Tuesday, November 28, 2006

These days you never get to retire in Singapore..you just die away!

My dad retired at exactly age 55, his 55th birthday was his last day at work. He is on some kind of old pension scheme from which he receives a monthly payment. He is now 67. My dad complains of boredom of having nothing to do except for his morning exercise at East Coast where he gets to meet President Nathan once in a while. He also visits his grand children several times a week. Thank goodness our PAP leaders heard about this problem of old folks being bored after retirement, they have over the years worked out a system in which most citizens will not be able to retire at retirement age. Unlike citizens of other countries who become unproductive after retirement age, Singaporeans will be kept productive beyond their retirement age to provide for their golden years .....I used to think that the years after retirement are the golden years but apparently I'm wrong, when they talk about golden years they are talking about the period when you're in your 90s.

See the great economic progress we have made over the years. With more economic progress, we have to work longer and harder.
eee
How did the PAP engineer such a wonderful system that allows its citizens to be productive well beyond retirement age? It took great ingenuity and innovation to get this done.

You see if the CPF which is a PROVIDENT FUND was kept strictly for the purpose of retirement and only for retirement, we would all be able to retire at retirement age. But the CPF was liberalised so that it can be used for housing, children's education , insurance etc ....it is used for everything under sun other than retirement!! Of course allowing citizens to use CPF to buy HDB flats means that HDB flats are affordable at higher market subsidised prices which allows the HDB to accumulate higher surpluses.

In a country where you can find so many who can't retire at retirement age, 40% of household who are worse of as the economy expands and a number of people who are crushed by the wheels of progress (like Mr. Tan who died at the MRT station) . We also have the highest number of millionaires (1% of our population).

To keep the system going, to keep Singaporeans productive beyond retirement age, we need a GST increase to remove whatever residual savings we have left so we feel more motivated to work harder....and there is no better motivation than the lack of money. For the 1% of the population who are millionaires including our esteemed ministers & for big corporations, an tax cut is planned ....the other 99% pay more GST to make this possible.

Singaporeans are so lucky. Unlike the unfortunate citizens of other countries who stop working at retirement age to do useless stuff like looking after grandchildren and strolling in the parks, we get to economically productive until the day we stop breathing.
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Singaporeans need to work beyond retirement age to provide for their golden years

By Noor Mohd Aziz, Channel NewsAsia Posted: 28 November 2006 1552 hrs

Singaporeans have been urged to work past the legislated retirement to build up a nest egg for their golden years as the funds might not stretch long enough. Citing figures, the National Trades Union Congress Secretary General Lim Boon Heng said a high proportion of older workers have dropped out of the job market. That is why a tripartite committee comprising NTUC, the government and employers is studying how to help older Singaporeans find work and stay on working. Mr Lim said: "NTUC has long recognised this and therefore pushed for raising the effective retirement age. It is important to focus on the effective retirement age and not on the legislated retirement age. Currently our official retirement age is 62 but many drop out from the age of 55 years." - CNA/ch

18 comments:

Anonymous said...

After reading your blog, I felt more and more unlucky. I think I will stick to the ST which reported good news everyday.:)

Anonymous said...

I would believe that this is not the intention of the author. ;)

Anonymous said...

Disneyland: A people trap operated by a mouse
Singapore: A people trap operated by the pappies (our democratically elected party)
Hooray......We the 2nd class citizens of S,pore, pledge ourselves as One united "Classified" people....

whybeillogical said...

It is my uneducated guess that a disproportionate number of Singaporean millionaires bear the surname Lee. Or Ho.

Anonymous said...

Read this from SM Goh.
http://app.sprinter.gov.sg/data/pr/20061128999.htm



I quote :The first is to keep our cost competitive. In 2003, we took decisive steps to reduce the cost of doing business in Singapore. Wages were made more flexible, with an increasing portion tied to the performance of the company, while employers’ contributions to social security were trimmed. In the public service, a portion of our remuneration is now tied to GDP growth. Officers receive different performance bonuses. Likewise for ministers and other political office-holders.

We are fu*ked when Mr Lim Boon Heng bonus is tied to GDP growth. Enough said. That is the core of our government. It is not social services, helping the poor, helping the aged, and it never will be. I am not saying this is wrong, but I think our government needs other indicators and KPI's to keep it humming along, not just GDP alone.

