TABS for taxi drivers

I saw a request by a customer in West Coast who was willing to pay $5 for a taxi booking. This is available to any taxi driver who logs in to "Find Customer" in TABS. A taxi driver who is nearby can call the customer to confirm the booking, before driving to the pick up point (i.e. avoid "no show").

If the customer is too far away, leave the customer to another taxi driver who is nearer to the customer. Log in again after your next trip and see if there are any waiting customer that is nearby.

The best time for a taxi driver to "Find Customer" is after dropping off the previous customer and before moving off. The taxi driver is NOT interrupted by TABS when he is driving the taxi.

To use the TABS, a taxi driver needs to have an iPhone and download "TABS" from the Apple App Store. This service is free for 3 months. The Android version of TABS (for taxi driver) is available in March.

Customers do not need to download any app to book a taxi. They can use the browser and go to www.tabs.sg/mobile. Customers have the choice of paying $1, $3 or $5 for booking.

Investing in Government Bonds

Investors have to be careful before they put their money in Government bonds. Read why in www.fisca.sg (click on Information). Or click here: http://easyapps.sg/assn/Org/Information.aspx?id=5

Consumption tax

Is it better to have a value added tax (such as the GST in Singapore) or a sales tax? My answer is - none of them. Let us move back to a tax on income.
http://tankinlian.com/admin/file.aspx?id=626

Cost of medical care for an elderly person

What is the cost of medical care for an elderly person in Singapore? Find out from an article posted in FISCA website, www.fisca.sg (click on Information).

Land banking - another problem?

http://business.asiaone.com/Business/News/Story/A1Story20120221-329306.html

Compare Singapore and Canada

Wing Lee is a Singaporean who has migrated to live in Canada. He make this comparison of tax in these two countries. http://www.tremeritus.com/2012/02/22/shocking-singaporeans-pay-much-higher-taxes-than-canadians/

Try $1 booking fee to get a taxi

If you want a taxi and is not willing to pay the booking fee of $2.50 or $3.50, you can try TABS (taxi automated booking service).

You can use the browser of any smart phone (i.e. Apple, Android, Windows, Nokia or Blackberry) and go to the webpage, www.tabs.sg/mobile. Note - you do NOT need to download an app.

You enter  your name, mobile number and pick up point (i.e. postal code or address) and choose a booking fee of $1. You may be able to get a taxi driver to pick you at your pick-up point (i.e. home or office) for $1. Give it a try.

If no taxi pick up you within 10 minutes, you can go to the roadside and try to stop a taxi or your can re-submit your booking with a fee of $3 or $5.  The details from the previous booking are remembered on your browser, so you do not need to re-enter name if they are the same as before.

Invest in ETF - the good and bad

Dear Mr Tan,
I know you are advising your blog readers to invest in ETF as it is safer and their returns are better than savings in banks over the long term.

I received the following message from OCBC Securities regarding probes on ETFs and failed trades.  I have not invested in any ETF yet and am not quite sure how the following mail will affect the investment in STI ETF.  Please advise if you have the time to spare.

REPLY
The STI ETF (from SPDR and Nikko) are pure ETF with no leverage and no deriviatives. They are safe. Other ETFs are to be avoided (unless you are familiar with them).

Please attend the talk on "Investing in shares, REITS and ETF" conducted by FISCA. See www.fisca.sg (click on Events)

Investing in property - the right way

Property investment has produced a spectacular return over the past four decades in Singapore. Will it be a good investment for the next two decades? The answer is “maybe, yes”, but you have to approach it in the right way.

Go to www.fisca.sg and click on Information tab. This article is available for reading by the public.

Secret lives of Singaporeans

http://singaporemind.blogspot.com/2012/02/morality-in-reality-secret-lives-of.html

Silver housing needs

http://singaporedesk.blogspot.com/2012/02/silver-housing-needs.html

E-Filing of ECI (Estimated Chargeable Income)

IRAS required me to file the ECI within 3 months of the close of the financial year. I had first to finalize my financial accounts. I approached a few accounting firms, but they are too busy handling too many accounts and their charges are quite high (for a small company). But I am not complaining, as they do have to spend a lot of time with troublesome requirements and filing procedures.

As my accounts are ready, I logged in to MyTaxPortal in the IRAS website. This is not easy for a newbie, but having file my GST returns for the past year, I became quite familiar with the complicated process.

Finding the ECI form was quite a hassle. There must be over 100 forms in the IRA website and they are hidden under different layers of links.

With some trouble, I found the ECI form and saw the webpage (see below). I was asked some difficult questions, such as "does your company qualify for tax exemption" and "what is your tax rate? I was confused with the two columns for 17% and 10%. These are matters that IRAS can check from their records, but they expect the public to know.

Anyway, I managed to file the ECI form. It is useful for IRAS but an added burden to a small business (and this is one of many burdens).

10 mins to complete a form?

I have to submit a return for an association to IRAS. The form stated that it takes 10 minutes to fill up. That is correct. But what IRAS did not realize is that it can take hours to understand what is really required and to gather the information that they asked for (which apparently includes information that is unnecessary or "just in case it is needed").

