Insurance premium is a heavy commitment

Sally visited my office to seek my office on the life insurance policies that she and her husband had bought. They are paying too much premium and wish to reduce their budget.

Sally is 35 and her husband is 40 years.

TKL - Do you have any children?

Sally - No.

TKL - Is it your choice or you had difficulty getting a baby?

Sally - Baby hard to come by.

TKL - Is it due to stress and over work?

Sally - Quite likely. I have many friends in the same situation.

We went through the life insurance policies from two companies. We found that three policies were bought for investments, but gave a negative return. Sally will probably give up these policies.

She and her husband had adequate term insurance. They provide adequate cover, even after the life policies are cancelled.

They also bought two critical illness policies. Are they necessary? The premium is more than $100 a month. It does not provide any return.

I do not have any statistics on the claim to premium ratio. This would be a good way to understand if the policy is good for consumers.

My own preference is to avoid this type of cover. But I am not able to give a convincing reason - other than to say that the insurance company makes a big profit from selling this type of policy.

Sally decided to reduce the sum assured by 50%. This will reduce the premium by 50%. It seemed to be a good approach.

As Sally is having a difficult time with her budget, I did not ask her to make a donation to FISCA for my time.

Tan Kin Lian

Keep SingPass option for business users of e-govt services

Straits Times Forum.

I am a director of a company as well as an office bearer of an association.

Up until recently, I have used SingPass to log into government websites for personal matters as well as matters involving my company and association.

But now, with CorpPass replacing SingPass for businesses, I have to register separate CorpPass accounts for my company and association. Each account must have a unique ID, user ID and password.

It is not easy to remember the different details associated with the two CorpPass accounts. If I become involved in more companies or associations, it will become even more difficult.

I suggest that government websites allow users to choose either SingPass or CorpPass, instead of removing the SingPass option.

Tan Kin Lian

Terminal 5 and Downtown Line - signs of poor leadership?

I was depressed by two news items this morning. It reminded me of how bad the situation is and how much Singapore has regressed under the leadership of Lee HL.

The first new item is the "relief package" that is being put together to help airlines using Changi Airport. It followed the recent announcements that passengers will soon have to pay higher charges to fund the building of Terminal 5.

The reaction from the airlines and from IATA (Internatial Air Transport Association) must have been severe to cause this kind of panic reaction.

This raised many unanswered questions:

a) a) Why do we need to build Terminal 5 which is bigger than T1, T2 and T3 combined? Is it intended to replace these terminals?
b) Should we have build a smaller terminal to complement the existing terminals?
c) How much does Terminal 5 cost?
d) Can it be funded from the reserves - can we ask the Elected President to approve it?

It is certainly a bad idea to fund it by increasing the charges on passengers. Many of them will avoid Singapore - this is my judgement. Why are we taking this risk, when we already faced many issues about competitiveness internationally?

The second news item is about the ridership on the Downtown Line belong lower than expected. When we build the new MRT lines, the budget was horrendous.

The cost of the Downtown Line was reported to be $20.7 billion in 2012. I have not seen any updated figure. I expect that it would be higher. I remembered the Thomson Line cost $18 billion. That is probably more than Terminal 5 (estimated to cost more than $10 billion).

If there is lower ridership on the Downtown Line, we can expect the situation to be worse when the Thomson Line is ready. What about the other new lines that are being planned? Will they cost a lot of money and are they really necessary?

I have been very concerned about the way that large infrastructure projects are being approved, apparently without proper analysis of the need and the cost benefit analysis. Surely, the financial studies should be publicised to the public at large? They come from our taxes, right?

I have a nagging fear. Large infrastructure projects and purchases of military hardware are the source of massive corruption and bribery in many countries. Do we have a robust system to prevent this kind of corruption and bribery in Singapore? I wonder.

Some people will say that the large infrastructure projects are being planned for 6.7 million population or maybe the 10 million population. That would make Singapore too crowded, right?

Tan Kin Lian

What is the best way for the government to deal with "fake news

I asked this question in The Wisdom of the Crowd - What is the best way for the government to deal with "fake news"

73% of those who voted said that the government should present the facts and let the people judge for themselves.

8% said ignore the fact news as people will not believe them.

This makes a total of 81%.

19% supported the move to pass a law to make it an offense to spread fake news.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=527

Do you agree with PM Lee's praise of Low TK's speech on the role of Singapore?

I asked this question in The Wisdom of the Crowd - Do you agree with PM Lee's praise of Low TK's speech on the role of Singapore?

59% of those who voted said that PM Lee is a hypocrite. His MP followed his behavior.
21% said that PM Lee should ask him MP to avoid personal attack on the Worker Party MPs.
A total of 80% looked at his action unfavorably.
The remaining 20% gave favourable comments about PM Lee.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=526

A messy and inefficient health insurance system

Hi Mr Tan,
Your post on the over consumption of medical services is very good and to the point. Unfortunately, as we know by now, the government will not retract its stand even when it is clearly wrong.

For the shield plans issue, I have a few comments :

1) This point I have raised many times but MOH seems to be brushed under the carpet. I believe that majority of the policyholders are working adults. As company medical insurance is compulsory and shield plans are on last payout status, why has the insurer not put on action on getting policyholders to claim from their company insurance? I believe it is a paradox problem as most of the shield plan insurers are also corporate insurance providers. If the policyholders claim from the corporate insurance, they will have to increase the premiums for the companies. Hence, it maybe easier to not do too much and when claims raises they can show MOH the stats and increase the premiums accordingly. As it is mandated for shield plans to be last payor, all policyholders should do their part to claim from their corporate insurance.

2) MOH point on over servicing. Singapore has always pride itself to be comparable to the best in medical treatments in the world. Is MOH saying that the services is too much? Should we convert the a class to c class facilities at all restructured hospitals?

3) Over charging by doctors and medical establishments. By stating this point MOH should have already identified which doctors and medical establishments are over charging. Has MOH taken any action against them. Highly unlikely. By penalizing the patients for the over charging by doctors is similar to punishing by the victim of a bully so that he will be more careful in the future. Will the bully still continue to bully in the future? Yes because he is never punished and will think that what he is doing is right. Hence, will doctors stop over charging because of this change. I don't think so.

4) Overconsumption of medical services. Besides the points raised. One important point is that if there is no medical condition and if the tests and surgeries are done purely as preventive measures. The claims assessors should have rejected the claims according to the policy contracts and this will not have been a point to be raised. If the insurers are incapable of processing the claims according to the policy contract terms and conditions, why penalise all the other policyholders? Processing of claims is not just about speed but the accuracy of the claim. I used to train my claims assessors based on the value of FAIR.

F - Fast processing of all claims
A -Accurate processing of all claims with minimum errors
I - Integrity and unbiased processing of all claims
R - Reliability. All claims assessor must be knowledgeable and able to respond to any queries that clients may have.

REPLY

Dear X
Thank you for your comments. I see that you are a health insurance practitioner.

Let me answer your questions briefly.

1) I do not know whether the medishield insurers do or do not exercise their right to be the payer of last resort, i.e. insist that the patient claim first under the company's plan. Some working adults are covered under their company's plans but they are many who are not covered under their company's plan, or their coverage under the company's plan is limited in scope.

