Ho Ching’s salary – Everyone is asking

Ho Ching’s salary is the hottest topic in social media for the last few months. Everyone has a reason to want to know how much she is earning and there have been plenty of speculative figures being tossed around ranging from $20m to more than $50m a year. Given that she has been in the position for 16 years, if she is getting $20m pa, she would have made a salivating $320m till now for being the CEO of this sovereign wealth fund, oops Mahathir has another term for it, sovereign debt fund. But both are wrong as this fund does not belong to anyone it seems. Now everyone is also wondering who really own this fund and whose money is it?

Here are some comments posted in TRE and thestatestimes.

‘According to Ang, before Charles Goodyear was hired to be CEO of Temasek Holdings in 2009, he was already earning a salary of $54 million at BHP Billiton. Ang then said, “Logically, Charles must have been offered more than his $54 million salary to quit BHP Billiton”.

He also then calculated that “Conservatively assuming Ho was earning $54 million then and had worked without any break, this works out to $147,945 a day or about 25 times of the PM’s salary”.

After looking at the doubling portfolio value of Temasek Holdings, Ang then speculates that Ho earns “about $300,000 a day”.

Similarly, earlier this year, socio-political activist Leong Sze Hian questioned why Singapore sovereign wealth fund Temasek does not disclose its management costs such as the salary it pays to its chief executive.

He added, “To the best of my knowledge, I understand that Temasek does not disclose its “management costs” (such as the CEO’s annual remuneration) like Norway’s SWF (sovereign wealth fund).”

Leong also added that in 2017, it was reported that Temasek incurred “administrative expenses” of S$8.4 billion, against a net portfolio value of S$275 billion. The fund, however, has claimed that such expenses were not incurred by the fund alone, but represents the total “administrative expenses” of the fund and its subsidiaries.’

From the above once can feel the envy and unhappiness over the supposedly big salary of Ho Ching. I would like to take a different view that may sound similar to Chok Tong’s wise comment about ministers not being paid enough. Everyone Singaporeans subscribe to the point that if the ministers performed well, they would not mind even giving them a bigger pay rise. The caveat is if they really performed well, not scheming to take more of the people’s CPF savings or raising more taxes and fees. What is $10m, so they quipped. They, I mean the natural aristocrats. $100 is big deal to the oldies picking cardboards or cleaning tables in the hawker centres.

Take a look at Ho Ching’s performance as quoted above. Read this, ‘After looking at the doubling portfolio value of Temasek Holdings, Ang then speculates that Ho earns “about $300,000 a day”.’Many of you would be staring at the $300,000 a day with eyes turning green or red. I say, look at the other number in words, ie “doubling portfolio value”. Temasek is managing something like $200b! If Ho Ching could double the value, to $400b, what is $300,000 a day or $50m a year? I say pay her, pay her $100m. She deserves it. Caveat, if she could really double the portfolio through profit from her investment. No one will dispute with the principle of rewarding good performers.

And if she could double the $400b to $800b, I will say pay her $1b. And I am not being generous. True talent must be paid well. Of course fake talents should be not paid even a cent. I am very sure Chok Tong would fully agree with my suggestions.

However, the reward formula must be equitable to both employee and organisation. It cannot be a one way thing, when employee made profit, they want to be paid big bonuses, when they lost a fortune, they also want to be paid in the millions. The HR people are not that daft that they could not come out with a formula that is fair and just to all parties.

What do you think?

PS. I deserve a National Day medal.

Survival in the most expensive city the daft way

On The Job as a heartland waste collector: A rancid, repulsive and sobering experience

In the series where Channel NewsAsia journalists try working in some of Singapore’s essential but undervalued jobs, Aqil Haziq Mahmud gets his hands dirty as a waste collector. He comes away with a deep respect for the workers who deal with the relentless flow of trash.

I don't know which was worse: The smell or the creepy crawlies. The stench of rotting food was like vomit mixed with dank, dirty laundry. I struggled not to retch. Then there were the bugs which scuttled everywhere as I bent down to pick up the trash.

Read more at https://www.channelnewsasia.com/news/singapore/on-the-job-as-a-heartland-waste-collector-a-rancid-repulsive-and-9390486

The above are paragraphs of a report in CNA. This kind of jobs is never pleasant and very few Singaporeans would want to do unless they are desperate. But in this stupidity has no cure island, once I read a glowing report of a young professional claiming that he could retire in this most expensive island without having to work. And all he needed to do was to go crawling around the estates scavenging for leftovers and 'throwaways' to live by. I think this was shown on TV, giving it some kind of approval.

The most stupid of it all was that he was able to impress, convince and attract a bunch of young people to follow him around to dig into rubbish bins for rejected and leftovers or rotten/expired food items. The rancid stench and all the slime did not deter them from this nightly prowl in the wee hours of the morning.