I had difficulty in getting the NRIC, date of appointment and contact number of the three office bearers. Why do they need this information?

I also have to breakdown the income of the association according to voting and non-voting members. We organize talks that are attended by members and the public. It is near impossible to carry out the breakdown. I decided to declare them as all from non-voting members, and would be willing to pay more tax - provided that IRAS does not bring me to jail for making a false declaration.

I also have to complete details of the dividend income according to various categories. Fortunately, my association did not have any such income.

There is a tendency for our government agencies to ask for more information than is really needed. They do not realize that it takes time to gather the information and adds to the operating cost.

Develop express and feeder services

In Budget 2012, the Government is setting aside $1.1 billion for the purchase of 550 buses and to meet their running cost for the next 10 years. I wish to suggest that the budget for public transport be used in the following ways:

• Provide express bus services to operate between the major bus interchanges in the town centers, with minimal stops along the way
• Provide feeder services to operate with the towns to provide a fast, low cost and convenient way to bring the residents from their homes to the trains stations or bus interchanges and back home
• Consider the use of the small buses for the feeder services
• Allow the the express and feeder services to be operated by a wider selection of operators and not be restricted to the large listed companies.
• Regulate the fares on these services as a significant share of the cost is funded by the government

This new public transport infrastructure can complement the existing services by bringing commuters to the transport hub and can also act as a backup in the event of major disruption of our train services. By providing a viable alternative, it can also put competitive pressure on the existing operators to moderate their fare increases in the future.

If this new infrastructure makes it difficult for the existing bus operators to run viably, the Government can modify the vehicle and ERP charges for public transport to achieve a level playing field.

Increase bus capacity - what is going on?

The Government is setting aside $1.1 billion in the budget to pay for 550 buses and the cost of operating them for 10 years. A news report suggested that they will be "persuading" the bus operators to increase their bus frequency and service levels.

I do not know why the Government is giving so much money to profit-making bus operators and still have to "persuade" them. It will also be difficult to regulate the fares, to reflect the funding given by the tax payers and achieve the "revenue neutral" approach stated in the news article.

The news article could be wrong but it could also be right. So far, there is no official announcement from the Government on how the money will be used. This type of communication, through leaked news reports had been adopted in the past to test the public reaction.

It is better for the Government to use the $1.1 billion budget to set up a bus network to complement the train and provide express services between the town centers. I will give more details of my suggestion in a separate posting.

Book taxi for $1

TABS (taxi automated booking service) allows you to book taxi for a booking fee of $1. This is more convenient than stopping a taxi on the roadside.
You can book the taxi using the browser of any mobile phone (www.tabs.sg/mobile).
Some taxi drivers may be willing to pick up the customer for $1, if the customer is nearby. It is better than sweeping the road to look for a customer (no booking fee).
Try it.

Differences between a general statement, a judgment and personal attack

Many Singaporeans may not be aware of the differences between the three types of situations described below:

1. Making a general statement
If I say, "Many Singaporeans have a negative mindset. They look at what is wrong, rather than what is right". This is a general statement, and is not targeted at any specific person. It does not imply that all Singaporeans behave in this manner; it recognized that some Singaporeans are different, i.e. have a positive mindset.

2. Making a judgment
One makes a judgement when it is targeted at a specific person or a specific issue. I avoid making judgment, as I do not have the relevant facts and it would be presumptuous to make a judgment without being invited. If I am invited to make a judgment, I would like to talk to the relevant parties and hear them out, before arriving at a judgment. This is called "natural justice".

3. Making a personal attack
This goes beyond making a judgment of a person. It is a direct attack of a person and have a negative connotation on that person's character or reputation. It can be defamatory and have resulted in legal warnings or actions being taken by political leaders.

Because these people cannot tell the difference between the three situations, they may feel offended at a general statement (believing that they are the target of the statement) and will freely make judgment of other people (in inappropriate situations) and even make personal attacks. They take these actions under the safety of anonymity. They do not even realize that these are cowardly and despicable actions.

To avoid these negative behavior, it is best that a person should give his or her views with the actual name, and be held accountable for the views. When they ask our political leaders to be transparent and accountable, they should set the same example to be accountable for their views.

I hope that this general statement is not offensive, and that my readers will accept it in the right spirit of frankness.

Tan Kin Lian

Taxi Booking (TABS 5)

If you use an iPhone, please go to Apple App Store to download TABS 5. The earlier version (TABS 4) has been replaced.  TABS 5 can be used by taxi driver or customer.

Powerpoint presentation here: http://www.authorstream.com/Presentation/kinlian-1339305-tabs/

Taxi booking

I like to ask customers to try the taxi booking service (www.tabs.sg/mobile). If there are some bookings, the taxi drivers may be more encouraged to join the service. You can try a booking fee of $1. You do not have to rely on this service alone, as there are not sufficient taxi drivers at an early stage, so you can try other waiting at the roadside as well.

Let all purchases be GST-deductible to help smaller companies

Printed in TODAY paper on 20 February 2012

I APPRECIATE the Budget payout of up to S$5,000 to small companies to offset higher business costs, especially the simple approach to determine eligibility for this grant.