2) I believe that it is better for all restructured hospitals to serve only the subsidised patients (B2 and C). But it would be very difficult to make this change now.

3) MOH has the data to identify the hospitals and doctors that are overcharging and overservicing. But I suspect that they are not doing it. They like the patients to do it through the co-payment. But this strategy has not worked for three decades. This strategy has to change.

4) I agree with your point about rejecting of claims due to negative test results.

Let me make this summary. We have a messy and inefficient health insurance system. It is very costly to administer. They is confusion about the over lapping coverage and exclusions. I am quite disappointed about our 3M system (medisave, medishield, medifund).

I hope that the health minister has the wisdom to recognize the problem and the courage to take the correct steps to change the system. I am willing to help them, if they find my service to be useful.

Tan Kin Lian

Do we need to maintain the current level of spending on defense?

I asked this question in The Wisdom of the Crowd - Do we need to maintain the current level of spending on defense?

45% of those who voted said that we can reduce the defense spending and still have a credible defense force.

41% said that we should reduce the defense spending and use the saving for healthcare, elderly and needy.

This makes a total of 86% in favor of reducing the defense spending.

The remaining 14% said that the defense spending should be maintained or increased.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=523

Will the US tariff on steel and aluminium lead to a trade war?

I asked this question in The Wisdom of the Crowd. - Will the US tariff on steel and aluminium lead to a trade war?

39% of those who voted said it will lead to a serious trade war.

27% said other countries will be able to adjust to the trade tariffs without serious impact on global trade.

18% said it will be contained and not have serious consequences.

15% said the US tariffs will be withdrawn within a year.

In summary, 39% predict disaster while 61% did not expect any serious consequences.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=524

What is the best way to buy life insurance?

I asked this question in the Wisdom of the Crowd - What is the best way to buy life insurance?

51% of those who voted said that they will buy life insurance only for protection and not for investment.

29% said that they will avoid all types of life insurance as an investment.

20% said that they will find an agent that they can trust.

Nobody said they will buy life insurance through a bank.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=525

You can vote on these issues in The Wisdom of the Crowd

Did the government floated a "test balloon" on the GST hike?

Give your vote in
www.wisdomofthecrowd.sg

What is your opinion of the PAP ministers involved in the "test balloon" saga?

Give your vote in
www.wisdomofthecrowd.sg

Will the "test ballon" saga in Parliament affect the votes at the next general election?

Give your vote in
www.wisdomofthecrowd.sg

The "test balloon" saga in the Singapore Parliament

Did the PAP float a test balloon on the GST hike?

Sylia Lim suggested that they did. The PAP ministers said they did not.

I believe the PAP ministers. I think they did not float a test balloon. I believe that the PAP did intend to hike the GST soon after this budget.

What made them change their mind? In my opinion, they were surprised at the budget surplus of $9.6 billion.

I said this in my speech at Hong Lim Park on 3 March 2018. I said that the finance minister must be sleeping. He must be incompetent and he was not aware of the surplus. I also asked whether the prime minister was also incompetent?

With this budget surplus, it was not tenable for them to hike the GST immediately. So, I think that they found the "solution" to announce a hike a few years down the road.

If I am correct, then the ministers are not honest and not honorable in hiding the real reason for this strange decision. Are they trying to hide an incompetency?

Hey, this is an opinion. I am not abusing any privilege of the right of free speech. if I am wrong, please tell me. Don't ask me for an apology, OK?"

https://www.youtube.com/watch?v=2vCRavQFYHw&t=1549s

Tan Kin Lian

Is the government being honest by announcing a GST hike in advance?

I asked this question in The Wisdom of the Crowd - Is the government being honest by announcing a GST hike in advance?

72% said that the government is not honest in disclosing the reason for this strange decision. 8% said they were surprised by the large budget surplus. 7% said they realized that they did not need the hike after all.

This makes a total of 87%.

Only 13% said that the hike is necessary in a few years time.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=521

Forego increase in minister's salary

I asked this question in The Wisdom of the Crowd - Do you agree with the government decison to forego the increase in minister's salary?

59% of those who replied said the salary is too high and should be reduced. 31% said that the benchmark is flawed. This makes a total of 90%.

10% said that it is a good gesture for the ministers to forego the salary increase.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=522

Are we paranoid about cyber security?

The government is worried about cyber security. They consider it a big risk. They want to put a lot of resources to combat this risk. They want to train a lot of cyber experts.

They want to strengthen cyber security for the government agencies and the business community.

I think they may be over-reacting to the risk and may be putting in a lot of resources that will be costly, and will also make life difficult for the ordinary users.

To deal with the risk or hype of cyber security, we need to apply our common sense and identify the risks that are real and those that are not critical.

You hear about hackers who intrude into database and download customer data, and worse, publish the data into websites.

If the information concerns name, telephone numbers and email addresses, it does not really matter. In the old days, when telephone directories are published, the name, address and telephone numbers are available. They are not kept private, unless the subscriber request the data to be unlisted.

It may be more harmful if the password is disclosed. The concern is that the hacker can use the password to access other websites of that person using the same password.

Really? There must be a million records that are published. The risk that someone is going to hack into a specific person's account is one in a million (less than the risk of dying in an accident). Who wants to take the trouble, unless he or she is targeting a specific person. And that would be a crime, right?

Even the publication of personal data in a website is a crime. It is easy to ask the owner to take down the website. If the culprit can be caught, he can be sent to jail.

There is the risk that the hacker can alter the data. This risk can be better protected by having an audit trial to highlight unauthorised alteration to the data. Once detected, there are backups to establish the correct the correct data.

Actually, it is not easy to hack into a database and alter the data. It require a professional hacker. Still, it is a risk that require some protection, but one need not be paranoid about it. It is similar to the risk that someone will fire a rocket into my home, and that can be more harmful.

We must not overlook the real risk that our own employees could be the people responsible to alter the data. There are more employees than professional hackers.

Knowing this risk from internal people, I prefer to rely on an effective audit system to highlight unauthorised alteration of data (whether from internal people or external hackers) rather than to over-invest in sophisticaled cyber security measures.

I write this article to generate a discussion about the real risk of cyber security. I may have over looked some of the real risks, and I welcome someone pointing them out.

I assure these experts that I am aware about the things that professional hackers can do, but I look at the practical outcome. Is it so serious? I also live each day knowing that someone can shoot me with a gun or break into my home and office to steal my assets.

As my friends know, I do not have a paranoid fear of things that I do not really understand. I apply my common sense to them.

Tan Kin Lian

The buffet syndrome in health care services

The health minister used the term "buffet syndrome" to describe the unnecessary and over-comsumption of health care services. He blamed the patients for this behavior. He thinks that the patients like to consumer the services because it is free, i.e. paid by insurance or largely subsidised by the government.

The minister is mistaken. I am not referring only to the current minister, but to the previous ministers. This mistaken belief had been prevalent for three decades.

I have not found any evidence of patients who like to consume health care because it is free or largely subsidised.

The over consumption is largely due to doctors and hospitals. They are running a business. If they can get the patients to consume more, they earn a larger income or profit.

