screaming, I want, I want! And we are getting there, very fast. On record, we have a clean and green modern city admired by the lesser developed beans of the world. We have world class medical facilities, education, homes, transport systems etc. These are not enough, we will have all the havens of pleasure at our doorsteps. Marinas and yachts, private planes, fast cars, modern homes, fully automated and landscaped, the best restaurants and world class concerts in world class theatres. Wining and dining will be a daily affair. Singaporeans can all look forward to a future they can only dream of and turn into reality. How many Singaporeans will live the dreams and fullfil their 'I want, I want' desire? But even if they could not be there, it is still good to have dreams. But first, make sure that they earn the first million before the dreams materialised. I also want.