Could the Finance Minister consider another measure that would help not only small companies but also bigger businesses?

The Goods and Services Tax (GST) Act allows a business with annual turnover of under S$1 million to be exempt from paying GST. This seems to help a small business but is actually a disadvantage.

When a non-GST registered company supplies goods or services to a business, the latter is not allowed to deduct the purchase from its GST liability. The small business is compelled to reduce its price by the GST amount to remain competitive.

It would help small companies if a business customer is allowed to treat all its purchases as eligible for GST deduction, regardless of the supplier's status. This would not significantly dent GST revenue.

This would also benefit the entire business community by eliminating the need to issue tax invoices and keep a separate record of GST credits from eligible suppliers. The saving in accounting work and compliance cost for the economy could be significant.

This suggestion would need to be worked out in greater detail, but I believe that it is worth the effort to take a new look at our GST administration.

Tan Kin Lian

Taxi Booking (TABS) statistics for 19 Feb 2012

TABS5
=====
Total customers logged in yesterday: 57
Total taxis logged in yesterday: 47

Total customers registered yesterday: 47
Total taxis registered yesterday: 26

Vitamin Account (6 yrs equity linked structured deposit)

My friend invested $40,000 in the Vitamin account issued by a local bank in October 2005. He received a payout of 4% at the end of 1 year but there was no payout for the next five years. On maturity, he received back only his principal. The total payout was 4% for 6 years or only 0.7% per year.

According to this structured product, the payout in subsequent years is calculated on the following formula:

Potential payout rate = the average of the annual returns of all 18 shares for each potential payout date where the annual return in relation to each share for each of the potential payout dates is (a) 4%, if that share is one of the 15 best performing shares or (b) individual stock return

I am an actuary, and I do not understand the logic of this type of formula. I can figure out the calculation but NOT THE LOGIC. It seemed that the creator of this product was allowed to write the formula in any way that he wanted - without regard to logic or fairness. This is much worse than gambling in a casino. At least, in the casino, the gambler is able to calculate the odds and the spread.

In this type of structured product, which was approved for sale by the Monetary Authority of Singapore, it is almost impossible to calculate the odds. The empirical evidence in the past years has shown that the financial institutions had made billions of dollars from these types of products, and the investors had got a very poor deal. No wonder, the financial institutions around the world have been cursed by the ordinary people.

If he had invested the money in the Straits Times Index through a ETF, he would have obtained an appreciation of 17% for the period, plus a dividend payout of about 15% for the 6 years, giving a total payout of 32%  (compared to 4% from the Vitaman account). What vitamin!

Taxi Booking (TABS) statistics for 18 Feb 2012

TABS5
=====
Total customers logged in yesterday: 100
Total taxis logged in yesterday: 45

Total customers registered yesterday: 87
Total taxis registered yesterday: 40


www.tabs.sg

FISCA Talks

In the past, I was asked by the public about a talk that they had missed, e.g. on financial planning and investment - when will it be held again. It is difficult for me to answer the question - I need to check and find out the answer.

FISCA has now posted the series of talks to be held this year. I urge those who are interested in financial planning, investments, insurance and similar subjects to register early and indicate your interest in the talk. FISCA needs your early registration for our planning. Do not wait for the last minute as the places may be taken up, or the talk is cancelled due to poor response.

Go to www.fisca.sg now and click on Events. Register early to indicate your interest.

Taxi booking (TABS) - new video

This is the 3rd version of the video. I hope that it is clearer now.
http://www.youtube.com/watch?v=dq505VJxqoI

Develop a positive outlook

A university lecturer invited a politician to give a talk to the class. After the talk, there was a lot of interactive discussion. The following day, the lecturer asked the students how they felt about the speaker. One after another pointed out the parts that they dislike. Nobody pointed out the parts that they liked.

The lecturer was surprised. Why are these students only pointing out the negative points, and not the positive points. The remarks do not reflect the tone of the discussions, which were generally positive and lively.

I told the lecturer that I had a similar observation. Somehow, our education system and environment breed the culture to be negative, to see what is wrong. The students probably thought that they are trying to point out shortcomings to be improved. They should learn to be more positive and less judgemental. If they look at what is right, the climate will be more invigorating.

I also observe this pattern in many comments in my blog. Some people think that they are being helpful by taking a negative approach. They are mistaken.

Be considerate to visitors

This letter was sent to Today paper but not published due to lack of space.

3 February 2012

Editor, Voices

Today Paper

Many office buildings and multi story car parks in HDB estates 

locate the parking spaces for visitors at the higher levels 

and reserve the lower levels for seasons parking.

This does not make sense, as the visitors stay for a short period

and there is a high turnover of the parking space for visitors. Why waste 

fuel in making many visitors drive through many levels of the 

car park, especially of some season parking spaces are left empty?

As visitors are not familiar with the building, they may find scratch their vehicles 

against the narrow ramps while driving up many levels.

This type of arrangement reflects a disregard for the 

convenience of the visitors and the selfish attitude of the 

building planners.

