Thursday, July 15, 2010
Promotion of Books
Several titles of my books are available on promotion up to 31 July 2010. Please order now. They are suitable as gifts for your relatives and friends.
Medishield and private Shield
Read this article. It gives some tips on selecting the appropriate Shield plan. You should avoid paying premium for an expensive cover that is not likely to be used.
More information on buying a Shield plan can be found in
Practical Guide on Financial Planning.
More information on buying a Shield plan can be found in
Practical Guide on Financial Planning.
Make electronic payments more convenient
Published in Straits Times Online
I REFER to the Monetary Authority of Singapore's (MAS) reply on Monday ("Why it's not feasible to ditch cheques") to my letter ("Cheques are cumbersome and redundant"; July 3).
I wish to encourage the use of electronic payments, especially for non-regular payments to business entities. I did not suggest that cheques be ditched entirely. I recognise that some people find it more convenient to use cheques, or prefer not to use electronic payments for various reasons.
I believe that MAS has statistics on the number of cheques used in Singapore as a proportion of the population, compared with that of other countries. I hope that it would share these statistics, and I would not be surprised to see that the proportion is high in Singapore.
Perhaps MAS should review the current measures that make it inconvenient to use electronic payments. For example, a customer who uses Internet banking has to register the payee first and authenticate it by SMS. This is an unnecessary hassle for small, one-off payments.
Customers are also not allowed to store their credit card details with online merchants, even if the customers are willing to take the risk. They have to enter their credit card details in full for each transaction. I find this to be inconvenient.
Tan Kin Lian
Economic growth
Read this article.
Massive pay rise
My view
There is no point in growing the economy, if it does not lead to a better quality of life for the people living here. Maybe the economic growth means higher pay for the top CEOs and ministers, but leaders should take into account the impact of the ordinary people, and not for their own interest.
Massive pay rise
My view
There is no point in growing the economy, if it does not lead to a better quality of life for the people living here. Maybe the economic growth means higher pay for the top CEOs and ministers, but leaders should take into account the impact of the ordinary people, and not for their own interest.
Wednesday, July 14, 2010
Tan Kin Lian website
Here is the new Tan Kin Lian website. Click on "Ask Mr Tan" for a list of FAQs on insurance and finance. You can also click on the various categories under the Information tab.
This new website is designed using the Prototype Website, which is available for use by organisations for a modest fee.
This new website is designed using the Prototype Website, which is available for use by organisations for a modest fee.
DBS pays investors in Hong Kong
DBS Hong Kong to pay US$84 mln in Lehman settlement. DBS Hong Kong, a unit of Singapore's DBS Group Holdings, will pay out a combined HK$651 million (US$84 million) to some buyers of Lehman Brothers constellation notes, the territory's financial regulator said Wednesday.
http://www.reuters.com/article/idUSHKU00007420100714
My view
I wonder if DBS will be offering some form of settlement to the investors of the High Notes in Singapore? It would be rather sad, if they compensated the HK investors and not the Singapore investors.
http://www.reuters.com/article/idUSHKU00007420100714
My view
I wonder if DBS will be offering some form of settlement to the investors of the High Notes in Singapore? It would be rather sad, if they compensated the HK investors and not the Singapore investors.
Excessive charges by the banks
It appears that MAS is taking a serious view about the computer glitch at DBS Bank. I consider that the attention is misplaced. Sure, someone made a serious mistake, but it was not intended. Let them learn their lesson.
I prefer MAS to put its attention on other matters that are important to consumers, such as the excessive charges for banking services for writing a cheque wrongly or for having a bounced cheque. The charges of $25 or $50 for these unintended mistakes are grossly excessive. MAS should investigate the real cost to the bank and ensure that the bank does not make a profit from these charges.
Unlike the computer glitch which was unintentional (i.e. caused by a routine repair job), the excessive charges by the banks are delibrate and unconscionable.
If the bank is allowed to make a handsome profit on these charges, you cnn be sure that they will be creative in making life difficult for their customers, so that they can be caught with these penalties.
Tan Kin Lian
I prefer MAS to put its attention on other matters that are important to consumers, such as the excessive charges for banking services for writing a cheque wrongly or for having a bounced cheque. The charges of $25 or $50 for these unintended mistakes are grossly excessive. MAS should investigate the real cost to the bank and ensure that the bank does not make a profit from these charges.
Unlike the computer glitch which was unintentional (i.e. caused by a routine repair job), the excessive charges by the banks are delibrate and unconscionable.
If the bank is allowed to make a handsome profit on these charges, you cnn be sure that they will be creative in making life difficult for their customers, so that they can be caught with these penalties.
Tan Kin Lian
Dual currency investment
Read this article. A dual currency investment carries high risk but does not give a commensurate return. It should be avoided.
MAS and DBS computer glitch
From what I read, MAS is going to hold DBS Bank accountable for the computer glitch that cause failure of banking services for 7 hours on 7 July 2010.
After operating its massive online banking services for many decades, this is the first time that DBS has encountered a serious failure of this nature and it is caused by a "routine repair job". It is not the second, third or repeated occasions.
Several thousand customers were inconvenienced, but no money or lives were lost. We should expect this type of unfortunate, embarrassing event to occur, and should not overact to them. It is better to learn from the experience.
Singapore has a culture of "no tolerance for failure". Is this going to be another example of over-reacting to a mistake, to edge into the psyche of Singaporeans?
If we are not careful, another Singaporean culture will manifest - finger pointing. DBS officers will be pointing fingers to IBM and in turn IBM will be pointing fingers to their subcontractors or employees. A scrape-goat will eventually be found.
The likely response to this type of problem will be another layer of security and complexity and expensive consultants to advise on their implementation. Eventually, bank charges will be increased to cover the higher cost.
I hope that common sense will prevail over these dominant Singapore cultures, and that a low cost solution be found. There is no need to have a fully integrated system that can be brought down by a "routine repair job". It is better to design computer systems that can operate independently to handle the volumnous small transactions and have simple recovery procedures that can be activated easily, when the unexpected happens.
