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Saturday, April 09, 2011
Cartoons by Wing Lee Cheong
Here are some political cartoons by Wing Lee Cheong, ex-Singaporean
http://wlc-cartoons.tumblr.com/
http://wlc-cartoons.tumblr.com/
Cheating and enforcement of the law
I read a news report that a person was sent to jail for pretending to be the owner of a travel agency operating a popular website and collecting money for a package tour from the victim. This is the offence of cheating.
Cheating is a crime that is punishable by a jail sentence. It involves misrepresentation (e.g. pretending to be somebody else) and collecting money from a victim. Actually, the crime is more broadly defining as taking any property (and not just money) from the victim.
It is easy to prove misrepresentation when the offender pretends to be somebody else. But there are other forms of misrepresentation, such as misrepresenting the value of a product that is sold (e.g. selling gold bar, wine or land plots at inflated prices) and giving a unjustified projection of their further appreciation in value.
It is the duty of the government, through the police department, to enforce the law in the case of criminal offences. They have to receive the complaints and investigate it to see if an offence has been committed. I do not expect the police to spend too much time for the investigation, especially if the information is sketchy or unreliable. But if the information is sufficient or the complaint is made by several victims, the police should investigate and treat it as a matter of public interest.
There is the excuse that the police does not have sufficient resources and there are too many cases to follow up. The solution is to recruit more police officers and investigators. Even if it is difficult to gather sufficient evidence to prosecute the offenders, the policy should still investigate the complaint, as the investigation would deter the offenders from continuing their activities.
In recent years, there were heating cases that has involved many people. They were not investigated due to lack of resources. The victims were asked to get a lawyer to take a civil case. I hope that the police department and the ministry of home affairs will review their current stand on this type of cases.
Tan Kin Lian
Cheating is a crime that is punishable by a jail sentence. It involves misrepresentation (e.g. pretending to be somebody else) and collecting money from a victim. Actually, the crime is more broadly defining as taking any property (and not just money) from the victim.
It is easy to prove misrepresentation when the offender pretends to be somebody else. But there are other forms of misrepresentation, such as misrepresenting the value of a product that is sold (e.g. selling gold bar, wine or land plots at inflated prices) and giving a unjustified projection of their further appreciation in value.
It is the duty of the government, through the police department, to enforce the law in the case of criminal offences. They have to receive the complaints and investigate it to see if an offence has been committed. I do not expect the police to spend too much time for the investigation, especially if the information is sketchy or unreliable. But if the information is sufficient or the complaint is made by several victims, the police should investigate and treat it as a matter of public interest.
There is the excuse that the police does not have sufficient resources and there are too many cases to follow up. The solution is to recruit more police officers and investigators. Even if it is difficult to gather sufficient evidence to prosecute the offenders, the policy should still investigate the complaint, as the investigation would deter the offenders from continuing their activities.
In recent years, there were heating cases that has involved many people. They were not investigated due to lack of resources. The victims were asked to get a lawyer to take a civil case. I hope that the police department and the ministry of home affairs will review their current stand on this type of cases.
Tan Kin Lian
Booking a flight
I wanted to book a flight to Vancouver for the last week of May. I searched Singapore Airlines and was surprised to find an economy ticket cost over $5,000. I asked my travel agent to source for a budget ticket.
I decided to search Google for air tickets from Singapore to Vancouver (to get a benchmark to compare the price sourced by my travel agent). I found a link to sg.webjet.com.sg. It was easy to navigate. It showed the available airlines and the travelling time. Here are the search results.
Several airlines offered a return economy ticket from $1,600 to $2,000, before the processing fee of 6% payable to Webjet. It also showed the travel time of the flights, which ranged from 20 to 32 hours per trip.
With this information, my preference is for Cathay Airways due to its wide choice (in case of last minute change of schedule), short travelling time (around 20 hours) and acceptable price (around $2,200, inclusive of the fee payable to Webjet). This price is less than half of Singapore Airlines.
I find the presentation by Webjet to be excellent. It is better than Zuji (which I used previously).
Tan Kin Lian
I decided to search Google for air tickets from Singapore to Vancouver (to get a benchmark to compare the price sourced by my travel agent). I found a link to sg.webjet.com.sg. It was easy to navigate. It showed the available airlines and the travelling time. Here are the search results.
Several airlines offered a return economy ticket from $1,600 to $2,000, before the processing fee of 6% payable to Webjet. It also showed the travel time of the flights, which ranged from 20 to 32 hours per trip.
With this information, my preference is for Cathay Airways due to its wide choice (in case of last minute change of schedule), short travelling time (around 20 hours) and acceptable price (around $2,200, inclusive of the fee payable to Webjet). This price is less than half of Singapore Airlines.
I find the presentation by Webjet to be excellent. It is better than Zuji (which I used previously).
Tan Kin Lian
Financial Savvy Test #19
Take a test of your financial knowledge by answering the questions below. You can find the answer from www.tankinlian.com/information.aspx - type in the keyword to search for the relevant FAQ
1. Give me the top tips on financial planning Keyword: Tips
2, What should I be aware of, being making advanced payment for services? Keyword: advanced payments
1. Give me the top tips on financial planning Keyword: Tips
2, What should I be aware of, being making advanced payment for services? Keyword: advanced payments
Friday, April 08, 2011
Malicious spyware - Internet Protection
I am now suffering from a malicious spyware called Internet Protection. It was installed into my laptop without my approval and could not be removed. It keeps popping up at frequent interval, asking to be activated at a hefty fee.
This is clearly a attempt to cheat consumers. I am now taking steps to remove this spyware, but it is quite difficult.
I wonder if there is any law in Singapore that will declare this type of activity to be illegal. Clearly, it is a person who intrudes into any person's domain (i.e laptop) without permission, with the intent to cheat. Furthermore, it is causing a big nuisance by making it difficult to be removed. If this is illegal, there must be a place that such criminal activity should be reported and an attempt by the authority to stop it.