I am aware of one notable exception in the car park in 

Nanyang Junior College which I visited two years ago. the visitors 

car park was located near the entrance. The visitors 

do not need to go round the premises to search for a 

parking space.

Tan Kin Lian

Message for young people

I wish to send this message for the young people of Singapore.

You have grown up in a competitive and stressful environment. You had to study hard and compete with your classmates - at least you try to excel, You spent many hours on tuition, home work and extra curricular activities.  Amid the heavy study load, you probably do not have the time to learn about the social values and interaction. Maybe, the values were taught to you, but you might not have paid attention to them.

So, here is my message to you.

1.  Difference of views
You will find people with different views from you. It does not mean that they are wrong and you are right. Many people with differing views are right from their perspective. Do respect their views.

2. Be positive
When someone comes up with an idea or suggestion - look for what is right, rather than what is wrong. When you look for what is right, you are being positive. There is a tendency for most people to be negative as they are looking for a perfect solution and nobody can agree on what this perfect solution is. By being positive, you accept that the solution is not perfect, but is probably better than the current situation, and that change has to be made in small steps.

3. Be courteous and respectful
You can voice a different view but it should be done in a courteous manner. You can state your views but should not insult, defame or attack other people. You have to be careful when you are posting your views anonymously on the Internet, as there is a tendency for people to behave badly when they feel safe from accountability.

4. Judging another person
There is a difference between judging a specific person or giving a view on an issue. You should avoid passing any judgment on another people. It is all right to express a view on any issue, without being personal.

Although I have addressed this message to young people, it is also relevant to other people who might not be aware of these points. I hope that you find the points to be useful and relevant.

Tan Kin Lian

Deleting comments from my blog and Facebook

I delete comments that are downright rude, insulting or defamatory from my blog and Facebook. The people who wrote these comments do not know how to be courteous or respectful. They think that it is their "freedom of speech" to insult other people, and to do it while remaining anonymous.

In some cases, I warned these people in my reply, but they insist on their "freedom of speech". I ban them from my Facebook, so that they can perform their freedom somewhere else. If they are deleted and feel aggrieved, they should reflect if they have been rude and insulting.

There is one terrible person who continues to write to insult me. His favorite expression is "Fatso 5%". I must have received 100 of his insults by now. I do not read the rest of his vitriolic. I just delete it automatically. It may take him a few minutes to write his venom, but it takes me 2 seconds to delete it. A few times, his remarks indicate that he is from NTUC Income. I can probably guess who he is.

There are many people who disagree with me, but they acted courteously, and I allowed their comments to appear in my blog and Facebook. You can read their comments from time to time, because they were not deleted.  

Video - taxi automated booking system

Watch this revised video on the taxi booking system
http://www.youtube.com/watch?v=cLZTloY8a_M&feature=g-all-u&context=G27d52e9FAAAAAAAAAAA

Distribution of flyers

I am looking for people who are interested to distribute flyers to taxi drivers at the airport and outside taxi companies. Those interested to earn some pocket money can send an email to kinlian@gmail.com.

NS man waiting for taxi

A few days ago, I was walking to the bus stop to take a bus to my office. I saw a NS man waiting on the road-side to stop a taxi, but none was available. As he was outside a camp, he must be getting home after the camp training.

I thought that it would be good for the NS man to learn how to take a bus, or a change of bus, to get home. If he took a bus, there would be less demand for taxis - which could be used by elderly people, people with children, or those with a lot of shopping to bring home.

I do not know if the NS man came from a rich family. If not, he could have avoided paying a lot of money for the taxi fare.

Previously, I avoided taking a bus as it was too confusing. Recently, I learned how to take the bus, using a mobile app. It tells me which bus to take, or even a change of bus - what is the fare and how long is the journey - including the waiting time for the bus.

Perspective of the customers

My friend visited me in Midview City. He said that he could not find its way as the site was big and the signage was inadequate.

I agreed with his observation. I have observed that signage in Singapore is generally inadequate. I have got lost many times, due to the poor signage. Quite often, the signage led me astray.

Why is this the case? I suspect that our education system makes our students see issues from their perspective and fail to teach them on seeing matters from the perspective of other people. I observe this weakness in other areas, such as the design of our websites, forms and processes. This is too much focus on the needs of the "authority" and too little attention on the needs of the customers.

Generally, societies that are more democratic are more responsible and considerate of the needs of the people. We have to move towards that direction.

Provide toilet as public facility

Here is a photo of a public toilet that requires the user to pay an entrance fee of 10 cents. If you do not have any 10 cents coin, bad luck to you. You better find someone willing to give you change. I do not know if the gate accepts $1 coin. If it does, it will certainly not give you any change. If you have no coin, you have to find other ways to ease yourself.

I have always held the view that a public toilet is a necessity and should be made available for public use without any charge. Just like breathing air or walking in the park.

When owners of public buildings started to charge a fee to pay for an elderly person to keep the toilet clean, I did not mind this approach to creating jobs. The next ugly step was to eliminate the job and collect the fee as additional revenue.