Some doctors and hospitals will prescribe more treatment to generate the income and profit. I am not suggesting that all doctors and hospitals behave in this manner. But the anecdotal evidence does suggest that this is quite prevalent.

To overcome the over comsumption, attention should be focused on the doctors and hospitals, rather than the patients.

The patients do not have a choice. They depend on the doctors for advice on what is necessary. Even if they ask for a second opinion, it does not help much in most situations.

Asking patients to make a co-payment does not solve the problem. Most patients will buy insurance, known as a "rider" to cover the co-payments.

Restricting the scope fo the rider will also not solve the problem. Most patients are not able to make the sensible choice.

To stop the over-consumption and explosion of health care cost, the ministry of health has to step in. They have to set system to prevent the over consumption of services and the over charging for these services.

We can study the system adopted in Japan. Each year, the ministry of health negotiates with the doctors and hospitals on the cost of providing each type of treatment. This negotiation produces charges that are adequate for doctors and hospitals to cover their expenses and earn an adequate income and prevent the over charging for these expenses. It also ensure that the charges are reasonable from the perspective of the patient and the government, which bears 70% of the cost.

As there is sufficient demand for the services, there is no need for the doctors and hospitals to generate unnecessary demand to increase their income.

I believe that there is a system for the ministry of health to audit the provision of the services. i do not know if this is the case. It should be possible for this kind of audit to be carried out.

Tan Kin Lian

What are your views about Chan Chun Sing?

I asked this question in The Wisdom of the Crowd - What are your views about Chan Chun Sing?

Here are the top votes:

He is arrogant and think highly of his capabilities - 67%
He is somewhat immature and inexperienced - 24%
He comes from a humble background and can connect with the people - 4%
He is capable and confident and can lead Singapore well - 4%.

91% have a negative view of him.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=519

Should people attend the protest in Hong Lim Park against the proposed increase in GST?

I asked this question in The Wisdom of the Crowd - Should people attend the protest in Hong Lim Park against the proposed increase in GST?

Here are the votes:

We must make our voices heard even if the government does not care to listen - 52%
We must tell the government that GST should be reduced or abolished - 30%
We should keep GST at the current level - 11%
We must increase GST to allow the government to spend more on social benefits - 7%.

82% are against the proposed increase in GST. 18% support it.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=520

Vote on these issues in the Wisdom of the Crowd

What are your views about Ong Ye Kung?

Give your vote in
www.wisdomofthecrowd.sg

What are your views about Heng Swee Keat?

Give your vote in
www.wisdomofthecrowd.sg

Do you support the government's plan to increase GST to provide more social benefits

Give your vote in
www.wisdomofthecrowd.sg

What is the best way for the government to reduce the financial stress for the people?

I asked this question in the Wisdom of the Crowd - What is the best way for the government to reduce the financial stress for the people?

The top choices of those who voted are:

Reduce unfair competition for jobs from foreigners - 53%
Remove GST entirely - 20%
Make health care affordable - 20%
Reduce NS obligations - 7%

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=516

Do we need to continue a high budget for defense?

I asked this question in the Wisdom of the Crowd - Do we need to continue a high budget for defense?

Here are the top choices from the people who voted:

We can reduce the defense budget and still maintain a high level of security - 63%
We can reduce the defense budget and use the money to help the low income people - 16%
We can reduce the defense budget to match the level spent by neighboring countries - 8%

The total of these three choices is 87%.

The remaining 13% said that a high defense budget is necessary for our security.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=517

Will the higher levy on air travellers using Changi Airport spell trouble for Singapore?

I asked this question in The Wisdom of the Crowd - Will the higher levy on air travellers using Changi Airport spell trouble for Singapore?

The top choices from those who voted are:

It will add to the high cost - 47%
Some passengers will avoid flying through Singapore - 18%
IATA has expressed strong views against it - 16%

A total of 81% of the votes is against the higher level

The remaining 19% support the higher levy.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=518

If the government scraps the planned increase in GST, what would be your response?

I asked this question in The Wisdom of the Crowd - If the government scraps the planned increase in GST, what would be your response?

57% of those who voted were sceptical. They said, "Maybe pigs will fly".
31% voted that they might scrap GST to win more votes.
The remaining 12% chose three other reasons.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=513

Are successful hawkers still able to make a big fortune?

I asked this question in The Wisdom of the Crowd - Are successful hawkers still able to make a big fortune?

82% said that it is difficult for various reasons. 21% said that they can make a fortune if they are good and willing to work long hours.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=514

How do you describe PM Lee?

I asked this question in The Wisdom of the Crowd - How do you describe PM Lee?

Here are the replies:
Intelligent and competent - 6%
Friendly and approachable - 3%
Work for the good of the people - 3%
Kind and generous - 0%
None of the above - 88%

The overall score is VERY BAD.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=515

Vote on these issues in The Wisdom of the Crowd

Is Sylvia Lim's remark about the trial balloon offensive?

Give your vote in
www.wisdomofthecrowd.sg

Do you expect North Korea to abandan their nuclear development in 2018?

Give your vote in
www.wisdomofthecrowd.sg

Simulation website for Taxi Booking algorithm

I have improved the algorithm to simulate the movement of taxis. You can view the results here. It now shows the situation every hour for the past 12 hours.

http://tklcloud.com/Taxi/monitor.aspx

It also shows the average earnings of the drivers for 8, 10 and 12 hours of work. The average earnings are high because the booking algorithm is more efficient.

You can watch the video here:
http://tklcloud.com/Taxi/video.aspx?ID=20

This algorithm is better than the algorithm used by Uber, Grab and taxi companies.

What are the obstacles that prevent Singapore firms from reaching out to global markets?

I asked this question in the Wisdom of the Crowd - What are the obstacles that prevent Singapore firms from reaching out to global markets?

The top votes go to
Inability to innovate - 38%
High cost of doing business in Singapore - 30%
Obstacles created by government agencies - 20%
Inability to move out of Singapore - 12%.

Roughly, half of the blame goes to our business leaders and the other half goes to government policies.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=510

Can Singapore afford to remove GST?

I asked this question in The Wisdom of the Crowd - Can Singapore afford to remove GST?

Here are the replies:
74% of the people who voted support this move for two reasons. The remaining 26% like to retain GST for 3 reasons.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=511

By the way, I debunked the three reason in my speech in Hong Lim Park on 3 March 2018.

Is it good for China to remove the 2 term limit for their President and Vice President?

I asked this question in the Wisdom of the Crowd - Is it good for China to remove the 2 term limit for their President and Vice President?

73% of those who voted are against this move for two reasons. 27% support the move for two reasons.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=509

Saudi Airport contract

I asked this question in the Wisdom of the Crowd - Why did the Saudi Airport authority cancel the 20 year contract with Changi Airport Group?

40% of those who voted said that bribery was involved. 35% said that the price was too high.

You can see the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=508

GST should be abolished and does not need to be replaced

GST has been harmful to Singapore. It has increased the cost of living and the cost of doing business. It has led to our economic decline over the past three decades. It is totally unnecessary.

