Singapore: A Land of Plenty... but...
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Aged: Penniless in a land of plenty
(The Star)
23 July 2007 by Seah Chiang Nee
For many elderly folk, Singapore is a tough place to live in. Many senior citizens just do not have the skills for the modern economy.
WITH better living, Singaporeans are enjoying one of Asia’s longest life expectations, averaging 82 years – but it’s not everyone’s cause for celebration.
In fact, for half the retirees with insufficient Central Provident Fund (CPF) savings, it could be a terrible burden. Singapore is also one of the regionÂ’s most expensive cities to retire in.
The government obviously sees the downside of a citizen who retires at 62 and lives for two decades without any income.
Last week, it served notice of its intention to push the retirement age by three years to 65. In fact, where possible, it prefers citizens to carry on working until 70.
However, there is some contention over the prospect of a delay in the withdrawal of the minimum CPF savings from 62 to 65. .
CPF is the republicÂ’s mandatory retirement fund in which a member can withdraw a portion at 55, but has to leave behind a minimum sum. From this, he or she receives a monthly payout from age 62.
This sum now stands at S$96,000 (RM220,800) and must be gradually topped up to S$120,000 (RM276,000) by 2013.
“I think it is quite reasonable to raise it to 65 if our objective is to raise the employment rate of this group of people,” said the minister overseeing issues on ageing, Lim Boon Heng.
He is apparently preparing the people for the inevitable.
Twenty-five years ago when retirement and the CPF withdrawal age was 55, it was a different world. At that time life expectation was 70 years, 12 years less, so a change comes as no surprise.
Public reaction has been strong. CPF is one of the most cherished things in a SingaporeanÂ’s life, and any talk of delaying withdrawal is bound to bring out strong emotions.
(In the 1984 general elections, the governmentÂ’s vote fell by a hefty 12.4% just because of a rumour that repayment would be delayed beyond 55.)
It is understandable. For many elderly folk, Singapore is a tough place to live in. In the first place, many do not have the skills for the modern economy.
After a lifetime of work, they want to take charge of their savings and spend it as they wish. The trouble is that while the majority is financially conservative, others make a mess of it and get into trouble.
Many are simply not capable of managing such a large fund on their own. Either they become fair game for cheats or they gamble or spend lavishly on wine or women.
“When the money is gone, they become homeless or penniless, cursing the government for not looking after them,” said a small businessman.
A year ago I met a weeping gentleman in a hospital room being consoled by two nurses. A China woman whom he had befriended had cheated him of S$60,000 (RM138,000) of his CPF savings, he told the nurses.
In a fast-paced city very much preoccupied with the bottom line, the elderly get less respect and care than they deserve. In failing health and overwhelmed by SingaporeÂ’s new technologies, many are still toiling in menial work.
Liberal-minded Singaporeans decry two perceived wrongs. First, senior citizens are given only the minimum level of government financial help considering the stateÂ’s enormous wealth.
Second, they resent the governmentÂ’s control on peopleÂ’s retirement money.
“Something must be fundamentally wrong with society if one cannot retire after working for 30 to 40 years,” exclaimed a young professional.
Unlike in many western countries, Singapore has little or no social security or welfare. These factors partly explain the cityÂ’s low birth rates.
Living in a highly competitive nation has helped to turn Singaporeans into some of the most pessimistic people in the region when it comes to retirement savings.
The Thais have the most sanguine feelings about retirement, according to a survey by American International Assurance (AIA).
Some 61% of Thais believe they will have sufficient funds to retire, based on current savings patterns.
This contrasts with just 24% of those surveyed in Hong Kong, 47% in Malaysia and 27% in Singapore.
While the government wants people to work longer, until 70, many Singaporeans actually want to quit earlier.
A study by a financial protection player, AXA Group, showed that Singaporeans, on average, consider the ideal retirement age as 54, the earliest among the 15 countries surveyed.
Those in Hong Kong, Canada and Australia would opt to retire at 55, while the Japanese want to wait till they are 61.
The ruling People’s Action Party constitution still declares it as a “democratic socialist” party, but in the past 40 years, the “socialist” part of it has been in decline.
