Many people work all the time. They are afraid to take an extended break or holiday, if they face the risk of losing their job to another person.
They work for a lifetime and look forward to enjoy life after retirement. But, when they get old, they are not able to move around easily or to enjoy the retirement.
I like to propose a better system. Each person should be allowed to take one or two months off every every three years of work. This should be made a feature of the employment contract.
To fund for this holiday, they have to pay an additional 3 to 6% of their wages into a fund, which is used to pay their replacement income when they take the vacation.
This arrangement should apply to all workers, so that there is no competition for people to continue working hard to show that they are productive.
When the worker takes the extended vacation, temporary workers can take over their work. Alternatively, the employer can have a pool of these workers to replace the permanent workers on vacation. These relief work can be a good training ground for the future workers.
The extended vacation can be for holidays, for continuing education, or for taking up a hobby. When the time comes for full retirement, it is easy for the retiree to find some other ways to occupy their time or to engage in suitable hobbies.
Tan Kin Lian
"The extended vacation can be for holidays, for continuing education, or for taking up a hobby. When the time comes for full retirement, it is easy for the retiree to find some other ways to occupy their time or to engage in suitable hobbies."
ReplyDeleteI am not sure whether such a break will change one's life or prepare one for retirement, but a balance life consistently lived will more likely to help in the transition.
Problem is: Balance can be derailed by one's career or job.
Sacrificing additional 3 to 6% of their wages will not work because not many will do that in the first place. It does not sound practical to me seriously.
ReplyDeleteThe number of annual leaves should be sufficient for them.
hongjun
and to say, probably generate some income from their hobby when they retire. Like photography, cooking..
ReplyDeleteMost people are trapped in the current mindset. They evaluate any proposal for change based on the current conditions. So, they will not be able to break out of the current mold.
ReplyDeleteWe need to think of a world that is different from today. Do not worry about how to achieve it. It is a separate issue.
More importantly, do you think that a new world, base on new principles, is better than the current world?
Mr Tan,
ReplyDeleteYou have been very passionate and energetic with new ideas and suggestions on social justice, well being and work related etc issues. But how to put them into practice and/or achieve them?
Very curious as to what are your plans (besides FISCA) to implement and achieve it.
The western societies have summer vacation of 4 to 6 weeks. This is part of their work pattern. My proposal requires a similar proportion of the time to be spent on vacations. So, it is not so unusual.
ReplyDeleteMr Tan, as long as your suggestions are pro workers and families, we are behind you.
ReplyDeleteAnon 10:03
sporean are practical & realistics. We know we are a small country. We know we hv constraints.
ReplyDeleteWe just want to hv a job, which we can survive on. We just want a simple HDB, a roof over our head. We are happy as long as we hv food to eat, water to drink, and free air to breath.
But now the life is so stressful. With so many FTs, life is so difficult.
And the rich ones (such as FIs) hv no mercy. So many minibomb victims have been begging for mercy for one year now, and many still get nothing back.
It's difficult for most to appreciate this proposal. Only those who have successfully seen through the career (or almost) and achieved goals that they have set can talk loud it works. No doubt to me, this is a very good suggestion not many have the ability to accept.
ReplyDeleteIf you want to retire, please for own sake, NEVER see an insurance agent to help you with the accumulation of fund. It will like putting a thief in charge of your bank account.
ReplyDeleteWhy?
I am sure many have them. For example, what did you buy from ntuc agents for saving? capital plus? growth? revosave? harvest? vivolife?
How do these products help you in accumulating your retirement fund?
The recent capital plus is a sure loss when adjusted for inflation.So is revosave and vivolife after 30 years. Growth and harvest may just help to preserve your fund.Growth is meant for those who have already accumulated their fund and to preserve it until needed on retirement.
So, is your wealth growing? No!! at best these products are preserving what you have.If you are poor they preserve your poverty. And others they steal from you and make you poorer.
So you see, how can Singaporeans hope to retire enough with fund when they rely on insurance agents who conned them to invest in products that earn them high commission and products that 'cover' their arse, for 'safety' and at the expense of the policyholders' future.
Get rid of these agents and engage some real professional planners with proper qualifications to help you. These professionals know nothing can accumulate your wealth except investing in EQUITIES and they know how to manage the risk for you to get 8-10% return.
With insurance agents they protect themselves with products with high commission and conned their customers into beleiving that the products can accumulate for retirement.They are not qualified.
If you have these products I have mentioned it it time to review with a professional planner. Don't wait and wake up one morning in your 60+ that you have only funds to last for few years or an annuity that provides you subsistent living only. It is never to late to start reviewing.
The Watchman
Perhaps one needs to reach a certain stage of life, then we will be able to see life from another angle.
ReplyDeletestarlight
Watchman,
ReplyDeleteI agree with you absolutely that these kind of products don't help Singaporeans to accumulate their funds for retirement.They don't work hard enough. For some they even lose for you.The recent spate of products giving guaranteed return in the market are a load of useless products that do nothing except to enrich the agents and the companies.EG. The 5 year endowment by HSBC requires you to lock in for 5 years before they give 2.75% which is a loss if adjusted for inflation.
So much money is poured into this kind of products how can Singaporeans ever retire if that is the goal.
Watchman, I never trust insurance agents by whatever names or titles.They can call themselves executive consultants I am sorry for them because one of these days they will have to defend themselves in court for fraud, mis-selling or unethical practice.
Hello REX comments as follows,
ReplyDeleteIn western societies the people do get some months of summer vacations. IT is sensible for them, they live in big nice countries, they have spring summer autumn winter, beautiful numerous places at their own doorsteps. Even if they are not too rich, it doesnt cost too much for them to take a domestic flight or even by road-hiking, to get away from it all, and to partake of very nice experiences in an economical way.
"God" whoever he/she is seem to have blessed them. And cursed us - destined to rot here in a hot, humid red dot with no land and having to tolerate daily the nonsense created by hifaluting leadership regime.
To be fair, it is not just a singaporean issue, all the asians don't have the mentality of enjoying life, all the asians work too hard for what, nobody knows.
Our leadership sets a bad example, they want millions of dollars in their salaries. For what? They are rich, but in their soul many of them are bankrupt. I suspect that many of them, they do not value art, history, culture. The late President ong teng cheong was an exception, he was a person of character, really loved the arts, is an avid pianist and he understands life in terms more than money!!!
So the first step in achieving the goal of a new society, is really to stop the worship of money, starting from the top leadership.
REX
The next time you meet a PRC worker who busy with HDB upgrading project, please consult him.
ReplyDeleteHe may give u some idea of new society.