Fear not truths, truths are permanent and fear not evil!!
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Errr... speaking of FEAR...
... check it out here:
Climate of fear hurts Singapore: author
Reuters
15 Dec 07
http://www.singaporedemocrat.org/articlecatherinelim_fear.html
http://news.theage.com.au/climate-of-fear-hurts-singapore-author/20071214-1h5t.html -
It is a false assumption for people to say that we have elected the ruling party as our government and therefore the ministers can do almost anything as they like because they are perceived to have the mandate to do so.
We have already seen that they as ministers may not have the legal authority to take any pays or bonuses or life pensions as they like based on such a perception. In other words if some citizens are to take up a case in the law court somewhat like someone who takes up a case in our court to sue the church for exorcism the citizens might well have a good case to beginpolitics.
If there is constant taxing and backcharging of fees to recover all sorts of costs relating to essential government services normally funded by taxes then it is wrong for government to govern the country in this manner.
If there are so many NKF problems affecting the whole government now so deeply as subsequently discovered after many years of lack of accountable and open governing then it is time to sort out such internal problems with thorough reviews of not just at the top but at the middle and lower level of government machinery.
So it is quite wrong to carry on investing people's monies in Shin Corp or Tien Tsing or Russia or UBS without correcting such internal weaknesses.
Don't keep using the same old excuse that Singapore is unique or a small country to let the ministers ignore people's feedbacks and do as they like.
Show us you are the real talents who could serve the people to solve all their pressing problems created by past mistakes in policies instead of all the hypocrisy and denials or asking people's to change their mindset. How about leaders changing their mindsets first.
Remember ministers are no longer doing their jobs with sacrifice like in the 1960s or 1970s but are nowadays paid the fullest and above-market million-dollar pays and as such should fulfill all the reasonable expectations of people as highest-paid professionals and get their works done without claiming credit for past any glories.
Don't tell us citizens that you as leaders can just simply do as you like and always try to publish only your one-sided views and reports through your controlled press and media and ignore people's suffering or repeated NKF problems and all the malpractices or irregularities seen in latest policies e.g. unilateral increases of GST despite all the continuing surpluses and ministers' and civil servants' salaries without correcting any shortcoming. -
Beware hor..... one man's truth is another man's lie.......
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Than they only have themselves to blame isn't it?Originally posted by kilua:I think you failed to look deeper into the real lives of Singaporean. Beneath this glitzy appearance of Singaporean wealth is..... large amt of debt.
I can see many people buying cars when financially they shouldnt be...
I can see people having to buy expensive 4 room HDB flats that exhaust all their CPF...and the irony after buying such a big flat? Only 1 of the 3 rooms are used in the flat. Do Singaporeans really need to buy such big flats?
You have to look deeper... Singaporeans only appear to have it good.. in a mountain of debt... and i doubt they would have enough for retirement, considering almost all their CPF goes to the flat.... that is if they dont get the sack when they hit 40.
If you can't afford, don't buy it. It reminds me of this story my friend told me about this couple who went to the bank to get a car loan. Their combined income is 3k and yet the car they want to purchase is a BMW
If they get into a huge debt due to their own stupidity, they can only blame themselves and not anyone else. -
based on your argument, are you saying that if Singapore doesnt have PAP, allow press freedom, full democracy, minister take a pay cut etc, Singaporeans will all be cash rich and none will be in debt?Originally posted by kilua:I think you failed to look deeper into the real lives of Singaporean. Beneath this glitzy appearance of Singaporean wealth is..... large amt of debt.
I can see many people buying cars when financially they shouldnt be...
I can see people having to buy expensive 4 room HDB flats that exhaust all their CPF...and the irony after buying such a big flat? Only 1 of the 3 rooms are used in the flat. Do Singaporeans really need to buy such big flats?
You have to look deeper... Singaporeans only appear to have it good.. in a mountain of debt... and i doubt they would have enough for retirement, considering almost all their CPF goes to the flat.... that is if they dont get the sack when they hit 40.