I know that it is difficult to trace the identity of the intruder, but this is a separate matter. I read that in some countries, the authority will try to stop it within their powers. For example, they could mount a counter attack against the source of this illegal activity.
Tan Kin Lian
This is clearly a attempt to cheat consumers. I am now taking steps to remove this spyware, but it is quite difficult.
I wonder if there is any law in Singapore that will declare this type of activity to be illegal. Clearly, it is a person who intrudes into any person's domain (i.e laptop) without permission, with the intent to cheat. Furthermore, it is causing a big nuisance by making it difficult to be removed. If this is illegal, there must be a place that such criminal activity should be reported and an attempt by the authority to stop it.
I know that it is difficult to trace the identity of the intruder, but this is a separate matter. I read that in some countries, the authority will try to stop it within their powers. For example, they could mount a counter attack against the source of this illegal activity.
Tan Kin Lian
Free Look Period for Life Insurance Policy
A life insurance policy sold in Singapore comes with a 14 day free look period. It allows the policyholder to cancel the policy within 14 days and get a full refund of the premium that has been paid.
If this is an ordinary life insurance policy, the premium has to be paid in full. If this is an investment linked policy, the policyholder will have to suffer any loss due to a change in the market value of the units. However, there should be no deduction for agent's commission or other expenses.
If you wish to cancel the policy, you have to notify the insurance company directly. Do not go through the agent, as the agent may not submit this request to the insurance company. If you have bought a life insurance policy recently, and you are not told about the free look period, you should lodge a complaint to the regulator (MAS) that the insurance company is not complying with this requirement.
If you are not getting a refund according to my understanding, as set out above, you can bring the matter to my attention. I will see if there is any change in practice that is different from my undrestanding.
Tan Kin Lian
If this is an ordinary life insurance policy, the premium has to be paid in full. If this is an investment linked policy, the policyholder will have to suffer any loss due to a change in the market value of the units. However, there should be no deduction for agent's commission or other expenses.
If you wish to cancel the policy, you have to notify the insurance company directly. Do not go through the agent, as the agent may not submit this request to the insurance company. If you have bought a life insurance policy recently, and you are not told about the free look period, you should lodge a complaint to the regulator (MAS) that the insurance company is not complying with this requirement.
If you are not getting a refund according to my understanding, as set out above, you can bring the matter to my attention. I will see if there is any change in practice that is different from my undrestanding.
Tan Kin Lian
Financial Savvy Test #18
Take a test of your financial knowledge by answering the questions below. You can find the answer from www.tankinlian.com/information.aspx - type in the keyword to search for the relevant FAQ
1. Should I stay on the Minimum Sum Scheme or convert to CPF Life? Keyword: Minimum Sum
2. What type of medical condition must I declare for life insurance? Keyword: medical condition
1. Should I stay on the Minimum Sum Scheme or convert to CPF Life? Keyword: Minimum Sum
2. What type of medical condition must I declare for life insurance? Keyword: medical condition
Thursday, April 07, 2011
UnionPay
I receive small payments through PayPal, e.g. for purchase of my books. There is a minimum charge for each payment, which amounts to about 5% of the amount collected. I found this charge to be rather high.
My friend told me that a popular mode of payment in China is UnionPay. The fee is quite low. It seemed that the authority promoted this form of payment to reduce cost to the citizens and small businesses. It is a convenient and inexpensive way to make payment for small transactions.
I hope that our MAS or IDA can take the lead to introduce a similar low cost and convenient way to make small payments. The current method of paying by funds transfer through internet banking is too cumbersome.
Tan Kin Lian
My friend told me that a popular mode of payment in China is UnionPay. The fee is quite low. It seemed that the authority promoted this form of payment to reduce cost to the citizens and small businesses. It is a convenient and inexpensive way to make payment for small transactions.
I hope that our MAS or IDA can take the lead to introduce a similar low cost and convenient way to make small payments. The current method of paying by funds transfer through internet banking is too cumbersome.
Tan Kin Lian
Exchange with a customer care manager
Does the customer care manager really care about the views of its customers? Read this story.
Financial Savvy Test #17
Take a test of your financial knowledge by answering the questions below. You can find the answer from www.tankinlian.com/information.aspx - type in the keyword to search for the relevant FAQ
1. How can I get Medishield insurance for my parent who is not insured now? Keyword: not insured
2. Is there any potential danger to join an insurance company as an agent? Keyword: potential danger
1. How can I get Medishield insurance for my parent who is not insured now? Keyword: not insured
2. Is there any potential danger to join an insurance company as an agent? Keyword: potential danger
Better Business Practices
I have written about the poor customer service of DBS Bank, UOB Bank and Singapore Airlines. The poor service is a result of a focus by business corporations to cut cost and increase profits. In doing so, they overlook the need to serve their customers well and treat them fairly.
The representatives of DBS Bank and UOB Bank have since called me to rectify the issues that I have raised. I hope that they will look at the underlying causes, and change some of their existing practices. It should not be fire fighting, but a cultural change in their attitude and approach.
I have come across many cases of bad practices by business corporations and government agencies in Singapore. I shall be writing about these practices. My aim is to get these corporations and agencies to recognize that these practices are bad from the customer's point of view. They should act to make changes to improve their customer service, without increasing their cost of operations.
I know that this will be a long journey to change mindsets and practices that are now cast in stone. But, I shall try.
Tan Kin Lian
The representatives of DBS Bank and UOB Bank have since called me to rectify the issues that I have raised. I hope that they will look at the underlying causes, and change some of their existing practices. It should not be fire fighting, but a cultural change in their attitude and approach.
