Tan Kin Lian's Blog: Retirement age and pensions

Wednesday, July 14, 2010

Retirement age and pensions

Read this article.

My view
An old age pension is suitable for Singapore. The cost is modest and should be borne by the working population. It is some form of insurance scheme and represents the recognition that a country can give to its elderly citizens. Most countries have recognized this philosophy. Singapore has to adapt.

7 comments:

Anonymous said...: How to fund the old age pensions when our Temasek Holdings are staffed with all incompetent tops with the investment strategies of firstly, 'Buy high & Sell low' and next, 'Keep the losers & Sell the winners'?; July 14, 2010 7:15 AM
Anonymous said...: Most countries are raising the retirement age due to pressures on their pension funds.

In some countries, the global financial crisis can even wipe off their pension funds, and the way out is to keep working over retirement.

The irony is that, jobs are disappearing and money no enough!; July 14, 2010 9:18 AM
C H Yak said...: Q Lucky Tan
"As our income gap increases, this 'every man for himself' system will further divide our society and erode social cohesion." .....

"The difference between Singapore and France represents the numerous policy options and alternatives that can be considered as we evolve. But changes to our system will never come if we stick with a dogmatic ideological govt with a single KPI of economic growth and puts zero weight on the ideals of our pledge which contains the words "justice and equality".
UQ Lucky Tan

Our system is to ENSLAVE the people while creating a stream of investment returns for the GLC and their Govt's own pockets especially when GDP is said to :-

Q ST Online
SINGAPORE'S economy is expected to grow 13 to 15 per cent this year, from an earlier forecast of 7 to 9 per cent due to better performance in the first quarter and stronger expected growth in the second quarter, led by surging manufacturing.

The Ministry of Trade and Industry revised upwards the growth figures for the year after the economy expanded by 16.9 per cent in the first quarter from a year ago - higher than the 15.5 per cent rise estimated in May.
UQ

Q ST Online
"HOUSTON (Texas) - SINGAPORE'S economy looks set for a 'record year', said visiting Prime Minister Lee Hsien Loong as he wrapped up a six-day visit to the United States.

Speaking to the Singapore media ahead of the release of advance second quarter GDP estimates by the Ministry of Trade and Industry (MTI), Mr Lee said here on Tuesday night: 'It's very good news."
UQ

Q ST Online
THE Housing Board's latest and largest build-to-order flat exercise has attracted very strong demand.

As of 5pm, some 16,944 applicants have applied for 2,696 flats in Punggol and Sengkang.
UQ.

It is not good news for many ... I don't think I would get a pay jump in similar percentage with these KPIs (even if there is a pay increase)... only GOVT salaries would ... yet innocent people are jumping on the HDB backwagon to be enslaved ????.; July 14, 2010 10:25 AM
Anonymous said...: An enormous income gap between the Ministers and the ordinary Singaporeans has practically destroyed the ruling PAP's famous doctrine of meritocracy system. The government is irresponsible and it has consequently lost the moral obligation - to sink and float with the people. There is a formula to reward the Ministers when the GDP increases but the people can only wait to get peanuts if they are lucky.; July 14, 2010 11:49 AM
Anonymous said...: Linking the Ministers' performance and their rewards with the growth of GDP without benchmarking any improvements of our overall productivities is not a just appraisal system. Because it's too simplistic and the taxpayers are being shortchanged. I suggest we outsource them so that the allocated budgets can be 'betterer' utilised for helping the poor and the needy Singaporeans. The outcome will be a 'betterest' one for sure.; July 14, 2010 1:05 PM
Anonymous said...: Can CPF Life Plan be sufficient for today standard of living?
CPF cannot guarantee what amount we will get.
Today,how is the take up rates for CPF Life?

a retiree; July 14, 2010 4:13 PM
Anonymous said...: If you go to 'mycpf' website, it mentioned over 40,000 have joined CPF LIFE. Me?

I rather leave my CPF in the Retirement Fund and NOT be greedy!; July 14, 2010 7:14 PM