Tan Kin Lian
After operating its massive online banking services for many decades, this is the first time that DBS has encountered a serious failure of this nature and it is caused by a "routine repair job". It is not the second, third or repeated occasions.
Several thousand customers were inconvenienced, but no money or lives were lost. We should expect this type of unfortunate, embarrassing event to occur, and should not overact to them. It is better to learn from the experience.
Singapore has a culture of "no tolerance for failure". Is this going to be another example of over-reacting to a mistake, to edge into the psyche of Singaporeans?
If we are not careful, another Singaporean culture will manifest - finger pointing. DBS officers will be pointing fingers to IBM and in turn IBM will be pointing fingers to their subcontractors or employees. A scrape-goat will eventually be found.
The likely response to this type of problem will be another layer of security and complexity and expensive consultants to advise on their implementation. Eventually, bank charges will be increased to cover the higher cost.
I hope that common sense will prevail over these dominant Singapore cultures, and that a low cost solution be found. There is no need to have a fully integrated system that can be brought down by a "routine repair job". It is better to design computer systems that can operate independently to handle the volumnous small transactions and have simple recovery procedures that can be activated easily, when the unexpected happens.
Tan Kin Lian
Taking full responsibility
The CEO of DBS Bank said that his bank will "take full responsibility" for the 7 hour failure of ATM and other banking services. What do these words "take full responsibility" mean? Is the bank giving monetary compensation to their customers who have been inconvenienced by the failure of the services? Will they be making a big donation to charity or paying a hefty fine?
In Japan, "takes full responsibility" means a full public apology followed by the immediate resignation of the president of the company. In older days, the responsible person is expected to undergo harakiri, a painful process of suicide by cutting off the stomach.
In Singapore, it is easy to utter these hollow words and there will be no consequence. I do not wish to have anybody punished seriously for an unfortunate mistake, but I wish to see credibility and integrity - and that words that have been uttered should coincide with appropriate action.
Tan Kin Lian
In Japan, "takes full responsibility" means a full public apology followed by the immediate resignation of the president of the company. In older days, the responsible person is expected to undergo harakiri, a painful process of suicide by cutting off the stomach.
In Singapore, it is easy to utter these hollow words and there will be no consequence. I do not wish to have anybody punished seriously for an unfortunate mistake, but I wish to see credibility and integrity - and that words that have been uttered should coincide with appropriate action.
Tan Kin Lian
Retirement age and pensions
Read this article.
My view
An old age pension is suitable for Singapore. The cost is modest and should be borne by the working population. It is some form of insurance scheme and represents the recognition that a country can give to its elderly citizens. Most countries have recognized this philosophy. Singapore has to adapt.
My view
An old age pension is suitable for Singapore. The cost is modest and should be borne by the working population. It is some form of insurance scheme and represents the recognition that a country can give to its elderly citizens. Most countries have recognized this philosophy. Singapore has to adapt.
Tuesday, July 13, 2010
Android phone
Recently, I bought the Motorola Milestone, which runs on Google Android operating system. It is the first time that I am using a smart phone. I find the applications to be top class, and available for free.
I am able to access Google Mail and Calendar from the smart phone. It also uses the Contacts in the server. I find this to be very useful as I do not need to maintain the Contacts or Appointments separately in my smart phone.
I also like the Google Maps, which gets my current location using GPS. Now, I check the Map to find ou the best route to take to my destination. There is a choice of travelling by car, public transport or walking. A few days ago, I had to visit a place that I am not familiar with. After parking the car, I used the Google Map to check my current location and the direction to walk to my destination. It was very useful.
Please share your views on the applications that you use regularly on your smart phone.
Tan Kin Lian
I am able to access Google Mail and Calendar from the smart phone. It also uses the Contacts in the server. I find this to be very useful as I do not need to maintain the Contacts or Appointments separately in my smart phone.
I also like the Google Maps, which gets my current location using GPS. Now, I check the Map to find ou the best route to take to my destination. There is a choice of travelling by car, public transport or walking. A few days ago, I had to visit a place that I am not familiar with. After parking the car, I used the Google Map to check my current location and the direction to walk to my destination. It was very useful.
Please share your views on the applications that you use regularly on your smart phone.
Tan Kin Lian
Fee for a mistake in the cheque
Dear Mr. Tan
I agree with your views about the outdated manner of writing cheques. I made a small correction to the amount in figures on my cheque but forget to initial the correction. The bank returned the cheque to me and charge a fee of $25. I called the bank and made a complaint. They finally agreed to waive this fee. Why should the fee be so high, just to return the cheque?
REPLY
The bank imposed a high fee for many types of small mistakes. This helps them to make billion of dollars of profit. It is outrageous for the fee to be so high. MAS should step in and put a stop to these excessive overcharging.
Some time ago, my bank sent me a letter that the fee for a late payment of a credit card is $50. I cancelled the card immediately. Consumers should not accept this type of unconscionable charges.
I agree with your views about the outdated manner of writing cheques. I made a small correction to the amount in figures on my cheque but forget to initial the correction. The bank returned the cheque to me and charge a fee of $25. I called the bank and made a complaint. They finally agreed to waive this fee. Why should the fee be so high, just to return the cheque?
REPLY
The bank imposed a high fee for many types of small mistakes. This helps them to make billion of dollars of profit. It is outrageous for the fee to be so high. MAS should step in and put a stop to these excessive overcharging.
Some time ago, my bank sent me a letter that the fee for a late payment of a credit card is $50. I cancelled the card immediately. Consumers should not accept this type of unconscionable charges.
Land banking job adverts
Hello Mr Tan
Some years ago I was shocked to hear of a person who ran an advert for a secretary in Singapore. He would invite them to a local hotel lobby for the interview and make a list of the girls he liked. Later he would call the girls and say unfortunately the job had been delayed for a few months due to head office changes. She was an ideal candidate and he would take her to dinner to make up for it. Of course there was no job. He had a very high success rate with the girls because the job seekers were keen to please, keen to show themselves in the best light, and keen to keep his nterest for the job. Exploitation of the worst kind.
