I attended a retreat at Batam View.
On my return, I waited at the ferry terminal. It was slow pace, tranquil and peaceful.
I enjoy the cool breeze, and the rustling of the leaves on the trees. A few people were at the terminal, including the employees and shop attendants. It was a calm.
I will like to visit again, especially during the weekdays, when there is no crowd.
Saturday, May 28, 2005
Financial Tips - do not roll over your credit card
Excessive spending on credit is the No 1 cause of bankrupcy in Singapore.
4 in 5 young people roll over their credits monthly, and pay interest of up to 24% per year. If late payment and other charges are added, they may be paying up to 30%.
For a credit of $5,000, the charges can be as high as $1,500.
There is a better way. Take a loan from the cash value of your policy, and pay interest at only 5.5% per year. You can save up to $1,200 on a credit of $5,000.
Call 6788 1122
4 in 5 young people roll over their credits monthly, and pay interest of up to 24% per year. If late payment and other charges are added, they may be paying up to 30%.
For a credit of $5,000, the charges can be as high as $1,500.
There is a better way. Take a loan from the cash value of your policy, and pay interest at only 5.5% per year. You can save up to $1,200 on a credit of $5,000.
Call 6788 1122
Tuesday, May 24, 2005
Lower Charge on our Investment Plan
The Straits Times printed a table to show the allocation on investment linked plans offered by various life insurers.
In the case of NTUC Income, our allocation is 85% for the first 3 years, and 100% thereafter. This means that the total charge is 45%. If you invest $1,200 per year, your total charge is $540. This goes to pay the insurance adviser and covers the expenses of issuing the policy.
Some other insurers have total charge of 100% to 150% of the premium. For an annual premium of $1,200, the charge is $1,200 to $1,800. This is much higher than NTUC Income.
Another difference is the spread on the investment. In NTUC Income's case, the spread is 3.5%. For most other insurers, the spread is 5%. A lower spread means that a larger proportion of the premium is invested.
In brief, the charges imposed by NTUC Income are quite modest. They are more than offset by the higher return earned from investing in our Combined Fund.
In the case of NTUC Income, our allocation is 85% for the first 3 years, and 100% thereafter. This means that the total charge is 45%. If you invest $1,200 per year, your total charge is $540. This goes to pay the insurance adviser and covers the expenses of issuing the policy.
Some other insurers have total charge of 100% to 150% of the premium. For an annual premium of $1,200, the charge is $1,200 to $1,800. This is much higher than NTUC Income.
Another difference is the spread on the investment. In NTUC Income's case, the spread is 3.5%. For most other insurers, the spread is 5%. A lower spread means that a larger proportion of the premium is invested.
In brief, the charges imposed by NTUC Income are quite modest. They are more than offset by the higher return earned from investing in our Combined Fund.
Friday, May 20, 2005
Motorist prefer to insure direct
Some motorists prefer to insure directly with NTUC Income at our branches, instead of going through an agent.
We give them a loyalty discount of 5% on the premium. They enjoy this discount on renewal as well. Based on an average premium of $800, they can save $40 by coming direct.
However, many motorists prefer to go through an agent or adviser who can provide advice on the most competitive rate and handle the insurance and road tax renewal for them.
We give them a loyalty discount of 5% on the premium. They enjoy this discount on renewal as well. Based on an average premium of $800, they can save $40 by coming direct.
However, many motorists prefer to go through an agent or adviser who can provide advice on the most competitive rate and handle the insurance and road tax renewal for them.
Cash Settlement having a slow start
We started to offer cash settlement for motor repairs at three Idac centers from 16 May.
It made a slow start with 2 cases for the first day, but activity is picking up. We are now handling 5 cases a day.
We will be taking a weekly advertisement to remind motorists about this option.
It made a slow start with 2 cases for the first day, but activity is picking up. We are now handling 5 cases a day.
We will be taking a weekly advertisement to remind motorists about this option.
Wednesday, May 18, 2005
Casinos in Batam closed down since January
The casinos in Batam has closed down for the past few months, since January 2005. It is probably due to enforcement action taken by the central government in Jakarta. It seemed that the casinos were operating illegally.
With the closure of the casino, several thousand workers in Batam have lost their jobs. Batam was relatively quiet. Few people used the ferries, or visited the island.