Care to tell us what is happening in the US right now? -
Why not? If government stops sucking all the people's monies with all kinds of direct and indirect taxes and profiteering schemes cooked up by its GLCs, people will have more disposable incomes and with higher disposable incomes more people will be able to go into businesses and keep the economic wheel turning instead of idling in the state idle surpluses which slow down the economy.Originally posted by Gazelle:based on your argument, are you saying that if Singapore doesnt have PAP, allow press freedom, full democracy, minister take a pay cut etc, Singaporeans will all be cash rich and none will be in debt?
Care to tell us what is happening in the US right now?
Go and ask an economist whether sucking up all the people's monies through big-ticket taxations like the double-charging on land by HDB or triple taxations on vehicle ownership will help in creating our own local investments.
The Hong Kong economy has the unusual fizz mentioned once by MM Lee precisely because its people have more disposable incomes to form greater saving and go into businesses to keep the economy vibrant.
Go and check the many authoritative studies and reports generated by past economic structuring and review committees during the last three recessions and you will no doubt get a more complete picture to see how the Singapore economy has contracted over the period 1980s - 1990s due to high taxes of all kinds and not just the corporate taxes. This lethargy of our own local investments is attributable to nothing else but the government sucking up too much monies from the people into idle its own state coffers thereby stifling our economic growth.
If Dr. Goh Keng Swee is still in the government instead of our new ministers he might have come up with a new solution and change direction to free up such idle monies so that the government will better generate growth of our own local investments through the people which will at the end enable it to collect even bigger tax revenues and score more success.
MM Lee must change his own mindset. One man cannot make the economy no matter how brilliant. -
There are always people who cannot manage their finances. Immediate gratification is easier.Originally posted by elindra:Than they only have themselves to blame isn't it?
If you can't afford, don't buy it. It reminds me of this story my friend told me about this couple who went to the bank to get a car loan. Their combined income is 3k and yet the car they want to purchase is a BMW
If they get into a huge debt due to their own stupidity, they can only blame themselves and not anyone else.
Thats why there is a need to force Singaporeans to save for retirement, which CPF was originally supposed to do. Now CPF has become sort of housing fund and there is nothing to fall back on if they live beyond their means, unlike other countries that have pensions or other forms of retirement fund such as superannuation.
Now the state of retirement planning in Singapore is the Govt "trusts" Singaporeans from all walks of life to acquire knowledge on investing and make plans for retirement. They also trust Singaporeans not to overspend and have enough in their later years.This is a stark contrast in their stand when they first started the CPF, where they believed Singaporeans would not be disciplined to save for retirement.
What could have made such a big paradigm shift? CPF No Enough?
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I didnt mentioned any of those in my original post and of course i dont think democracy and press freedom are miracle pills. But the lack of press freedom and the climate of fear stifles healthy debate on issues affecting Singaporeans.Originally posted by Gazelle:based on your argument, are you saying that if Singapore doesnt have PAP, allow press freedom, full democracy, minister take a pay cut etc, Singaporeans will all be cash rich and none will be in debt?
Care to tell us what is happening in the US right now? -
MM Lee must change his own mindset. One man cannot make the economy no matter how brilliant.
Lee Kuan Yew one foot already in the grave, how to change mindset? -
Originally posted by kilua:There are always people who cannot manage their finances. Immediate gratification is easier.
Thats why there is a need to force Singaporeans to save for retirement, which CPF was originally supposed to do. Now CPF has become sort of housing fund and there is nothing to fall back on if they live beyond their means, unlike other countries that have pensions or other forms of retirement fund such as superannuation.
Now the state of retirement planning in Singapore is the Govt "trusts" Singaporeans from all walks of life to acquire knowledge on investing and make plans for retirement. They also trust Singaporeans not to overspend and have enough in their later years.This is a stark contrast in their stand when they first started the CPF, where they believed Singaporeans would not be disciplined to save for retirement.
What could have made such a big paradigm shift? CPF No Enough? 
So the government should be held liable for the stupidity of the people who do not manage their own finances and plan for their own future?
