Reserves earn Billions - no help to desparate Singpaoreans
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Piece all the glowing success stories of Singapore GLCs and their glowing plans for the future, one need to hold our breath and ask 'how will all these good news help Singaporeans ?'
More millions from the Singapore Reserves will be spent on 'Emerging Economies' - as published in the Straits Times, 7 September 2006.
This was probably spurred by the glowing report on Wednesday, 6 September 2006, when it was announced that Temasek Holdings had a jump in net profit by 70% to S$12.8 billion.
DBS is also planning 'to reduce Singapore's contribution to Group Revenue to below 50%'
With all the reported surplus profits made with financial inputs from the Singapore Reserves - or surplus that are supposed to be transferred to the Reserves - has there been any benefit to Singaporeans ?
The annual government expenditure for Defense, Health, Education, Environment, Public Works, and other expenses have always been covered in the Budget from previous annual revenues collected through direct and indirect taxes.
These annual expenses will again be recovered from Singaporeans that are dependent on these public services through further annual collection of taxes and usage charges at increased prices.
Co-incidentally, CNA had also published better prospects for the Singapore economy that will help the GDP to reach 7.1% - is this an indicator and justification for even higher costs to be charged for public services ?
Costs of Living has continuously increased without any let up - despite the repeated annual reports of positive revenue returns from the various Government Linked Companies providing the various Public Utilities and Essential Services that Singaporeans depend on.
Besides Cost of Living, Health care and Medical Expenses remains a primary concern for Singaporeans of all ages, and especially for those retirees, and yet the resistance from the Government remains in being more transparent in the manner in which costs have been calculated - let alone to provide some form of help for Singaporeans.
Young Families in the Lower and Upper Middle Income Groups see the burden of raising children, and despite all the years of political urgings the population continue to shrink.
Yet millions are spent on attracting foreign talent to set up homes in Singapore, and nothing more is spent to assist Young Singaporean Families to cope with the High Cost of Living
Without any clear idea of what scheme for the proposed 'Gardens by the Bay', it is already expected that the budget will be at least 'a few Hundred Million' - as mentioned by Mah.
Millions are spent on relief aid to our neighbors - near and far - hit by natural disasters and WITHOUT ANY STRING ATTACHED.
How many millions are spent to help those Singaporeans who are truly in need of help - and also WITHOUT any prior conditions attached ?
Where are the priorities to help Singaporeans ?
Singaporean who are burdened by high medical costs for treatment for Cancer, AIDS, Diabetes, Heart Diseases, Kidney and Liver Failures; or children born with physical or psychological deficiencies; and especially the Aged Singaporeans without Family and who are infirmed and destitute.
Is it not an irony that with all the surplus made with the Singapore Reserves - reportedly from all the glowing investments made overseas, Young and Old Singaporeans are increasingly finding it intolerable to cope with the increasing Costs of Living in Singapore ?
Yet the Government will remain tight fisted and adamant in controlling or bringing down the costs of living in Singapore; but will help themselves to opportunities to increase their revenues from Singaporeans held captive to the Financial Monster that is now beyond the control of Singaporeans. -
There is limited information available to the public in regard to the inner workings of GIC. We are denied such information because of various reasons. Firstly, there is no Freedom of Information Act. Secondly, the opposition MPs are under represented in Parliament which is an numerical anomaly if one take into account the percentage ratio of the votes received.
Indeed not much help, a glaring example is to make poor Sporean pay for charges to withdraw their CPF monies. In the very first place, Sporeans are coerced into putting their monies in CPF! -
i have said it many times.
what is the purpose of our govt earning big money but not helping singaporeans in any way?
i guess it only benefits civil servants. they get better increments and bonuses!!! and their 100k salaries plus better perks.
maybe it is time for another pay increase for these people. -
Originally posted by Atobe:
This is indeed very disgusting!!!
Piece all the glowing success stories of Singapore GLCs and their glowing plans for the future, one need to hold our breath and ask 'how will all these good news help Singaporeans ?'
[b]More millions from the Singapore Reserves will be spent on 'Emerging Economies' - as published in the Straits Times, 7 September 2006.
This was probably spurred by the glowing report on Wednesday, 6 September 2006, when it was announced that Temasek Holdings had a jump in net profit by 70% to S$12.8 billion.
DBS is also planning 'to reduce Singapore's contribution to Group Revenue to below 50%'
With all the reported surplus profits made with financial inputs from the Singapore Reserves - or surplus that are supposed to be transferred to the Reserves - has there been any benefit to Singaporeans ?