I hope the young people have some common sense to know that this is not how to live their lives. They are not the uneducated Ah Bengs, some looked like undergrads. This is how stupid Sinkies have become, unthinking and anything novel is stylo milo.

Would this article in the CNA change their minds, or would they be more encouraged to go scavenging the rubbish bins at night as a new lifestyle?

Frank talks and evil schemes in Washington

"Trump praised U.S.-Australia ties on Friday.

The relationship we have with Australia is a terrific relationship and probably stronger now than ever before," Trump said in brief public remarks at the Oval Office ahead of his meeting with the Australian prime minister.

Turnbull told the news conference that he and Trump had agreed on new initiatives to deepen security and economic ties....."

Above is a comment reported by Reuters during the visit by Turnbull to Washington in Feb this year. The two leaders have agreed on a common stand to deal with China. The two countries have many similarities and common interests and both regard China as enemy Number One. They would like to congratulate each other for conquering and occupying native countries in Australia and North America and for terminating the natives to near extinction. And both would be sharing their European heritage, that they are white Europeans and they should work together against China. 

White blood is thicker than water, better than coloured Asian blood. They must have signed a blood pact, to be the rulers of Asia and Asians and would oppose China in every way they could, even to go to war. For starters the Australians would increase its incursions into the South China Sea. In the home front Australia would limit and restrict China's economic interest and trade with Australia. The latest attack is to prevent Huawei from entering the 5G mobile phone market.

Turnbull and Trump must be thinking that they have all the cards to play and the Chinese are hapless and would be pushed around and be beaten. Just wait for the Chinese to take counter measures. The time is near for China to stand up to these white supremacist and invaders and occupiers of foreign land and countries. And China has started to bash the Aussies. No political leaders would be allowed to visit China. China has stopped or cut down its imports of Aussie iron and other raw material. Being the biggest importer of Australian mineral resources, this stoppage has caused a big slum in the Aussie economy. Chinese tourism and students to Australia also went down drastically. Chinese buying of Australian properties also gone to zero causing a property crash. Australia went crying to the US, Japan, Europe and India to buy its products, but none of them could help as their appetite for such raw material are minimal. Even at greatly reduced prices, the Chinese refused to buy Australia.

Asians must be united against the neo invasion and domination of Asia and the rest of the world by the white men. It is time to stand up to the bullying of Asians. Not only Kim Jong Un has stood up, Duterte has stood up, Hun Sen has stood up, Aung San Suu Kyi has stood up, Assad has stood up, and of course Putin and Xi Jinping and many others in Asia, Africa and Latin America have stood up. The latest is Erdogan and his Turkey. Many countries in central Asia and Africa have shown their middle fingers to the Americans and the Europeans in the Belt and Road Initiative (BRI) of China.

The days of European Empires and dominance is numbered. They are fighting to cling on to the last few footholds but not for long. The rest of the world are not stupid, though some leaders are still beholden to the evil Americans, the little USAs. There is a new dawn rising.

Ever caring govt scheming to help Singaporeans

Recently there has been a spate of caring for the people policies and schemes by the govt to help the people. And as usual, following every one of these caring schemings is how much more the Singaporeans have to pay or to cough out from their CPF savings. There are now 4 compulsory insurance schemes that Singaporeans have no choice but to pay.

Gan Kim Yong has floated the sugar balloon, to discourage Singaporeans from eating more sugar. The next policy change will be higher taxes on sugar and sugary stuff.  See how caring and frightening is the govt when they voluntary schemed in the name of helping the Singaporeans, and the Singaporeans ended paying for the schemes?

Josephine Teo has joined the fun, oops, I mean caring for Singaporeans. She now realised that Singaporeans are living longer, so must raise retirement age so that Singaporeans would continue to contribute to the CPF to have more money for retirement.  

"Minister Josephine Teo: Time to pay more CPF and increase Retirement Age

July 29, 2018

Claiming that Singaporeans are living beyond 90 years old, Manpower Minister Josephine Teo yesterday (Jul 29) told state media Straits Times in an interview that she will be raising the CPF payment rate and Retirement Age. The current Retirement Age is 62, raised from 55, while the current payment rate is 37%.
According to the newly-appointed “4G” Minister, Singaporeans will need to pay more CPF because they live longer:" thestatestimesreview

There could be many reasons why there is a need to raise CPF contributions and retirement age. According to the statestimereview article, it is because sovereign debt fund or is it sovereign wealth fund, is losing money and the hole needs to be patched up. Josephine's narrative is that people are living  longer, so must work longer and contribute longer and more to their CPF. Is this a linear thing, an unending thing? It looks like it. Singaporeans can be 80, 90 or 100 year old and still have to work and contribute to their CPF. Do you think this is ludicrous?

I have another hypothesis. Singaporeans really don't have much money left in their CPF for retirement and the oldies are more vulnerable. Why?