What happened to being responsible for your own life. The onus of one's life and retirement should be in one's hand. How can you expect people who cannot be responsible for their own life to be responsible when it comes to things like free speech and free press etc? With the freedom to choose comes great responsibility. If the people cannot even be responsible for their own well-being, do you honestly think they can handle other things like free speech etc
The CPF was also a plan to allow everyone to have roof over their heads instead of having to rent. In time, Singaporeans actually forget there is something called a mortgage because they don't see the the cash. Why not talk about the housing loans you have to take when overseas and you literally service the loan till you die and not to mention the crazy interest rates.
The government is now slowly changing the CPF rules so that Singaporeans have to take more responsiblity upon themselves.
Btw, just because some rules were fixed before, doesn't mean it is carved in stone and there cannot be a paradigm shift. Anyway I think it's high time Singaporeans start getting more independent instead of whining to the government everything including 'Do something about the hot weather' (Yes this was actually something that happened during a Meet the Ppl session)
Pension? That is like current tax payers supporting the old
And if you haven't heard about the pension crisis now that the countries under that scheme are facing that they now have lower birth rates meaning less tax payers to support the aging population. It doesn't mean that you will get the same support for your pension when you are old without savings. In fact, they are looking at compulsion into private savings for retirement too So isn't this LPPL?
If you want to read more about Pension problems, you can read them here:
http://news.bbc.co.uk/1/hi/business/4462404.stm -
Pensions problems arise when govts are in control of the money. Separate from the state,e.g. Ontario Teachers' Pension Plan which has average about 11 percent., there are no problems at allOriginally posted by elindra:
So the government should be held liable for the stupidity of the people who do not manage their own finances and plan for their own future?
What happened to being responsible for your own life. The onus of one's life and retirement should be in one's hand.
This i disagree with you. When a small handful of people have a problem, it could be due to individual failure. When a large majority have the same problem, its very likely the problem comes from a systematic failure of some policies.
Why didnt the former Transport Minister see the implication of raising car ownership? If they had built a transport system like Tokyo, where the MRT travels faster than the car (no kidding... their MRT have multiple lanes and the express service skips many stations) and also their highly extensive railway network, fewer people would consider buying a car. In fact, most people in Tokyo dont buy a car, when they well could afford to.
The CPF was also a plan to allow everyone to have roof over their heads instead of having to rent.
Wasnt that HDB purpose? To sell affordable flats on long term leasehold in return for letting the state acquire public land as it wishes? Being the largest supplier of land, being able to give housing space to "8 million people". the govt can influence and set the price of HDB flats with its large supply of land.
The government is now slowly changing the CPF rules so that Singaporeans have to take more responsiblity upon themselves.
This is quite a self contradictory statement when the govt tried to introduce annuities recently. They argue the old people would not know how to mange their money hence the need to force Singaporeans to buy annuities For those who are still in the workforce, people from all walks of life should be trusted to acquire knowledge on investments and make retirement plans.
I think the govt still believes the people cant manage the money on their own, but CPF and retirement has become a hot political potato due to its dismal returns that it want to pass the responsibility back to the people.
Annuities is to address another hot political potato - some the old and aged not being taken care and having to pick cans for a living.
Pension? That is like current tax payers supporting the old
And if you haven't heard about the pension crisis now that the countries under that scheme are facing that they now have lower birth rates meaning less tax payers to support the aging population. It doesn't mean that you will get the same support for your pension when you are old without savings. In fact, they are looking at compulsion into private savings for retirement too So isn't this LPPL?
If you want to read more about Pension problems, you can read them here:
http://news.bbc.co.uk/1/hi/business/4462404.stm
One advantage of a pension is that those who lack investment knowledge can tap the expertise of fund managers. In Australia, even if one had zero knowledge of investments, one could still earn good returns for their retirement savings because the employer usually contribute the money to an industry pension funds.
