ERS and NSS - an exercise in Wastage of Public Funds

• Atobe

  29 Feb 04, 01:25

  Should the $26 million be paid as bonus ERS and NSS ?
  
  With the present scheme of handing out $16M in bonus NSS to 793,000 NSS holders, it will result in a dilution of the funds, with each person getting an average of $20.
  
  While the handout of $10M in ERS to 615,000 persons, will dilute this large sum into $16.26 per person.
  
  Will it not be more effective to apply this amount in the form of 'direct handout' - to assist institutions that are directly assisting in the care of the Aged, the Infirmed, the Handicapped, and to those facilities supporting those with Kidney, Heart and other problems related to Old Age ?
  
  $26m worth of bonus ERS and NSS to be paid out
  By Edna Koh
  
  A TOTAL of $26 million worth of bonus shares will be credited on Sunday into the accounts of holders of Economic Restructuring Shares (ERS) and New Singapore Shares (NSS).
  
  In all, 16 million bonus NSS will be credited to 793,000 NSS holders.
  
  As well, 10 million bonus ERS will be credited to 615,000 shareholders, said the Central Provident Fund Board on Saturday.
  
  This is the first time dividends in the form of bonus shares are being paid out on the ERS, but it is the third time for the NSS.
  
  The number of bonus shares a person receives depend on the number of NSS and ERS held as at Feb 15 this year and Dec 31 last year, respectively.
  
  http://straitstimes.asia1.com.sg/latest/story/0,4390,237543,00.html?
  
• BillyBong

  1 Mar 04, 00:36

  The gahmen know what is the beating heart of singaporeans. It's not the health care subsidies, it's not freebies or scholarship offers. It's the physical aspects of impending cash. And all you need to do is top up your CPF accounts and money will come pouring down on your laps. How tough can that be?
  
  Even Sun Zi couldn't have come up with a better strategy.
  
  ~"....he'll give them death, and they will love him for it." Senator Gracus of Rome, Gladiator[/color]