I have recently heard that some Land Banking and MLM companies are running adverts for job seekers on job sites where the job does not actually exist. These adverts are normally very cheap to publish they typically contain text sayng how great the company is. Applicants are obviously very keen to receive communications with the company. I regard this a partiularly unethical as job seekers are very often in a state of mind where they are keen to please any prospective employer and this leaves them open to be sold products or to introduce compliant family and friends who want to help them. Since much of the media will not carry land banking adverts the job sites are also way to continue advertising.
I would caution your readers that not all job adverts are what they seem and to carefully research all companys before approaching them.
SF
My views
I agree with the views. It is important for the job seeker to check the background of the company, before attending an interview. Alternatively, it is better to have the interview by telephone or e-mail, rather than a physical visit.
Some years ago I was shocked to hear of a person who ran an advert for a secretary in Singapore. He would invite them to a local hotel lobby for the interview and make a list of the girls he liked. Later he would call the girls and say unfortunately the job had been delayed for a few months due to head office changes. She was an ideal candidate and he would take her to dinner to make up for it. Of course there was no job. He had a very high success rate with the girls because the job seekers were keen to please, keen to show themselves in the best light, and keen to keep his nterest for the job. Exploitation of the worst kind.
I have recently heard that some Land Banking and MLM companies are running adverts for job seekers on job sites where the job does not actually exist. These adverts are normally very cheap to publish they typically contain text sayng how great the company is. Applicants are obviously very keen to receive communications with the company. I regard this a partiularly unethical as job seekers are very often in a state of mind where they are keen to please any prospective employer and this leaves them open to be sold products or to introduce compliant family and friends who want to help them. Since much of the media will not carry land banking adverts the job sites are also way to continue advertising.
I would caution your readers that not all job adverts are what they seem and to carefully research all companys before approaching them.
SF
My views
I agree with the views. It is important for the job seeker to check the background of the company, before attending an interview. Alternatively, it is better to have the interview by telephone or e-mail, rather than a physical visit.
A difficult choice
Hi Mr. Tan,
I am a insurance agent directly representing one of the insurance companies in Singapore. I have been in this line for more than a year now and have done pretty alright for myself. I joined this career as my mother was in this industry and encouraged me to join. Being a direct beneficiary of insurance as both my grandparents and my father tackled medical problems in their lives, I strongly believe in insurance and wish benefit people while making a living for myself.
Increasingly, however, I feel that my company's products are limited and not as competitive. For example, it is difficult for me to implement a BTITR strategy for my clients also as my company's term plans are relatively more expensive. I have explored the option of joining an IFA so that I can have a wider range of products to benefit my client, but due to the recurring nature of my income, it is not beneficial for me to do so.
What do you suggest I do such that I can do good by my clients and still make a living?
Tied Insurance Agent
REPLY
It is a difficult choice for you to make, but you have to find the answer that suit you. Some IFAs found a way to charge a transparent fee for the advice given to the customer.
I am a insurance agent directly representing one of the insurance companies in Singapore. I have been in this line for more than a year now and have done pretty alright for myself. I joined this career as my mother was in this industry and encouraged me to join. Being a direct beneficiary of insurance as both my grandparents and my father tackled medical problems in their lives, I strongly believe in insurance and wish benefit people while making a living for myself.
Increasingly, however, I feel that my company's products are limited and not as competitive. For example, it is difficult for me to implement a BTITR strategy for my clients also as my company's term plans are relatively more expensive. I have explored the option of joining an IFA so that I can have a wider range of products to benefit my client, but due to the recurring nature of my income, it is not beneficial for me to do so.
What do you suggest I do such that I can do good by my clients and still make a living?
Tied Insurance Agent
REPLY
It is a difficult choice for you to make, but you have to find the answer that suit you. Some IFAs found a way to charge a transparent fee for the advice given to the customer.
Monday, July 12, 2010
Mystery shopper
The regulator in Hong Kong will be using the mystery shopper to check on how financial products are sold to the public. Read this article.
My view
While this may not be popular with the financial institution, it is necessary to have this check. The financial institution has the duty to ensure that the products are sold properly to the retail investors. I hope that a similar scheme be implemented in Singapore.
My view
While this may not be popular with the financial institution, it is necessary to have this check. The financial institution has the duty to ensure that the products are sold properly to the retail investors. I hope that a similar scheme be implemented in Singapore.
Promotion of books
The promotion of books is drawing good response. Most popular items are financial planning and tangram. The promotion will end on 31 July 2010. Act now.
Commercial company and opt-out
Dear Mr. Tan
My company (a SME) just received a letter from Singapore Information Services Pte Ltd (the company doing Yellow Pages). Please see letter attached.
The letter seems to imply that I must pay the charges ($1 per day) unless I "call, email or fax" by 31 Jul 2010. I did not remember paying anything in previous years or having any business relationship with them. I can understand if the government uses this "opt-out" scheme for administrative efficiency, but this is a profit-making private company!
I suppose if I ignore the letter, there will be another letter later on demanding payment. How many SME owners will be mislead or just pay to avoid trouble!
My question is
a) How can a big established company like Singapore Information Services employ such sales tactic?
b) Isn't CASE supposed to be looking after the interest of consumers?
Huang HW
My company (a SME) just received a letter from Singapore Information Services Pte Ltd (the company doing Yellow Pages). Please see letter attached.
The letter seems to imply that I must pay the charges ($1 per day) unless I "call, email or fax" by 31 Jul 2010. I did not remember paying anything in previous years or having any business relationship with them. I can understand if the government uses this "opt-out" scheme for administrative efficiency, but this is a profit-making private company!
I suppose if I ignore the letter, there will be another letter later on demanding payment. How many SME owners will be mislead or just pay to avoid trouble!
My question is
a) How can a big established company like Singapore Information Services employ such sales tactic?
b) Isn't CASE supposed to be looking after the interest of consumers?
Huang HW
Winner of Quiz 6-3
The winner of the Intelligence Quiz Vol 3 book prize for Quiz 6-3 (correct answer is "salesman") is:
Mobile xxxx2405 NRIC: Sxxx8571/I.
Congratulations.
