Xenophobia frenzy in Singapore

The anti foreigner trend is gaining momentum in this city. The intolerance of foreigners is becoming second nature and openly flouted by the perpetrators in job advertisements. A few cases have been quoted with many violations sent to the MOM who are now investigating. The victims of this xenophobic outlash are furious and are standing up in protest and taking matters into their own hands. They are doing their own investigations and feeding the whistleblowing section of the MOM with more cases of outrageous and demeaning discriminations against the Sinkies. They know that if they don’t help themselves, they can only expect lip services and nothing will happen.

Yes, the victims of xenophobia in this city state are the citizens, the Sinkies. It is true, the citizens are quickly becoming an absolute minority if the trend is not stop or reverse. There will soon be more foreigners in the city state and they may think that the Sinkies are foreigners. The following are examples of job advertisements that have been posted in the social media and the respective CEOs have made apologies and retracted them. They are only the tip of the iceberg.

1. FST, a British firm, in its advert for an Art Director, ‘Must have Singapore residency(PR) status or PEP visa status.’

2. Randstad, a foreign recruitment company looking for a Merchandiser Planner, ‘The position is open to candidates who are not Singapore citizens or PRs.’

3. La Fondue Swiss Restaurant that wanted to recruit a Pinoy chef and proudly claimed to have a 100% Pinoy crew and Pinoy working environment.

What is happening? Sinkies are xenophobic or victims of xenophobia in their own country when discrimination against them is open and blatant, without the need to be polite and to disguise for fear of offending the Sinkies. Where is the sensitivity that is demanded from the Sinkies to be understanding and kind to the foreigners when the foreigners are bloody rude and abusive and discriminating against Sinkies?

Why like dat?

Thrift is not our national ideology

Just look at a few examples one would not fail to notice that thrift is not the ideology of this sinfully rich country called Sin City. The third world countries were once sneered at by the rich and matured countries of the first world for wasting money on grand projects like building mausoleums and palaces or anything that is good for nothing but costing a bomb. How much did it cost to build the artificial garden at Marina South, $1b? And much is needed to maintain it annually, another $300m? Anyone knows the actual figures?

And this is not the end. Another similar crown jewel is coming up in Changi to attract visitors to visit Sin City. Beg your pardon, is Singapore a destination or just a convenient gateway to the region? Like it or not, as long as the Airport is good enough, the people will come and go. But the Airport is never a destination. Neither is the artificial garden. The casinos maybe.

Then there is the F1 when everyone keeps telling that it is money well spent. Ngiam Tong Dow compared it like paying for the English boys to come and race their sports cars as a hobby. And we paid for it. How many hundreds of millions for playing host for the English boys to party?

And look at the money they are paying themselves. It is now a world record and would put Obama to same. Even a minor minister would have taken back more than the President of the USA, the Emperor of the American Empire. Thrift?

And what about the people? They are made to buy properties according to how much money they have. They cannot buy smaller properties from the govt if their income is more than the affordable formula. And if they are earning a bit more, they must squander their income, over 30 years, to buy private properties. Thrift? No, it is spend if you have it. Retirement no money? Who cares?

And the same formula applies to being warded in govt hospitals. The patients are frowned upon to ask for lower and cheaper class wards. There is also a mean testing to make sure they cannot get admitted to lower class wards. And if they do, the disincentive is that they will not get the same subsidies as the lower income, very meritocratic. And it is not the intent of the hospitals to build more lower and cheaper class wards with more beds to cater to the demand of those who do not want to splurge or squander their hard earned money away. Getting sick and admitted to hospital is a great opportunity to spend, to show how much money one can afford to spend. Spend until no money left for retirement or go bankrupt.

And the latest, spending millions on Sinkies living overseas. Some are questioning why the need to spend such money when the money can be put to better use at home, to feed the less fortunate. Is this about thrift? No, it is spending in style. We are the envy of even Europeans who insisted that they be invited into our eat all you can parties for free. My God, we are truly rich beyond the imaginations of the people of rich countries.

We have the money, we have a lot of money in our reserves, and we can afford to spend, to buy the latest and most expensive military toys at several hundred millions a pack. Who says the money is for rainy days? If the money is not spent, if people are thrifty, how can the economy expand, who is going to buy all the expensive homes and cars, how can the GDP keep growing?

Spending is good. Over spending is better. After all, money value shrinks quickly with the high inflation, and saving and not spending are as good as letting the money to rot away.

Affordable has destroyed our retirement plans

SG+ is a new programme very similar to Talking Point. Last week’s topic was about CPF and whether Sinkies have sufficient money left for retirement. After the two experts gone through with Melanie, the host, it was a glaring admission that many Sinkies will be in deep shit when they retire. The only hope to survive those greying years is to downgrade their homes, provided they have one and is down gradable.
 