The best way to deal with this serious problem is to abolish GST. The government has sufficient revenue and does not need to replace GST with income tax or other taxes.

Find out why GST is unnecessary and harmful.
https://www.youtube.com/watch?v=9gZ4gG06phM&t=13s

Vote on these issues in The Wisdom of the Crowd

What is the best way for the government to deal with "fake news"?
Give your vote in
www.wisdomofthecrowd.sg

Do you agree with PM Lee's praise of Low TK's speech on the role of Singapore?

Give your view in
www.wisdomofthecrowd.sg

Law against fake news

Mr. Tan
The best way to combat fake news is to give the true facts and let the people judge for themselves.

If the people in authority continues to hide the facts, ordinary people will make all kinds of speculation. Some may be untrue, but they are not fake. The main cause is the lack of transparency in the first place.

The most powerful man in the world is also responsible for sending out facts that are not true using his Twitter account. Should be be charged and jailed for sending out "fake news"?

After a while, people know how to judge his tweets. They come out with the facts. The media also plays a part in presenting the facts through "fact checks".

Let us not forget that government also present only the positive aspects of the facts and downplay the negative aspects. Are they also responsible for giving "fake news"?

REPLY
I think you are referring to the new law that is now being considered by a Parliamentary committee. I understand that they intend to act on people who are deliberate in spreading lies.

I agree that it is difficult to tell the difference whether it was a genuine mistake or a deliberate attempt to spread falsehoods.







I do not know how the Parliamentary committee intends to deal with it in the law. Maybe, they will leave it to the judge to make a decision based on the facts.

Vote on these issues in The Wisdom of the Crowd

Will the US tariff on steel and aluminium lead to a trade war?

Give your vote in
www.wisdomofthecrowd.sg

Do we need to maintain the current level of spending on defense?

Give your vote in
www.wisdomofthecrowd.sg

The best rate for GST is 0%

Most people will say - keep GST at 7%. Do not reduce it.

Some may wish that GST be reduced to 5% or 3%. That would be helpful.

They are not able to think out of the box. The best rate for GST is 0%.

I explain in this 12 minute video.
https://www.youtube.com/watch?v=9gZ4gG06phM&t=9s

Alternatively, you can attend the forum at Speaker's Corner at 4 to 7 pm this afternoon. There will be six speakers. I am one of the speaker.
http://www.tklcloud.com/event/event_det.aspx?ID=63

Issues for you to vote in The Wisdom of the Crowd

Do you agree with the government decison to forego the increase in minister's salary?

Give your vote in
www.wisdomofthecrowd.sg

Is the government being honest by announcing a GST hike in advance?

Give your vote in
www.wisdomofthecrowd.sg

Older workers face the risk of being replaced

Hi Mr. Tan
A few decades ago, I was a young man. I was energetic, hard working and hungry. I was not well paid compared to older colleagues doing the same job.

I saw some of the older collegues being replaced due to poor health and other reasons. I felt that this was necessary because the company needs to keep the productive employees and get rid of dead wood.

I am now much older, but still remain productive and energetic. Sad to say, I feel insecure, as I am highly paid compared to younger employees. It is just a matter of time before I get the boot.

I am quite depressed, as I still have financial commitments for my family. I now realise, too late, that older workers are not fairly treated.

What is your advice?

COMMENT
Guess which of the following reply that I gave to him?

a) Welcome to Singapore.
b) This is due to the bad policy of the PAP government.
c) We need to look beyond our own interest to see the interest of other people.

Issues for your vote - Wisdom of the Crowd

What are your views about Chan Chun Sing?

Give your vote in
www.wisdomofthecrowd.sg

Should people attend the protest in Hong Lim Park against the proposed increase in GST?

Give your vote in
www.wisdomofthecrowd.sg

Do you like budget 2018?

I asked this question in The Wisdom of the Crowd - Do you like budget 2018?

65% of those who voted said that it does not address the real challenges facing the people. 20% said that the programs are wasteful and not effective. The total negative votes is 85%.

15% like the budget for three reasons.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=507

Book a taxi

I asked this question in the Wisdom of the Crowd - Which is most important when a customer book a taxi?

54% of those who voted said they wish the booking to be accepted within 5 minutes, even if the fare is slightly higher.

29% prefer low fares, even if the waiting time is slightly longer.

17% prefer an experienced driver rather than a part time driver.

See the breakdown of the votes in
www.wisdomofthecrowd.sg

Dealing with cancer of a child

Dear Mr Tan,

I remember reading your views on prohibitive treatment for elderly parents with potentially terminal cancers.

My question is, what if the cancer applies to a child?

There is a fund raising request circulating on facebook for a child with high risk neuroblastoma. The treatment cost is sgd 1.2M that includes treatment in the US.

Naturally, parents will do everything for a child, including bankrupting themselves under crippling debt, to give a child a chance.

What are your views on this?

Wikipedia has this to say about this type of cancer - Between 20% and 50% of high-risk cases do not respond adequately to induction high-dose chemotherapy and are progressive or refractory. Relapse after completion of frontline therapy is also common. Further treatment is available in phase I and phase II clinical trials that test new agents and combinations of agents against neuroblastoma, but the outcome remains very poor for relapsed high-risk disease.

Most long-term survivors alive today had low or intermediate risk disease and milder courses of treatment compared to high-risk disease. The majority of survivors have long-term effects from the treatment. Survivors of intermediate and high-risk treatment often experience hearing loss. Growth reduction, thyroid function disorders, learning difficulties, and greater risk of secondary cancers affect survivors of high-risk disease.[An estimated two of three survivors of childhood cancer will ultimately develop at least one chronic and sometimes life-threatening health problem within 20 to 30 years after the cancer diagnosis

REPLY

There are ways to deal with the cancer, other than to pay high medical bills. One way is to pray for a miracle. It sometimes happens. Another way is to go for herbal treatment. it might help. I do not agree that the family should "bankrupt themselves" to seek expensive treatment. They money should be kept for the benefit of the other children or to take care of the parents when they grow old.

I might take a different view if the doctor is able to guarantee success, i.e. if the treatment is not successful, the parents do not have to pay the bill.

Interest to visit Forest City

Someone called me to ask about Forest City. He was interested to buy an apartment there but was worried about the over-supply. He asked my views.

My reply.

There will be an over-supply of property all over Johore. This is a known fact. It will not change.

I decided to buy an apartment in Forest City as an alternative to putting the same money in the bank to earn 0.2% per annum. My cost of holding the Forest City apartment is only 0.2% per annum. It is almost free of cost to me.

I paid $400 psf for an 1,200 apartment. The tenure is freehold. My invested sum is less than $500,000.

I do not expect to lease the apartment due to the over-supply. I intend to use it as a holiday home. I will pass it to my grand-children who might find it to be useful in 20 years time.

Last Christmas, I brought my Indonesian friend to stay in the hotel at Forest City. He is middle income and has three children. The family decided to buy a small apartment in Forest City on their first visit. They might send their son to study in the international school in Forest City or in Iskandar.

They also like to apply for the MM2H (Malaysia My Second Home) which gives them permanent residency for 10 years. They want a place to go in case there is racial problem in Indonesia, which occurred 20 years ago. More families might make similar plans. It is too costly to buy a property in Singapore. Johor is a good alternative.