Please send your mailing address, NRIC and mobile phone to kinlian@gamail.com
Mobile xxxx2405 NRIC: Sxxx8571/I.
Congratulations.
Please send your mailing address, NRIC and mobile phone to kinlian@gamail.com
FIFI World Cup - Winners of Tangram Book Prize
The 3 winners of the Tangram book prize, who submitted the correct entry SHGU, are:
Mobile NRIC
xxxx1115 Sxxx4636G
xxxx7893 Sxxx3544F
xxxx1448 Sxxx8352B
Congratulations. Please send your name, mailing address, NRIC and mobile number to kinlian@gmail.com
Mobile NRIC
xxxx1115 Sxxx4636G
xxxx7893 Sxxx3544F
xxxx1448 Sxxx8352B
Congratulations. Please send your name, mailing address, NRIC and mobile number to kinlian@gmail.com
Phone book and spider web
Singtel used to print a phone book containing the telephone numbers of subscribers arranged in alphabetical order. The first 50 to 100 pages of the phone book described their various types of services, and can be searched by an index. Although the phone book is still available, it is used less frequently now.
Although the information in the phone book is volumnous, it is quite easy to search for the right page using the index. It is also easy to read the page of information.
When Singtel moves the information to its website, it changed the format and introduced the spider web. It now requires many mouse clicks to find the right page. Consumres find it difficult to figure out where to click. They usually need a staff to guide them.
This same pattern is adopted by the website of most large organisations. It is not natural to the user and causes a lot of difficulty.
My prototype website is designed to overcome this problem. It allows an organisation to store information for the public in various documents (in PDF format) that can b searched easily by the Title (partially or in full) or by a listing of all titles in the Category. It will be quite easy to read the document.
I hope that most organisations will consider to build a second website, based on my prototype. The cost is quite low. The second website can run with the main website for 6 to 12 months, to gauge the response of the consumers or the public.
Tan Kin Lian
Although the information in the phone book is volumnous, it is quite easy to search for the right page using the index. It is also easy to read the page of information.
When Singtel moves the information to its website, it changed the format and introduced the spider web. It now requires many mouse clicks to find the right page. Consumres find it difficult to figure out where to click. They usually need a staff to guide them.
This same pattern is adopted by the website of most large organisations. It is not natural to the user and causes a lot of difficulty.
My prototype website is designed to overcome this problem. It allows an organisation to store information for the public in various documents (in PDF format) that can b searched easily by the Title (partially or in full) or by a listing of all titles in the Category. It will be quite easy to read the document.
I hope that most organisations will consider to build a second website, based on my prototype. The cost is quite low. The second website can run with the main website for 6 to 12 months, to gauge the response of the consumers or the public.
Tan Kin Lian
RSS Feed
Regular visitors can add my blog to the RSS feed on your browser. This will allow you to keep track of new postings to my blog.
A reader wanted to have a feature to keep track of comments posted in my blog. I do not know how to enable this feature. Can someone guide me?
Answer:
For readers who wish to follow the comments in my blog, you can save this link in your browser:
http://tankinlian.blogspot.com/feeds/comments/default
A reader wanted to have a feature to keep track of comments posted in my blog. I do not know how to enable this feature. Can someone guide me?
Answer:
For readers who wish to follow the comments in my blog, you can save this link in your browser:
http://tankinlian.blogspot.com/feeds/comments/default
MAS reply to my suggestion on cheques
Why it's not feasible to ditch cheques
I REFER to Mr Tan Kin Lian's letter ('Cheques are cumbersome and redundant; July 3).
The Monetary Authority of Singapore (MAS) agrees that the use of cheques is less efficient than electronic means of payment ('Cheques are cumbersome and redundant', July 3). However, any effort to deter the use of cheques is likely to involve customers paying high cheque charges. Careful consideration has to be given to the needs of different segments of consumers and businesses.
MAS has been working with the industry to facilitate the development and use of alternative forms of payment like eGiro, Internet banking and kiosks, such as AXS and SAM.
Cheque usage in Singapore has declined by 9 per cent over the last five years while the use of eGiro has increased by 26 per cent, surpassing the volume of cheques cleared last year.
MAS will continue to partner the industry to enhance the electronic payment infrastructure and encourage the greater adoption of more efficient payment modes in Singapore.
Angelina Fernandez
Director (Communications)
Monetary Authority of Singapore
My comments
I did not suggest to ditch away with cheques (words created by the Straits Times). I only suggested that MAS should take the lead to make electronic payment easily, especially for payment to business entities. MAS did not want to call me to clarify my suggestion.
My earlier statement "Many countries have done away with cheques" is probably inaccurate and has been taken off-context by the Straits Times and MAS.
I REFER to Mr Tan Kin Lian's letter ('Cheques are cumbersome and redundant; July 3).
The Monetary Authority of Singapore (MAS) agrees that the use of cheques is less efficient than electronic means of payment ('Cheques are cumbersome and redundant', July 3). However, any effort to deter the use of cheques is likely to involve customers paying high cheque charges. Careful consideration has to be given to the needs of different segments of consumers and businesses.
MAS has been working with the industry to facilitate the development and use of alternative forms of payment like eGiro, Internet banking and kiosks, such as AXS and SAM.
Cheque usage in Singapore has declined by 9 per cent over the last five years while the use of eGiro has increased by 26 per cent, surpassing the volume of cheques cleared last year.
MAS will continue to partner the industry to enhance the electronic payment infrastructure and encourage the greater adoption of more efficient payment modes in Singapore.
Angelina Fernandez
Director (Communications)
Monetary Authority of Singapore
My comments
I did not suggest to ditch away with cheques (words created by the Straits Times). I only suggested that MAS should take the lead to make electronic payment easily, especially for payment to business entities. MAS did not want to call me to clarify my suggestion.
My earlier statement "Many countries have done away with cheques" is probably inaccurate and has been taken off-context by the Straits Times and MAS.
New Transport Fares - view by Rex
Is the new transport fare structure really good news to Singaporeans?