The hotel manager in Batam told me that he expects the casino to re-open later in the year, after the Batam and central government has sorted out their jurisdication.
With the closure of the casino, several thousand workers in Batam have lost their jobs. Batam was relatively quiet. Few people used the ferries, or visited the island.
The hotel manager in Batam told me that he expects the casino to re-open later in the year, after the Batam and central government has sorted out their jurisdication.
Monday, May 16, 2005
How to get out of the "time bomb" in your ILP plan
Question:
I bought an investment-linked product from another insurance company (not NTUC Income). It has increasing charges for my life insurance cover. How do I get out of this "time bomb" ?
Reply:
Ask your insurer to give you the coverage and premium that you have to pay for the current and the next few years.
You can compare them with the cost of similar coverage under the Family Insurance Policy offered by NTUC Income.
If our cost is lower (which is likely to be the case), you can ask your current insurer to terminate the insurance coverage. Ask them to state if they have imposed any penalty for this termination. You can continue with the investment with your current ILP plan.
I think that some insurers charge high premium rates for the coverage under their ILP plan.
I bought an investment-linked product from another insurance company (not NTUC Income). It has increasing charges for my life insurance cover. How do I get out of this "time bomb" ?
Reply:
Ask your insurer to give you the coverage and premium that you have to pay for the current and the next few years.
You can compare them with the cost of similar coverage under the Family Insurance Policy offered by NTUC Income.
If our cost is lower (which is likely to be the case), you can ask your current insurer to terminate the insurance coverage. Ask them to state if they have imposed any penalty for this termination. You can continue with the investment with your current ILP plan.
I think that some insurers charge high premium rates for the coverage under their ILP plan.
Tuesday, May 10, 2005
Direct settlement of injury claims
Editor
Forum Page
Straits Times
I refer to your article entitled "Case questions cost-saving tactics"
(Straits Times, May 4, 2005)
You reported a comment from a lawyer, Manoj Raj as follows, "Well before we
begin any proceedings, they call my clients and tell them they have no case."
Mr Roy's statement is not correct.
Here is what actually happens. We approach the injured persons and encourage them to make their claims directly with us. This will allow us to make immediate payment to cover their medical expense and loss of earnings. The compensation for permanent injury will be determined at a later date, when the extent of the injury is determined.
Our action is explained in a practice note which is given to the claimant.
Where our policyholder is liable for the accident, which applies to 80% of these cases, our officer will encourage and assist the injured person to make a direct claim. For the remaining cases, our officer will advice the injured person to claim against the actual party at fault. However, if the injured person wish to make a claim against us, they can still do so.
Our aim is to be pro-active in giving prompt and fair compensation to the injured person and to reduce legal expenses.
Tan Kin Lian
Chief Executive Officer
NTUC Income
Forum Page
Straits Times
I refer to your article entitled "Case questions cost-saving tactics"
(Straits Times, May 4, 2005)
You reported a comment from a lawyer, Manoj Raj as follows, "Well before we
begin any proceedings, they call my clients and tell them they have no case."
Mr Roy's statement is not correct.
Here is what actually happens. We approach the injured persons and encourage them to make their claims directly with us. This will allow us to make immediate payment to cover their medical expense and loss of earnings. The compensation for permanent injury will be determined at a later date, when the extent of the injury is determined.
Our action is explained in a practice note which is given to the claimant.
Where our policyholder is liable for the accident, which applies to 80% of these cases, our officer will encourage and assist the injured person to make a direct claim. For the remaining cases, our officer will advice the injured person to claim against the actual party at fault. However, if the injured person wish to make a claim against us, they can still do so.
Our aim is to be pro-active in giving prompt and fair compensation to the injured person and to reduce legal expenses.
Tan Kin Lian
Chief Executive Officer
NTUC Income
Thursday, May 05, 2005
New or re-conditioned parts?
Editor
Forum Page
Straits Times
I refer to the article in St Times May 2, 2005.
It reported that Mr Abdul Masood was unhappy that the repair to his 7 year old van was done using second-hand parts.