I have come across many cases of bad practices by business corporations and government agencies in Singapore. I shall be writing about these practices. My aim is to get these corporations and agencies to recognize that these practices are bad from the customer's point of view. They should act to make changes to improve their customer service, without increasing their cost of operations.
I know that this will be a long journey to change mindsets and practices that are now cast in stone. But, I shall try.
Tan Kin Lian
Open letter to SM Goh
Wing Lee Cheong sent this open letter to SM Goh about his remarks on the poor quality of life as a farmer. He also sent his photos to show his quality of life in Canada as a retiree, living in nature and at a low living expense.
Read his letter in SGEP.
Read his letter in SGEP.
Wednesday, April 06, 2011
David Marshall - the joy of public service
David Marshall was a former chief minister of Singapore. In this interview, he spoke about the joy and excitement of public service, not necessary to have a high salary.
PAP
I received this suggestion from a reader of my blog
The way to get your voice in is to follow the PAP -- people's ACTION please!
Everyone of you please try to get 10 people you know to pledge that they will vote for opposition in the next GE. And that each of them must also get 10. No duplication please. Once a person has pledged with someone, he/she is not allowed to pledge again.
People -- ACTION -- please!
Dare To Act
The way to get your voice in is to follow the PAP -- people's ACTION please!
Everyone of you please try to get 10 people you know to pledge that they will vote for opposition in the next GE. And that each of them must also get 10. No duplication please. Once a person has pledged with someone, he/she is not allowed to pledge again.
People -- ACTION -- please!
Dare To Act
$150 to process a refund
I wanted to cancel a ticket booked with Singapore Airlines. I was told that the fee to process the refund is $150. I consider this fee to be grossly excessive. There is no need to impose such a high fee, other than the desire to increase the profit (by holding the customer to ransom).
Expensive credit card
Someone asked me why I decided to give advance notice to cancel the UOB Infinite Visa credit card on its expiry, as the bank is likely to waive the annual fee on request of the customer. The answer is - I don't want to rely on the goodwill of the bank. The contract said that the card will be automatically renewed and the annual fee is $1,500. It did not give the legal right to the customer to get a refund if the customer cancel the card after renewal. If they refuse to waive the fee or give a proportionate refund, there is nothing that the customer can do.
This is an example of an unfair contract term, i.e. levy a heavy annual fee on the customer without getting the prior consent. I am aware that other credit cards have similar conditions, but I am prepared to take the risk if the annual fee is less than $100 (but not for $1,500). Anyway, I do not need an expensive credit card, as I do not make use of the privileges.
A representative of UOB Bank called me this evening to apologise for the mistake in cancelling my card and to inform me that the card has now been reinstated. I had raised this issue during the weekend and did not get any reply from the bank for the past three days. It does not matter to me whether the card is reinstated or not - as I do not intend to use it.
I have nothing personal against UOB Bank which has served me well during the past years. I only wish to give this example for business corporations to change their business practice and act fair to their customers. They should not have unfair contract terms and levy heavy charges to boos their profits.
Tan Kin Lian
This is an example of an unfair contract term, i.e. levy a heavy annual fee on the customer without getting the prior consent. I am aware that other credit cards have similar conditions, but I am prepared to take the risk if the annual fee is less than $100 (but not for $1,500). Anyway, I do not need an expensive credit card, as I do not make use of the privileges.
A representative of UOB Bank called me this evening to apologise for the mistake in cancelling my card and to inform me that the card has now been reinstated. I had raised this issue during the weekend and did not get any reply from the bank for the past three days. It does not matter to me whether the card is reinstated or not - as I do not intend to use it.
I have nothing personal against UOB Bank which has served me well during the past years. I only wish to give this example for business corporations to change their business practice and act fair to their customers. They should not have unfair contract terms and levy heavy charges to boos their profits.
Tan Kin Lian
Logic Box
Here is an interesting logic game available on Windows Phone. It will be transferred to Apple, Android and other mobile platforms later. http://www.youtube.com/watch?v=ZIV-_vPiV-Q&feature=related
Rebuttal to points made at Kent Ridge Ministerial Forum
Views sent by a reader of my blog
A number of points made by PM Lee at the recent Kent Ridge Ministerial Forum can easily be rebutted. Below are rebuttals in no particular order:
PM pointed out that The Economist had recently praised S’pore’s system. However, he conveniently forgotten that the same publication has previously criticized S’pore in numerous articles. Several other reputable magazines and newspapers have also criticised S’pore’s system, but they have been routinely slapped with multi-million-dollar defamation lawsuits filed solely in S’pore where the outcomes are certain (of course!!). Therefore, is the PM practising selective reading here?
In justifying the stratopheric pay for cabinet ministers, the PM said that past US presidents usually earn millions from speaking engagements and book publications. I wish to remind the PM that these monies don’t come from taxpayers. They come from willing buyers/payors in a competitive private setting. By contrast, the monstrous ministerial salaries are totally funded by taxpayers money. Furthermore, the oft repeated claims that our ministers are highly talented and thus, highly sought after in the private sector should mean that they can also easily earn the same millions by writing books and from speaking engagements?? No? What about the highly lucrative board positions at numerous GLCs and statutory boards given to our ministers after they step down? What about their special pension that starts paying them $179,000/year from age 55 till death? What about the huge benefits both pecuniary and in-kind our minister’s family members derive from him being in office? One just needs to check out the positions held by spouses and children of our senior civil servants and ministers.
PM claims that only PAP has an “A Team”, but the people have witnessed that their performances have been far from “A” grade. PAP is becoming like the ill-fated Titantic ship whose captain has become complacent and aloft.
In defending the GRC concept, PM said that some of the current ministers would not be in office had they started off contesting in SMCs. The same argument should apply to opposition party candidates. How do the people know whether these candidates are as “lousy” as PM made them out to be if they are not eve given a chance to hold office? All opposition party candidates face a baptism of fire at election. Nowhere else in the world do we have a political party candidate cruising to officer without having to fight an election!!
