Learn how to solve Einstein's Quiz

Here is a chance to learn how to solve Einstein's Quiz and to win a Prize.
http://tankinlian.com/Admin/File.aspx?ID=746&Frame=1

How to cope with a demanding boss

Here are my tips on how to cope with a demanding boss. More people have to face this situation as the workplace becomes more stressful and competitive. 

I have to state upfront that these tips do not apply to everybody and to all situations. You can follow them if you find them useful, or just ignore them if you find them to be not relevant (please note that I do not wish to enter into a debate).

Here are some points for you to consider:

1. You cannot change your boss; but you can change your attitude adn your approach.
2. If you find your boss to be demanding, quite possibly, half of the blame lies with you.
3. If you are useful to your boss, your boss will not be demanding, as he would not like to lose you. If your boss is demanding, it is likely that you are not useful to your boss.
4. A boss who behaves unreasonably and over-demanding is likely to lose many workers, and that would reflect badly on his people skills.

Having worked with may people, I find that the bad performers tend to have the following characteristics:

1. They take too long to complete the work and often come with bad work.
2. They try to do the tasks that they are not capable of handling and cause more harm.
3. They tend to be stubborn in wanting to do things their way and may end up with bad work
4. They look for reasons to justify their actions rather than learn how to act differently.

Here are some tips for you to carry out your work:

1. Complete the part of the work that you know, as early as possible
2. Hand over the completed parts, so that your boss can evaluate them; this gives you the chance to discuss the phase with your boss. 3. You will be surprised that your boss can help you find the answers ot he parts that trouble you, or point you to the people who can help you.
4. In some cases, the boss may change the requirements, if they know that the work cannot be done as originally specified.

The approach that I have suggested can be described as "doing a big project in phases, and in an interactive and collaborate way".

In my consulting work, I also have to face clients who are my bosses. I use the above approach. It worked very well for me.

I hope that you find these suggestions to be useful and suitable. 

Winds of change

http://feedmetothefish.blogspot.com/2013/01/wind-of-change.html

FAIR panel has struck the right balance

22 January 2013

Editor, Forum Page

Straits Times.

I refer to the letter from Ms Maybel Tang "Look after financial advisers' interest as well, ST ....".

I commend the Financial Advisory Review Panel for striking the right balance between 

the interest of consumers and financial advisers and for setting the right direction for the future.

Ms Tang is worried that the direct channel will take away a large part of the business of financial 

advisers. Past experience has shown that this channel will only attract a segment of the population

who are self educated. The channel will probably offer only the basic insurance products that the financial

advisers are not interested to market, due to the low commission. 

The financial advisers can continue to sell the more complete insurance packages that are 

created to meet the more sophisticated needs of consumers.These packages require the expertise

of the financial advisers to find the right match for the consumer.

Ms Tang is worried that the capping of commission will reduce the supply of new entrants

to market life insurance products. This may be a desirable outcome as more entrants are 

needed for other sectors of the economy. We should not have a lop-sided concentration of

our young people in the financial services and property sectors. 

Consumers are willing to pay an fair fee for financial advice. After all, they now 

pay a fee for medical and legal advice that suit their needs. The financial adviser needs to 

show that their advice is valuable and useful to consumers.

Tan Kin Lian
President
Financial Services Consumer Association

6 month internship

Tan Kin Lian & Associates has a vacancy for an intern to work for 6 months to learn office skills.
http://tankinlian.com/admin/file.aspx?id=744&IID=750

Good maternity care in Hong Kong

This letter shows how the system can be good and low cost
http://www.todayonline.com/voices/tale-two-public-healthcare-systems

Distribute work opportunity fairly

I wish to explain my concept of distribution of work opportunities fairly among the people who are qualified for the work.

Let us look at a particular trade, say primary school teachers. We have to register those who are interested to work in this trade and have been certified to have the required qualifications. Next, we look at the demand for this trade. We adjust the working hours so that the available work is distributed fairly among those that are interested. If the demand is high, everyone works longer (but some may opt to work for less hours). If the demand is low, everyone works less hours (and they can use their spare time for other part time work). The remuneration will be based on hours of work.