I also like the concept of a modern city, with innovative transport facilities, and an eco-friendly environment. They have a 4 level road system. One level is for vehicles, another level for parking, the third level is for people (no vehicles!) and the top level is a light rail system.

He wanted to visit Forest City to take a look. I introduced him to the sales and marketing consultant to arrange the visit and briefing.

I gave him a tip: If you have cash, you can pay for the property upfront and enjoy a 15% discount. (I did!). I monitored the share price of the developer, Country Garden. The share price increased 3 times during the past 2 years. It gave me the confidence that their development is doing well.

Vote on these issues

Do we need to continue a high budget for defense?

Give your vote in
www.wisdomofthecrowd.sg

What is the best way for the government to reduce the financial stress for the people?

Give your vote in
www.wisdomofthecrowd.sg

Will the higher levy on air travellers using Changi Airport spell trouble for Singapore?

Give your vote in
www.wisdomofthecrowd.sg

Protect agains the risk of retrenchment

It is important for young people to invest their savings in a proper way, as they may need it to protect them against the risk of retrenchment several years down the road. This is a real risk that will happen to half of the workforce!

They should register immediately to attend this talk - otherwise they may overlook it.

Parents should register for their children who are able to start work or have just started work. It is a valuable gift for your children. It may change their financial future.

http://www.fisca.sg/event_det.aspx?id=18

Customers are not keen to make NETS QR Payment

I visited a stall at Sembawang Food Center and order laksa. I paid $4 cash.

TKL - Do you accept QR payment from DBS Paylah?
Vendor - Yes.

She showed me to the NETS QR sticker. It allows payment from DBS, OCBC, UOB and a few other wallets.

TKL - Do you customer pay through NETS.
Vendor - No.
TKL - Does NETS charge you a fee?
Vendor - NETS offered free for 3 years.

The problem is that the customers are quite happy to continue to pay cash and the vendor is quite happy to accept cash. What is needed to make the customers and vendors change this habit?

I have an idea. I wonder if NETS is interested to hear me?

Poor signage

I had a lot of trouble to find a toilet at Toa Payoh bus interchange. One sign pointed the direction to the toilet. After that, there were no more sign. I looked around the whole atrium. No sign of a toilet. I went one level down to the MRT station. No toilet. I asked a sales staff. Dont know. I asked the MRT staff. Take the glass lift one level up and turn right. That's where I came from. Finally, I saw this small sign in an obscure place. Its seems the location of the toilet is not important to the planners. No revenue, right? Welcome to Singapore.

Friends Provident Investment Plan

Dear Mr tan,

I am writing to try and get connected to someone who posted on your blog on March 30, 2017 regarding the Friends Provident Global Wealth Advance Savings Plan – and who had, like me, been fooled and misled by a Singapore financial adviser to choose this plan.

Is it possible for you to connect me?

NOTE TO MY READERS
If you have invested in the Friends Provident Plan and wish to connect with the writer, please send email to kinlian@gmail.com

Issues for voting in The Wisdom of the Crowd

Are successful hawkers still able to make a big fortune?

Give your vote in
www.wisdomofthecrowd.sg

If the government scraps the planned increase in GST, what would be your response?

Give your vote in
www.wisdomofthecrowd.sg

How do you describe PM Lee?

Give your vote in
www.wisdomofthecrowd.sg

Issues for your votes

Can Singapore afford to remove GST?
Give your vote in
www.wisdomofthecrowd.sg

What are the obstacles that prevent Singapore firms from reaching out to global markets?
Give your vote in
www.wisdomofthecrowd.sg

Is it good for China to remove the 2 term limit for their President and Vice President?

Give your vote in
www.wisdomofthecrowd.sg

Is it good for Singapore to accumulate huge reserves?

Give your vote in
www.wisdomofthecrowd.sg

Bad reasons to impose GST

The suppporter of GST has put up three reasons why they think that GST is "good" for the country. They said:

a) GST is on spending. If you don't spend, you do not need to pay GST.
b) GST catches people who do not pay income tax, such as hawkers, taxi drivers and the self employed.
c) Most advanced countries have GST. They can't be wrong, right?

Let me debunk these reasons.

a) GST is on spending. If yo don't spend, you do not need to pay GST.
Really?
Do people need to spend on food? Medicine? Doctor's fees? Drink water?
They have to pay GST on all of these spending. Can they stop eating or fall sick?
The low income people spend most of their meagre earnings on these items. Why tax them through GST?

b) GST catches people who do not pay income tax, such as hawkers, taxi drivers and the self employed.

Really?
These people are already paying high rentals for their stalls and hire of taxis. If the government wants to have revenue from these people, take it from the rentals and hire charges.
Most of these people struggle to make a living.

c) Most advanced countries have GST. They can't be wrong, right?

Really?
Do these countries have COE (for purchase of vehicles) that contribute to a large part of the tax revenue? Do they have a large land bank that they can sell each year to get the revenue? Do they impose a levy on foreign workers?

COE and vehicle taxes contribute to $9.2 billion in 2017. The revenue from land sale is expected to be about $20 billion a year. I am not able to find the revenue from foreign workers levy

With these revenue sources, there is no need for the finance minister to levy GST.

We have to act boldly and get rid of GST. This will reduce the cost of living and improve the life of the people. The government can afford to remove GST and still have a healthy budget surplus.






Tan Kin Lian

Why GST should be removed totally

Many people said - "We have a budget surplus of $9.6 billion n 2017. There is no need to increate GST. Let us keep it at 7%.

I disagree.

We should not keep GST at 7%. We should remove GST totally.

Why?

If we remove GST totally, we will reduce the cost of living by 9% to 10%. 7% is from GST directly. Another 2% to 3% is from the additional cost that business has to incur to handle the accounting for GST. The business pass this cost to the consumers.

If GST is removed, how does the government find another $11 billion in tax revenue to replace it?

They do not need to replace this tax revenue. They collect $20 to $30 billion each year from the sale of land.

The finance minister might argue that the sale of land is "capital" item and should not be counted as "recurring revenue". If that is the case, I ask the finance minister - why are you taking the cost of building roads and MRT as "current expenses". They amount to a large part of the $13.7 billion allocated to transport. These are also capital items and can be funded separately.

The cost of living and the cost of business has been increasing for the past 30 years. GST is an important factor that contributes to this situation. It is time to remove GST totally.

Do you agree?

What is the most important quality of a typical Singaporean?

Give your vote in
www.wisdomofthecrowd.sg

What is the biggest weakness of a typical Singaporean?

Give your vote in 
www.wisdomofthecrowd.sg

A new approach for taxi booking

Comfort has to find a way to keep their taxi drivers from moving to Grab.

One way is to reduce the rental rate, but this will cut into their revenue severely. A better way is to improve their booking system so that their drivers will continue to get a stream of customers.

Most of the customers call their call center but many are now booking through mobile app.

If Comfort can improve its mobile app, the customers may prefer to book through Comfort to get experienced taxi drivers and predictable fares.

Comfort can make it attractive for these customers by removing the booking fee of $3 or reduce it to $1.