The NUS forum wasn’t aired on national TV, so the public won’t know what questions the students raised and whether they disagreed with the PM. It would be very very sad for S”pore as a nation if our varsity students are just a bunch of unthinking yes-men.
TY
A number of points made by PM Lee at the recent Kent Ridge Ministerial Forum can easily be rebutted. Below are rebuttals in no particular order:
PM pointed out that The Economist had recently praised S’pore’s system. However, he conveniently forgotten that the same publication has previously criticized S’pore in numerous articles. Several other reputable magazines and newspapers have also criticised S’pore’s system, but they have been routinely slapped with multi-million-dollar defamation lawsuits filed solely in S’pore where the outcomes are certain (of course!!). Therefore, is the PM practising selective reading here?
In justifying the stratopheric pay for cabinet ministers, the PM said that past US presidents usually earn millions from speaking engagements and book publications. I wish to remind the PM that these monies don’t come from taxpayers. They come from willing buyers/payors in a competitive private setting. By contrast, the monstrous ministerial salaries are totally funded by taxpayers money. Furthermore, the oft repeated claims that our ministers are highly talented and thus, highly sought after in the private sector should mean that they can also easily earn the same millions by writing books and from speaking engagements?? No? What about the highly lucrative board positions at numerous GLCs and statutory boards given to our ministers after they step down? What about their special pension that starts paying them $179,000/year from age 55 till death? What about the huge benefits both pecuniary and in-kind our minister’s family members derive from him being in office? One just needs to check out the positions held by spouses and children of our senior civil servants and ministers.
PM claims that only PAP has an “A Team”, but the people have witnessed that their performances have been far from “A” grade. PAP is becoming like the ill-fated Titantic ship whose captain has become complacent and aloft.
In defending the GRC concept, PM said that some of the current ministers would not be in office had they started off contesting in SMCs. The same argument should apply to opposition party candidates. How do the people know whether these candidates are as “lousy” as PM made them out to be if they are not eve given a chance to hold office? All opposition party candidates face a baptism of fire at election. Nowhere else in the world do we have a political party candidate cruising to officer without having to fight an election!!
The NUS forum wasn’t aired on national TV, so the public won’t know what questions the students raised and whether they disagreed with the PM. It would be very very sad for S”pore as a nation if our varsity students are just a bunch of unthinking yes-men.
TY
Bad experience with UOB Bank
I was given a UOB Bank Infinite Visa card in 2006. There was waiver of the annual fee for the initial years. In November 2009, UOB deducted $1,500 in annual fee on the card, without telling me. I did not notice the deduction in the bill and only found out one month later. I called their hotline. They volunteered to refund the $1,500 to me (before I ask about it). I wanted to cancel the card on the next renewal date, but they volunteered to renew it for another year with fee waiver.
This year, I gave written instruction that they are not to renew my card without my approval of the annual fee. UOB replied that they are not able to accede to my request. It is a condition of the credit card that it will be automatically renewed and the annual fee is $1,500. I gave instruction to cancel the card on its expiry at the end of October.
UOB Bank cancelled the card immediately, without telling me. I only knew about it when my payment of an airline ticket was rejected. This give me a bad impression of the service provided by UOB Bank.
Tan Kin Lian
This year, I gave written instruction that they are not to renew my card without my approval of the annual fee. UOB replied that they are not able to accede to my request. It is a condition of the credit card that it will be automatically renewed and the annual fee is $1,500. I gave instruction to cancel the card on its expiry at the end of October.
UOB Bank cancelled the card immediately, without telling me. I only knew about it when my payment of an airline ticket was rejected. This give me a bad impression of the service provided by UOB Bank.
Tan Kin Lian
Service recovery by DBS Bank
I posted a blog about the poor service provided by DBS Bank leading to the cancellation of my GIRO arrangements. My relationship manager contacted me and helped me to restore the GIRO with the billing organisations. It was quite a bit of work on his part (but would have taken much more work for me, if I have to do it on my own). I appreciate his assistance and want to post this blog about their service recovery.
I made my earlier posting not for my personal convenience, but to send a message to business organisations. Do not just think about profits. Please improve the standard of your customer service. Get your employees to spend some time to see how you can help your customers and make life convenient for them. Even if they overlook to top up their account, alert them early, so that it does not cause too much damage.
I also have a message for government agencies. Do not think only about cutting down the time spent by your staff when your cost saving result in additional work and burden for the citizen. Do not save 10 minutes of your staff time by adding 1 hour of additional time on the public. Think about the hassle that your cumbersome process is causing the citizens. Listen to their feedback.
Do not over-focus on security, beyond what is necessary and practical. Apply common sense and sound judgement. Get the right balance, so that your process is more convenient and less cumbersome.
Tan Kin Lian
I made my earlier posting not for my personal convenience, but to send a message to business organisations. Do not just think about profits. Please improve the standard of your customer service. Get your employees to spend some time to see how you can help your customers and make life convenient for them. Even if they overlook to top up their account, alert them early, so that it does not cause too much damage.
I also have a message for government agencies. Do not think only about cutting down the time spent by your staff when your cost saving result in additional work and burden for the citizen. Do not save 10 minutes of your staff time by adding 1 hour of additional time on the public. Think about the hassle that your cumbersome process is causing the citizens. Listen to their feedback.
Do not over-focus on security, beyond what is necessary and practical. Apply common sense and sound judgement. Get the right balance, so that your process is more convenient and less cumbersome.
Tan Kin Lian
Zeitgeist movie and Tommy Wong’s book
Watch the movie “Zeitgeist: Moving Forward” and read Tommy Wong’s book “Wisdom on How to Live Life” on how to build a “better” society.
Tommy Wong’s books can be ordered here.