The other advantage is the pooling of risks like annuties. Given a large sample of individual investors, some are going to earn 18%, some are going to earn 3%. The pension fund can even out and give a flat rate of 9%, minimizing the risks of retiring when the stock market is down. -
Originally posted by elindra:If you can't afford, don't buy it. It reminds me of this story my friend told me about this couple who went to the bank to get a car loan. Their combined income is 3k and yet the car they want to purchase is a BMW
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This i disagree with you. When a small handful of people have a problem, it could be due to individual failure. When a large majority have the same problem, its very likely the problem comes from a systematic failure of some policies.
Why didnt the former Transport Minister see the implication of raising car ownership? If they had built a transport system like Tokyo, where the MRT travels faster than the car (no kidding... their MRT have multiple lanes and the express service skips many stations) and also their highly extensive railway network, fewer people would consider buying a car. In fact, most people in Tokyo dont buy a car, when they well could afford to.
Actually I disagree that it is a systematic failure of some policies by the government. It's just that parents pamper their children giving them everything they want and people grow up used to getting what they want and they don't even think about the cost factor anymore. It is a social problem but in the end it is caused by the citizens. It is a worldwide problem anyway. So ultimately it boils down to face and wanting the high life without thinking of the consequences and working for it. So what do you want the government to do? Make laws that it is illegal to spoil your kids and there is a fine if you don't instil the correct values in them?
Actually in Tokyo it is not a problem to buy a car. It is proving that you have a parking space to park the car that is the problem and parking lots cost more than the car Btw you can't buy a car unless you can prove that you have a parking lot to park it
Wasnt that HDB purpose? To sell affordable flats on long term leasehold in return for letting the state acquire public land as it wishes? Being the largest supplier of land, being able to give housing space to "8 million people". the govt can influence and set the price of HDB flats with its large supply of land. Seriously HDB flats are still affordable. How many people are homeless here compared to other countries.
This is quite a self contradictory statement when the govt tried to introduce annuities recently. They argue the old people would not know how to mange their money hence the need to force Singaporeans to buy annuities For those who are still in the workforce, people from all walks of life should be trusted to acquire knowledge on investments and make retirement plans.
I think the govt still believes the people cant manage the money on their own, but CPF and retirement has become a hot political potato due to its dismal returns that it want to pass the responsibility back to the people.
Annuities is to address another hot political potato - some the old and aged not being taken care and having to pick cans for a living.
Actually I don't quite agree on the annuities myself that I am being forced to buy them since I do have my own retirement plan. Well, the CPF is not increasing according to inflation and they had the CPF reduction to attract employers to keep the older workers in the workforce and to make labour seem more attractive here. So yes if people don't plan they will be in so much trouble. I don't see how the CPF is going to increase unless there is investment or that the returns in investment makes by the government increase or there is an increase in taxes.
However, that aside I don't see anything wrong about having to plan for my own future. There will always be people who will fall through the cracks.
Pensions problems arise when govts are in control of the money. Separate from the state,e.g. Ontario Teachers' Pension Plan which has average about 11 percent., there are no problems at all
One advantage of a pension is that those who lack investment knowledge can tap the expertise of fund managers. In Australia, even if one had zero knowledge of investments, one could still earn good returns for their retirement savings because the employer usually contribute the money to an industry pension funds.
The other advantage is the pooling of risks like annuties. Given a large sample of individual investors, some are going to earn 18%, some are going to earn 3%. The pension fund can even out and give a flat rate of 9%, minimizing the risks of retiring when the stock market is down.
Are you kidding me? The Ontario Teachers' Pension Plan have no problems?
For example the Ontario Teachers' Pension Plan (not sure how much investment) is tied to the McCains in Canada. They should be the richest family there. Maple Leaf Foods is heavily funded by the Ontario Teachers' Pension Plan and in turn they guarentee the returns.