The annual government expenditure for Defense, Health, Education, Environment, Public Works, and other expenses have always been covered in the Budget from previous annual revenues collected through direct and indirect taxes.
These annual expenses will again be recovered from Singaporeans that are dependent on these public services through further annual collection of taxes and usage charges at increased prices.
Co-incidentally, CNA had also published better prospects for the Singapore economy that will help the GDP to reach 7.1% - is this an indicator and justification for even higher costs to be charged for public services ?
Costs of Living has continuously increased without any let up - despite the repeated annual reports of positive revenue returns from the various Government Linked Companies providing the various Public Utilities and Essential Services that Singaporeans depend on.
Besides Cost of Living, Health care and Medical Expenses remains a primary concern for Singaporeans of all ages, and especially for those retirees, and yet the resistance from the Government remains in being more transparent in the manner in which costs have been calculated - let alone to provide some form of help for Singaporeans.
Young Families in the Lower and Upper Middle Income Groups see the burden of raising children, and despite all the years of political urgings the population continue to shrink.
Yet millions are spent on attracting foreign talent to set up homes in Singapore, and nothing more is spent to assist Young Singaporean Families to cope with the High Cost of Living
Without any clear idea of what scheme for the proposed 'Gardens by the Bay', it is already expected that the budget will be at least 'a few Hundred Million' - as mentioned by Mah.
Millions are spent on relief aid to our neighbors - near and far - hit by natural disasters and WITHOUT ANY STRING ATTACHED.
How many millions are spent to help those Singaporeans who are truly in need of help - and also WITHOUT any prior conditions attached ?
Where are the priorities to help Singaporeans ?
Singaporean who are burdened by high medical costs for treatment for Cancer, AIDS, Diabetes, Heart Diseases, Kidney and Liver Failures; or children born with physical or psychological deficiencies; and especially the Aged Singaporeans without Family and who are infirmed and destitute.
Is it not an irony that with all the surplus made with the Singapore Reserves - reportedly from all the glowing investments made overseas, Young and Old Singaporeans are increasingly finding it intolerable to cope with the increasing Costs of Living in Singapore ?
Yet the Government will remain tight fisted and adamant in controlling or bringing down the costs of living in Singapore; but will help themselves to opportunities to increase their revenues from Singaporeans held captive to the Financial Monster that is now beyond the control of Singaporeans.
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The freaking gov always thought that they were the ones whom had made the money from overseas' investments and reward themselves handsomely. They always thought they are the smartest Alexs on planet Earth.
They jolly well know that they had started investing with our reserve, but they refused to acknowledge that without our reserve.....they will start from nowhere.
Why I said that? During the last election, one of the mini-star mentioned that all the investment returns are belong to them... meaning that:they were the mighty GOD who had made the money from investment.
So...how he sounded like?..He is claiming all credits but without thinking thru' his buttocks that the initial capital from our reserve for investment was from majority of the peasants.
They always boasted in making singapore from third world to become first world. Any body can tell me...What if singapore were to be govern by Hong Konger government from the begining in 1965?
See.. how arrogant are they.... -
This is the point that biols me up;
..we are told to "run" faster, think bigger and beyond, take more and larger risks. But for what and for whom? The economy grows, where's the MEAT?
Who ACTUALLY benefited? Us, the people???
It gets tougher to make a living, they say it's globalization and we all need to upgrade and adopt Lifelong Learning - but where's the results? Again, where's the meat?
One tough step after another, without seeing or reaping fruits.
Are we just a whole lot of Water Buffaloes to pull the gov's plough year in year out and forever end up sleeping in the barn at the end of the each and every day while they live it up in their Gurkha guarded palaces and mansions? -
Originally posted by Atobe:
Oh man... Atobe..
Piece all the glowing success stories of Singapore GLCs and their glowing plans for the future, one need to hold our breath and ask 'how will all these good news help Singaporeans ?'
[b]More millions from the Singapore Reserves will be spent on 'Emerging Economies' - as published in the Straits Times, 7 September 2006.
This was probably spurred by the glowing report on Wednesday, 6 September 2006, when it was announced that Temasek Holdings had a jump in net profit by 70% to S$12.8 billion.
DBS is also planning 'to reduce Singapore's contribution to Group Revenue to below 50%'
With all the reported surplus profits made with financial inputs from the Singapore Reserves - or surplus that are supposed to be transferred to the Reserves - has there been any benefit to Singaporeans ?