Funding the US Government
The US Federal Government runs the risk of being shut down, if Congress does not approve the budget within this week. Although a solution will be found, this episode shows the unsatisfactory situation faced by the US government. The government is not collecting sufficient tax to pay for its operations and to provide welfare and public services to its citizens. Some legislators want the government to cut down its spending, especially on the welfare spending and other entitlements, but this will cause hardship to many poor or elderly people.
In the past, the US Government has funded its budget deficit by increased borrowings, i.e. issue of government bonds. But there is a limit to this type of funding. Already, the US Government is the largest debtor in the world. Many people are now wary about continuing to buy these debts.
There has been continuing debate in the Congress on how to balance the budget. Some legislators wish to see more taxes being collected, especially from the rich. Other legislators prefer to cut the government spending. There has been no solution to this dilemma. This debate has been going on for years.
My view is that the Government needs to collect sufficient tax to meet its obligations. The tax has to be collected from people with higher incomes. The idea of reducing income tax is not sustainable.
Financial Savvy Test #16
Take a test of your financial knowledge by answering the questions below. You can find the answer from www.tankinlian.com/information.aspx - type in the keyword to search for the relevant FAQ
1. Is it good to buy CPF Life? Keyword: CPF Life
2. What is social insurance? Keyword: social insurance
1. Is it good to buy CPF Life? Keyword: CPF Life
2. What is social insurance? Keyword: social insurance
New candidates
Someone sent this view to me:
New candidates from the PAP should either stand alone in SMCs or as groups (only newbies) in GRCs.
New candidates from the PAP should either stand alone in SMCs or as groups (only newbies) in GRCs.
Countries with the most debts
Someone sent me this link and asked for my views:
http://www.businessinsider.com/debt-gdp-world-rankings-2011-04#9-singapore-7
It list the 15 countries with the most debt as a percentage of GDP. Singapore is listed as #7. The worst is #1 - Japan. Debt is only one side of the picture. The other side is the assets. The Singapore Government has assets that cover the debts a few times over.
For example, a large part of the debt of $300 billion (100% of GDP) represents the Government bonds issued to the CPF for the savings of Singaporeans. But these bonds are used to build HDB flats that are sold to the owners at many times of the cost price. The assets of the government includes the amounts owing by the HDB flat owners.We also have to add the assets held by Temasek, GIC and other government agencies.
Tan Kin Lian
http://www.businessinsider.com/debt-gdp-world-rankings-2011-04#9-singapore-7
It list the 15 countries with the most debt as a percentage of GDP. Singapore is listed as #7. The worst is #1 - Japan. Debt is only one side of the picture. The other side is the assets. The Singapore Government has assets that cover the debts a few times over.
For example, a large part of the debt of $300 billion (100% of GDP) represents the Government bonds issued to the CPF for the savings of Singaporeans. But these bonds are used to build HDB flats that are sold to the owners at many times of the cost price. The assets of the government includes the amounts owing by the HDB flat owners.We also have to add the assets held by Temasek, GIC and other government agencies.
Tan Kin Lian
Tuesday, April 05, 2011
Unfair transactions
Consumers have to be careful about unfair terms placed in contracts
http://thestar.com.my/columnists/story.asp?file=/2011/4/5/columnists/articlesoflaw/8389000&sec=articlesoflaw
http://thestar.com.my/columnists/story.asp?file=/2011/4/5/columnists/articlesoflaw/8389000&sec=articlesoflaw
Customer service at call center
I call the call center of an airline in Singapore. I was put on hold for more than 15 minutes. I gave up waiting - as I do not know how long more I have to wait.
When I was in Cambodia, I call the hotline of a mobile operator. The automated message said, "You are now the 6th caller on the queue. As this message gets repeated, the number keeps dropping. I was answered within a few minutes. We have to learn from Cambodia about the use of technology and customer service.
When I was in Cambodia, I call the hotline of a mobile operator. The automated message said, "You are now the 6th caller on the queue. As this message gets repeated, the number keeps dropping. I was answered within a few minutes. We have to learn from Cambodia about the use of technology and customer service.
Extremely high salaries and brain drain
In my article on "extremely high earnings", I described the damage caused to working class families by the extremely high fees charged by medical specialists and lawyers. The level of fees are so high as to be unconscionable, and they do not even assure the clients of success.
There are two ways to controlled these high fees - by imposing control over the fees or by levying a high rate of tax on these incomes. I prefer a high rate of tax, as it is easier to handle rather than levying price controls over all types of professional services.
Some people said that there is a risk of brain drain, i.e. the talented people will go to other countries. This is the argument given by proponents of the low tax and the free market. There is a flaw in this argument - as the high tax is intended to be levied on income derived within the country. How is the brain drain going to occur?
There could be a brain drain in respect of medical specialists treating rich foreigners in Singapore, as the experts can practice in other countries. We have to weigh the economic benefits of treating foreign patients in Singapore with the high fees that are being paid by our locals for these medical services. Looking at the high cost of living and services in Singapore, I prefer that to avoid earning the money from foreigners and to keep the cost of health care at an affordable level.
If we can collect more tax on high incomes, we can do away with GST (goods and services tax) entirely, and not just on essential necessities. Besides being a burden on low income people the GST is a wasteful tax, as it imposes a heavy burden and administrative expenses on businesses to collect the tax, and adds to the overall cost.of doing business.
Tan Kin Lian
There are two ways to controlled these high fees - by imposing control over the fees or by levying a high rate of tax on these incomes. I prefer a high rate of tax, as it is easier to handle rather than levying price controls over all types of professional services.
Some people said that there is a risk of brain drain, i.e. the talented people will go to other countries. This is the argument given by proponents of the low tax and the free market. There is a flaw in this argument - as the high tax is intended to be levied on income derived within the country. How is the brain drain going to occur?