For your info Maple Leaf Food wrote off dunno how many millions of losses last yr and they fired many people and sold off or liquidated a lot of plants etc. Btw they are the largest food company in Canada. Can you imagine the number of jobs lost etc. It will look good this year because of all the cost cutting and they will have record profits on the books
That is just one problem. Read here It's Time to Retire the Current Pension System This is written by the Ontario Teachers' Pension Plan on why they should scrape it
And because of investment failures like these in recent years for them, the teachers have to increase their contributions to their pensions quite substantially (let's not even bring in the inflation in Canada)
Of course there are many pros to pooling the funds and relying on fund managers but the scary thing is that you don't know where the investment goes too just hope that it is not based on something like the mortgage fasco that happened in USA. High risk = High returns
All in all I think there is no perfect system and every country have it's own problems. Ultimately it is also up to us to recognize these flaws and plan for our own life isn't it?
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Are you also saying that Singaporeans should continue to be spoon fed by the government and they should not be expected to think of themselves?Originally posted by kilua:This i disagree with you. When a small handful of people have a problem, it could be due to individual failure. When a large majority have the same problem, its very likely the problem comes from a systematic failure of some policies.
So what about the subprime foreclosure crisis happenin in USA right now? What is your opinion on that? -
Fear? of whaaaat? evil? Evil flees faster than it arrived. Really some joke.
Persecution? Look at my username. I could have saved a nation, well its government anyway(but don't take my words for granted)......FEAR NOT.
Fear is an empty shell afterall. Even unto death.
I bow to no evil nor to any man especially a crooked one even when he's powerful for awhile.
One day we all will awake from this dream we called life
and see the true God to be judged. Choose well, choose life, live a good life. Aim for the very best of life. Am I making you confused? I'm not because I know...I know -
Originally posted by elindra:
Actually I disagree that it is a systematic failure of some policies by the government. It's just that parents pamper their children giving them everything they want and people grow up used to getting what they want and they don't even think about the cost factor anymore. It is a social problem but in the end it is caused by the citizens. It is a worldwide problem anyway. So ultimately it boils down to face and wanting the high life without thinking of the consequences and working for it. So what do you want the government to do? Make laws that it is illegal to spoil your kids and there is a fine if you don't instil the correct values in them?
Actually in Tokyo it is not a problem to buy a car. It is proving that you have a parking space to park the car that is the problem and parking lots cost more than the car Btw you can't buy a car unless you can prove that you have a parking lot to park it
While not all problems can be intervened, excessive spending, retirement savings are problems the govt should deal with. For instance, the credit card debt problem is lesser than US because the controls on credit cards are better in Singapore.
I dont think there is a developed country that "trusts" its citizens to make their own retirement plans. Most have a national plan to address retirement.
In my opinion, letting Singaporean using ALL the CPF for housing is a mistake.If they had to fork out cash, they would have been more prudent in their purchase.
Yes in Tokyo parking is more expensive than the car.Parking lots would cost 250 to 600 depending on location.but the cost of ownership is still about the same as Singapore as there is no Coe,ARF or ERP.If you factor the higher wages , my original point still stands.
If Singapore had a transport system supported mainly by trains with good network like tokyo, most Singaporeans wont need to buy a car.Or at least there is a compelling reason not to.
Seriously HDB flats are still affordable. How many people are homeless here compared to other countries.
I hope you are not comparing to third world countries. The govt is stuck in the mentality that a $120,000 flat is cheap. In every city in the outskirts, there are always cheaper housing. Considering that its on 99 year lease and the increased lifespan of Singaporeans, a HDB flat owner would definitely see depreciation in his flat in his lifetime.
And Singaporeans are stuck with inefficient HDB in meeting housing needs. In other countries, its always easy to buy a flat in a good location but of smaller size. In Singapore, Singaporeans are forced to buy 4 room flats unless they have a much lower combined income.
Actually I don't quite agree on the annuities myself that I am being forced to buy them since I do have my own retirement plan. Well, the CPF is not increasing according to inflation and they had the CPF reduction to attract employers to keep the older workers in the workforce and to make labour seem more attractive here. So yes if people don't plan they will be in so much trouble. I don't see how the CPF is going to increase unless there is investment or that the returns in investment makes by the government increase or there is an increase in taxes.