Think of where their CPF money is going and how much left for retirement. A 3 rm HDB lease holder would have to cough out something like $500k from his CPF. Those in bigger flats would have to cough out more. Then there are 4 compulsory CPF insurance schemes to pay for, and maybe more schemes coming. Then the hundreds of thousands in jail house rock under the various minimum sum schemes. The oldies, if they are going to live longer, would be in dire straits with not much money left in their CPF for retirement and also to pay for many more caring schemes to help them to live to 100 years and have money to spend. I recap the last two points on the need to raise retirement age and CPF contributions, money not enough to retire and not enough to pay for more compulsory schemes.

Going forward, not only those in the 70s and 80s would need to work, they would need to contribute more to their CPF. Can you believe this? People in their 70s and 80s, on paper can live to 90s and 100s, must continue to work and to contribute to their CPF for their retirement, when the unpredictability of life could mean they could die tomorrow?

But this is besides the point. The important thing is that these people elected their representatives to scheme up more schemes to care for them. And the people they elected are doing exactly that, to appear to be very caring. How can you fault anyone when open mouth shut mouth says he/she is doing it to help the daft, the helpless and the unthinking? Well, er, since everyone is so mediocre, the immortals, if not the natural aristocrats, must help the mediocre right?

Turkey - This is what would happen to an American crony

North Korea, Iran, Venezuela and Turkey are all victims of American coercion and sanctions. Their economies are held at ransom for not willing to do the bidding of the Americans and become their cronies or proxies or little USAs. And why are the little USAs not standing up to object to the American bullying of these countries? Because being little USAs they are being spared and so happily kept their mouths shut. Compare the harm done to these countries to 'devious' China being accused of manipulating countries to be pro China.

The Gang of 4 in Red Dot (in China when they said Gang of 4 they showed all 5 fingers) also kept very mum, not whispering a word. But they were very vocal and even took centrestage, like a great duty to warn the Singaporeans how  'devious' China was in manipulating countries to be pro China.This influencing of a country's policies is commonly done in the diplomatic circle and is something very normal, like the media publishing fake news to influence the thoughts of innocent readers. In diplomatic affairs, everyone involved is fully aware of such activities and only a very silly govt leader would be influenced without knowing it or being forced into being influenced. It is fair game that Singapore as a state also indulges in. So what is the fucking big deal about a country wanting to influence another country through diplomatic and official means that it is necessary to use the loudspeaker to tell the people? What is the real motive and agenda behind such an act?

And we have the evil Empire openly and aggressively threatening countries, imposing sanctions and coercion on countries to do its bidding, threats of war, but none of the Gang of 4 would dare make a whimper. Are such aggressive coercion acceptable to the Gang of 4 and so there is no need to warn the people about it, no need to say anything about it, and perhaps better to write love letters to the CIA like Najib hoping to be spared by the evil Empire? Or for good measures, just be a lap dog of the evil Empire, be little USA and be very safe from being attacked by the evil Empire.

The fate of Turkey, once a lap dog of the Americans but now wanting to be more independent to drive its own foreign policies, is there for all little USAs to see and to learn. Any little USA that thinks that it can change course, not to do the bidding of the evil Empire, will suffer the same fate as Turkey, North Korea, Venezuela and Iran. This is a warning that Singaporeans must take note of. Once you slept with the Devil, you cannot run free again.

Would the Gang of 4 think it necessary to warn the Singaporeans of the evil American Empire? Turkey's economy is going to be ruined. Its currency the lira is under attacked and lost 20% over a couple of days. For the year it has lost nearly 50% of its value. Turkey is at the verge of a collapse. But the pride of the Turks, not to become semi colony of the evil Empire, is seeing President Erdogan standing up to the Americans, not to be cowed or oppressed. They would turn to Russia and China for help. Erdogan is calling on Europe to stand up to the bullying of the evil Empire. He is warning them that everyone of them would suffer the same fate as Turkey. He is encouraging them to drop the American dollar and trade with other countries using their respective currencies and not be held at ransom by the evil Americans.

The evil Empire has been using all the levers of force to coerce countries to do its bidding for decades since the end of WW2. It is not going to let up. It forces little USAs to go to wars unwillingly, to fight in the Middle East and the little USAs pretend that they were doing it willingly. It forces little USAs to take sides in big power confrontation for influence and domination. And little USAs quietly just do the bidding of the evil Empire, even forced to buy super expensive war toys that they don't need, as protection money to the evil Empire.

More and more countries are standing up to the evil Empire, to break free from the clutches of the Americans. This is the new alternative to the otherwise no choice submission to the evil Empire. The evil Empire is also not going to let free its historical allies in Europe and Nato. They are all victims of the evil Empire fighting its last breath, desperate to cling on to its dominance as the unchallenged super power but not having the money to do so any more.

The countries of the world must stand united against the bullying of the evil Empire. The gang of 4 is very quiet lately. Maybe they have been gagged for causing so much harm to our relations with other countries through their stupidity and pro American views and rhetoric.