Actually those who take feeder services will save quite a bit of money, and also those who do other transfers frequently. Given the large number of flat units in huge towns where feeder services are daily part of travel pattern, it does seem logical that many many commuters will save money with the new structure.
Now why didn't Mrs Lim Hwee Hua et al, bring up this point? Instead, last night (11th July) she repeated the government standard answer: try it over a week before judging. This is plain stupid answer, because if your daily routine costs for the greater part of a week, is higher, for sure over the week the costs will be higher. It is an absolutely stupid, daft logic. Albert Einstein said that if you repeat an experiment with the same setup, you are insane to expect a different result. She is insane!
I think the correct reply to the issue should never have been crafted that way. It insults our intelligence. The correct government reply should be as follows:
The studies show that transfers via feeder services and other transfers form the bulk of commuters travel pattern. Hence we are very confident that majority commuters will benefit. We cannot please everybody under any system and we have always considered that the priority of the fare system should be focussed on benefiting the majority, and that for us is the fairest way to manage the public transport system.
I think the above kind of recommended reply is more honest. You can disagree with the concept (of majority benefit) but at least it is an honest reply to what is happening.
A government must remain honest and not tell lies or give false logic to explain issues.This is a very crucial factor to secure voters' support.
rex
Actually those who take feeder services will save quite a bit of money, and also those who do other transfers frequently. Given the large number of flat units in huge towns where feeder services are daily part of travel pattern, it does seem logical that many many commuters will save money with the new structure.
Now why didn't Mrs Lim Hwee Hua et al, bring up this point? Instead, last night (11th July) she repeated the government standard answer: try it over a week before judging. This is plain stupid answer, because if your daily routine costs for the greater part of a week, is higher, for sure over the week the costs will be higher. It is an absolutely stupid, daft logic. Albert Einstein said that if you repeat an experiment with the same setup, you are insane to expect a different result. She is insane!
I think the correct reply to the issue should never have been crafted that way. It insults our intelligence. The correct government reply should be as follows:
The studies show that transfers via feeder services and other transfers form the bulk of commuters travel pattern. Hence we are very confident that majority commuters will benefit. We cannot please everybody under any system and we have always considered that the priority of the fare system should be focussed on benefiting the majority, and that for us is the fairest way to manage the public transport system.
I think the above kind of recommended reply is more honest. You can disagree with the concept (of majority benefit) but at least it is an honest reply to what is happening.
A government must remain honest and not tell lies or give false logic to explain issues.This is a very crucial factor to secure voters' support.
rex
Sunday, July 11, 2010
Survey: TV subscription for the World Cup 2010
Please join this survey.
Interim results, based on 77 replies
38 respondents subscribed for the 2006 World Cup and 11 for the 2010 World Cup. This reflected a drop of 71% in subscription.
Of the 66 who did not subscribe for the 2010 World Cup, 64% said that the price is too high and 56% want to boycott the subscription to show their unhappiness. 24% said that they would have subscribed, if the price is $30 or less.
Clearly, there has been much unhappiness, leading to a significant drop in subscription. I wonder if Singtel and Starhub would be releasing the information on the drop in subscriptions.
Interim results, based on 77 replies
38 respondents subscribed for the 2006 World Cup and 11 for the 2010 World Cup. This reflected a drop of 71% in subscription.
Of the 66 who did not subscribe for the 2010 World Cup, 64% said that the price is too high and 56% want to boycott the subscription to show their unhappiness. 24% said that they would have subscribed, if the price is $30 or less.
Clearly, there has been much unhappiness, leading to a significant drop in subscription. I wonder if Singtel and Starhub would be releasing the information on the drop in subscriptions.
Survey - views of the young
Here are the revised survey results, based on 84 responses, from young Singaporeans, below 30 years.
I am quite well educated ................................................................ 87%
I am willing to be engaged with the community ................................50%
I can get a job easily ......................................................................49%
I am willing to speak my mind ........................................................40%
I am happy with my work environment ...........................................37%
My job pays quite well ...................................................................30%
I can compete easily against foreigners ............................................29%
I am happy with life in Singapore .....................................................29%
I will encourage other Singaporeans to be proud of our country .......29%
I prefer to stay in Singapore (even if I have the chance to emigrate) ..26%
My pay is adequate for the cost of living ......................................... 19%
I have a good future in Singapore ....................................................17%
I find the HDB flat to be affordable .................................................. 7%
My observation
Although the young Singaporeans are quite well educated and can get a job easily, they are unhappy with the pay, work environment, competition with foreigners for jobs, high cost of living and cost of HDB flats.
A small percentage said that HDB flats are affordable (7%), that they have a good future in Singapore (17%), and would prefer to stay in Singapore, even if they have a chance to emigrate (26%).
Earlier, I thought that the young Singaporeans fared better than older workers, but this survey results indicate otherwise. However, the sample size is small and this could reflect the unhappy segment of the young Singaporeans.
Tan Kin Lian
I am quite well educated ................................................................ 87%
I am willing to be engaged with the community ................................50%
I can get a job easily ......................................................................49%
I am willing to speak my mind ........................................................40%
I am happy with my work environment ...........................................37%
My job pays quite well ...................................................................30%
I can compete easily against foreigners ............................................29%
I am happy with life in Singapore .....................................................29%
I will encourage other Singaporeans to be proud of our country .......29%
I prefer to stay in Singapore (even if I have the chance to emigrate) ..26%
My pay is adequate for the cost of living ......................................... 19%
I have a good future in Singapore ....................................................17%
I find the HDB flat to be affordable .................................................. 7%
My observation
Although the young Singaporeans are quite well educated and can get a job easily, they are unhappy with the pay, work environment, competition with foreigners for jobs, high cost of living and cost of HDB flats.
A small percentage said that HDB flats are affordable (7%), that they have a good future in Singapore (17%), and would prefer to stay in Singapore, even if they have a chance to emigrate (26%).
Earlier, I thought that the young Singaporeans fared better than older workers, but this survey results indicate otherwise. However, the sample size is small and this could reflect the unhappy segment of the young Singaporeans.
Tan Kin Lian
FAQ - Existing Life Policies
Many people asked for my advice on what to do with their existing life polciies, which has been giving a poor yield. My views are set out in this article.
