42,000 rental flats

We still have more than 42,000 1-rm and 2-rm rental flats and the demand is increasing. More will be built. And very likely these are Singaporeans and not just local residents. In other words, we have at least these number of families that are still struggling in our midst.

Taxi drivers earning more

Today's paper reported that the taxi drivers are actually getting a 10% increase in income. So those who are complaining of a fall in income could be a minority or not working hard enough. There are many sides to a coin. I believe in the official view. They sure have statistics to prove their point. My fear if taxi fare continues to be up. When taxi fare is high relative to MRT and buses, more commuters will switch or some will switch their means of transport. This will give two reasons for MRT and buses to increase their fares as well. They will likely claim that they need to buy more trains and buses or to upgrade their services due to higher demand. Or they will say their prices are too low compare to the taxi fares. Head or tail, the commuters will have to pay more.

Renewed interest in Redbeanforum

Hi bloggers, I have two forumers who have decided to stay away from YPAP forum and post more in Redbeanforum. I hope you people can also post more there as the format there is easier to follow. Cheers

Who would like to be mean tested?

The thought of being mean tested is enough to put a lot of people off. The poor and desperate would not want to be further malu by letting people check their empty bank accounts to prove how broke they are. It is perhaps the most humiliating experience that we can subject our poor to go through. This is probably the main driving reason why the Dover Park Hospice chose to opt out of the Medifund Scheme. I remember the days of holocaust when the Jews were stripped naked to expose everything and being paraded around for all to see. Stripping a man or a woman is as good as tearing away every little pride or selfworth there is left in him or her. I think those who have very fat bank accounts would not mind being mean tested as it would be a way to tell the world how much they are worth. Can we be a kinder society? How can we if we think it is alright to subject our fellow beans to such indignity? Please tell us how the people are going to be mean tested.

HDB prices up by 31%!

Bee tang! All Singaporean HDB heartlanders must cheer for this piece of good news. The value of their flats has gone up like in the 1990 property booms. But better don't rush to sell it off yet. For one must be able to buy another place to live in. Probably not enough to buy a new one. But it may be good to know that the asset is worth more. Can use it as a trade off against the compulsory annuity scheme? Singaporeans are now asset rich again.

Confucianism and Curry Fish recipe

What has Confucianism and curry fish got to do with Singapore's success? In a bowl of curry fish, there are fish, vegetables and curry water. A few will get to eat the fish, some will be happy to have the vegetables and some would end up with curry water. Then some will clear the leftovers. Our success is to be able to convince everyone that those who got the fish deserve to eat the fish, those who got vegetables and curry water deserve rightfully deserve them too. And the cleaners are there to clear the rubbish. In Confucianism, it is to see to it that everyone is happy in their own station in life. Singapore is lucky to find this secret recipe and balance. Everyone accepts their station in life and all under heaven is peaceful. It will only break down when the curry water consumers or vegetable eaters think that they should get a piece of the fish. So far so good. Even the cleaners are happy.

A piece of tin can called Art

Would you pay $2m for a piece of tin can, erected it up, and called it Art? I won't. But beauty is in the eye of the beholder. I passed the spot almost everyday and was hoping for something grand that is worth a second look when it was all wrapped up. It looked better underwrapped, at least with a little mystery to titilate the curious mind. Tell me how you feel about the erection in front of the new NTUC building as Finlayson Green.

Something to crow about.

More Swiss than Switzerland This Place Is More Swiss Than Switzerland By Graham Summers Switzerland's private banking has always been famous for two things: 1. Extreme privacy 2. Avoiding taxes There are no capital gains taxes in Switzerland, unless you're buying real estate. Personal estate taxes are generally 7%. And if you're a foreigner retired in Switzerland, you can even choose a lump-sum tax in which you only pay taxes on an amount equal to five times your annual rent. In other words, you don't have to disclose your net worth or income at all. But all of this is changing... In 2004, Switzerland altered its tax structure to crack down on tax evasion from foreign accounts. For the first time in history, Swiss banking imposed a 15% withholding tax on interest income from deposits. A lot of very wealthy p eople were very, very angry. And funds began to be wired out of Switzerland and halfway across the world to the next private banking hub: Singapore. Singapore now manages $300 billion in private banking assets. Ten years ago, it was only $50 billion. Singapore now accounts for roughly 5% of the world's private banking assets. This doesn't seem like a lot, but consider that Singapore is the 189th smallest country in the world, right after the Federated States of Micronesia. The number of private banks in Singapore more than doubled since 2000. Singapore is now the second largest private banking hub behind Switzerland. Granted, it's a wide margin ¨Switzerland manages $1.7 trillion ¨ but it's shrinking rapidly. Singapore's private banking sector is expected to grow by 25%-30% a year for the next three years. When you consider the benefits, it's not difficult to see why. Individuals worth $13 million can gain immediate p ermanent residence in Singapore, provided they invest $3.1 million in the country ($1.25 million can go toward property). Once you're there, you don't have to pay taxes on income earned abroad. If you're a business owner with operations outside the country, you get the benefits of Singapore's education and healthcare systems ¨ the best in Asia ¨ without paying a dime in taxes. You won't pay taxes on capital gains or dividends either. As you'd expect, the rich are flocking to the country. One of them is investing legend Jim Rogers, who made a fortune managing the Quantum Fund with George Soros before "retiring" in his late 30s. Rogers originally wanted to move to China, but decided the pollution was too awful to put up with. So he relocated to the English-speaking, cleaner, more financially sophisticated Singapore with his family. I have to tell you, I'm starting to be tempted myself. Good trading, Graham