The two were talking about having more savings and more schemes to bolster the existing schemes which would not be enough due to high inflation and the huge amount of money sucked into housing and medical insurance. The recommendations are something like another CPF to cover for the shortfalls in the current CPF and more insurance schemes to cover for the inadequate schemes that the people are paying now. 

The assumption is that the people have a lot of spare cash to pay and save. My ballpark figure to ensure that these people have enough to retire, to live well and to pay for their medical is to save 70% of their current income. Madness is another word.
Don’t blame the recommendations or the experts. Basically our retirement savings through the CPF are screwed. Despite being one of the biggest savers in the world, we don’t have enough for retirement. No joking. If the planners would have their full proof schemes, everyone must earn 3 times what they are earning today or save 2/3 of their incomes if they want to be safe.
 
What went wrong? Affordable is the word. By declaring everything is affordable or priced to be affordable, the savings of everyone is at risk, to be just enough for the day, for all the schemes, including housing and medical but somehow retirement was forgotten. They computed everything to be affordable, ‘gum gum ho’, and nothing left for retirement.
 
How did it start? It goes back many years ago when housing was priced to one income and to be paid off by 15 years. At this kind of affordability, many people’s savings started to grow. They genuinely smiled when they looked at their CPF statements, I mean the average workers. They would have paid up their housing loans and started to save everything they put into their CPF. And better still, if the spouse is also working, the whole CPF contribution would be in the CPF, and growing at 4 to 6% pa.
 
Then someone must have noticed the big and bigger savings in the people’s CPF. Heheh, they got plenty of money. Public housing prices must be made affordable to these people. They can afford to pay more. The prices became affordable for one income from 15 years to 25 years. Still got a lot of money leh. Make it even more affordable, with two incomes and 25 years. And then even more affordable to stretch it to 30 years or more. They called it market pricing or market subsidy or something like that, but very affordable.
 
Today, the first 30 years of CPF contributions by both spouses would be just enough for the affordable public housing. The real savings will come after 30 years of working, when both are about to retire or already retired. How to have enough for retirement? And there are the minimum sums to set aside, and now another great scheme, the Medishield Life is going to make retirement a less stressful time without the fear of big medical bill, but would tax on whatever is available in the CPF. The premium sure affordable, to who?

Best for HDB not to declare its losses or deficits

The latest $797m deficit that HDB said it has incurred due to the building of more flats is going to be disturbing to many readers. It was $2b a few years back, then it was $1b of losses. In these three announcements, a total of $3.797b has been lost by HDB on behalf of the MND. Can the ministry really believe that the people will be convinced by these numbers without questions asked? Can the ministry blame the people for doubting the validity of these numbers given the market pricing of the flats sold?

What is the purpose of the ministry declaring that it made such colossal losses? Is the ministry telling the people that the govt is so generous in absorbing the huge losses that should otherwise be forked out by the buyers of the flats? Is the ministry trying to tell the people that they should be grateful to the govt for carrying the losses? Or is there any other purpose or reason for wanting to show the people such drastic sums of money lost for building HDB flats?

Whatever is the agenda, it is going to boomerang and instead of gaining some goodwill or sympathy and understanding, it is raising many eyebrows. Pardon the people for saying, ‘How can it be?’ Throw a straw poll or a proper survey and I can guarantee that most people would not want to believe the numbers. They are just so difficult to believe to the point of absurdity. Don’t blame anyone for thinking this way.

If the ministry thinks it fit to throw out such numbers, it must be prepared to give the details to remove all doubts. If it is not prepared to do so, this could be a failed PR exercise that makes thing looks even worse. It is better not to issue such claims and probably the people would not even think about it. Saying it only invites a lot of unnecessary questions and even anger and cynicism from the people.

So, MND, what do you think?

HDB incurring $797m deficit

It is unfortunate that the HDB has incurred a $797m deficit, a jump of $354m from last year. This is caused by the ramping up in the building of HDB flats. 72,737 units are in various stages of construction. HDB has to spend $5.2b just to acquire the land for the flats. Some of the deficits were due to higher subsidies for the new flats. The people, or those eligible to buy HDB flats must be grateful to the govt for absorbing the higher prices, a whopping $797m.
 
Assuming an average price of $300k for each flat, the 72,737 units of flats should fetch $21.8b of revenue. I hope my numbers are as close to the real numbers. I only have 10 fingers and it is a bit touch trying to use the toes as well. With this revenue, I am wondering what would be the final deficit when all the flats are sold. Last year about 10,000 units were sold. I am not sure how the $797m deficit is derived, but the deficit for 72,737 units must be at least 5 to 7 times more when all is done.
 
I am afraid the govt is going to run a loss for building so many flats. But it is good for the people with such affordable priced flats. Just hope that there will be no more schemes to cover up for this deficit.