Survey: views of young people in Singapore
This survey is for local-born Singaporeans, aged 30 and below, to express their views on life in Singapore.
DirectAsia.com
Dear Mr Tan,
I accidentally chanced upon this website, www.directasia.com which sells insurance directly to consumers. Would you care to take a look at it and comment about it on your blog?
jenny
REPLY
Can you try this website and give me your findings. You can apply for motor insurance and compare with your existing rate.
NOTE TO READERS
Please try this website and share your findings here.
I accidentally chanced upon this website, www.directasia.com which sells insurance directly to consumers. Would you care to take a look at it and comment about it on your blog?
jenny
REPLY
Can you try this website and give me your findings. You can apply for motor insurance and compare with your existing rate.
NOTE TO READERS
Please try this website and share your findings here.
Develop a second website
Comment posted in my blog
Dear Mr. Tan
Do you really expect the government agency or large company to abandon its current website, where they spend many millions of dollars and thousand of hours of development and training staff, and go for your prototype website?
Are you sure that your website prototye is robust and free of bugs? Can the organisation take the risk?
REPLY
I suggest the government agency or business organisation create a second website, which is linked to their current website by a label such as "Click here to view an alternative, simple website". This will provide an alternative for the public to test. The organisation can measure the number of transactions on the current and new website for 6 to 12 months.
The cost of developing a second website based on my proposed prottype is small, just a few thousand dollars, instead of a few hundred thousand dollars.
If the second website is popular and more than 50% of the transactions have moved over to the second website, the organisation can decide on the time needed to remove the current webiste (which is developed on the spider web concept). If the second website is not popular, it can be also removed in 6 to 12 months time, just by removing the link.
Tan Kin Lian
Dear Mr. Tan
Do you really expect the government agency or large company to abandon its current website, where they spend many millions of dollars and thousand of hours of development and training staff, and go for your prototype website?
Are you sure that your website prototye is robust and free of bugs? Can the organisation take the risk?
REPLY
I suggest the government agency or business organisation create a second website, which is linked to their current website by a label such as "Click here to view an alternative, simple website". This will provide an alternative for the public to test. The organisation can measure the number of transactions on the current and new website for 6 to 12 months.
The cost of developing a second website based on my proposed prottype is small, just a few thousand dollars, instead of a few hundred thousand dollars.
If the second website is popular and more than 50% of the transactions have moved over to the second website, the organisation can decide on the time needed to remove the current webiste (which is developed on the spider web concept). If the second website is not popular, it can be also removed in 6 to 12 months time, just by removing the link.
Tan Kin Lian
Subway on the Street
Here is an interesting article about solving problems of transport in a city.
My views
I am in favor of having certain raods that are dedicated for use by buses. Cars can use these roads, but they have to pay a heavy ERP fee (but they enjoy congestion free). Here are some of my ideas:
My views
I am in favor of having certain raods that are dedicated for use by buses. Cars can use these roads, but they have to pay a heavy ERP fee (but they enjoy congestion free). Here are some of my ideas:
- The bus should operate on short trips with a flat fare
- The flat fare has to be paid on entry using stored value cards (i.e. no cash payment)
- For longer distances, the commuter has to changed buses
- The buses uses dedicated roads, which are relatively congestion free
Saturday, July 10, 2010
Internet browser
I used Google Chrome previously as my internet browser to access G Mail and other Google applications. It gave problem in downloading a PDF attachment. I tried ways to get around this problem, but it failed. I waited for Google to fix this problem. It was reported in Google website, but there was no fix.
After some time, I decided to switch to Internet Explorer, even for the Google applications. It worked fine. So, I have stayed with Internet Explorer since. If Google fixed the problem with the Chrome, I may try it again. My colleague tried Firefox and it worked well.
Can you share your experience on using the various internet browsers?
Tan Kin Lian
After some time, I decided to switch to Internet Explorer, even for the Google applications. It worked fine. So, I have stayed with Internet Explorer since. If Google fixed the problem with the Chrome, I may try it again. My colleague tried Firefox and it worked well.
Can you share your experience on using the various internet browsers?
Tan Kin Lian
Prototype website
I have developed this prototype website for a government agency or business organisation. It allows the public to access the information and forms of the organisation. This prototype website allows the information to be stored in separate PDF documents that can be retrieved easily and saved on the user's computer or printed. This will be easier to use than the spiderweb that is now used by most large organisations.
Please give your views about this prototype and suggestions for improvements. If you like this style, please help to encourage more organisations to move to this style.
Tan Kin Lian
Please give your views about this prototype and suggestions for improvements. If you like this style, please help to encourage more organisations to move to this style.
Tan Kin Lian
FIFA World Cup - Predict the Winners
Note: the correct number should be 8202 8866. As this is not a 1900 number, there is no charge for sending this SMS).
Are you better than Paul the Octopus or Mani the parrot? Try this game.
1. Predict the ranking of the top four countries in the World Cup 2010 - Spain, Holland, Germany, Uruguay.
2. Send a SMS to 8202 8866 as follows SMS FIFA {NRIC} {ABCD}where A, B, C and D are the winner, 2nd, 3rd and 4th place. For example: SMS FIFA S1234567A SHUG (i.e. Spain, Holland, Uruguay, Germany).
3. Closing date: midnight 10 July 2010.
3. Three prizes (Tangram Book) will be awarded to the 3 winners, picked at random, from the all-correct entries.
4. Each participant can submit only 1 entry. If more than 1 entry is submitted on the same mobile phone, the earlier entry is replaced automatically by the contest software.
Are you better than Paul the Octopus or Mani the parrot? Try this game.
1. Predict the ranking of the top four countries in the World Cup 2010 - Spain, Holland, Germany, Uruguay.
2. Send a SMS to 8202 8866 as follows SMS FIFA {NRIC} {ABCD}
3. Closing date: midnight 10 July 2010.
3. Three prizes (Tangram Book) will be awarded to the 3 winners, picked at random, from the all-correct entries.
4. Each participant can submit only 1 entry. If more than 1 entry is submitted on the same mobile phone, the earlier entry is replaced automatically by the contest software.