However, that aside I don't see anything wrong about having to plan for my own future. There will always be people who will fall through the cracks.
I think the Australian system of Superannuation is doing well.Whether you want to
manage your own money or go into a pension fund, there is a choice. This aspect i think is much better than CPF. Its a shame no academic had come up research to suggest for better alternatives. I have googled on this NUS Professor mukul asher and he has lots of views on the CPF system. Some are critical of the current system, so i doubt they would get into the "State Times"
Are you kidding me? The Ontario Teachers' Pension Plan have no problems?
For example the Ontario Teachers' Pension Plan (not sure how much investment) is tied to the McCains in Canada. They should be the richest family there. Maple Leaf Foods is heavily funded by the Ontario Teachers' Pension Plan and in turn they guarentee the returns.
For your info Maple Leaf Food wrote off dunno how many millions of losses last yr and they fired many people and sold off or liquidated a lot of plants etc. Btw they are the largest food company in Canada. Can you imagine the number of jobs lost etc. It will look good this year because of all the cost cutting and they will have record profits on the books
That is just one problem. Read here It's Time to Retire the Current Pension System This is written by the Ontario Teachers' Pension Plan on why they should scrape it
And because of investment failures like these in recent years for them, the teachers have to increase their contributions to their pensions quite substantially (let's not even bring in the inflation in Canada)
Of course there are many pros to pooling the funds and relying on fund managers but the scary thing is that you don't know where the investment goes too just hope that it is not based on something like the mortgage fasco that happened in USA. High risk = High returns
All in all I think there is no perfect system and every country have it's own problems. Ultimately it is also up to us to recognize these flaws and plan for our own life isn't it?
What i meant was, there is no problem of state failing to set enough provisions for pensions, which is widespread in many state pensions.
Investments always carry risks .After these losses, The Ontario Teachers' Pension Plan performance should be still better than the CPF/CPF members?Taking minimal like the Singapore system also means that their savings would be eaten by inflation.
I think the Australian system is better than Singapore's system. Pension or individual choice, you could decide. I feel what hampers the govt from making the optimal choice for Singaporean is political cost. Thats why academics e.g. Mukul Asher who have the time and expertise to propose alternative should be allowed to challenge the govt in the newspapers. Its a wonder why he hasnt wrote in.... or is it the climate of fear? -
The govt shouldnt regulate on everything, but something as important as retirement, the govt should take active steps to make sure Singaporeans have enough and not leave them to their own devices.Originally posted by Gazelle:Are you also saying that Singaporeans should continue to be spoon fed by the government and they should not be expected to think of themselves?
So what about the subprime foreclosure crisis happenin in USA right now? What is your opinion on that?
Sorry i havent been following the subprime crisis much so i cant really comment. -
Somewhere LKY has said something to rebut western criticism that he one-man showmanship system does not work and will crumble as soon as he leaves office.Originally posted by Poh Ah Pak:Lee Kuan Yew one foot already in the grave, how to change mindset?
Up to now time seems to have confirmed that his system cannot live after him - too self-centred on his own past personal glory. Policy wise nothing much he has adopted from meritocracy to perpetual taxing and back-charging against people to ensure his own success seem to be working well. -
Under one party PAP rule, Singapore society has become de-politicised and a hostile climate of fear hangs over the population.
Mainstream media is nothing but state propaganda and completely worthless in political content.
Political civil society is also small and weak.
I worry that Singapore will not produce strong and wise rulers in the future as the current political climate is hostile to political development.
Lee Kuan Yew's plan seems to be to find docile but competent people and than train them to be politicians.
Only a small clique of men wields power in Singapore.
I consider this situation to be unheathly. -
Like I said I can't comment on the Australian systemOriginally posted by kilua:While not all problems can be intervened, excessive spending, retirement savings are problems the govt should deal with. For instance, the credit card debt problem is lesser than US because the controls on credit cards are better in Singapore.
I dont think there is a developed country that "trusts" its citizens to make their own retirement plans. Most have a national plan to address retirement.