Sad man

Anonymous said...

"When you see that trading is done, not by consent, but by compulsion - when you see that in order to produce, you need to obtain permission from men who produce nothing – when you see that money is flowing to
those who deal, not in goods, but in favors – when you see that men get richer by graft and by pull than by work, and your laws don't protect you against them, but protect them against you –
when you see corruption being rewarded and honesty becoming a self-sacrifice - you may know that
your society is doomed: Ayn Rand - (1905-1982) Author - Source: Atlas
Shrugged, Francisco's "Money Speech

Anonymous said...

Yeah, i know. i'm so afraid that i might burden fellow 66.6% sinkaporeans with my death when my time comes, that i've decided to emigrate.

in that way too, i will not compete with them for a job at McDonald's when i'm old. i'll just be bored to death in a cool temperate climate with lotsa open spaces when i retire.

Chris said...

CPF is insufficient for you to retire, simply because along the way, you would have used much of it, primarily for housing. I don't think its a bad thing for money to be drawn out for certain purposes, housing ain't cheap here in the first place.

Anyway, when you retire at around 60. You have another 20 years ahead of you and unless you want to work at macdonalds at age 70, careful planning is needed.

Of course, low income people will find it difficult, even with proper financial planning, this is a given. What to do? No choice but to work loh. Forget welfare, doesn't exist here.

Anonymous said...

consider.....

1)you cannot solve the widening disparity in pay between the lowest and the highest stratas of society if we do not put a cap to both extreme end of remuneration.
2) it is morally vulgar for any professions to get paid a zillion times higher than over half the world population surviving by under US$2.
3) service should in itself be a reward and a privilege and should not be corrupted by monetary rewards. if monetary rewards are moderated across the board, work and production will also be comfortably moderated and thus, our living standard too will be enhanced without too much deviation in the quality of life for all.
4) lastly, no mortal head is that valuable and indispensable compared to his lowest counterpart in the world.the elites worth in dollars has all along been dictated by them and in their interests. the nett result is global instability through waste and exploitations.

there is really nothing to be proud of living it up through exploitation of human labor by unjust scale and weights.

Anonymous said...

f*&k PAP

Anonymous said...

Cheers to PAP and their enslavement system. The make all men do NS.
It is the only country that make the men do NS and spend so little welfare.
Yet the ministers are paid millions and they are soon to increase this pay.

Singaporeans are fools to keep voting for them they deserve this.

Whispers from the heart said...

Lucky Tan,

you made me feel very guilty and shameful.

I am still planning to retire at 55! I know I can't do it in Singapore so I have made my exit plans. Yes, I do want to sit around in the park and look after my grand children. I know this is a decadent western idea, no doubt. I am so shameful.

After reading the ST for the hundredth time, I still habour the same desire .... I think I need the red pill, or the blue pill? or any kind of pill?!

Is there any ST or PAP pill that wayward singaporeans like me can take?

The Human Battery said...

Whisper from the heart,
what you need is call the "blue pill" lah. There is one here. You take it, sure feel better. haha.

auntyxinjiabo said...

I am waiting for SM to tell us that the Ministerial salaries are lagging behind the private sector by 4%. So, even if they take the whole 2% GST, they are still being penalised for serving the peasants. For that, you people will have to be eternally grateful to them.

Anonymous said...

Didn't we agree on ONE denarius?

Anonymous said...

When the ruling class wages are pegged to the 1st world world class private sector and expecting pay rise whenever possible while peasants are pegged to that of India and China and expecting paycut to stay competitive, it came as no surprise that the peasants would need to work until they drop in order just to stay alive.

freemason said...

i wonder wats the retirement age for the Matrix Master, and the Servants' Master. also, got billion $$$ pension after that, buried with the coffin or not ? oh oops i forgot they have the dynastical pension scheme oops i mean dependants protection scheme

Anonymous said...

Hi there,

sorry to post this but we found ur blog quite interesting and was wondering if you can refer us to older bloggers 50's -60's . I am writing to you from blogtv.sg ( CNA) you can contact me at sealdogs@hotmail.com.