Under the current booking system, the booking is send to several nearby taxis. The first taxi to respond get the booking.

This approach is disruptive to the taxi driver. They have to read the message and respond to it quickly, while they are still driving.

A better approach is to allow the taxi driver wait until he has dropped off a passenger and then to use the app to see the nearby customers arranged according to distance to the pickup point, and showing the pick up point, destination, fare. The driver can select their customer. See an example below.

I think that the taxi drivers will like the new approach. Do you agree?

PM Lee fail to carry out his promise to give priority to leadership renewal?

I asked this question in the Wisdom of the Crowd - PM Lee promised to give priority to leadership renewal but he failed to carry out this promise. Agree?

75% of those who voted found fault with PM Lee for three reasons. The remaining 25% were sympathetic.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=493

Should MPs continue to meet the people weekly?

Give your vote in
www.wisdomofthecrowd.sg

Will the global stock market crashed badly in the coming week?

I asked this question in the Wisdom of the Crowd a week ago - Will the global stock market crashed badly in the coming week?

52% of those who voted said that it is too early to tell. 23% said that it is a temporary correction and the stockmarket will recover. 16% said the market will be lower but will remain healthy. This made a total of 90%.

Only 10% said that the market will crash badly.

The stock market did not crash. This does prove the wisdom of the crowd.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=491

What do commuters look for when they book a taxi?

What do commuters look for when they book a taxi? Low fare? Safety? Experienced driver?

Give your vote in
www.wisdomofthecrowd.sg

Who is a better leader for the Workers Party

Who is a better leader for the Workers Party - Sylvia Lim, Chen Show Mao, Pritam Singh? Or should Low Thia Khiang continue to lead the party?

Give your vote in
www.wisdomofthecrowd.sg

Review of insurance coverage

Dear Mr Tan,

Thank you for your videos and thoughts on insurance, investments. They are easy to understand and I have a learnt a lot watching them. I think you are doing the public a great service and I want to thank you.

I am married, in my mid 30s, and do not have any children. I give a monthly allowance to my elderly mother.

Here are the details of my insurance policy ........

I am paying over 10% of my take home salary monthly for insurance

Mr Tan, am I over insured? Do I need whole life plans as well as the early critical illness? Do we need income protection incase we get sick and cannot work? I think I am more concerned about getting sick and needing money more than what we can leave behind.

My reply is given in:
http://www.fisca.sg/ArticleDisplay.aspx?ID=565

How can a traditional taxi company respond to the challenge from the new platforms

Comfort Delgro's profit dropped by $53 million, mainly due to the weak taxi business.
http://www.todayonline.com/…/comfortdelgro-posts-115-fall-o…

The faced strong competition from Grab and Uber. This challenge is faced by traditional taxi operators. How can they meet the challenges?

My view - they should adopt a strategy that focus on their strengths, rather than compete with Grab and Uber on their strengths.

Comfort Taxi's strengths are:

a) A large base of taxi drivers.
b) Their taxi drivers are more experienced
c) Commuters are used to metered fares.

Grab / Uber's strengths are:

a) Dynamic pricing
b) Discounts to reduce fares (but this cannot be sustained in the long run).
c) Convenience of booking through the app.

I will write more about how a traditional taxi company can respond to the challenge from the new platforms.

Should the government introduce a tax on online transactions?

I asked this question in the Wisdom of the Crowd - Should the government introduce a tax on online transactions?

63% of those who voted said that GST should be scraped and be replaced by higher income tax. 10% said that it is difficult to enforce the tax. This makes a total of 73%.

The remaining 27% said that this tax should be introduced for two reasons.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=488

Should the government pass a law to require e-commerce websites to pay GST on all transactions?

I asked this question in The Wisdom of the Crowd - Should the government pass a law to require e-commerce websites to pay GST on all transactions?

49% of those who voted said that many online platforms will ignore this tax and continue their business. It would be difficult to enforce it. The remaining 51% support this move for three reasons.

You can view the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=489

When MPs and civil servants get back at each other, who is to blame?

I asked this question in The Wisdom of the Crowd - When MPs and civil servants get back at each other, who is to blame?

38% of the people who voted said that the minister, Teo Chee Hian, is to be blamed. He is in charge and failed to understand and address the problem.

28% said that the MPs are to be blamed as they expect the civil servants to bend the rules. 21% said that the civll servants are to be blamed as they refuse to exercise their initiative. The remaining 14% said that the people are to be blamed as they expect too much from the MPs.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=490

Need to review past practices

Most of our ministers and top civil servants are quite myopic and narrow in their thinking. They follow the practices adopted a few decades ago, and often do not review how these practices should be changed.

One example is the ban on musical instruments on procession for Thaipusam. A second example is the double clearance at the land checkpoints between Singapore and Johor. A third example is the need to register at the security counter before entering an office building.

They should review these practices. What is the purpose? Can the goal be achieved without causing a high cost or a lot of hindrance?

Sure - Thaipusam procession is held in the early morning and is noisy. Some people will complain about the noise. How do we deal with the complain? Surely, the answer is - the noise at any spoit is only for a short while. The processing moves along the road. It happens only once a year. Can we relax the ban?

At the land checkpoint, do we really need double clearance affecting 300,000 travelers every day? Each checkpoint adds another 15 minutes to the people travelling by bus. Can we have a joint checkpoint? Can we have a computer system that allows the traveler to register with the country of exit and to be checked at the country of entry?

We need to find a way to deal with a traveler is not allowed to leave the country of exit? Is this too difficult to handle? How many such cases will happen daily? Surely, we can find a way.

What about the registration at an office building. How many people are affected every day? What purpose does it serve, except to create additional jobs for security guards and waste of time for the visitors?

Surely our ministers and top civil servants should be aware of these matters, provided they come out of their ivory towers.

What about our members of parliament? They are supposed to meet the people regularly. Can they provide feedback on these issues and ask for explanations in Parliament?


Tan Kin Lian

Wish you a happy and prosperous Lunar New Year

I sent this greeting by email to 7,500 people who have visited my website. Several of them have replied back to return the greetings.

Lunar New Year

I wish greetings for a happy and prosperous Lunar New Year to friends who celebrate this auspicious occasion.

Let me also inform you about the activities that may interest you.

FISCA Talk - Protect against Retrenchment
This talk will be held on 14 April. It is important for young people to learn some tips on how to protect themselves against the financial stress of retrenchment and loss of jobs. This is now becoming a real risk that people have to prepare for. Parents should also encourage their children to attend this talk.

http://www.fisca.sg/event_det.aspx?id=18

Wisdom of the Crowd
This website contains issues for you to submit your vote. New issues will be added every day.

You will win these attractive prizes when you have submitted 10 or more votes.

http://www.wisdomofthecrowd.sg/page/115

VIDEOS ON FINANCIAL PLANNING
I create short videos on investment and insurance for consumers. New videos have been added recently. These videos are popular and have attracted nearly 10,000 viewers.

http://www.tankinlian.com/video.aspx

FLYER WEBSITE
If you are running a business, you can distribute your flyer in this website for FREE. This can save you a lot of money in printing and distributing the physical flyers to your targeted customers.