Celebrating Singaporeans - AgriFood and Veterinary Authority

This is the organisation that keeps Singaporean fed without having to worry that the bottle they drink or the canned meat they eat could be poison. And they have done such a good job over the years that their words are as good as gold. They said you can eat means you can eat. We just take anything from the shelf and know that it is safe. Thanks to AVA. The AVA has reached such a high standard of quality control and consistency that Singaporeans should not only be grateful to them but also be proud that such an organisation exists. The latest case of food poisoning at Prima Deli is the outstanding proof that the people have great confidence in AVA. Once AVA said clear and business is back to normal. No fear that there will be a repeat. No doubts at all. That's how good AVA's reputation is. We have good people in the right places to make this island ticks.

Demise of taxi drivers?

The recent huge increase in taxi fares could lead to a major restructuring of the trade. For the moment the hike may seem to be a non event with many celebrating their holidays and fresh with cash from their year end bonuses. Once the festivities are over, another round during Chinese New Year, the spending will be over. People will come to their senses and the last splurge of a sort during the festivities will be passe. Is it really affordable to spend $30 to $50 for a one way trip and a return trip doubling that amount? Anyone who can afford that will switch to private cars. Why spend so much when the difference between car ownership and taking taxi is no longer meaningful? When that thought sinks in, many taxi drivers will be crying for help. The current demand is likely to be their last bonus.

The secret of Singapore's success

The key to Singapore's success lies in the political system. No if you think in line of a capitalist or democratic system. It is more about the kind of leadership. Singapore has a unique kind of political leadership. Political leaders are chosen from people who are NOT interested in politics. This is a vital requisite. Any potential candidate that shows a little political acumen will not get pass to the second round of tea ceremony. This is a great difference from the commercial world where you hire people who are keen in what he is doing. Anyone who shows the slightest disinterest will be rejected immediately. Basically, the potential candidate when invited for tea must keep assuring the interviewers that he has no political interest. In other words, no political aspiration and ambition and thus not dangerous. When this is ascertained, then the rest is up to the interviewers to persuade the disinterested and not interested candidate into politics. This may come with a heavy dose of contradictions. Unwilling and uninterested politicians to become politicians and expecting them to do well. Why would these uninterested candidates be willing to join politics? Perhaps the package and rewards for joining politics are worthy of every cent in it. One cannot run away from the attraction of a life time payout after serving two terms. And the lucky one who got to become ministers could be getting millions on retirements, for life. How else would people who have other interests and passion want to join politics? I would not speculate on those who are highly ambitious politicians but managed to disguise themselves well enough to be accepted as a novice and one who is not interested in politics. Maybe this is the greater secret. Interested but seen as not interested. To be able to do that requires exceptional talent and deserve to be political leaders. This is another uniquely Singapore trait.

A Mean Ministry ?

Wondering if it is a good start to a new year when the first piece of news sounds like the setting up of a Mean Ministry. The introduction of Means Testing is going ahead full steam to catch people who can afford but choose to seek govt subsidies in hospital bills. Such mean people can only be caught by mean people. You need to set a thief to catch a thief. A kind and compassionate person will fail in such a job. One good thing is that plenty of jobs will be created. We will have a Chief Mean Officer to head the organisation. Would it be raised to a minister level if the net is cast wide enough? Then we may even have a Mean Minister appointed. Down the line many Mean Officers of various grades can be created to administer the whole process of checking people's income, bank accounts and relations with extended family members. The latter will be a good source of ugly and exciting family history that will worth millions to the movie industries. The whole thing could be another source of economic activities that will generate more income and of course more jobs.

It happened! Two infants bitten to death.

Rottweilers attacked and killed two infants. One was snatched from the arms of a 7 year old child. Luckily the victims were the owners children. Luckily it did not happen here but in UK and Australia. I could not feel anything when people chose to live dangerously and paid for it themselves. But let it not happen to any innocent passerbys or neighbours. Our society has no place for killer dogs unless they are kept indoors or in cages. There is no need to risk innocent lives and inflicted pains to others just for the amusement of a few.

The years ahead

The front page of Mypaper, the Chinese version, splashed a headling about the exciting future. It talked about the Singapore Flyer, F1, Orchard Central and even KPE as the great things that Singaporeans can look forward to. I wonder how many Singaporeans could afford these great stuff. Oh, it forgot about the IRs coming on stream. What I think Singaporeans can look forward to is high salaries. Starting from the cleaners in the hawker stalls, they can easily look at $3000 pm in 2015. And the taxi drivers can look at $10000 pm. Officer workers, the clerical staff and assistance should be happy with $5000. Managerial grade should be about $50000 pm. Don't worry about the ministers and top civil servants, $1m a month should not be a problem. Cost of living would be up a little. A plate of chicken rice may be $15. A taxi ride may be $100. MRT or buses may start at $5 minimum. Just a few years back the worry was driving up business costs. Salaries and rentals were kept down, including all kinds of commissions and fees. That looked like a wrong concept. Now we should be aiming for the sky. All costs can go up. No problem. We are the best and we need to be paid the best, including our cleaners and sweepers and taxi drivers. It is an exciting future to look forward to.