When I stayed in a HDB flat 30 years ago, there were regular complaints from residents about peeing in the lifts. HDB had to install cameras in the lifts to discourage this bad habit.

Nobody thought then that the people who pee in the toilets were probably children or salesmen who were  not able to find a public toilet nearby. This problem was solved when public toilets were made available at most void desks, to be maintained by the operator of a convenience store.

The prevailing mindset in Singapore is to find all ways to make money and more money. I hope that the people in charge also consider the need to provide public facilities, such as public toilets, without creating too much hindrance on their use.

A sad outcome

I am saddened by the decision taken by the leaders of the Workers Party to expel Yaw Shin Leong from the party. I do understand the difficult and complex issue that the leaders had to deal with. I am sure that they have taken the decision in the best interest of their party and the future governance of Singapore.

Many people may not recognize the significance of this episode. It is already difficult for the  non-governing  political parties to find people to join their party. These party members will have to put in a lot of hard work, without any reward, and may have to face potential discrimination in the workplace or in the business community.  This is a big sacrifice that few people will want to shoulder.

I hope that the negative outcome of this episode will not discourage other people from stepping forward.

Many Singaporeans look on Yaw Shin Leong negatively, based on the rumors of his affairs and his refusal to answer them. I have already given my views on this matter and will not repeat them. We must not forget the  positive side - Yaw had put in 10 years of hard work in the grassroots of Hougang and had served his party loyally.

It is a sad trait of many Singaporeans to see the negative side and to overlook the positive side of a person. They are also ready to jump on the band wagon to bash someone who have personal or moral weakness, often forgetting that other people are guilty of similar transgressions,.but they are spared because these failings have not yet been highlighted in the media. Yet the same people who bash Yaw really yearn for an alternative to our current system of government.

I hope that there will be sufficient angels or saints to step forward to provide the leadership that is needed to ensure a better future for our country and children. I like to give best wishes to Yaw Shin Leong and his family as they face a new future ahead.

Speak out for people who are down

Here is a more detailed statement from me, posted in The Online Citizen. Please read it and also comments that follow.
http://theonlinecitizen.com/2012/02/speak-up-for-people-who-are-down/comment-page-2/#comment-313334

Singapore among the world's most expensive cities

Hi Mr Tan,

Not sure if you have come across this article. Although it's not much better in some NZ and Australian cities, the rise in Singapore is quite notable.

http://blogs.wsj.com/searealtime/2012/02/14/singapore-among-worlds-most-expensive-cities/ 

KHL

REPLY.
At least, in Australia and NZ, there is a minimum wage and the lower income are paid much more than those in Singapore.

Alex Au withdraws comment about K Shanmugam

Here is a statement posted by Alex Au in his blog:
http://yawningbread.wordpress.com/2012/02/14/comment-about-k-shanmugam-withdrawn/
 
Please read this statement carefully and learn what was the earlier statement that Alex Au had to withdraw, and the context in which it was written.  The earlier statement was considered to be defamatory.
 
Many Singaporeans have been making statements, in other blogs and websites, about me and other people that are insulting and outrageous. They pass judgment on me that are more defamatory in nature and insist that it is within their right to "freedom of speech".
 
I hope that these people will try to exercise their freedom of speech against more powerful people, and see how far they can go.

An inspiration - Susan Boyle

http://www.youtube.com/watch?v=VSrAJsWvEIc&feature=related

How doctors treat themselves

This article explains how doctors treat themselves for serious illness. If we follow the same steps of the doctors, we can avoid spending a lot of money spent on futile treatment.

This article is available for FISCA members only at www.fisca.sg (click on Information).

Taxi booking

View this home page
http://tabs.sg/

Morality and hypocrisy

http://singaporemind.blogspot.com/2012/02/understanding-moralityand-avoiding.html

Don't get personal

13 February 2012 

Editor

Straits Times

Forum Page

I refer to Ms Christine Lim's letter in response to my statement about

the alleged affair of Yaw Sin Leong. It was not necessary for her

to pass her hasty judgement on me as a "former Presidential candidate".

As she has done so, I feel compelled to give this reply.

Yaw Sin Leong has resigned as Treasurer of the Workers Party. Ms Lim 

already said that this tantamounts to an admission of guilt. Most people 

would read it in this way. 

There is no need for Singaporeans to press this issue to the extreme and 

insist on a "transparent" statement. I wish to point out that two families are 

involved and their privacy of the innocent family members have to be 

respected.

The best person to judge Mr. Yaw is his own wife. I am encouraged by 

her support of her husband in this difficult issue. 

The other people affected are the constituents of Hougang. They will 

judge Mr. Yaw at the next general election. 

I know that many Singaporeans yearn for a better alternative to our

current system of governance. I hope that they will be realistic in 

their expectation of future political leaders.

I also agree with the approach taken by the leadership of the Worker's 

Party in handling this difficult issue. I have described it as 

"exemplary". Some people may disagree with this description, and they have 

the right to express their view, but they should refrain from attacking me 

personally.

May I politely point out that they is a past rumor of an extra marital affair 

involving another political leader, more powerful than Mr. Yaw, but the 

rumor did not surface in the mainstream media.