If you wish to rent your house, flat or room, you can also use this website. It is FREE.

http://tklcloud.com/Flyer/view.aspx

You can also pass the message to your friends, so that they can use the free service of this website.

Thank you.

Tan Kin Lian

Can we have a joint clearance at the Singapore/Malaysia checkpoints?

The Straits Times Forum printed this letter a year ago. In that letter, I suggested that the Singapore and Malaysian authorities should introduce joint check at the checkpoint, so that travellers do not need to pass through two checkpoints.

http://www.straitstimes.com/…/letters-in-print/have-joint-i…

The Malaysian authority is now studying a joint checkpoint. But the Singapore side is still hesitant.

http://statestimesreview.com/…/singapore-reject-joint-chec…/

We need our leaders in Singapore to be more open minded and to make decisions with the view to improve the life of the people. It is no fun to spend hours passing through two checkpoints.

Protect against retrenchment

Sat 14 Apr 2018
Time: 2 pm - 5 pm
Venue: Bedok Room, HDB Hub
Fee: $0.00 (Member) $20.00 (Public)

This talk is targeted at young people. I will not be able to protect people from being retrenched, which is likely to occur frequently in the future, but I can protect them against the financial stress.

My approach will work for most people, regardless of their financial background. It can be implemented through simple knowledge of financial planning. It is easy enough for any lay person to understand, and to carry out the financial plan.

Attendees will get a free copy of the book "Financial Planning, A Practical Guide" (usual selling price $12)

Register here:
http://www.fisca.sg/event_det.aspx?id=18

Will relations between North and South Korea improve in the near future?

Give your vote in
www.wisdomoftehcrowd.sg

Is Malaysia taking the lead to improve business and social links with Singapore?

Give your vote in
www.wisdomofthecrowd.sg

Are we spending too much on building our infrastructure?

Give your vote in
www.wisdomofthecrowd.sg

Do we have a good health care system in Singapore?

Give your vote in
www.wisdomofthecrowd.sg

What is your experience with dual currency deposit?

I asked this question in The Wisdom of the Crowd - What is your experience with dual currency deposit?

75% of those who voted said that they have never heard of this type of investment. The remaining 25% have mixed views.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=486

Should the service number be displayed inside the bus?

I asked this question in the Wisdom of the Crowd - Should the service number be displayed inside the bus?

85% of those who voted support it for three reasons. The remaining 15% said that this is not necessary.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=487

Should hawker centers impose a deposit to encourage customers to return their trays?

I asked this question in The Wisdom of the Crowd - Should hawker centers impose a deposit to encourage customers to return their trays?

50% of those who voted said that it is better to educate the customer, rather than impose a deposit. 23% said that it is better to let the work be done by people who need the job. 14% said that it is costly to set up the machine to handle the refund of the deposit. A total of 87% are against this move.

The remaining 13% said that it helps to improve productivity.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=485

Why do visitors need to register?

When I enter a commercial building, I have to register as a visitor and deposit my NRIC with the security guard. I have to collect back the card on leaving the building.

What is the purpose of this registration? I am not entering a high security area. I am just visiting an office in the building. The office is open to the public.

Why are we creating useless activities that require manpower and cost and add hassle to the daily activities of the public?

Make proper use of NRIC to identify a person

We should make better use of NRIC as a means of identifying a person. It should not be kept private. There is no need to keep a person's name as private. This approach should also apply to the NRIC.

If a person uses the NRIC of another person illegally and without approval, the first person is committing an identity theft. If found, he or she can be sent to jail. The identity theft is similar to theft of property.

Singapore has the advantage of a NRIC system. We can use it toimprove productivity and efficiency in processing our transactions.

We should not lose this advantage due to a misplaced fear of loss or privacy or identity theft.

What other types of insurance do I need?

A young lady asked me, "Mr. Tan, I have just started work, single, and have a medical insurance policy. What other types of insurance do I need?

Here is my reply:
http://www.fisca.sg/ArticleDisplay.aspx?ID=562

Why did IATA object to the levy to fund Terminal 5?

IATA object to the levy to fund the building of terminal 5. Are they acting like a bully or the Singapore government is wrong in imposing this levy?

Give your vote in
www.wisdomofthecrowd.sg

Was PM Lee slow in leadership renewal?

In his first address as prime minister, PM Lee indicated that leadership renewal is his top priority. Some people observed that he was rather slow in carrying out this promise. But he did bring in many younger ministers into his cabinet and the selection of the prime minister should take a longer time.

What are your views? Give your vote in
www.wisdomofthecrowd.sg

Data on the cloud

Recently, my computer failed. It turned out to be the power supply.

If it was the hard disk that failed, I could lose my personal data on the computer. It does not bother me. Why?

I keep most of my data in the Cloud - Google Drive, GMail, Dropbox. When I change my PC, I do not miss any data. I also use several devices - hope PC, office PC, laptop, iPad.

If any PC or hard disk dies, I am not worried about the loss of the data. I have to take the trouble to install the various software - Microsoft office, Adobe, printer driver, MySQL Workbench, screen capture. This can be time consuming. But it only happens once in a blue moon.

What kind of privacy do we really need?

I wish to raise the issue of privacy. What kind of privacy do we really need and how can the right to privacy be protected?

Do we need our medical records to be private? Why?

If we are applying for life insurance, it is better to let the insurance company have access to our medical records. They need this information to access the risk and charge the correct premium.

If they do not have access to the record, they will ask the applicant to declare their medical history. If there is non-disclosure by the applicant, the insurance policy can be voided. Surely this is a bigger financial risk to the applicant?

What about allowing doctors who are treating the patient to have access to the medical record? Surely this is helpful?

There is a risk that other unauthorised person have access to the record to use the information for illegal purpose. This can be declared to be a criminal activity.

Do we need our NRIC to be private? Why?

I am asked to provide my address and contact information many times for my daily activity. I prefer the information to be stored against my NRIC and for the authorised party to have access to this information from a central database.

There is the risk that unauthorised people may get their information for marketing purpose. The unauthorised access can be declared to be a criminal activity.

In practice, my contact information is already widely available. I get marketing messages by email or SMS. I regularly get marketing calls on my mobile and fixed line telephones.

While this is distrubing or intrusive, I have learned how to deal with them. I ignore marketing contacts by SMS, emails and telephone calls.

I do not need the Privacy and Data Protection Act (PDPA) to protect me against the unwanted calls. It is not effective anyway.

In fact, the PDPA is giving me a lot of trouble. Each time that I call an organization, I have to listen to useless messages that are mandated by the PDPA. I must have heard these messages a few thousand times over the past years.

Why impose a burden on ordinary people, without protecting them from the real threats and nuisances?

I do not understand why my NRIC should be kept secret. I will be quite happy to provide my NRIC number to allow authorised parties to retrieve my contact infformation directly. I do not want the hassle of providing the information repeatedly.

Anyway, my contact information is stored in many websites and some of them have been hacked. If the hacker have access to my contact details, it does not bother me.

If the hacker steal my password, what can they do? They can create nuisance by changing the password for my email account. They can read my emails. So what?

Anyway, they are taking the risk of carrying out a criminal activity.