A simple new year wish

How I wish that the transport policies will encourage social and extended family activities among Singaporeans and residents. We need policies that will promote Singaporeans socialising, visiting parents, relatives and friends without having to pay to do these leisure and human things. The policies of parking at home, in HDB estates and private estates must be reviewed. Stop drawing more white lines, yellow lines and all kinds of lines to make people pay more while making social visits. The current policies is saying, hide in your own little space and don't move. You move you pay. You better not go and see your parents or friends. Visiting is discourage. But if we don't charge for parking all the carparks will be overparked. No one will want to leave. True. Why do we need to cram so many people in this little piece of rock?

An illusion or a deception

The biggest worry of the lesser well off Singaporeans is the rapidly rising cost of living. Whatever income that they have will quickly be eroded away. It makes a mockery of thrift and savings. All the savings are not savings in real terms. It is like putting aside good money, good present day value, to become banana money in the future. Singaporeans savings in the CPF have been held back for what, another 1% interest rate! Why would people want to look forward to another 1% when inflation is going to eat away more than double that amount? Does it make sense to earn a 4% interest over 20 or 30 years when in the same period the depreciation of the value of money could mean that they may become practically worthless? And better still, the additional 1% or 4% is not even guaranteed. Oh, there is hope that it could be more than 4%. If that be the case, you can be assured that inflation will double that. A sure lose option. Why are we believing in illusion? Or why are we made to compulsorily believe in an elusive dream of a better tomorrow?

Instant population! What does it mean?

We will be adding another 15,000 new citizens to our population by the time 2007 is over. And there is also another 40,000 or so PRs. This is on top of the average annual growth of about 30,000. With the 30,000 coming of age each year and the new residents, the demand for property is not going to slow down or decline. Singaporeans needing a flat or a roof, better get them fast. The demand is incessant. The locals, the real Singaporeans, may be not be able to afford the unstoppable price hike if their salaries do not experienced the 21% increment. But for the new citizens and residents, only those who are able will come. They will sustain the continuous hike in property prices by adding into the demand pressure. The price hike is not going to stop the flow. At every higher price, there will be new takers. Singaporeans, especially those that are struggling to make ends meet, just too bad. No amount of charity or handouts can keep pace with the whopping increases in property pices. If they can't, they can't, and would eventually have to squeeze as many as they can into their 2 or 3 room flats. The alternative is HDB rental flats if they can qualify. The message is shape up or lose out. There is no room for failures and laggards or irresponsibly producing as many poorly educated children as possible. They will be damned. They will be the new breed of struggling poor at the bottom of a society that is running ahead at full steam. They can never hope to catch up.

2007 - A great year of give and take

All the news in 2007 is simply great. It can best be described as a year of give and take. The govt and corporations are the generous givers and the people and employees are the happy takers. The employed see their salaries and income rising in leaps and bounds. The unemployed also benefitted from the giveaways by the govt. It is a happy story. And even as prices keep spiralling up, housing, cars, food, services and cost of living, no sweat, as long as money keeps coming in. Cost of living up, salary and income up, everything still affordable. What happens when the music stops? For the lucky few where the income will continue to flow in regardless of come what may, nothing will change. For those takers whose income or handouts will stop as a matter of time, then what? As the balloon gets pumped bigger and bigger, more air needs to go in to keep it afloat. Without air, it will deflate. But it will also burst with too much air. We have seen 1997. It was the same old story. Everyone was hilarious and delirious. Maybe 2007 and beyond will be a new miracle. The bubble will not burst. Income and salary increases will be the natural order of the day. Singaporeans have tapped into a nature's oil well that will not go dry. What a wonderful year.

Celebrating Singaporeans - Dr Seet Ai Mee

I should have added Dr Seet Ai Mee in this celebration. She is the force that is the deciding factor for Dover Park Hospice to dissociate from the Medifund. If people want to be kind, compassionate and generous, it is very easy to do so. It is time to use the heart and not the head. To put people under more stress and to dehumanise people just to receive a few dollars of help is mean. We cannot treat the downtrodden this way. If one wants to help, just help, wants to give just give. It is very wicked to strip people naked to see if he still has a dollar stuck in between his butts. The money to charities and charitable homes are given out of human kindness. Given freely and to be received freely. Turn them into a machine, and we will become senseless machines.

Benazir Bhutto - Another martyr

What a sad day for humanity. Another daughter of human kind tasted the bullets and fell. What is happening to Pakistan? Why are men so trigger happy to take down another fellow human bean who is contesting to lead them? Are men that primitive and barbaric? Benazir paid for her belief with her life. She died a fighter. She knew that it could happen and she braved the danger. It was very costly and unnecessary. Brutes!!!