Laws of Nature

When the old NKF were suing people in court, they were laughing to the bank. Easy money when the other party could not pay the legal fees and gave up the fight. The rest is history. Then Virtual Map also sued many users who copied their maps without persmission and were laughing to the bank with the high compensation claims. Virtual Map has been sued by Singapore Land Authority and lost. They are appealing. For the moment Odex is in a way repeating history, claiming compensations from illegal downloaders. Will history be repeated?

Annuity Plan gets clearer

Annuity Plan gets clearer As the picture unfolds, we are getting glimpses of what this plan will look like. For one, I like the idea that it is to provide a 'subsistence level' of income until death. Not like the $120k minimum sum, a value that probably 70% of the people will never dream of having. And while the govt has been quite generous in giving an additional dollar to those under govt assistance scheme, lets hope the govt will not be overly generous when using the people's money to provide for themselves. Hey, let me remind the govt again that it is the people's money. Not the govt's. I think this message has not gotten across. They are not going to take the risk of allowing the people to squander their money away. Why can't the people squander away their own money? The next point that I like is that the govt will now have to 'sell' the scheme to Singaporeans. Do they need to? It is a compulsory scheme for the good of the people. Or does it matter if the people don't buy it? Actually, anything that has to become compulsory is a failure of a sort. It means that it is not something that people see a need for it. Now the small amount to be paid to the annuity? Would it be $30 or $300?

Time to stop the Crab

This nonsense about a minimum sum to be retained in the CPF or a compulsory annunity should be stopped once for all. Not everyone is an idiot or dependent on such a scheme to live their lives. Give people the option to withdraw everything at 55 and manage their own lives. If need be, let them sign a form to refuse any state assistance should they become destitute in the future. Anyone signing the form will be held solely responsible for his own life and finances. They cannot turn back to the state and if they do the state can throw back the signed document to them. Anyway this country does not believe in welfare and everyone is expected to provide for themselves. Why should the people be deprived of their hard earned money by some legislation?

No need for annuities and CPF minimum sum scheme

I say it again, there is no need for annuities and CPF minimum sum scheme for the oldies. Not everyone needs them. And I am not referring to the millionaires or those with family support. I am referring to those with a 3 rm or 4 rm HDB flat. They should be independent and and can expect to retire without the need for minimum sum in the CPF. For those with bigger flats, better still. The alternative and the best solution to this group of people is the newly created HDB leasebuy back scheme. With this scheme the income generated should be able to see them through their golden years. The scheme needs not be restricted to those with only one bite of the cherry. Why should it be if we can unlocked the value of the property for them? But I read in the Straits Times of some comments that the return will not be enough. How so? One commented that a 3 rm HDB flat worth $160k today will be worth only $50k when the remainder lease is 40 years after the buyback. Another commented that the return will only be $400 a month. Really? The experts said so, so must be true. Bull! I totally disagree. Depending on the location, a 3 rm HDB flat can be rented out, say in Redhill or Queenstown area, easily for $1200 to $1500. Maybe more, regardless of the lease life as long as they meet the tenant's tenancy. And very likely to be more in the future with inflation and the rising rentals in these areas. And that will be much more than what the minimum sum or annunity can provide. The rental value or power of these flats must be taken into consideration to ascertain the real worth of these flats. Please do not shortchange the flat owners just because they can't count.

The Grand Plan

Loh Chee Kong wrote in Today about the grand plan and massive strategy to narrow the income gap and said that 'experts have hailed it as a "well crafted" plan.' Did I hear someone shouting about apple polishing? There were so many things said about closing the income gap on Sunday. In order for us to know how successful this will be in 5 years or 500 years, no one knows the target, it is necessary for us to know how wide is the gap now. Show us some statistics and set the target as to how close will the gap be and when will it be achieved. That will be more meaningful and objective. Show us the milestones. Otherwise how will we know whether the income gap has been narrowed and how much it has been narrowed. Or actually nothing happens or no difference. Just say say only.