I wish to inform the public that insurers generally practice the following guidelines on the repair of vehciles. This is posted at the website for General Insurance Assocation and stated in the consumer guide that is made available to the public:
quote:
The aim of most policies is to have your vehicle restored to a condition similar to the one it was in before the accident. Based on this principle, for a relatively new vehicle, damaged items will usually be replaced with new parts, which are either genuine or OEM (original equipment manufacturer) parts.
However, for vehicles more than three years old the insurer might opt to use good-quality reconditioned parts. Such parts are carefully checked to ensure they do not compromise the safety or roadworthiness of the vehicle. A six-month warranty for repairs is usually provided by the workshop.
unquote
I wish to state that the practice adopted by NTUC Income conforms with the market practice. Our aim is to give the appropriate repair at a reasonable cost, so that motor insurance premiums can be kept low.
Tan Kin Lian
Chief Executive Officer
Forum Page
Straits Times
I refer to the article in St Times May 2, 2005.
It reported that Mr Abdul Masood was unhappy that the repair to his 7 year old van was done using second-hand parts.
I wish to inform the public that insurers generally practice the following guidelines on the repair of vehciles. This is posted at the website for General Insurance Assocation and stated in the consumer guide that is made available to the public:
quote:
The aim of most policies is to have your vehicle restored to a condition similar to the one it was in before the accident. Based on this principle, for a relatively new vehicle, damaged items will usually be replaced with new parts, which are either genuine or OEM (original equipment manufacturer) parts.
However, for vehicles more than three years old the insurer might opt to use good-quality reconditioned parts. Such parts are carefully checked to ensure they do not compromise the safety or roadworthiness of the vehicle. A six-month warranty for repairs is usually provided by the workshop.
unquote
I wish to state that the practice adopted by NTUC Income conforms with the market practice. Our aim is to give the appropriate repair at a reasonable cost, so that motor insurance premiums can be kept low.
Tan Kin Lian
Chief Executive Officer
Work-life Balance
Editor
Today Paper
I refer to Ms Lena Soh Kwee Kim's letter "Work-life balance: Bosses too have part to play" (ST, May 3).
Ms Soh asked bosses to be flexible in giving concessions to all employees to help them deal with stress, work and family demands. I agree with this view.
I wish to share some of our practices in NTUC Income.
We believe that a competent and happy employee is able to give better service to our customers. We encourage our employees to achieve a balanced work-life and a healthy lifestyle. This is done without sacrificing our competitive edge or increasing business costs.
Our employees enjoy the following schemes:
- flexible working hours
- part-time work
- telework, working from home
Our flexible working hours is most popular. Our employees can choose to start work at any time between 7.30 to 9.30 a.m. and to work 8 hours during the day.
About 300 employees, or 25% of the workforce, have opted for a different starting time, according to their individual need.
Last year, we introduced a one month paid leave for an employee who has completed
three years of service. This benefit cost 3% of payroll but is offset by the savings of 3% in employer CPF contribution.
Our employees enjoyed this benefit, as they can spend time with their family and friends, learn a special skill, or take an extended overseas vacation.
Our human resource practices have made a positive impact on our employees, leading to a high satisfaction score and a low turnover rate for our employees.
In our regular survey, our employees voted the work-life balance to be a strong
positive factor in our work environment.
Tan Kin Lian
Chief Executive Officer
NTUC Income
Today Paper
I refer to Ms Lena Soh Kwee Kim's letter "Work-life balance: Bosses too have part to play" (ST, May 3).
Ms Soh asked bosses to be flexible in giving concessions to all employees to help them deal with stress, work and family demands. I agree with this view.
I wish to share some of our practices in NTUC Income.
We believe that a competent and happy employee is able to give better service to our customers. We encourage our employees to achieve a balanced work-life and a healthy lifestyle. This is done without sacrificing our competitive edge or increasing business costs.
Our employees enjoy the following schemes:
- flexible working hours
- part-time work
- telework, working from home
Our flexible working hours is most popular. Our employees can choose to start work at any time between 7.30 to 9.30 a.m. and to work 8 hours during the day.
About 300 employees, or 25% of the workforce, have opted for a different starting time, according to their individual need.
Last year, we introduced a one month paid leave for an employee who has completed
three years of service. This benefit cost 3% of payroll but is offset by the savings of 3% in employer CPF contribution.
Our employees enjoyed this benefit, as they can spend time with their family and friends, learn a special skill, or take an extended overseas vacation.