In my opinion, letting Singaporean using ALL the CPF for housing is a mistake.If they had to fork out cash, they would have been more prudent in their purchase.
Yes in Tokyo parking is more expensive than the car.Parking lots would cost 250 to 600 depending on location.but the cost of ownership is still about the same as Singapore as there is no Coe,ARF or ERP.If you factor the higher wages , my original point still stands.
If Singapore had a transport system supported mainly by trains with good network like tokyo, most Singaporeans wont need to buy a car.Or at least there is a compelling reason not to.
You got to be kidding that the credit card problem is lesser in the USA because of better controls. There was so much outcry about how easy students get into debt because of easy credit to students. They start them young to get into debt. I don't think I need to google the information for you on this.
Yes all nations have some form of retirement but most citizens overseas I know of do not rely on the retirement plan the government have for them because that is not enough. As well most of pensions etc equates high income taxes. I believe if no one will start kaopehing and kaopuing, I'm sure the government here will implement that.
Even for those overseas who have to finance their housing loans, not all are prudent. Anyway the government has already implemented and I believe are going to make further changes to using CPF for housing. There have been many changes to it to make Singaporeans more aware of this cost.
Actually a lot of Singaporeans don't need cars. They just want face and that a car is a status symbol. We do not have parking problems like in Japan and the traffic is still faster than in Japan. That already gives them reason to. Also does it make sense to make the train system bigger than it already is? We only have around 4.5mil people I believe whereas Tokyo has like 12 mil people. See the difference there? I believe there are still improvments to be made to our transport system but not till that extend.
I hope you are not comparing to third world countries. The govt is stuck in the mentality that a $120,000 flat is cheap. In every city in the outskirts, there are always cheaper housing. Considering that its on 99 year lease and the increased lifespan of Singaporeans, a HDB flat owner would definitely see depreciation in his flat in his lifetime.
And Singaporeans are stuck with inefficient HDB in meeting housing needs. In other countries, its always easy to buy a flat in a good location but of smaller size. In Singapore, Singaporeans are forced to buy 4 room flats unless they have a much lower combined income.
I'm comparing to 1st world countries like Britain and USA where poverty IS rampant too and the slums and ghettos thrive. I don't need to compare to 3rd world countries. That is another problem altogether.
The idea of the HDB is to provide a roof over the citizens head and not for them to make a profit out of it. If you want to, don't buy a resale flat. But from what is seen so far, it's the old resale flats making people a lot of money
How is HDB inefficient in meeting housing needs? My cousin used to live in Hong Kong. Sure the location is fantastic but she is much happier now with her flat in Sembawang because of the space! Her apartment was barely sufficient for her family of 4 in Hong Kong and her complain was everything is way expensive so they moved back. Btw both she and her husband are top lvl executives with combined income of more than 20k per month.
What do you mean Singaporeans are forced to buy 4 room flats? They have a choice. They can buy 3 room flats from the resale market if they want to and are past the wage scale.
I think the Australian system of Superannuation is doing well.Whether you want to manage your own money or go into a pension fund, there is a choice. This aspect i think is much better than CPF. Its a shame no academic had come up research to suggest for better alternatives. I have googled on this NUS Professor mukul asher and he has lots of views on the CPF system. Some are critical of the current system, so i doubt they would get into the "State Times"
Can't comment as I am not sure about the Australian system
What i meant was, there is no problem of state failing to set enough provisions for pensions, which is widespread in many state pensions.
Investments always carry risks .After these losses, The Ontario Teachers' Pension Plan performance should be still better than the CPF/CPF members?Taking minimal like the Singapore system also means that their savings would be eaten by inflation.
I think the Australian system is better than Singapore's system. Pension or individual choice, you could decide. I feel what hampers the govt from making the optimal choice for Singaporean is political cost. Thats why academics e.g. Mukul Asher who have the time and expertise to propose alternative should be allowed to challenge the govt in the newspapers. Its a wonder why he hasnt wrote in.... or is it the climate of fear?