A fair investment product
Here is a typical example.
A young consumer is advised by an agent to buy a life insurance policy.
The benefit illustration shows the premium over 25 years to be $250,000
The policy gives a projected return of $300,000, which looks attractive compared to the total premium
The value of the accumulated premium, at a projected yield of 5%, is $500,000
The effect of deduction is $300,000 (40% of $500,000)
The consumer is not aware of the following:
a) the above figures in the benefit illustration - as they are hidden among less important information
b) a fair amount to be deducted to cover expenses, profit and insurance, should be 20%
A fair investment product will give $100,000 more to the consumer.
Generally, the consumer should avoid life insurance products that are sold by an insurance agent, as the outcome is likely to be quite close to the figures shown above.
To look for a better investment choice, read Practical Guide on Financial Planning or attend a talk on financail planning organised by FISCA.
A young consumer is advised by an agent to buy a life insurance policy.
The benefit illustration shows the premium over 25 years to be $250,000
The policy gives a projected return of $300,000, which looks attractive compared to the total premium
The value of the accumulated premium, at a projected yield of 5%, is $500,000
The effect of deduction is $300,000 (40% of $500,000)
The consumer is not aware of the following:
a) the above figures in the benefit illustration - as they are hidden among less important information
b) a fair amount to be deducted to cover expenses, profit and insurance, should be 20%
A fair investment product will give $100,000 more to the consumer.
Generally, the consumer should avoid life insurance products that are sold by an insurance agent, as the outcome is likely to be quite close to the figures shown above.
To look for a better investment choice, read Practical Guide on Financial Planning or attend a talk on financail planning organised by FISCA.
Motor insurance and claims
This letter is written by a financial adviser who faces difficulty in getting renewal for her client after two accidents.
My view
The current insurer refuses to renew the policy. The association representing the insurance companies asked her to try a list of over 27 insurance companies but all of them declined.
If a financial adviser finds this process to be difficult, you can imagine the trouble that will be faced by a consumer who has to get renewal on his or her own. The consumer may not be a bad driver. It may be just bad luck to have two accidents.
This is another example of the failure of the "free market" system. What can MAS do? In many states in America, there is the concept of the "residual market". If the consumer cannot get insurance, they can place the risk with a specified insurer (managing the residual market) who must accept the risk and share it with all the insurance companies. In some jurisdictions, the motor insurance market is run by the state, to overcome this difficulty.
Tan Kin Lian
My view
The current insurer refuses to renew the policy. The association representing the insurance companies asked her to try a list of over 27 insurance companies but all of them declined.
If a financial adviser finds this process to be difficult, you can imagine the trouble that will be faced by a consumer who has to get renewal on his or her own. The consumer may not be a bad driver. It may be just bad luck to have two accidents.
This is another example of the failure of the "free market" system. What can MAS do? In many states in America, there is the concept of the "residual market". If the consumer cannot get insurance, they can place the risk with a specified insurer (managing the residual market) who must accept the risk and share it with all the insurance companies. In some jurisdictions, the motor insurance market is run by the state, to overcome this difficulty.
Tan Kin Lian
FAQ - Shield insurance
This article contains some tips on how to decide on Medishield or a private Shield plan.
Youth Olympic Games
Here are two views:
http://singaporemind.blogspot.com/2010/07/why-yog-will-be-big-success.html
http://theonlinecitizen.com/2010/07/yog-%e2%80%93-another-farce/
My views
It is important for Singapore that the YOG be a success. It is better for the success to be spontaneous and spark the enthusiasm of the youths, but if this is not the case, we should still make it a success through other means, including buying the tickets for the schools.
Anyway, the activities of the YOG will flow back into the economy and benefit the local businesses in many ways, as a large portion of the money spent (I believe) is kept within the domestic economy.
http://singaporemind.blogspot.com/2010/07/why-yog-will-be-big-success.html
http://theonlinecitizen.com/2010/07/yog-%e2%80%93-another-farce/
My views
It is important for Singapore that the YOG be a success. It is better for the success to be spontaneous and spark the enthusiasm of the youths, but if this is not the case, we should still make it a success through other means, including buying the tickets for the schools.
Anyway, the activities of the YOG will flow back into the economy and benefit the local businesses in many ways, as a large portion of the money spent (I believe) is kept within the domestic economy.
Consultants and failed projects
Why are organisations paying a lot of money to consultants who delivered failed projects? Read this article for the answer.
My observation
I hear of government agencies and business organisations spending several tens of millions of dollars by engaging consultants, especially on IT mega-projects. Often, the projects do not produce the payback. But, it seems to be quite fashionable for these organisations to spend big bucks. They are able to get their money back by raising fees and charges on the consumers. This results in the high cost of living in Singapore.
My observation
I hear of government agencies and business organisations spending several tens of millions of dollars by engaging consultants, especially on IT mega-projects. Often, the projects do not produce the payback. But, it seems to be quite fashionable for these organisations to spend big bucks. They are able to get their money back by raising fees and charges on the consumers. This results in the high cost of living in Singapore.
Private tuition and unemployed professionals
Read this article.
My observation
It contain good news that the unemployed professionals are able to earn an income through private tuition.
My observation
It contain good news that the unemployed professionals are able to earn an income through private tuition.
Wall Street Journal: 1937 vs 2010
Read this article.
My observation
The chart suggest that the stockmarket may be headed for a steep fall, if 2010 follows 1937. The extent of the fall is another 35%. Is this likely to happen?
I belong to the pessimistic group - and believe that a second dip is likely to happen. The government debts ins Europe, USA, Japan and other countries is serious and needs to be corrected. We can muddle along with government stimulus and low interest rate, but it will create problems, i.e. asset bubbles,
Read this article by Nobel Prize winner, Paul Krugman. I agree with his view on most matters, including this assessment. He speaks plainly and honestly. Listen to him.
My observation
The chart suggest that the stockmarket may be headed for a steep fall, if 2010 follows 1937. The extent of the fall is another 35%. Is this likely to happen?