Our human resource practices have made a positive impact on our employees, leading to a high satisfaction score and a low turnover rate for our employees.
In our regular survey, our employees voted the work-life balance to be a strong
positive factor in our work environment.
Tan Kin Lian
Chief Executive Officer
NTUC Income
Sunday, May 01, 2005
Lower premium for female motorists
From 1 July 2005, female motorists insured with NTUC Income will enjoy a 6% reduction in premium rates.
Based on our past year's claim experience, female drivers have lower average claim cost.
The lower claim cost reflect that females are involved in less serious accidents and have lower repair cost. Perhaps they also use their cars less often, due to their indoor occupation.
NTUC Income has the largest market share of motor insurance, representing about 43% of all vehicles in Singapore. Our dominant share is attributed to our competitive premium rates and satisfactory quality of service.
Based on our past year's claim experience, female drivers have lower average claim cost.
The lower claim cost reflect that females are involved in less serious accidents and have lower repair cost. Perhaps they also use their cars less often, due to their indoor occupation.
NTUC Income has the largest market share of motor insurance, representing about 43% of all vehicles in Singapore. Our dominant share is attributed to our competitive premium rates and satisfactory quality of service.
Cash settlement for minor accidents
NTUC Income is implementing cash settlement for minor accidents from 16 May 2005:
- On-the-Spot Cash Settlement.
- Get the repair done at your workshop and keep the difference
- Within 7 days, you can return the cheque and ask us to repair the vehicle.
Our cash settlement centres are open Monday to Friday, 9am to 6pm at:
- STAC Sin Ming Road, 302 Sin Ming Rd, S'pore 575627
- STAC Portsdown, 5 Portsdown Rd, S'pore 139296
- NACS Paya Ubi, 51 Ubi Ave 1 #01-25, Paya Ubi Industrial Park
Hotline: 6788 6616.
- On-the-Spot Cash Settlement.
- Get the repair done at your workshop and keep the difference
- Within 7 days, you can return the cheque and ask us to repair the vehicle.
Our cash settlement centres are open Monday to Friday, 9am to 6pm at:
- STAC Sin Ming Road, 302 Sin Ming Rd, S'pore 575627
- STAC Portsdown, 5 Portsdown Rd, S'pore 139296
- NACS Paya Ubi, 51 Ubi Ave 1 #01-25, Paya Ubi Industrial Park
Hotline: 6788 6616.
Saturday, April 30, 2005
Get your daily news about your neighbourhood
NTUC Income is launching eNN, an electronic newsletter for each constituency in Singapore, from 1 May 2005.
The aim of producing eNN is:
- to promote an awareness and interest of happenings in the neighbourhood
- to promote social cohesion
- to create a target of 500 new jobs when all the constituences are operational
The newsletter will be sent to residents who registerd at the website:
www.enn.com.sg.
This is intended for local news. It covers local events that happened in the constituency, such as the events organised by the community center, school, town center, library and others. These news are usually not covered in the national newspapers due to lack of space.
It will also carry advertisements from the local shops and service providers. The shops can advertise their special offers and interesting products. Service providers can advertise their services, such as tuition, child care, baby sitting, elderly care, car wash, home repair, computer repair, etc.
To register: www.enn.com.sg
Tan Kin Lian
CEO, NTUC Income
The aim of producing eNN is:
- to promote an awareness and interest of happenings in the neighbourhood
- to promote social cohesion
- to create a target of 500 new jobs when all the constituences are operational
The newsletter will be sent to residents who registerd at the website:
www.enn.com.sg.
This is intended for local news. It covers local events that happened in the constituency, such as the events organised by the community center, school, town center, library and others. These news are usually not covered in the national newspapers due to lack of space.
It will also carry advertisements from the local shops and service providers. The shops can advertise their special offers and interesting products. Service providers can advertise their services, such as tuition, child care, baby sitting, elderly care, car wash, home repair, computer repair, etc.
To register: www.enn.com.sg
Tan Kin Lian
CEO, NTUC Income
Coping with a business downturn
Someone ask me, "how is business"? I replied, "Business is down. But it is good".
Why?
When business is down, everyone should work less, earn less and spend more time with the family or pursue a hobby.
We should not expect business to be always good, and to work hard all the time. We need to take a break.