There could be a brain drain in respect of medical specialists treating rich foreigners in Singapore, as the experts can practice in other countries. We have to weigh the economic benefits of treating foreign patients in Singapore with the high fees that are being paid by our locals for these medical services. Looking at the high cost of living and services in Singapore, I prefer that to avoid earning the money from foreigners and to keep the cost of health care at an affordable level.
If we can collect more tax on high incomes, we can do away with GST (goods and services tax) entirely, and not just on essential necessities. Besides being a burden on low income people the GST is a wasteful tax, as it imposes a heavy burden and administrative expenses on businesses to collect the tax, and adds to the overall cost.of doing business.
Tan Kin Lian
Financial Savvy Test #15
Take a test of your financial knowledge by answering the questions below. You can find the answer from www.tankinlian.com/information.aspx - type in the keyword to search for the relevant FAQ
1. How can I watch the videos of Suzy Orman on life insurance? Keyword: Suzy
2. What is the indisputability clause in life insurance? Keyword: indisputability
1. How can I watch the videos of Suzy Orman on life insurance? Keyword: Suzy
2. What is the indisputability clause in life insurance? Keyword: indisputability
Street Wise
I wanted to use the word "street wise" to describe a person who is alert and knows what is happening around him. I searched Google images, and found many images that shows "street wise" to reflect a person who is alert and able to avoid crimes around bad neighborhood. It seems that "street wise" means to know which streets are safe and which are dangerous.
Apply for Visa to Australia
I am visiting Australia and was told that I had to apply for a visa.
I searched online for "Apply Visa to Australia" and found a link to a website. I was surprised that it was so easy to apply online for this visa. This website was easy to use - unlike many websites of large government agencies and corporations.
I decided to search for "Apply Visa to Singapore" and found a link to this website. It was complicated to use - reflecting the convoluted process that is quite common in Singapore. I am reviewing it from the perspective of a foreigner wishing to check if a visa is needed to visit Singapore.
We need to adopt a simple approach and handle the complexity internally, instead of pushing the complexity to the public.
Tan Kin Lian
I searched online for "Apply Visa to Australia" and found a link to a website. I was surprised that it was so easy to apply online for this visa. This website was easy to use - unlike many websites of large government agencies and corporations.
I decided to search for "Apply Visa to Singapore" and found a link to this website. It was complicated to use - reflecting the convoluted process that is quite common in Singapore. I am reviewing it from the perspective of a foreigner wishing to check if a visa is needed to visit Singapore.
We need to adopt a simple approach and handle the complexity internally, instead of pushing the complexity to the public.
Tan Kin Lian
Post office and financial product
The post office is not the right place to sell a complex financial product.
Read here.
Read here.
Monday, April 04, 2011
Financial Planning Test
Do this test on your understanding of Financial Planning. Go to Ask Mr. Tan or click here.
Do you find this test useful? Give your comment here.
Do you find this test useful? Give your comment here.
Register for a job
Hi
I am unfortunate to be retrenched due to a failed business. I am at a loss on where to seek help, apart from applying to be a taxi driver. Can you tell me where I can go to to register and put my name in for some employment opportunities.
REPLY
Try here: www.easyapps.sg/ads
I am unfortunate to be retrenched due to a failed business. I am at a loss on where to seek help, apart from applying to be a taxi driver. Can you tell me where I can go to to register and put my name in for some employment opportunities.
REPLY
Try here: www.easyapps.sg/ads
It is a website created by me. At this stage, there is no much traffic, but it cost you nothing to be listed here. A prospective employer may search for you based on proximity to the workplace.
New iShop - orders received
The new iShop received 5 orders yesterday - which was quite good. Most of the orders are for the financial planning book (which is quite popular) and the life insurance book. This is a 25% discount on these books, i.e. $9 instead of $12.
I am waiting for payment to come in - before the books can be delivered. To order, go to www.tankinlian.com/ishop.
http://easyapps.sg/iShop2/Quantity.aspx?id=4
I am waiting for payment to come in - before the books can be delivered. To order, go to www.tankinlian.com/ishop.
http://easyapps.sg/iShop2/Quantity.aspx?id=4
Extremely high earnings
Financial Savvy Test #14
Take a test of your financial knowledge by answering the questions below. You can find the answer from www.tankinlian.com/information.aspx - type in the keyword to search for the relevant FAQ
1. How can I use Excel to calculate the yield? Keyword: Excel formulas
2. What are some examples of blatant cheating by insurance agents? Keyword: blatant cheating
1. How can I use Excel to calculate the yield? Keyword: Excel formulas
2. What are some examples of blatant cheating by insurance agents? Keyword: blatant cheating
Create agency to help retirees find jobs
Tan Teck Kim wrote to the St Times Forum to ask the government to create an agency to help retirees find jobs. I suggest that retirees should register with Easy Ads and post their resume. The prospective employer is likely to search for an available candidate who lives near the workplace (to reduce the time and cost of travel).This feature is available in Easy Ads. There is a special category called "Looking for Jobs".
http://easyapps.sg/ads/
http://easyapps.sg/ads/
Why I can't be a good MP
Note: My friend (called DareToSay) sent this e-mail to me, explaining why he can't be a good MP and expressing doubt about new candidates who are confident that they can be a good MP and to hold a full time job at the same time.
Why I can't be a good MP:
1. My social circle is too homogenous - middle high income only
2. While I grew up in humble home (both dad and mom had little education and were blue collar laborers), I cannot remember the last time I have problem putting food on table
3. I have to admit I do not have what some living (and dead) Saints have, which is the ability to emphathise without themselves experience something
4. My focus is on my wife and kids (emotion part) and making sure we have enough to see kids thru University (the financial part). Being not good at multi-tasking (or I call it anyhow do everything), I don't think I can manage the important job as an MP and still do my day job properly.