Tan Kin Lian


http://www.straitstimes.com/STForum/OnlineStory/STIStory_766220.html

The Straits Times published my letter in their Online Forum, but remove the last paragraph about "the other rumor".

Tribute to Whitney Houston

Goodbye to this DIVA
http://www.youtube.com/watch?v=3JWTaaS7LdU&ob=av2n

http://www.youtube.com/watch?v=yDhxKVuVYaY

A collection on Youtube
http://www.youtube.com/results?search_query=whitney+houston+i+will+always+love+you&oq=whitne&aq=1&aqi=g10&aql=&gs_sm=1&gs_upl=2615l3391l0l5961l6l5l0l1l1l0l145l477l1.3l4l0

Reply to Christine Lim

I have written a reply to the Straits Times on the points raised by Ms. Christine Lim. I will publish my letter in this blog in a few days time. It will address the issue raised by Ms. Lim and other Singaporeans who share her point of view. I wish to let them know that they can see matters in a broader perspective.

Revert to uniform contribution rate for CPF

Sent to Today paper on 9 February, but not published.


The Prime Minister has announced that the CPF contribution

rate for older workers will be increased gradually.

I urge the Prime Minister to take the bold step and revert 

to a flat rate of CPF contribution for all employees, 

regardless of age.

Employers already have the means of adjusting the 

wages of older workers based on their contribution and work 

productivity. This can be carried out through negotiation on a 

case by case basis, based on the financial situation of the 

employer.

Older workers will accept a wage cut, if 

their employer is not able to afford their high wage. They 

are sensible and will accept lower wages to avoid 

retrenchment or unemployment.

There is no need for the Government to legislate a 

lower rate of CPF contribution for older workers which 

have the negative consequences of disrupting their 

savings for retirement and creating fear of financial 

insecurity.

Tan Kin Lian

High termination charge under Vista plan

I received this e-mail.

Dear Sir,
I saw on your blog that you were looking for unhappy Vista customers. I am one of them. Although it was my responsibility to find out the terms and conditions, it is only now clear to me know how much I am really paying for relatively little result.
I have moved out of Singapore and have to pay extremely high penalties to terminate the contract. If I continue the contract, I face high transaction cost and currency risk.
I dislike the sales incentives that are driving agents to get people to sign up for longer and higher amounts than they can afford. This practice should be examined.

Here is my reply:

A few people had approached me on this matter, but they gave up after a few rounds. They decided to take the loss and did not want to fight the injustice that they suffered, i.e. having to lose a large sum of money due to mis-representation or non-disclosure by the sales agent. I do not know if there was  a case where they were paid off on the undertaking not to disclose the compensation.  If they were, they did not tell me.

Facilities for the Elderly

We need a solution to provide facilities for the elderly. Alex Au writes about some ideas. They are worth reading.
http://yawningbread.wordpress.com/2012/02/12/government-fights-lonely-battle-for-eldercare-centres/

How can we provide facilities for the elderly and meet the concerns of property owners regarding the negative impact on their property values? I will give some of my views later (remember, I like to think out-of-the box) but I encourage other people to share their views first.

Poly student should not buy Life Insurance

I received this e-mail:

Hi , I am a student, from polytechnic. I had bought a pruflexicash policy. And I found out that the sum assured is only $10,500. And I pay $77 monthly. Is it really worthwhile to continue with this policy? I had already bought this policy for 8 months.

I asked the student to tell me how he was sold this policy. It is clearly not suitable for a student. If it was to buy protection, the student could have bought $100,000 of life insurance cover from SAF for $10 a month. If it was for savings, the student should have kept the money in the saving account - at least he does not lose 50% of the saving for the first two or three years.

Clearly, the insurance agent who sold the policy must be taking advantage of the ignorance of the polytechnic student. The agent earns the commission at the expense of the student. It is unethical. Should this be allowed to continue?

Manpower Shortage in the Productive Sectors

This article relates an incident of a person who was assaulted. He found that the Police did not have sufficient manpower and professionalism to carry out the investigation. He had to do the investigation on his own.

During the past years, I have also observed several incidents where the Police was quite sloppy in carrying out the investigation work. I suspect that it was due to shortage of manpower - but other factors could come into play, such as a lowering in the sense of duty. It seemed to be quite common to pass the buck around and point to somebody else to do the dirty work. Sadly, this has become our national culture.

http://theonlinecitizen.com/2012/02/polices-manpower-shortage-how-is-that-my-problem-expat-assault-victims-tell-all/

One possible reason for the shortage of manpower is that most graduates prefer to work in the financial sector, who pays high salaries or to be property agents, insurance agents or financial advisers. Fewer people are willing to do the work as a police, investigator or other traditional occupations.

We need to get a better balance in the deployment of our resources. The finance and property sectors are the non-productive sectors of our economy. They should not be taking away so much manpower, to the detriment of the other sectors

Taxi Automated Booking Service (TABS 5)

This innovative taxi booking service will be launched in early March. The customer book for a taxi using the browser of any smart phone (i.e. iPhone, Android, Windows, Nokia, Blackberry). The customer can choose a booking fee (or tips) or $1, $3 or $5. More details here: http://tankinlian.com/admin/file.aspx?id=625

The customer can also use a mobile app from Apple App Store (search for Taxi Booking, TABS 5 or Tan Kin Lian).