This system has the advantage of job security. A person who is trained and certified to be suitable for a particular job will know that work will always be available.

If there is an excess of supply, some workers may opt to be trained for another trade. They can choose a trade in good demand and suits their ability. They do not have to worry about finding employment, after they are qualified.

The system of certification for a trade or profession already exists for doctors, lawyers, airline pilots, engineers, teachers, taxi drivers and others. It can be extended to more trades.

The distribution of the work opportunities can be made through the market, in the form of an online employment exchange.  Workers will register for the trade that they are interested to work in, and provide their certificate for screening. The exchange will be more capable of identifying candidates with fake certificates, compared to individual employers

Employers have to pick the workers from the exchange. They have the assurance that the registered workers have been screened to be suitable. The exchange will also provide a recommended rate of hourly pay for each trade, although both parties are allowed to negotiate the actual rate for each case, but should be above a minimum wage. They should also keep to the maximum hours of work for that trade, to ensure that there is a fair spread of work opportunities. Transparency helps to ensure that the negotiated rate is fair to both parties.

Discrimination by age, gender or culture can be minimized through this exchange. If a person is certified to have the qualifications, there is no need for the individual employer to make an individual judgement of suitability, which is likely to be marked by prejudice.

Young people can plan ahead for the trade that they like to do, and can take into account the demand for that trade. They can study in the polytechnic for the desired trade or profession, knowing that the work opportunity will be available, but the number of hours will depend on demand.

Older workers who are displaced by technological change can also prepare for a new trade or profession in a more productive way, knowing that their training and skills will be put to good use.

There is no need to compete for a job, so that some people get the job and others are unemployed. Sharing of work opportunities create a sense of community, rather than adversity. Fair distribution of work is an important strategy to achieve a better quality of life for all.

Some people will argue that this concept will lead to complacency. This risk can be managed. Even among professionals, there is the risk of unethical practice leading to their removal from the register.

Implementing this concept is not easy. It can be done in stages, starting with the trades and professions that are more suited to this model. Over time, more trades can be brought into the system. As it develops to involve a larger segment of the population, the new practice will become closer to the norm.

TKL books

Here are the books written by Tan Kin Lian.
http://tankinlian.com/Admin/File.aspx?ID=743&Frame=1

They can be purchased at www.tankinlian.com/ishop.

Talk on puzzle, thinking and problem solving

I will be organizing this free talk on how to solve puzzles and improve  thinking and problem solving. 90 people have expressed interest to attend this talk. It is suitable for children, adults and seniors. Most of them want to bring their children to attend.

It will be held on Saturday 26 February and 2 March from 9.30 am to 11.30 am at a venue close to a MRT station.

I will be setting up a registration website soon.
http://tankinlian.com/Admin/File.aspx?ID=742&Frame=1

How to create good jobs

Some people have asked for my views about the useful economic activities that Singapore can offer to the world to create jobs for our people.

We must not overlook that, in any country, a large number of jobs are created to serve the local population. They include teachers, nurses, doctors, police, public service, financial services, transport, housing, trading and many others. If we can improve the birth rate, there will be increased demand for these services.

Each country still has to offer its services to the world, to earn foreign exchange to pay for its imports. Singapore will remain attractive in providing the following services to foreigners:

- tourism
- medical services
- education services
- financial services
- legal services
- trading services
- manufacturing
- research and development
- a nice place to stay and work in the region

In recent years, the attraction of Singapore in exporting our services has been damaged by the high cost of doing business and, in some cases, by bad business practices. These shortcomings should, and can be addressed. We also have to bring down the cost of living, as it feeds into the high cost of doing business in Singapore.

Our strengths remain a highly educated and hard working population, and a good command of English and Mandarin.

We will be able to provide good jobs for our local population, and for immigrants who wish to make Singapore as their home.  We do not need to create wasteful jobs in the economic activities that are not good for the quality of life. Our people can work less hours and earn enough from productive activities to have a balanced and good standard of life.