I want to encourage people to be on a "holiday resort" mentality.
During peak season, they work very hard. During the off-peak season, only a few shops are open for business. The other people take the time off to do something else.
They manage their earnings to survive on their earnings during the peak season.
Similarly, people who work in other industries should have a lifestyle based on 70% of their regular earnings. They should set aside the 30% as savings for the rainy day.
If they wish to change or lose their job, they can draw on their savings. They will not face any financial hardship.
I also encourage employers to adopt a more humane approach. When business is down, reduce the salary of all workers proportionately, with proportionate time off. Do not retrech the workers, unless they are able to find alterantive jobs elsewhere. Let the sacrifice be shared equally.
Why?
When business is down, everyone should work less, earn less and spend more time with the family or pursue a hobby.
We should not expect business to be always good, and to work hard all the time. We need to take a break.
I want to encourage people to be on a "holiday resort" mentality.
During peak season, they work very hard. During the off-peak season, only a few shops are open for business. The other people take the time off to do something else.
They manage their earnings to survive on their earnings during the peak season.
Similarly, people who work in other industries should have a lifestyle based on 70% of their regular earnings. They should set aside the 30% as savings for the rainy day.
If they wish to change or lose their job, they can draw on their savings. They will not face any financial hardship.
I also encourage employers to adopt a more humane approach. When business is down, reduce the salary of all workers proportionately, with proportionate time off. Do not retrech the workers, unless they are able to find alterantive jobs elsewhere. Let the sacrifice be shared equally.
Thursday, April 28, 2005
Survey: Integrated Resorts
The Singapore government recently announced the development of two integrated resorts with casinos at Marina Bay and Sentosa. We carried out a survey with 100 people representing a cross section of Singapore.
1. The two resorts will attract more tourists to Singapore and boost our tourism industry. Agree: 92%
2. The two resorts will turn Singapore into a vibrant hub in Asia, ahead of its regional competitors. Agree: 79%
3. I support the development of two resorts, as they serve different needs and will complement each other. Agree: 70%
4. I have confidence in the government to minimise potential social harms brought about by the casinos. Agree: 68%
5. The economic advantages brought by the casino resorts will outweigh the social harms. Agree: 68%
6. Social harms brought by the casinos will be minimal, as they constitute only a minor part of the resorts. Agree: 49%
7. The high entrance fee and ban on credit will protect Singaporeans against the ills of casino gambling. Agree: 39%
8. Are you in favour for casino development in Singapore? Yes: 71%
Period of Survey: 21 - 27 Apr 2005
1. The two resorts will attract more tourists to Singapore and boost our tourism industry. Agree: 92%
2. The two resorts will turn Singapore into a vibrant hub in Asia, ahead of its regional competitors. Agree: 79%
3. I support the development of two resorts, as they serve different needs and will complement each other. Agree: 70%
4. I have confidence in the government to minimise potential social harms brought about by the casinos. Agree: 68%
5. The economic advantages brought by the casino resorts will outweigh the social harms. Agree: 68%
6. Social harms brought by the casinos will be minimal, as they constitute only a minor part of the resorts. Agree: 49%
7. The high entrance fee and ban on credit will protect Singaporeans against the ills of casino gambling. Agree: 39%
8. Are you in favour for casino development in Singapore? Yes: 71%
Period of Survey: 21 - 27 Apr 2005
Saturday, April 23, 2005
How to join NTUC Income
NTUC Income has an innovative way to recruit people.
We ask them to register in our recruitment portal, www.income.coop/careers/ and tell us the jobs that they are interested in.
When we have a vacancy, we will contact them to submit an application. This will reduce the time taken to recruit a person, and also ensure that our advertisement is not overlooked by those who are really keen to join us.
We now have 2,000 people who have registered and told us about the jobs that they like. We carry out preliminary screening of these candidates, and will be able to offer them a suitable job as soon as it becomes available.
www.income.coop/careers/
We ask them to register in our recruitment portal, www.income.coop/careers/ and tell us the jobs that they are interested in.
When we have a vacancy, we will contact them to submit an application. This will reduce the time taken to recruit a person, and also ensure that our advertisement is not overlooked by those who are really keen to join us.