To conclude, I do not think I know enough how our poorer people is suffering to be useful to assist them and that I do not think I have enough capacity to do a good job as an MP and at the same time take care of my family's emotional and financial needs. I wonder how our MPs do it. I wonder further why the new candidates are so confident they can do it.
DareToSay
Why I can't be a good MP:
1. My social circle is too homogenous - middle high income only
2. While I grew up in humble home (both dad and mom had little education and were blue collar laborers), I cannot remember the last time I have problem putting food on table
3. I have to admit I do not have what some living (and dead) Saints have, which is the ability to emphathise without themselves experience something
4. My focus is on my wife and kids (emotion part) and making sure we have enough to see kids thru University (the financial part). Being not good at multi-tasking (or I call it anyhow do everything), I don't think I can manage the important job as an MP and still do my day job properly.
To conclude, I do not think I know enough how our poorer people is suffering to be useful to assist them and that I do not think I have enough capacity to do a good job as an MP and at the same time take care of my family's emotional and financial needs. I wonder how our MPs do it. I wonder further why the new candidates are so confident they can do it.
DareToSay
Limit of $800 on Shield insurance
Hi Mr Tan
Recently my father (who is now 78 year old) received a letter from income to pay a sum of $400 plus in cash due to medisave can deduct up to maximum of $800 only. That meant the premium of this policy is $1200 plus per year for Medishield Plan B.
Usually I will help to pay for my father, but from the past years only need to pay $200 plus but this time might be due to age group different need to pay higher( $400 plus ).
Why does Medisave set a limit of $800, as senior citizens sure have problem paying in cash. How Do you think about this kind of policy?
REPLY
Your father can move to Medishield and pay a lower premium (compared to private Shield) up to age 80.
Beyond age 80, there is no point in going for expensive health care, as it is not likely to do much for an elderly patient - as it can be very costly, whether as insurance or paid out of Medisave.
Elderly patients (and their family members) should decide on what can or cannot be done, rather than spend the money unnecessarily in medical fees. Insurance may encourage people to spend unnecessarily. There is no point in treating certain illness at an advanced age.
Recently my father (who is now 78 year old) received a letter from income to pay a sum of $400 plus in cash due to medisave can deduct up to maximum of $800 only. That meant the premium of this policy is $1200 plus per year for Medishield Plan B.
Usually I will help to pay for my father, but from the past years only need to pay $200 plus but this time might be due to age group different need to pay higher( $400 plus ).
Why does Medisave set a limit of $800, as senior citizens sure have problem paying in cash. How Do you think about this kind of policy?
REPLY
Your father can move to Medishield and pay a lower premium (compared to private Shield) up to age 80.
Beyond age 80, there is no point in going for expensive health care, as it is not likely to do much for an elderly patient - as it can be very costly, whether as insurance or paid out of Medisave.
Elderly patients (and their family members) should decide on what can or cannot be done, rather than spend the money unnecessarily in medical fees. Insurance may encourage people to spend unnecessarily. There is no point in treating certain illness at an advanced age.
Sunday, April 03, 2011
Loss of identity for Sg
Dear Mr Tan,
A friend from Sg just visited my wife in HK and below is a brief summary of her experience in Sg for the past few years:
1. Felt like a minority in a university where she is teaching. Majority of her students are foreigners.
2. A junior colleage are recruiting up to 33% students outside of Sg, mainly from vietnam in an aim to boost the college results.
It saddens me that schools funded by public are no longer meant for citizens but to create opportunities for others. I have nothing against foreigner (I myself came from HK) but my existence do not create an opportunity cost for the citizens of HK, however Sgreans who could have gotten a proper education in Sg may now be deprived of a place.
Sg is a country with such a short history and i have concerns that true blue Sgreans may soon be history. I felt like I have served my NS in vain and I know of others who feel the same and unfortunately they do not have options elsewhere.
A friend from Sg just visited my wife in HK and below is a brief summary of her experience in Sg for the past few years:
1. Felt like a minority in a university where she is teaching. Majority of her students are foreigners.
2. A junior colleage are recruiting up to 33% students outside of Sg, mainly from vietnam in an aim to boost the college results.
It saddens me that schools funded by public are no longer meant for citizens but to create opportunities for others. I have nothing against foreigner (I myself came from HK) but my existence do not create an opportunity cost for the citizens of HK, however Sgreans who could have gotten a proper education in Sg may now be deprived of a place.
Sg is a country with such a short history and i have concerns that true blue Sgreans may soon be history. I felt like I have served my NS in vain and I know of others who feel the same and unfortunately they do not have options elsewhere.
Worker's Party
hi mr tan please join workers party in the coming general election 2011. This will be the last chance for all native singaporeans to vote before we all singaporeans become minority. Presently only 57% of our population are true singaporeans by then in the next generation 2016 the margin would be below 50%. For the sake of the development of singapore opposition politics progress please consider to join opposition. i hope you will consider. thankyou so much
You true supporter
MY REPLY
You can vote for the opposition, even if I do not stand for election. But it is quite sad that many people now consider the PAP to be bad for local Singaporeans.
You true supporter
MY REPLY
You can vote for the opposition, even if I do not stand for election. But it is quite sad that many people now consider the PAP to be bad for local Singaporeans.
HDB Flat - Price and quality
Here are three views about the price of HDB flats. Which view do you support? Give your views in this survey.
Poor service from DBS Bank
I have been a customer of DBS Bank for 30 over years. They even classified me as a Treasures customer and assigned a Relationship Manager to look after me. The RM seemed to be more interested to sell their financial products to me, such as the famous High Notes - which I avoided. After that, I never heard from the RM - who do not reply to my e-mail.
I have all along arranged for my GIRO transactions to be deducted through my POSB account. When the money runs down, I top up the account from my main account. Recently, due to an oversight, I forgot to top up my POSB account - and the money run out. Nobody from DBS called me - not the RM nor anybody else. They also did not send an e-mail to me.