Make the right decision for your future

Many young people came to see me after they had bought a life insurance policy with a high premium. They learned, too late, that they are getting a poor return on their savings. They would have got a much better return, if they had invested their savings in other suitable form. It is still time to change their savings plan, but they would have lost a few thousand dollars.

This could have been avoided, if they had spent 3 hours and $30 to attend the FISCA financial planning talk (or join FISCA and pay only $10 as a member).

If you do not wish to be caught in this situation, register now to attend the talk on this Saturday. Pass to word to your friends and family members, so that they will make the right decision about their financial planning.

http://easyapps.sg/assn/Org/Staff1/Event.aspx

FISCA Financial Planning Talk - 26 Jan 2013

The FISCA talk on Financial Planning will be held in Singapore Management University on Saturday 2 to 5 pm. This talk advice young people on how to save and invest their savings. If they make the right decision, and avoid the wrong decision, it can give them $200,000 more at retirement. The next talk will be held in 3 months time. Register now, if you are keen to benefit from this talk.
http://easyapps.sg/assn/Org/Event.aspx?id=5

Austrians vote to keep Compulsory Military Service

Like Singapore, Austria is a small country.
They have compulsory military service for their citizens.
They recently carried out a referendum.
The results of the referendum is a strong vote (60%) in favor of keeping the compulsory military service.
This is a good indicator that the Austrians recognize the value of a citizen's army
http://www.aljazeera.com/news/europe/2013/01/201312063442158644.html

The finding is relevant to Singapore in more ways that one.
Look at the length of their compulsory military service - six months
Singapore can learn from this referendum.

Review of Government Procurement

I get the impression that our government agencies are paying too much for their procurement. The Brompton bike is only the tip of the iceberg. Anecdotal evidences suggest that the over-payment is rampant and systemic.

I suspect that our government agencies are over-relying on "world class procurement processes" that produce these ridiculous outcomes. It is better for them to rely more on "common sense" coupled with simple process, transparency and accountability.

We have now got the disease of over-paying for government procurement. Our procurement process needs to be reviewed.

Consumer consultancy and Financial Adviser Act

Someone challenged me whether my consumer consultancy infringe the Financial adviser's Act. To overcome this challenge and potential difficulty, I have decided to put in this disclaimer:

* Note: Consumers are advised that the scope of this consumer consultancy is not to be interpreted as financial advice within the scope of the Financial Adviser’s Act regulated by the Monetary Authority of Singapore. Tan Kin Lian & Associates has not applied for a license under the Act.

The full scope is shown here:
http://tankinlian.com/Admin/File.aspx?ID=740&Frame=1

Minimum wage in Malaysia

Malaysia is implementing a minimum wage. As expected, employers are making claims of financial difficulties. Here is the view from the other side:
http://thestar.com.my/news/story.asp?file=/2013/1/21/focus/12604693&sec=focus

Fair distribution of work opportunities

I will now write about sustainable economic growth, i.e .growth that improves the quality of life for people.

The purpose of economic growth must be to provide sufficient opportunities for every person to have meaningful work and to contribute to the pool of products and services that are needed by other people.

Every one needs to have a meaningful life - to afford a comfortable home, food, education, health care, safety, leisure, raise a family. have friends.

We do not want excessive economic growth that requires people to work long hours at the expense of social and family life, or to over-produce products that consume resources that should be kept for future generations. We must be aware about the harm of over-production.

With science and technology, we are now able to produce the total needs with less hours of work, allowing more time for social and family life.

Instead, we are getting the opposite effect. Many people are working longer hours, not less, to produce things that are not really needed. These include bad economic activities, such as gambling, cheating and bubbles, that add to the GDP at the expense of the well-being of other people.

If the bad activities and over-production are eliminated, how do we spread the available work opportunities to the people who need to work?

We need a new system to distribute work opportunities fairly, based on supply and demand. If there is increased supply for a particular trade, every one should work less, so that the demand is fairly spread among the workers.