The annual government expenditure for Defense, Health, Education, Environment, Public Works, and other expenses have always been covered in the Budget from previous annual revenues collected through direct and indirect taxes.
These annual expenses will again be recovered from Singaporeans that are dependent on these public services through further annual collection of taxes and usage charges at increased prices.
Co-incidentally, CNA had also published better prospects for the Singapore economy that will help the GDP to reach 7.1% - is this an indicator and justification for even higher costs to be charged for public services ?
Costs of Living has continuously increased without any let up - despite the repeated annual reports of positive revenue returns from the various Government Linked Companies providing the various Public Utilities and Essential Services that Singaporeans depend on.
Besides Cost of Living, Health care and Medical Expenses remains a primary concern for Singaporeans of all ages, and especially for those retirees, and yet the resistance from the Government remains in being more transparent in the manner in which costs have been calculated - let alone to provide some form of help for Singaporeans.
Young Families in the Lower and Upper Middle Income Groups see the burden of raising children, and despite all the years of political urgings the population continue to shrink.
Yet millions are spent on attracting foreign talent to set up homes in Singapore, and nothing more is spent to assist Young Singaporean Families to cope with the High Cost of Living
Without any clear idea of what scheme for the proposed 'Gardens by the Bay', it is already expected that the budget will be at least 'a few Hundred Million' - as mentioned by Mah.
Millions are spent on relief aid to our neighbors - near and far - hit by natural disasters and WITHOUT ANY STRING ATTACHED.
How many millions are spent to help those Singaporeans who are truly in need of help - and also WITHOUT any prior conditions attached ?
Where are the priorities to help Singaporeans ?
Singaporean who are burdened by high medical costs for treatment for Cancer, AIDS, Diabetes, Heart Diseases, Kidney and Liver Failures; or children born with physical or psychological deficiencies; and especially the Aged Singaporeans without Family and who are infirmed and destitute.
Is it not an irony that with all the surplus made with the Singapore Reserves - reportedly from all the glowing investments made overseas, Young and Old Singaporeans are increasingly finding it intolerable to cope with the increasing Costs of Living in Singapore ?
Yet the Government will remain tight fisted and adamant in controlling or bringing down the costs of living in Singapore; but will help themselves to opportunities to increase their revenues from Singaporeans held captive to the Financial Monster that is now beyond the control of Singaporeans.
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this article of yours STINKS to HIGH HEAVEN!
Indeed, where are the priorities of our gov???
I am really furious; they have made so many Billions through their OPAQUE GICs, and we aren't even allowed to use our own money in CPF to aid our medical needs. And they can even dream up stupid schemes like the recent and very STUPID Medisave policy aloowing ONLY at best $400 per year!
Looks like our gov only cares about their own pockets. -
The most insufferable thing they have done is perhaps the refusal to lower the taxi rental even as they are sitting on hugh profits. Quick to point to higher oil costs but then who is paying for the diesel , it is the taxi drivers who are paying for the diesel.
A free rental day is given to Comfort taxi driver every 4 months , big deal !
That mean a taxi driver is only allowed to rest for ONE DAY FOR EVERY 4 MONTH. -
Dr. Vivian Balakrisnan has asked Singaporeans who complainted about high costs this question- can you help us to provide a solution.
Very simple solutions to the high cost problem are many such as the following:-
(A) SET UP A PROPER AND OBJECTIVE BASIS OF CHARGES OF ALL GOVERNMENT FEES AND HDB SALE FLATS ETC.:-
(1) Taxes - apportion the personal and corporate taxes, GST, COEs, and vehicle and petrol taxes etc into portion used to fund essential government services and portion for long-term investments
(2) Rewrite all basis of accounting to avoid hidden costs of accumulation of investment gains so that such gains are returned to offset costs e.g. lands acquired by HDB or JTC or government for public housing etc should not have been handed over to SLA and sold back to HDB and JTC and allow them to charge for lands again already owned by people at market prices.
(3) Utility fees should be computed based on consumption items e.g. oil, wages, overheads, materials, parts and not including land or building rentals or infrastructure depreciation (fixed assets like land were acquired by government and paid from tax payers surpluses)
Disclose the full sets of accounts without creative accounting so that all the hidden gains and costs should be presented for scrutiny by anyone interested and by an independent panel.
(A) Try the following Three alternatives before proposing any fee increases:-
(1) Cut costs and use cost saving to pay for expected increases.
(2) Remove land rentals, fixed asset costs and infrastructure costs already paid by taxpayers upon acquisition and construction and all surpluses from asset appreciations shown in accounts prior to corporations of government into GLCs etc to return them to consumers.
