Privatise Annuity Scheme

The idea of a compulsory annuity scheme for all CPF holders at 55 is a juicy dream. One can get even wet by simply thinking of the amount of money to be had. At $10k each and an average of 30,000 contributors, that is $300 mil annually. And this amount is for safekeeping for the next 30 years when the first payout is due. Multiply this number by 30, without talking about interest and investment returns, that is a whopping $9 billion in cash to play with. The management of this scheme should be privatised and open to the highest bidder. That will ensure that the investors will get the best returns. As we all know, only privatisation can ensure efficient management and good returns for the shareholders. I will bid to pay any surviving investor at age 85 a sum equivalent to 5 times his initial contribution at 55, or $50k for $10k invested. Alternatively, the investor can be paid $500 monthly for the rest of his life. And I am prepared to bid higher, maybe $60k or $600 pm. What is the catch? I think 70 or 80% will not live that long. And for those who don't survive, all his contributions will be forfeited to benefit the survivors. Secondly, it is a pyramid scheme where they will be new contributors paying every year. And yes, as mentioned above, the number of those dying before 85 will be so comfortable and their unclaimed investments will definitely be enough to be shared around to the survivors, generously. 30 years of collection without payout is too good and sexy a proposition.

Boom town charlie in paradise

'Wages rising faster than at any time since 2000. By Goh Chin Lian in the front page of The Straits Times Labour short bosses are raising wages fater than at any time since 2000, but the good times for workers could dent Singapore's competitiveness. Workers' earnings have recorded a year on year increase of 8.5%, the largest rise since the economic boom seven years ago. Labour experts are worried that the higher labour costs could put a dampener on the economy....' The good times are here. With 8.5% rise in wages, whew, if one is earning $100k a month, that is $8,500 increase a month. Not bad huh! And if one is earning $1000 pm, it still works out to $85! Now take away 2% of GST and another maybe 10% for unofficial GST due to profiteering, is it still ok? And don't forget all the increases in fees and charges and prices. How many percent would that come to?

People in favour of compulsory annuity!

This is what I read a few days earlier. I think it was reported somewhere that Singaporeans welcomed compulsory annuity as they see a need for it. And there were many views expressed in the msm and cyberspace supporting it and arguing that Singaporeans have to look after themselves and it is not the responsibility of the govt to look after them. Today I read in the msm that several MPs commented that many people were negative about the compulsory annuity. Many do not believe that they will live till 85 and beyond. I hope there will be statistics produced in Parliament to convincingly prove that many people will live pass 85. 'Many' should be quantified and not just 'many'. Some numbers will be useful to prove that it is truly the case. And also some numbers to prove that those who live till this age still need to depend on charity. And a distinction shall be drawn between the current oldies who are mostly from the lost generation of illiterates, ingnorant, penniless and single and the new oldies coming on stream that are well educated, rich and even have families. Not forgetting a fat CPF account and owning properties, even a cheapskate 3 rm HDB flat may worth more than a hundred thousand in the right area. We can make do with a bit less of bullshiting.

Jonathan Lock is saved

Tan Suee Chieh, the CEO of NTUC Income has intervened to waive $45k of legal fees NTUC is claiming against him. According to Tan, it was effort misplaced and unnecessary. So much effort and money all for a $1,200 compensation. What a big relief to the poor teacher, Jonathan Lock. But he still owed his former lawyer another bill of $80k and more legal fees to fight the claim. Tan Suee Chieh is showing what a socially responsible and sensible CEO can do instead of being blinded by money and legal form. He did not say a mistake is a mistake and Lock should just pay up. He took a human decision instead of behaving like a computer, sending Lock the $45k bill and said this is generated by a computer and no signature is required. We need thinking and sensible people to run the corporations and country. But then again, another school of thought may look at this negatively. This Tan Suee Chieh is spoiling the system. He is setting a very bad precedent. He should not have interfered in this way. Many people's ricebowls are affected and many big bonuses will slip away. We have a very good system that feeds a lot of people along the way. All the lawsuits are good as they generate a lot of income for the professionals to buy big houses and cars and holidays. I like the soft and human touch of Tan Suee Chieh. I think he is not a Singaporean. A Singaporean would probably have said, you have my sympathy, but please pay up.

What earthquakes?

Earthquakes in Indonesia? 8.4 in the Richter scale? Does it bother us? It has nothing to do with us and there is no need to sweat the little thing. Then last night I heard over the news that Mercy Relief and the Red Cross were sending aids to Bengkulu. Is this a prelude to the whole army rushing over there as well? My immediate thought was on the ships that they had seized during the sand saga. About 20 of our ships were seized and facing drum up charges. Even one of our companies mining sand in Karimun was bombed and its executives arrested. Not sure what happened to them. And have our ships been returned and compensated? I just hope Singaporeans do not behave like little poodles, or worst, like stray dogs eagerly wagging their tails to anyone on the street hoping for a little crumb. We have been kicked, slapped and spitted at and are we going to crawl back to beg for more? Let's have some self respect and do not debase whatever little dignity that we have in calling ourselves a nation.