When the taxi driver (using a mobile app) accepts the request, a SMS will be sent to notify the customer of the booking. The customer can call the taxi driver or vice versa. The taxi driver has to use a mobile app (available now on iPhone, later on Android). This service is free for the first three months - subsequently, the fee is $15 a month, payable by the taxi driver.

More details here: http://tankinlian.com/admin/file.aspx?id=623

Conversion of foreign currency

I expect to receive a large sum of Indonesian rupiah on selling my shares. I asked my bank if I should convert the money into Singapore dollars in Jakarta or in Singapore.

They replied, "you can send the money over and we will convert it for you at the best rate. We cannot tell you the rate".

An Indonesian bank quoted to me the buying and selling rate for the two currencies. The spread was 0.2%. I find this spread to be quite fair and decided to convert my money in Jakarta.

The Singapore bank expects me to give them a blank check, so they can charge whatever they like. The last time that I converted Australian dollars to Singapore dollars, they charge a spread of more than 0.6%

The Singapore bank is greedy to make as much profit as they can, at the expense of the customer.

Tan Kin Lian

FISCA talk on Investing - 25 Feb 2012

Dear Members of FISCA

FISCA will be organising three talks on "Invest in shares, bonds, REITs and ETFs" 
in 2012 - on 25 Feb, 28 April and 24 November. 

These talks are important for consumers to learn about how to invest for the 
long term, manage investment risks and get a better yield. 

More details of the talk can be found here:
http://www.easyapps.sg/assn/Org/file.aspx?id=194 

As a special benefit, these talks will be offered free to FISCA members who have
paid their subscription for 2012. If you have not paid the subscription, you can pay 
in cash at the door when you attend the talk.

You can register for the 25 February talk here: 
http://easyapps.sg/assn/Org/EventRegForPublic.aspx?EvID=444&id=5

Please register early.

Tan Kin Lian
President, FISCA

DBS could have compensated High Notes investors

Read my view in the FISCA website:
http://easyapps.sg/assn/Org/Information.aspx?id=5

Drawing the line on public accountability

I agree with the view expressed by this writer:. He has argued his point very well.
http://www.todayonline.com/Voices/EDC120210-0000033/Drawing-the-line-on-public-accountability

Worker's Party and Yaw Shin Leong

This letter was published in the Straits Times on 10 February 2012

I agree with the decision taken by MP Yaw Shin Leong to 

resign as treasurer of the Workers Party and the exemplary 

approach taken by the leadership of the Workers Party 

in handling this difficult issue.

I also agree with the stance taken by Mr. Yaw and the 

leaders of the Workers Party in choosing to remain silent 

over the rumors of extra marital affairs.

We have to respect the right as a citizen, including a public

figure, to remain silent on private matters that do not affect the

performance of their public duty.

There is no need to make further disclosures, as 

there is a need to protect the privacy of Mr. Yaw's family.

The voters of Hougang will judge Mr. Yaw at the next

general election. 

I am heartened to read the words of support from many 

residents to Mr. Yaw, who has worked in the grassroots of 

Hougang for many years, even before becoming

their elected Member of Parliament.

The people of Singapore will have to accept that they will not 

be able to find angels to be their leaders, either in the current 

party in power or in an alternative political party. 

 

I like to express appreciation to Mr. Yaw's wife for her

strong support of her husband in this difficult situation and 

to wish the best for their family.

Tan Kin Lian

Be an entrepreneur - Update

Three young people and two mid-career people have expressed interest and are quite excited about this way to become an entrepreneur. http://tankinlian.com/admin/file.aspx?id=616


I asked them to find a few friends to work with them. If they are not able to, I will get them to form 1 or 2 teams to work on a specific business project each.

UPDATE: I am looking for more people to come forward. Do not miss this opportunity to get the seed funding from ACE and start a new business.

CPF contribution rate for older workers

The Prime Minister has announced that the CPF contribution rate for older workers will be increased gradually. I suggest that the PM take a bold step and revert to a uniform contribution rate to all workers, regardless of age. Older workers who are not productive (due to age) has already suffered a wage cut, based on market forces. There is no need to further penalize them through a lower rate of CPF contribution, which upset their savings for retirement. Do you agree with this statement?

Selfish reasons

It is sad that our education system has produced people who act in a selfish manner, as explained in this article. http://singaporedesk.blogspot.com/2012/02/selfish-reasons.html

This is the outcome of a competitive model. By stressing "excellence", we encourage our young to compete at an early age, and to develop a selfish character. We need to change our education system to reflect the necessary values in life. We have to follow the approach taken in Finland, where they emphasize "equity" more than "excellence" as explained in this article.
http://www.minedu.fi/OPM/Koulutus/koulutuspolitiikka/?lang=en

AFTER NOTE:
I want to be frank and to state the root of the problem. It is more than just the education system.
When I bought my 5 room flat in Marine Parade in 1975 for $36,000, it was affordable not only to me, but to most of my neighbours. We were able to pay for the flat with 25% of our earnings over 15 years. 
Today, many people are paying sky high prices - stretching to 35% of the combined income for 30 years. When people pay so much for the flat, it is understanding that they are fussy and selfish.
The underlying cause is the high price that have to be paid for the HDB flats. I do not wish to condone selfish behavior but I wish to say a few words of understanding.
Let us address the root cause that ails our society.