This requires a combination of market forces and regulation. Excessive and predatory competition and exploitation of workers should be prevented.

There is an argument that this approach will not work in a global environment. It is not possible to regulate employment practices and supply and demand throughout the world. Every country is competing against the other countries.

This argument is put forward by the multi-national companies that are now enjoying the benefit of globalization ,and are able to avoid paying any tax. This argument should be rejected. The harm from globalization, including the exploitation of workers and the erosion of wages, should be recognized and weighed against the benefits of globalization.

If we reject the notion that globalization is inherently good, and consider its negative aspects as well, we can come to a better balance. There are areas where globalization is beneficial, such as global production of certain products, and can be supported. There are areas where it is bad, such as depressing wages and create big disparity of income, and should be addressed.

One good solution is to return to some form of protectionism. Each country can decide on the type of economic activities that can be protected, and the extent of the protection, that produce a good balance for its people. The aim is to ensure that the people have jobs, are paid fairly and can earn enough to live a meaningful life and to raise a family.

For countries that subscribe to similar philosophies, it is possible to bring down the protectionist measures and to have a common market. We have seen that happen within the states of America and within the countries in Europe. They are the correct development.

SUMMARY. We need a system to ensure that the available work opportunity is distributed fairly among the workers, and that the workers are paid fairly to afford a good standard of life. This can be achieved through a balance between market forces and regulation, within a country that has some control over the negative effects of globalization.

Sustainable growth

The ruling Government's preferred policy is to focus on growing the economy, so that more jobs can be created for the people. Many pro-PAP thinks that this is the right policy. I wish to point out a flaw in this policy, that is manifested in the approach adopted in Singapore.

We have to differentiate between good growth and bad growth. 

Good growth are economic activities that benefit the people, such as in providing goods and services that improve the quality of life. They include education, health care, housing, recreation and family (i.e. more babies).

Bad growth are economic activities that are counted, but are bad for the people, including the following:

- casinos
- property bubbles
- bad financial products and scams
- cheating, crime
- wasteful and unnecessary activities
- import of low wage foreign workers

Many bad activities generate income for some people, e.g. casinos, financial institutions, property developers and their employees and agents, but are at the expense of the consumers who lose money in the casinos or bad financial products, or have to pay inflated property prices. Some of these activities may be good, e.g. property development (not bubbles), but some are very bad.

If we can get rid of the bad activities and focus the economic growth on the good activities, we have a good foundation to grow the economy. This is called "sustainable development". 

Talk in Hong Kong - financial regulation

I have been invited to be a panel speaker in a high level conference in Hong Kong about financial regulation. I wish to give my views about what needs to be done to regulate financial products and avoid mis-selling. My views are based on my personal experience in assisting consumers that have been misled in Singapore.

http://tankinlian.com/admin/file.aspx?id=741&IID=747

New policy strategies

Someone asked for my views on what changes I would do, if I were the Prime Minister. Without the benefit of a $1.5 million salary (hope this is the right figure), I will review the following:

- Reduce the minister salary to an average of $500,000

- Health care: adopt a single payer system of South Korea and Canada, to replace the wasteful and fragmented system now used in Singapore.

- Public housing: Reduce the price to an affordable level, say 3 to 4  years of the average family income

- Public transport: take over the planning and fares, but outsource the operations to private operators for an agreed fee, i.e follow the London model

- Wages: Introduce a minimum wage, likely to be at least $8 an hour.

- Taxation: get rid of the wasteful GST and replace it with a payroll tax (with suitable relieve for low income workers); other aspects of tax will also be reviewed.

-  Waste: Remove wasteful government processes that add to the cost and burden (there are plenty of them)

- Financial Sector: regulate the sector to give a fair deal to consumers for their savings.

- Attitude: create awareness that government leaders and civil servants have to serve the people, and are not the "masters:

I am confident that all of these measures can be done effectively, although they will not be easy. Some mistakes will be made along the way, and will need to be corrected.