For their part, Singaporeans are learning to depend less on the government for their needs, including jobs and cheap public services
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let's not forget tha both the elites and the poor gets an increased of up to 30% - 33%. The elites get a salary increased of up to 33% and the poor gets the hospital bill increased of 30% for a class C ward.
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Originally posted by SevenEleven:let's not forget tha both the elites and the poor gets an increased of up to 30% - 33%. The elites get a salary increased of up to 33% and the poor gets the hospital bill increased of 30% for a class C ward.
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keen observation...Originally posted by SevenEleven:let's not forget tha both the elites and the poor gets an increased of up to 30% - 33%. The elites get a salary increased of up to 33% and the poor gets the hospital bill increased of 30% for a class C ward. -
this should be quoted in the mainstream papers.Originally posted by SevenEleven:let's not forget tha both the elites and the poor gets an increased of up to 30% - 33%. The elites get a salary increased of up to 33% and the poor gets the hospital bill increased of 30% for a class C ward.
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You know, we come in here,... and we post our opinions and or greivances as well as disturbing articles like this one, and we have people coming in to rebut and call us names....
Ok, if what the government is doing is all good for us, how do we make sense of all these postponements of Retirement Withdrawal Age, work beyond 60 into the 70 with low wages, while costs of everything continues to escalate? And at old age, health is a major concern and yet recently it is reported that Hospital Charges has yet again gone up by as much as 30% for C Wards???
How do they expect people to cope under so much DISADVANTAGES?
Why & What are people voting them in for? To kill us all? -
its terrible to be poor in singapore regardless the age.
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Didn't they justify the rise in hospital fees with its infamous profiteering excuse justified on the basis of having "the need to sustain operational costs"? After all, this is supposed to be a profit-oriented corporation you're talking about, not a responsible government...Originally posted by HyperFocal:You know, we come in here,... and we post our opinions and or greivances as well as disturbing articles like this one, and we have people coming in to rebut and call us names....
Ok, if what the government is doing is all good for us, how do we make sense of all these postponements of Retirement Withdrawal Age, work beyond 60 into the 70 with low wages, while costs of everything continues to escalate? And at old age, health is a major concern and yet recently it is reported that Hospital Charges has yet again gone up by as much as 30% for C Wards???
How do they expect people to cope under so much DISADVANTAGES?
For a fascist regime that has modelled itself on the Nazis (having a leader with neither the intellect nor the courage of Hitler though), would that come as that big a surprise? After all, they're probably claiming to be doing a good deed by helping to tackle some of the world's overpopulation-related problems.Originally posted by HyperFocal:Why & What are people voting them in for? To kill us all?
As someone has already pointed out in another thread, this regime has embarked on its first phase of the sequel to "The Final Solution" first advocated by the Nazis. -
Its bad to be poor in singapore, its worst to be poor elsewhere, anywhere if you really want to compare. We need to count our blessings.Originally posted by mistyblue:its terrible to be poor in singapore regardless the age. -
hmm..Originally posted by Mat Toro:Its bad to be poor in singapore, its worst to be poor elsewhere, anywhere if you really want to compare. We need to count our blessings.
What are the "blessings"...? -
Living in a dictatorship that functions according to the Orwellian plot depicted in Animal Farm is a uniquely Singapore experience you can't get elsewhere on earth. Isn't that enough of a blessing?Originally posted by HyperFocal:hmm..
What are the "blessings"...?
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warm weather, safe & clean environment.Originally posted by HyperFocal:hmm..
What are the "blessings"...?
Ever seen those homeless in US and European cities having to burn wood or feul at night? -
Originally posted by Mat Toro:warm weather, safe & clean environment.
Ever seen those homeless in US and European cities having to burn wood or feul at night? -
Here's more "blessings":
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MediaCorp drops pregnant Zoe Tay
Mon, Jul 30, 2007
AsiaOne
MediaCorp has suspended the contract of Caldecott Hill Queen Zoe Tay, who is seven months pregnant.
Ms Tay, 39, who is expecting her second baby, said that under the company's new policy, pregnant actresses are suspended from work but they will be reinstated when they resume work.
Gracing the latest cover of Citta bella, Ms Tay told the Chinese women's magazine that she is now "jobless" and confessed that she felt "troubled" about the situation as she currently has no income.
She said her main concern now is getting her job back after having the baby, who is due in October.