Rose tinted glasses

Most of the political leaders and top civil servants in Singapore were scholars. They were brought up in a competitive school environment and did well in their studies to earn scholarships. They were placed into top positions and saw the world from their perspective.

I thought of the word "rose tinted glasses" to reflect this situation. I found this article:
http://blogs.reuters.com/bernddebusmann/2011/10/07/occupy-wall-street-and-rose-tinted-glasses/

It seemed that the expression "rose tinted glasses" apply not only to the elites but also to many other people who are still comfortable in their financial situation. They will only realize what the world is like, when they become unemployed.

IPO of Facebook

Facebook is worth over USD 100 billion, according to analysts who are forecasting the results of the IPO.

I do not find the business model of Facebook to be sustainable. I expect that their value will fall sharply over the next few years. I do not see how they can find a revenue stream that can sustain the high cost of their operations.

Many Internet stocks have high valuation as their shareholders, who are the venture capital funds, have the skill and financial power to support the share price after the IPO for a certain period of time. If the business model is not sustainable, they have abandon the shares. This has happened to Groupon. It will also happen to Facebook, in my view.

Groupon shares plunge

Groupon shares plunge after posting disappointing financial results
http://money.cnn.com/2012/02/08/technology/groupon_earnings/index.htm?section=money_topstories&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29

I find that their business model is not sustainable, as they are not offering real value to their merchants based on their current business model. There is the hope that they can find an alternative and better model.

If you were the CEO of Groupon, what will you do?

Work long hours

Workers are afraid to lose their jobs, so they work longer hours. This is a bad system as it leads to a poor quality of life and makes it more difficult for the unemployed to find jobs. Read this report:
http://www.cnbc.com//id/46253669

The solution is better protection of workers. Laws have to be passed and enforced to regulate the number of working hours, so that more jobs can be created for the unemployed and the new entrants to the job market.

Allow submission of manual forms

In running my small business, I have to use the online process of government agencies, such as ACRA, CPF, MOM and IRAS to submit requests and returns.

I find the process to be quite complicated, as I am forced to go through many webpages, and read a lot of information (that do not apply to me). It usually takes a lot of my time.

It would have been easier for me to fill up a manual form, sign it and fax it to the agency. Their data entry staff will probably take only a few minutes to input the form, compared to the hours that the public has to spend to learn how to handle the online process, to do the task and often, to rectify the mistake or call the helpline of the agency.

Have you experienced similar difficulties?

Climate change?

It is freezing cold in Europe. My friend said that the recent disruption in weather, tsunami, floods and earthquake are caused by climate change. Perhaps so, but they are probably also caused by development of the living environment. What are your views?

Class action against Morgan Stanley relating to Pinnacle Notes

Here is an update of the case, as posted in the website of the lawyer acting for the Singapore investors.
http://www.kmllp.com/news.asp?type=cases&id=324

Dr. Toh Chin Chye fought against PAP

Lucky Tan writes about Dr. Toh Chin Chye fight against his own party.
http://singaporemind.blogspot.com/2012/02/dr-toh-chin-chye-he-fought-his-own.html

Today: Reduce cost of doing business

This letter was sent to Today paper on 1 Feb 2012 (but not published yet)

Reduce cost of doing business

Mr. James Ang (Crutch mentality in businesses, 1 Feb) said that our

business federations should not just lobby for subsidies, grants and 

tax incentives, but get their members to innovate, raise productivity and 

explore new markets overseas.

I also recall similar calls by our government leaders on innovation and 

productivity for as long as I can remember. 

I have run a small business for three years and wish to share my experience 

about some of the mindless regulations and processes that increase 

the cost of doing business in Singapore:

1. Our government agencies require businesses to submit requests and 

compliance returns using their online processes. Their websites are extremely 

complicated and each process can take hours to someone who is not familiar. 

Mistakes are made and have to be rectified. A more sensible alternative is to 

allow the public to make their submission using a manual form, which can be 

faxed to the agency, and for a staff to spend a few minutes to handle the data entry.

2. Many forms from government agencies ask for too much information for relatively 

routine matters. These agencies should realize that the time spent by administrative 

staff is not free.

3. Businesses have to compute and show GST for each invoice

and to account for the input and output GST on their quarterly returns to

the tax authority. The compliance adds to the cost of doing business. It 

can be reduced significantly by some simplification to their processes.

4. Many businesses still have to make payment by cheques, due to our archaic 

payment processes. Many countries have moved to electronic payments long ago.

As long as our government agencies are not mindful of the cost and burden that

they impose on the business sector, there will be the perpetual call 

from the business associations for financial assistance.

Tan Kin Lian