(3) Increase only as a final resorts to cover consumption items or wages after removing non-consumption items amply provided by budget and off-budget statutory surpluses and national reserve. (with provision that in event of surpluses they should be passed back to all citizens to lower fees and not give rebates to only the lower income groups which so far only lead to more problems to the middle and lower-middle income groups who are already citizens and not doing that well now because of joblessness.
Do not govern by creative accounting as happened in Enron, Worldcom, CAO etc and NKF by quietly accumulating assets and surpluses.
Pass 50% of these accumulated gains to pay for fixed assets and infrastructure and other capital costs. -
It seems they only ask for asking sake, cause when people do provide they will shoot down every proposal, suggestion, and or solution. Because they can't be seen as incompetent such that they need public ideas!Originally posted by robertteh:Dr. Vivian Balakrisnan has asked Singaporeans who complainted about high costs this question- can you help us to provide a solution.
Very simple solutions to the high cost problem are many such as the following:-
(A) SET UP A PROPER AND OBJECTIVE BASIS OF CHARGES OF ALL GOVERNMENT FEES AND HDB SALE FLATS ETC.:-
(1) Taxes - apportion the personal and corporate taxes, GST, COEs, and vehicle and petrol taxes etc into portion used to fund essential government services and portion for long-term investments
(2) Rewrite all basis of accounting to avoid hidden costs of accumulation of investment gains so that such gains are returned to offset costs e.g. lands acquired by HDB or JTC or government for public housing etc should not have been handed over to SLA and sold back to HDB and JTC and allow them to charge for lands again already owned by people at market prices.
(3) Utility fees should be computed based on consumption items e.g. oil, wages, overheads, materials, parts and not including land or building rentals or infrastructure depreciation (fixed assets like land were acquired by government and paid from tax payers surpluses)
Disclose the full sets of accounts without creative accounting so that all the hidden gains and costs should be presented for scrutiny by anyone interested and by an independent panel.
(A) Try the following Three alternatives before proposing any fee increases:-
(1) Cut costs and use cost saving to pay for expected increases.
(2) Remove land rentals, fixed asset costs and infrastructure costs already paid by taxpayers upon acquisition and construction and all surpluses from asset appreciations shown in accounts prior to corporations of government into GLCs etc to return them to consumers.
(3) Increase only as a final resorts to cover consumption items or wages after removing non-consumption items amply provided by budget and off-budget statutory surpluses and national reserve. (with provision that in event of surpluses they should be passed back to all citizens to lower fees and not give rebates to only the lower income groups which so far only lead to more problems to the middle and lower-middle income groups who are already citizens and not doing that well now because of joblessness.
Do not govern by creative accounting as happened in Enron, Worldcom, CAO etc and NKF by quietly accumulating assets and surpluses.
Pass 50% of these accumulated gains to pay for fixed assets and infrastructure and other capital costs.
Since when in Singapore's history, have they EVER taken any public suggestions? Seriously I mean... -
I think it's high time we work towards voting them out.
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Please remember one thing - our forefather are slaves and so are we.
Where the reserves are needed for now and future:
- Salary and Pension of the Million Dollar Poodles
- Scholarship for the Poodle's kids and grand-kids (Not forgeting Foreign Leechs)
- Medication and Medicine in keeping the Grand Old Man alive
- Oversea expenditure for Poodle paid by Singapore Slaves
- Posters for every holiday to remind you who is your master
- Upgrading Project to show-off to the Ang Moh but useless to the resident
- Sponsorship for Foreign Talent that will suck us dry
- Expenses in planting flowers for Ang Moh Meeting
- Buy Heavy Metal and Bullet from Uncle Sam
- Save the Neighbouring Slackers that return us with free Haze Pollution every year
- Extra Security against unhappy Singapore Slaves
- Money to sue any one that is too brave to express their creative thought
- Employ foreign talent to formulate more way to tax the slave
- Employ Foreign talent to Brand Singapore Singapore, Marina Bay Marina Bay
- Investing into useless Oversea Industrial Park
The above expenditure is HUGE.
So, as a Singapore Slave, keep on complaining and drinking your porridge.
As long as the Poodles are busy with their Abalone, why do they care about your livelihood ? -
BRAVO!Originally posted by Medicated Oil:Please remember one thing - our forefather are slaves and so are we.