We now have 2,000 people who have registered and told us about the jobs that they like. We carry out preliminary screening of these candidates, and will be able to offer them a suitable job as soon as it becomes available.
www.income.coop/careers/
Wednesday, April 20, 2005
Reduce tax on "green cars"
A friend told me that environmentally friendly "green cars" are more fuel efficient. There is a potential saving of 25% on fuel.
With high prices, we should encourage "green cars" on our roads.
However, there is an obstacle. Due to our tax system, "green cars" cost about $20,000 more than the conventional cars.
With an average monthly consumption of $200 in petrol, the monthly saving is only $50. It will take 30 years to recover the additional cost of the green car.
In the USA, green cars cost about S$5000 more than conventional cars. It will take less than 10 years to recover the investment.
I suggest that our tax system in Sigapore should be reviewed and a lower tax burden be placed on "green cars". This will encourage more people to use "green cars" and save on petrol.
With high prices, we should encourage "green cars" on our roads.
However, there is an obstacle. Due to our tax system, "green cars" cost about $20,000 more than the conventional cars.
With an average monthly consumption of $200 in petrol, the monthly saving is only $50. It will take 30 years to recover the additional cost of the green car.
In the USA, green cars cost about S$5000 more than conventional cars. It will take less than 10 years to recover the investment.
I suggest that our tax system in Sigapore should be reviewed and a lower tax burden be placed on "green cars". This will encourage more people to use "green cars" and save on petrol.
Monday, April 18, 2005
Silence not golden for shareholders
Today (18 April) has this headline: "Silence not golden for shareholders".
It says, "As the Commercial Affairs Department investigates corporate wrongdoing, silence prevails, leaving investors in the cold".
The CAD is investing Accord Customer Care Service and Citiraya. In both cases, shareholders have not been informed about the nature of the investigations. The uncertainty has dragged on for several weeks. It is not clear whether the company or CAD should be releasing updates.
My friend told me that, in the USA, they have a faster way to resolve these issues. Action is taken quickly, and the issue is settled within a short time. In some cases, the CEO gets replaced quite quickly. In other cases, the matter is settled.
I hope that the authority in Singapore can find a way to resolve these issues more promptly.
It says, "As the Commercial Affairs Department investigates corporate wrongdoing, silence prevails, leaving investors in the cold".
The CAD is investing Accord Customer Care Service and Citiraya. In both cases, shareholders have not been informed about the nature of the investigations. The uncertainty has dragged on for several weeks. It is not clear whether the company or CAD should be releasing updates.
My friend told me that, in the USA, they have a faster way to resolve these issues. Action is taken quickly, and the issue is settled within a short time. In some cases, the CEO gets replaced quite quickly. In other cases, the matter is settled.
I hope that the authority in Singapore can find a way to resolve these issues more promptly.
Sunday, April 17, 2005
Vehicle Navigation System
I installed a Vehicle Navigation system in my car. It cost about S$1,500.
It works well. The system allows me to set the destination. It guides me along the way. It shows the roads to take and when to turn. It is easy to use and quite reliable.
I will look for a way to help to introduce this system more widely in Singapore. I may buy a few units and offer it as a lucky draw prize for owners who insure their vehicle with us. I may offer a discounted price for our motorists.
It works well. The system allows me to set the destination. It guides me along the way. It shows the roads to take and when to turn. It is easy to use and quite reliable.
I will look for a way to help to introduce this system more widely in Singapore. I may buy a few units and offer it as a lucky draw prize for owners who insure their vehicle with us. I may offer a discounted price for our motorists.
Abusive customers
In recent years, an increasing proportion of customers are getting to be impatient, rude, abusive, demanding and unreasonable. Some employees do not want to work in the frontline to face customers.
This situation appears to happen in other countries as well. Recently, I was in Healthrow Airport. I saw a sign at the Information Desk. It goes along this line:
"Our customer service officers will do their best to serve you. Please do not abuse them. It is our duty to protect our employees. We will take legal action against any customer who harrass our employees".
This situation appears to happen in other countries as well. Recently, I was in Healthrow Airport. I saw a sign at the Information Desk. It goes along this line:
"Our customer service officers will do their best to serve you. Please do not abuse them. It is our duty to protect our employees. We will take legal action against any customer who harrass our employees".
Subscribe to:
Posts (Atom)