When I realised the problem, several of my GIRO transactions had been rejected. Even IRAS cancelled my GIRO and asked me to pay property tax in advance, threatening to levy a fine for late payment of tax.
But I do receive phone calls from all types of people wanting to market their products to me. This is the practice in Singapore - businesses are interested only to market their products, but failed to provide customer service.
When will Singapore leaders wake up to this sad state of affairs - a country where most people are greedy to chase profits, higher salaries and commission!. They forget their responsibility to their customers or to the citizens! Sigh!
I have all along arranged for my GIRO transactions to be deducted through my POSB account. When the money runs down, I top up the account from my main account. Recently, due to an oversight, I forgot to top up my POSB account - and the money run out. Nobody from DBS called me - not the RM nor anybody else. They also did not send an e-mail to me.
When I realised the problem, several of my GIRO transactions had been rejected. Even IRAS cancelled my GIRO and asked me to pay property tax in advance, threatening to levy a fine for late payment of tax.
But I do receive phone calls from all types of people wanting to market their products to me. This is the practice in Singapore - businesses are interested only to market their products, but failed to provide customer service.
When will Singapore leaders wake up to this sad state of affairs - a country where most people are greedy to chase profits, higher salaries and commission!. They forget their responsibility to their customers or to the citizens! Sigh!
New ishop is easier to order books
Hi Mr.Tan
I visited you new ishop and find it easy to use, much better than the old ishop (which was quite confusing and buggy - pardon my saying so). I like the attractive discount that you are giving on your books, including the new books that are now selling at the book stores.
However, I like to make an observation. The handling charge has now been increased to $3 (compared to $1 in the past - if I remember correctly). So, the discount of $3 on your new book is offset by the high handling charge).
REPLY
You pay one handling charge for each order, regardless of the number of books that you buy. So, you will enjoy a bigger discount when you buy a few books in one order. You should consider buying books on behalf of your friends - to enjoy the discount.
The handling charge is inclusive of postage. If you have bought books from Amazon or other online book stores in America, you will find the handling charge to be $20 or more - so the handling charge of $3 is still quite small. Even if you drive to the bookstores, the parking fee will be more than $3.
It is better to buy online. It is more convenient and cheaper.
www.tankinlian.com/ishop
http://easyapps.sg/ishop2/Quantity.aspx?id=4
I visited you new ishop and find it easy to use, much better than the old ishop (which was quite confusing and buggy - pardon my saying so). I like the attractive discount that you are giving on your books, including the new books that are now selling at the book stores.
However, I like to make an observation. The handling charge has now been increased to $3 (compared to $1 in the past - if I remember correctly). So, the discount of $3 on your new book is offset by the high handling charge).
REPLY
You pay one handling charge for each order, regardless of the number of books that you buy. So, you will enjoy a bigger discount when you buy a few books in one order. You should consider buying books on behalf of your friends - to enjoy the discount.
The handling charge is inclusive of postage. If you have bought books from Amazon or other online book stores in America, you will find the handling charge to be $20 or more - so the handling charge of $3 is still quite small. Even if you drive to the bookstores, the parking fee will be more than $3.
It is better to buy online. It is more convenient and cheaper.
www.tankinlian.com/ishop
http://easyapps.sg/ishop2/Quantity.aspx?id=4
How old is grandpa?
The world has changed a lot during a short time. You may be surprised to find out how much has changed!
Read TKL website or click here.
Quote
Our lives were governed by the Ten Commandments, good judgment, and common sense.
We were taught to know the difference between right and wrong and to stand up and take responsibility for our actions.
Serving your country was a privilege; living in this country was a bigger privilege.
Having a meaningful relationship meant getting along with your cousins.
Time-sharing meant time the family spent together in the evenings and weekends-not purchasing condominiums.
Unquote
Read TKL website or click here.
Quote
Our lives were governed by the Ten Commandments, good judgment, and common sense.
We were taught to know the difference between right and wrong and to stand up and take responsibility for our actions.
Serving your country was a privilege; living in this country was a bigger privilege.
Having a meaningful relationship meant getting along with your cousins.
Time-sharing meant time the family spent together in the evenings and weekends-not purchasing condominiums.
Unquote
Financial Savvy Test #13
Take a test of your financial knowledge by answering the questions below. You can find the answer from www.tankinlian.com/information.aspx - type in the keyword to search for the relevant FAQ
1. How can I learn about insurance without going through an agent? Keyword: educated about insurance
2. How can a young person approach financial planning? Keyword: for the young
1. How can I learn about insurance without going through an agent? Keyword: educated about insurance
2. How can a young person approach financial planning? Keyword: for the young
Financial planning and life insurance books
These book are now available at an attractive discount through iShop. Click here:
http://easyapps.sg/ishop2/Quantity.aspx?id=4
http://easyapps.sg/ishop2/Quantity.aspx?id=4
Tongue in cheek posting
Dear Mr. Tan
Singaporeans have a poor sense of humor. SM Goh Chok Tong posted a frivolous comment about Tin Pei Ling in his Marine Parade post book.
But, many people thought that he was serious. I can excuse the ordinary Singaporeans from lacking sense of humor and attribute it to our serious but flawed education system. But, for the journalists of the SPH to fall into this trap and ask for his comments - this reflects the poor quality of our journalists! Why can't SPH recruit journalists who are more streetwise, rather than be so naive? Ha ha!
Singaporeans have a poor sense of humor. SM Goh Chok Tong posted a frivolous comment about Tin Pei Ling in his Marine Parade post book.
But, many people thought that he was serious. I can excuse the ordinary Singaporeans from lacking sense of humor and attribute it to our serious but flawed education system. But, for the journalists of the SPH to fall into this trap and ask for his comments - this reflects the poor quality of our journalists! Why can't SPH recruit journalists who are more streetwise, rather than be so naive? Ha ha!
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