They are not able to transfer money from my bank account as it is protected by a 2FA.

It may be troublesome for me to get back my email account. It is all right. It does not happen often. My email provider is able to allow me to reset my password. If I am really concerned, I can set a 2FA in my email account.

I think that the paranoia about privacy is misplaced. It is added a lot of unnecessary burden to our daily lives.

What are your views?

My Bitcoin story

I wish to share my personal story about Bitcoin. I hope that it will be useful to young people who think that they can learn how to make money in Bitcoin or that they can learn how to trade in Bitcoin.

Enjoy.
http://www.tankinlian.com/ArticleDisplay.aspx?ID=1458

Advice on single premium investment-linked policy

Dear Mr. Tan
Recently my son purchased a GE $5k single premium smart invest plan. He selected 3 funds to invest in. He is also insured for $5100. Do you think he should keep it and hope the funds do well. The annual charges probably amount to 2%.

REPLY
Your son had invested in an investment linked policy with Great Eastern Life. The money is invested in the 3 funds that he had selected.

Read my views here
http://www.fisca.sg/ArticleDisplay.aspx?ID=561

What is the key reason for Singapore to have the lowest birth rate in the world?

I asked this question in The Wisdom of the Crowd - What is the key reason for Singapore to have the lowest birth rate in the world?

47% of the people who voted said that it is due to the bad social and economic policies of the government. 30% said that it is the need to work hard to make a living. 20% said that it is an incompetent government that does not know how to address the problem.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=482

Which political party do you like to form the government at the next general election?

I asked this question in the Wisdom of the Crowd - Which political party do you like to form the government at the next general election?

The top three parties have an equal share of the votes - 29%. They are the Peoples' Action Party, Workers' Party and the Social Democratic Party.

However the number of votes cast is too small to give a reliable indication.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=483

What is the best way to choose our next prime minister?

I asked this question in The Wisdom of the Crowd - What is the best way to choose our next prime minister?

50% of those who voted like this person to be chosen by Parliament. 30% like him to be chosen by the people, like the US presidential election. 20% like him to be chosen by the cadre of the ruling party.

None like it to be chosen by the 16 younger ministers.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=484

Who do you expect to be the next prime minister?

I asked this question in The Wisdom of the Crowd - Who do you expect to be the next prime minister?

41% of the votes went to Heng Swee Kiat, 34% went to Chan Chun Sing, 17% went to Li Hongyi (PM Lee's son) and 7% went to Ong Ye Kung.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=481

Is the law minister scandalizing the court?

The law minister said that it is "common sense" that senior officers of an organization found to have committed criminal breach of trust should be liable for more severe punishment compared to ordinary employees. He is criticizing the decision of the judges in the court of appeal.

Is the law minister scandalizing the court? Is he saying that the judges do not exercise "common sense" that they are expected to? If this statement is made by an ordinary person, will the Attorney General Chambers charge that person for an offense?

Will the newspaper be charged for publicizing this statement?

http://www.todayonline.com/singapore/parliament-amend-law-criminal-breach-trust-wake-city-harvest-ruling-shanmugam

I agree with the statement made by the law minister, but I disagree with the law on "scandalizing the court". This is one law that should be taken off the books.

Do you agree?

Will the global stock market crashed badly in the coming week?

Give your vote in
www.wisdomofthecrowd.sg

It is easy for a consumer to be misled

It is easy for a consumer to be misled into investing in an attractive fund through a life insurance policy.

By focusing on the investment fund, the investor overlooks the high charges that are taken by the life insurance policy.

Here is a case of how the investor could be misled into making a bad investment.
http://www.fisca.sg/ArticleDisplay.aspx?ID=560

When MPs and civil servants get back at each other, who is to blame?

Give your vote in
www.wisdomofthecrowd.sg

Should the government introduce a tax on online transactions?

Give your vote in
www.wisdomofthecrowd.sg

Should the government pass a law to require e-commerce websites to pay GST on all transactions?

Give your vote in
www.wisdomofthecrowd.sg

Asian countries want to tax online transactions

A few Asian countries are studying how to tax the online transactions. Singapore is one of them.

The online transactions are eroding the tax that is being collected by these countries through GST and sales tax. As e-commerce grows the tax earned from this source is being eroded.

The online transactions are also threatening the retail stores in these countries. Many retail stores cannot continue in business and have to close down. It has already happened in a large scale. Many malls are empty. It will get worse.

Can these governments and their bureaucrats find a solution to introduce a tax on online transactions? It will be very difficult. it will be challenging.

I am not aware of any country that has introduced this tax successfully. Can you name them?

Even if the governments can introduce a tax on online transactions, there are so many ways that it can be avoided. Furthermore, some of the governments will be lax in implemented the tax to encourage the e-commerce platforms to operate in their country.

I know of a solution to this challenge problem. It requires an out-of-the box approach. In the old days, the civil servants and Dr. Goh Keng Swee would have found a solution. The leaders together, probably cannot see this soution.

Guess what is my solution? It comes from common sense and observation.

Enrol young people to attend the talk on financial planning

At the FISCA talk on 3 Feb, one elderly lady brought three nephews and nieces to attend the talk. One of them has started work, one is servicing full time NS and the third is still studying.

TKL - I want to thank you for encouraging the young people to attend. You will be doing them a great favor for their financial future. Why did you decide to register and pay for them?

Woman - I made a mistake in my own financial planning in the past. I do not want them to make the same mistake. I want them to learn something useful that will benefit them in the future.

What a wonderful woman. I hope that many other older people will follow her example and enrol their children, nephews and nieces.

Their kind gesture will be remembered a long time. When the young person knows how to avoid a mistake through this financial knowledge, they will be grateful to the older person who enrolled them for this talk.

Which country will contribute most towards peace and progress for the world?

I asked this question in the Wisdom of the Crowd - Which country will contribute most towards peace and progress for the world?

63% of those who voted chose China. 17% chose the European Union and 14% chose America.

The world has changed a lot. The perception of Singaporeans has changed a lot. We must not forget that China remains a communist country. Its international standing has improved significantly in recent years.

America has declined.

See the breeakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=477

What is your reaction to PM Lee's statement that it needs more time to identify the 4G leadership?

I asked this question in The Wisdom of the Crowd - What is your reaction to PM Lee's statement that it needs more time to identify the 4G leadership?

43% of those who voted said that he is trying to stay longer in the prime minister's office. 33% said that it reflects the poor quality of the 4th generation leaders. 20% expressed disappointment at the delay.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=478

What is your wish for Budget 2018

I asked this question in the Wisdom of the Crowd - What is your wish for Budget 2018

55% of those who voted chose no increase in GST. 33% asked for more funding for health care and the elderly. 12% chose financial assistance for the elderly.

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=479

Why do some Singaporeans bash Singapore Airlines?

I asked this question in the Wisdom of the Crowd - Why do some Singaporeans bash Singapore Airlines?

46% of those who voted said that the business practice of SIA had deteriorated. 25% said that the service standard had dropped badly. The remainder are more positive towards SIA

See the breakdown of the votes in
http://www.wisdomofthecrowd.sg/chart.aspx?ID=480