Where the reserves are needed for now and future:
- Salary and Pension of the Million Dollar Poodles
- Scholarship for the Poodle's kids and grand-kids (Not forgeting Foreign Leechs)
- Medication and Medicine in keeping the Grand Old Man alive
- Oversea expenditure for Poodle paid by Singapore Slaves
- Posters for every holiday to remind you who is your master
- Upgrading Project to show-off to the Ang Moh but useless to the resident
- Sponsorship for Foreign Talent that will suck us dry
- Expenses in planting flowers for Ang Moh Meeting
- Buy Heavy Metal and Bullet from Uncle Sam
- Save the Neighbouring Slackers that return us with free Haze Pollution every year
- Extra Security against unhappy Singapore Slaves
- Money to sue any one that is too brave to express their creative thought
- Employ foreign talent to formulate more way to tax the slave
- Employ Foreign talent to Brand Singapore Singapore, Marina Bay Marina Bay
- Investing into useless Oversea Industrial Park
The above expenditure is HUGE.
So, as a Singapore Slave, keep on complaining and drinking your porridge.
As long as the Poodles are busy with their Abalone, why do they care about your livelihood ?
Well said!
Now, lets all start working on voting them out next GE. -
great similarities to those charity fiascos.seems like corporate governance=those at the top govern their own co-operations. extreme self-fattening and sometimes those psedo transparency claims are worst than outright corruption because they seem to be legal and justified. but guess they can't pass the social ethics part. so unless you are one of them, outside stakeholders like the ordinary you or i must literally start begging on the streets will anyone come forward to dispense some goodwill pittance. and so sad that we now have this campaign to coax 4 million idiots to smile to the world...
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How to Smile when you know that you paying and affected for the following items:
- Tonnes of mineral water for the Ang Mohs
- The shuttle service for the Ang Mohs
- The LCD and system used in showing the slowness of the Shuttle Service
- You are banned from going to the meeting venue as though you are a dsigrace to the Country
- Re-planting of the area in Orchard just to impress the Ang Moh wife
- Free gifts for the Ang Mohs (Hope the handicapped are paid for the labour)
- No bus is allowed to pass through the area causing major inconvenience to the office workers there
- Free internet service for one month ???
I appreciate the need to provide good service to welcome the guest.
But, they have over-do the thing into a major boot-licking exercise.
Just like what the Poodle is doing to their master. -
i feel likewise.
why should we act any different from what we normally do? -
simple becoz the government SAYS SO, SO WE DO.
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The government has always advocate meritocracy. It sounds fair, but it also means each for himself. Looking at the way ppl vote people seem to like this idea . so those who vote for PAP why complain so much since its u guys who supportted the government to work in such a way.
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frankly i think most who supports the current govt wont waste their time here.Originally posted by NewAge:The government has always advocate meritocracy. It sounds fair, but it also means each for himself. Looking at the way ppl vote people seem to like this idea . so those who vote for PAP why complain so much since its u guys who supportted the government to work in such a way. -
Originally posted by dragg:frankly i think most who supports the current govt wont waste their time here.
No, they certainly will not waste their time here, but neither will they be able to resist in taking a peek to occassionally view the standards of debate and thinking; and also perhaps to fish for any interesting ideas that they can find here, and plagiarise the ideas here as their own.
Here is one for their consideration - and which has been offered before:
From the billion dollar profits generated with the Singapore Reserves, we could put a 'Billion Dollar a Year' into a 'sinking fund' to relieve Singaporeans from the 'dibilatting Medical and Hospital Costs' - for each and every Singaporean who has the unfortunate fate to encounter such a traumatic experience.
This coverage is not for the simple cough and cold, or even the seasonal flu; but to cover the more severe cases of diabetese, kidney failures, heart and liver conditions, Cancer, AIDS, all terminally ill diseases, and all old age sickness and diseases.
One 'One Billion Dollar a year into a 'Sinking Fund' - to be managed by a Fund Manager - will generate this fund to a 'Super Fund' in less than five years, as the withdrawal from this fund will be far less than what is contributed annually.
Singaporeans can have the 'Peace of Mind' of truly enjoying the qualities of Life that is comparable to the 'First World', and go forth and procreate to multiply naturally the local Singaporean population.
