Friday, August 24, 2007

Wonderful brilliant scheme to help the extremely old....

Now I know what keeps the PAP govt awake at night. ...not the billions the lost in Thailand, not the millions the lost in joint ventures with UNSW or John Hopkins...not the rising cost of defense ($10.6B) as govts around the region reduce defense spending. What keeps our govt awake at night is the increasing number of old folks....more specifically the number of old people living beyond 85years old. Even with the extremely successful campaign to promote and enhance our work ethics, our govt has realised that working beyond 85 years old is probably not an option for most Singaporeans. Although McDonalds does not seem to have an official age limit for hiring, I've not seen any 70 year olds working there. There are a number of self employed 70 year old folks collecting aluminium cans from dustbins, unless we increase our intake of Coke, there are only so many cans to go around.

Now our beloved govt has figured out a solution to all this - remember unlike other govt who simply give out aid our govt has to work out a solution within important constraints - welfare is a dirty word so cannot give out welfare...also they have to rule out any solution that will cost the govt more money. While every Singaporean is technically rich as Singapore's reserves of $120B belongs to all of us, we cannot tap that because it will undermine job opportunities for our super elites who are hired to use the money for all sorts of investments around the world. I guess we won't see a single cent of the reserves even if we live beyond age 85. .....but everytime they tell us that Ho Ching has made yet another successful investment, we should celebrate in our hearts.

The solution to this almost intractable problem is an annuity scheme paid for by Singaporeans themselves. Only 20% of Singaporean will live beyond 85 years old, so 80% of Singaporeans will be contributing to this scheme and getting nothing in return. Some of my friends see themselves as losers because nobody in their family ever made it to 80 yrs old, I tell them to look at it as charity. Where does this money come from? CPF of course....since the CPF is already liberalised for housing, medical expenses, education, investments, insurance, etc it is no big deal to add annuities to the list.

Work longer and harder..and you will help to solve the problem of ageing Singaporeans without burdening the PAP govt. They need to set aside large sum to make those wonderful announcements that coincidentally appear just before general elections "$2B to upgrade facilities at XYZ estate..." some of you may wonder how the govt can always find money to upgrade estates before elections but don't seem to have enough to help 85 yr olds. I think money is not the issue, the PAP govt just wants to give Singaporeans a chance to help each other.


Anonymous said...

Well said! It is time the government give us some credit and stop treating us like a idiot. All the fluff and sweet talks cannot hide their true intention.

Anonymous said...

Everytime I see that smug on Lee Hsien Loong's stupid s face I cant help but feel like slapping the daylight out of him.

More deceit and plans to screw us Singaporeans, year after year.

Anonymous said...

The profits from GIC and Temasek is meant for our Ministers salaries. Thus, Singaporeans have no rights to complaint about their excessive pay.

As for the old and weak, it's your own problem to look after yourself and not be a burden to our ministers. They have more important jobs in looking after our reserves and those foreign talents.

Anonymous said...

ask the poor to chip in 7% GST to help the poor.

ask the mass to pay annuity to get $300 for a handful after 85.

makes one wonder where the heck they got their mega-salary?

That's brilliant, dear Rich Ministers and Scholar Civil Servants. Brilliant.

Anonymous said...

With all the upgradings, Singaporeans are enhancing the value of their assets, but in the end we are still asset rich but cash poor. Very comforting thought indeed. The cash from our CPF all vitually goes to the HDB and not much is left for retirement.

Singaporeans, listen to your great leaders and just carry on working until 65, 67, 70, 75, 80, 85, 90? This is for the good of the Governement, because then you do not have to go to them for help.

Anonymous said...

Anonymous said...

PM Lee seems to be in a hurry to do things always. Pressing buttons, making demands and leaving people with no choice.

There are many ways to make provision for life after 85 and the annuity isn't the only one.

Those who would rather leave their hard earned money for their loved ones should be given a choice to either:

1) Have smaller monthly payouts that would stretch from 65 to 100 years old.

2) Save a bigger minimum sum so that without any change in monthly payout, can last till 100 years old.

If these choices are presented, he would not be so resented.

Anonymous said...

Hi Lucky

Whatever they take out of your min sum for annuities would be less than a pin prick for you. Why the fuss?

Besides the the poor and lower middle class voted overwhelmingly for the likes of Hen and Cow. They deserve these and more.


Anonymous said...

Hi NoName,

I did not get my chance to vote in all GEs because our MM refuses to retire from politics. Can't blame him because his son is always not ready and refuses to grow up.

Hence constantly need MM and SM to back him up in all major decision e.g. Minister pay hike.

Anonymous said...


I wonder if it is possible for you to set up an email address so that ppl can email some interesting research papers about CPF and HDB to you.

Anonymous said...

I am not even sure the money collected from compulsory annuities will go to the 85 year old and above.

Remember the reason for raising the GST to 7%. To help the poor, so they said.

But where has the money gone to?

Anonymous said...

use to pay for their own pay rise liao.

If the check the increase in cost of increasing civil service salaries it is about the same as the extra revenue raised by the 2% GST hike

Anonymous said...

after readng the history of japan from wiki esp the part on the quick stong economic development after ww2 i hav a feeling that singapore may be experiencing the same of what japanese experienced in the post war era:

1) surging property prices
2) low interest rates environment -> SG$ carry-trade?

--> resulting in bubbles burst and stagnant growth for many years, many people are jobless esp the younger ones who are job hopping around and i read today news that many young japanese are sleeping "refugees" in internet cafes to survive and look for jobs

what do u say

LuckySingaporean said...
This comment has been removed by the author.
LuckySingaporean said...

anon 7:03,

I love reading research papers that reaffirms the great thinking of our beloved govt.

Please send it to me at

LuckySingaporean said...

anon 10:00,

The Japanese couldn't avoid the inevitable decline because can't import people like the PAP govt.

Having said that I read that the Japanese still selling 1.5 times more in export value than the Chinese...the Americans are world's biggest exporters selling twice as much as the chinese. Surprising huh?...

LuckySingaporean said...

anon 11:46,

Yes, the GST is meant to help the poor. It is to help the poor contribute to kitty of the PAP govt so the won't feel left out. The poor who pay no income tax now get a chance to partake in financing this great govt and help reduce the painful sacrifice of the PAP men.

Anonymous said...

luckysingaporean this is e requested url for yr interest

zoom in the 'lost decade' section

i agree that it gd to hav open door policy just like e jap did during their meiji era and advanced quicker than chinese b4 ww2 and again in the post-war era

also it is interesting to know that genghis khan never able to conquer japan despite numerous victorious expeditions across asia

anon 10:00

Anonymous said...

they will get their retribution. they will die horribly

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