The actress, who has been married for six years to pilot Philip Chionh, also 39, found out that she was pregnant during the Chinese New Year period in February, but chose to announce the good news only after her first trimester.
The couple have a two-year-old son, Brayden.
She was able to continue working during her first pregnancy in 2004, and hosted an infotainment programme educating women on the dos-and-don'ts when having a baby.
Asked if she would consider becoming a full-time mum, the former model-turned-actress said: "No way! I still need to work for myself. So long as the job gives me time to look after my children, I will not become a full-time mum."
She added: "It's not easy being a full-time mum."
Another MediaCorp star, Ms Huang Biren, who is also pregnant, apparently can continue to work because she is being covered by an old contract.
Now two months pregnant with her second child, Miss Huang, who has a seven-year-old son, told Shin Min Daily news that she has not suffered the same fate as Ms Tay and is "still getting her normal salary."
"My current contract is an old one which I signed with MediaCorp four years ago," she said. "It will expire next year after I have given birth, which means I can continue to work even while I am pregnant."
Ms Huang said she is among a small group of artistes who are still on the old contract. Most of the others either renew or sign new contracts which carry the clause that actresses who get pregnant midway through their contacts will be dropped. -
Zoe is probably richer now than you will ever be. poor girl.
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I believe she has already accumulated more money during her prime years plus if not wrong, her husband is an RSAF pilot.Originally posted by Mat Toro:Zoe is probably richer now than you will ever be. poor girl. -
I feel that WEALTH is not a consideration here in this topic, but I call your attention to their Employment Policies; suspending a female employee the moment she is pregnant... this totally goes against their recent blab about Work Life Balance move...Originally posted by will4:I believe she has already accumulated more money during her prime years plus if not wrong, her husband is an RSAF pilot.
always contractictory....
Talk this way, but walks away in another direction.... -
just like you. Cry about poor but did nothing for poor while the govt did so much.Originally posted by HyperFocal:Talk this way, but walks away in another direction.... -
Once again you fail to view the larger scope of this issue and choose instead to narrow your view or maybe thats what you only have and what you are.Originally posted by Mat Toro:just like you. Cry about poor but did nothing for poor while the govt did so much.
why should the private sector give benefits and remuneration to women who are pregnant when a gahmen controlled corporation is doing otherwise?
To Zoe, money wouldn't be an issue, its probably how she was treated when she was pregnant thats troubling her... -
This is quite troubling as her colleauges will be alarmed.Originally posted by 4getmenot:Once again you fail to view the larger scope of this issue and choose instead to narrow your view or maybe thats what you only have and what you are.
why should the private sector give benefits and remuneration to women who are pregnant when a gahmen controlled corporation is doing otherwise?
To Zoe, money wouldn't be an issue, its probably how she was treated when she was pregnant thats troubling her... -
the bigger issue is money. money is the issue.Originally posted by 4getmenot:Once again you fail to view the larger scope of this issue and choose instead to narrow your view or maybe thats what you only have and what you are.
why should the private sector give benefits and remuneration to women who are pregnant when a gahmen controlled corporation is doing otherwise?
To Zoe, money wouldn't be an issue, its probably how she was treated when she was pregnant thats troubling her... -
I need to understand ur stand on the matter whether money or the treatment she received is the matterOriginally posted by Mat Toro:Zoe is probably richer now than you will ever be. poor girl.
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I have done my part; I paid my taxes, so have millions of Singaporeans...Originally posted by Mat Toro:just like you. Cry about poor but did nothing for poor while the govt did so much.
WE pay the government to take care of the poor...
but are they really doimg so? By increasing GST??? -
Anyone considering full withdrawal of CPF???Originally posted by AndrewPKYap:keen observation...
Best option that many of us are taking is...migrate to another country...set up home overseas first....stabalize yourselves......make sure you are ready for the plunge...then throw the passport back to Sillypore....and make sure do not give yoru sons for NS...that's the only way to get your full CPF out -
thats real cheap of you. the tax you paid is so littl;e and it goes to take care of you, not just the poor.Originally posted by HyperFocal:I have done my part; I paid my taxes, so have millions of Singaporeans...
WE pay the government to take care of the poor...
but are they really doimg so? By increasing GST???
I suggest you put your hands to the mill and do your part before you criticise anyone.