This 'Sinking Fund' is similar to a National Insurance Scheme - with the premium " paid by the State " - on behalf of the Citizens - from the taxes paid by the Citizens; and the accumulated Funds will be managed and grown by specialist Fund Managers (as practised by Insurance Companies for the benefit of its major shareholders). -
Jeeeessss....Originally posted by Medicated Oil:How to Smile when you know that you paying and affected for the following items:
- Tonnes of mineral water for the Ang Mohs
- The shuttle service for the Ang Mohs
- The LCD and system used in showing the slowness of the Shuttle Service
- You are banned from going to the meeting venue as though you are a dsigrace to the Country
- Re-planting of the area in Orchard just to impress the Ang Moh wife
- Free gifts for the Ang Mohs (Hope the handicapped are paid for the labour)
- No bus is allowed to pass through the area causing major inconvenience to the office workers there
- Free internet service for one month ???
I appreciate the need to provide good service to welcome the guest.
But, they have over-do the thing into a major boot-licking exercise.
Just like what the Poodle is doing to their master.
This is sure one royal Balls Carrying project!
Our gov must be going to profit big time by rubbing them all the "right" ways.
I think this IMF thing is more beneficial to them then us the people.... -
I WILL NEVER vote for them!Originally posted by NewAge:The government has always advocate meritocracy. It sounds fair, but it also means each for himself. Looking at the way ppl vote people seem to like this idea . so those who vote for PAP why complain so much since its u guys who supportted the government to work in such a way.
Have never done so all my life! -
Originally posted by Atobe:
Atobe, I think they will turn around smugly and say that their superbly thought out Eldershield will cover all the medical needs nicely.
No, they certainly will not waste their time here, but neither will they be able to resist in taking a peek to occassionally view the standards of debate and thinking; and also perhaps to fish for any interesting ideas that they can find here, and plagiarise the ideas here as their own.
Here is one for their consideration - and which has been offered before:
From the billion dollar profits generated with the Singapore Reserves, we could put a [b]'Billion Dollar a Year' into a 'sinking fund' to relieve Singaporeans from the 'dibilatting Medical and Hospital Costs' - for each and every Singaporean who has the unfortunate fate to encounter such a traumatic experience.
This coverage is not for the simple cough and cold, or even the seasonal flu; but to cover the more severe cases of diabetese, kidney failures, heart and liver conditions, Cancer, AIDS, all terminally ill diseases, and all old age sickness and diseases.
One 'One Billion Dollar a year into a 'Sinking Fund' - to be managed by a Fund Manager - will generate this fund to a 'Super Fund' in less than five years, as the withdrawal from this fund will be far less than what is contributed annually.
Singaporeans can have the 'Peace of Mind' of truly enjoying the qualities of Life that is comparable to the 'First World', and go forth and procreate to multiply naturally the local Singaporean population.
This 'Sinking Fund' is similar to a National Insurance Scheme - with the premium " paid by the State " - on behalf of the Citizens - from the taxes paid by the Citizens; and the accumulated Funds will be managed and grown by specialist Fund Managers (as practised by Insurance Companies for the benefit of its major shareholders).
[/b]
And that $400 per year Medisave joke of a scheme..... -
Originally posted by ShutterBug:
Exactly.
Atobe, I think they will turn around smugly and say that their superbly thought out Eldershield will cover all the medical needs nicely.
And that $400 per year Medisave joke of a scheme.....
This $400 per year is deducted again from our CPF Savings - which is basically deductions from our past CASH accumulation.
Who benefits more from such schemes ?
It is the Insurers that benefit with the collection from a massive pool of funds deducted from all CPF holders, and geometrically multiplying this massive pool through their Fund Managers to the benefit of the Share Holders of these Insurance Companies, but giving back pittance to Singaporean CPF Account Holders.
When no claims are made for the year, that amount is already expended, and there is no further benefit accumulated from non-usage of this annual premium paid.
The insurers are not altruistic nor charitable organisations, but are profit generating corporations, operating with a set table of probabilities of risks, and if they are prepared to accept any scheme it will be that the odds are in their favor.
The pool of CPF deductions for the Singapore Health Scheme will be sufficient to create our own Singapore Insurance Corporation - with the shareholders being Singaporeans.
The Government could provide a 'Dollar-for-Dollar' contribution to build up this 'Sinking Fund'.
If we were to look at the self-help fund created by the Government for our Muslim Singaporeans, to help them in their mosque building efforts, the fund had a modest beginning and has now reached a huge sum over the last thirty years that is the envy of our Muslim neighbors.
If GIC can grow their funds for the Reserves, the same can be done for Singaporeans to meet the costs of Medical and Hospitalisation costs for all the diseases already described. -
that is the people's money by the way but not so sure whether this money can be used to help Singaporeans.
take out $1 from the kitty to 'help' us, later on we got to put back $2. -
what we vote is what we do not get...