I belong to the pessimistic group - and believe that a second dip is likely to happen. The government debts ins Europe, USA, Japan and other countries is serious and needs to be corrected. We can muddle along with government stimulus and low interest rate, but it will create problems, i.e. asset bubbles,
Read this article by Nobel Prize winner, Paul Krugman. I agree with his view on most matters, including this assessment. He speaks plainly and honestly. Listen to him.
Friday, July 09, 2010
Views of young people
Here are some views of your young people, in response to the survey
1. Leaders should engage their people more. PMETs may have good ideas which may be implemented to benefit everyone, such as education, transport and work-life balance. Show us believable statistics instead of numbers made from thin air.
2. Life looks bleak for me, so I won't marry or have children. I don't even know I can survive in five years time, most probably would get retrenched or replaced by foreigners.
3. Politicians tend to avoid recessions to remain in power. We should have gone into a healthier recession instead of opening the floodgates to foreigners to boost GDP numbers. I feel betrayed by the government and I am suffering from overcrowding and higher costs of living.
4. Nurses still can get a job, not much of a problem here.
5. No bonding left with Singapore. The PAP and system has shown me the truth -- You die your business. Whatever emotional ties I had with S'pore had been mercilessly cut during 2 years of slogging NS being tekaned while my foreigner classmates happily enjoy their 3-month holidays after A-levels and then straightaway go into NUS / NTU / SMU on subsidised school fees or even free scholarships. Plus seeing my 40+ and 50+ year-old relatives getting retrenched and having to take on $1K or $1.2K jobs even though they have polytechnic diplomas or many years of practical experience and know-how.
The Singapore system has only succeeded in turning all of us into self-centred bastards. Those who enjoy the privileges of the elite-class will want to stay on and lord it over the masses, squeezing them for more GDP growth. Those who are not elites just end-up fighting each other for scraps of garbage in order to survive. Those who can get off this god-forsaken mudhole will do so without remorse or hesitation. It is truly You Die Your Business!!
6. This country disadvantages it citizens in the mindless pursuit of ever increasing GDP. How that GDP benefits locals is any one's guess, as the GINI coefficient seems to be ever widening.
7. Please provide more options.
My job pays quite well - Strongly DISAGREE
My pay is adequate for the cost of living - Strongly DISAGREE
I find the HDB flat to be affordable - Strongly DISAGREE
8. It is one thing to be proud of our country and be disgusted at your government.
1. Leaders should engage their people more. PMETs may have good ideas which may be implemented to benefit everyone, such as education, transport and work-life balance. Show us believable statistics instead of numbers made from thin air.
2. Life looks bleak for me, so I won't marry or have children. I don't even know I can survive in five years time, most probably would get retrenched or replaced by foreigners.
3. Politicians tend to avoid recessions to remain in power. We should have gone into a healthier recession instead of opening the floodgates to foreigners to boost GDP numbers. I feel betrayed by the government and I am suffering from overcrowding and higher costs of living.
4. Nurses still can get a job, not much of a problem here.
5. No bonding left with Singapore. The PAP and system has shown me the truth -- You die your business. Whatever emotional ties I had with S'pore had been mercilessly cut during 2 years of slogging NS being tekaned while my foreigner classmates happily enjoy their 3-month holidays after A-levels and then straightaway go into NUS / NTU / SMU on subsidised school fees or even free scholarships. Plus seeing my 40+ and 50+ year-old relatives getting retrenched and having to take on $1K or $1.2K jobs even though they have polytechnic diplomas or many years of practical experience and know-how.
The Singapore system has only succeeded in turning all of us into self-centred bastards. Those who enjoy the privileges of the elite-class will want to stay on and lord it over the masses, squeezing them for more GDP growth. Those who are not elites just end-up fighting each other for scraps of garbage in order to survive. Those who can get off this god-forsaken mudhole will do so without remorse or hesitation. It is truly You Die Your Business!!
6. This country disadvantages it citizens in the mindless pursuit of ever increasing GDP. How that GDP benefits locals is any one's guess, as the GINI coefficient seems to be ever widening.
7. Please provide more options.
My job pays quite well - Strongly DISAGREE
My pay is adequate for the cost of living - Strongly DISAGREE
I find the HDB flat to be affordable - Strongly DISAGREE
8. It is one thing to be proud of our country and be disgusted at your government.
Temasek Investment Results
Mr. Tan,
Did you read the article about Temasek's investment returns in the Straits Times? A similar article appeared in the Asian Wall Street Journal - same information but completing different view - a more neutral view. Would be good to have our comments in your blog.
REPLY
I read the Straits Times report with some a pinch of salt. A large part of the investment gains came from the recovery of the global stockmarkets, and more specifically, the Singapore market, where Temasek held a large stake. I do recall that is fact was mentioned, but it was hidden amidst the overwhelming praises of good performance.
My personal investments also recovered significantly, and I did precisely NOTHING.
Did you read the article about Temasek's investment returns in the Straits Times? A similar article appeared in the Asian Wall Street Journal - same information but completing different view - a more neutral view. Would be good to have our comments in your blog.
REPLY
I read the Straits Times report with some a pinch of salt. A large part of the investment gains came from the recovery of the global stockmarkets, and more specifically, the Singapore market, where Temasek held a large stake. I do recall that is fact was mentioned, but it was hidden amidst the overwhelming praises of good performance.
My personal investments also recovered significantly, and I did precisely NOTHING.
Paul the Octopus
Paul the Octupus is famous for predicting correctly the results of the World Cup matches between Germany and other countries. Here is his next prediction.
Poor Paul. Now, he cannot get asylum in Singapore!
But, we have Mani, the parrot.
Poor Paul. Now, he cannot get asylum in Singapore!
But, we have Mani, the parrot.
How does believing we are souls help us in our daily lives?
Extract from book, Wisdom on how to live life - Dr. Tommy Wong
Tom: So by believing that we are souls, how will that help us in our daily lives?
Guru: We can see everyone as souls rather than bodies.
Tom: Okay, then?
Guru: We don’t differentiate ourselves with others by the differences in our bodies.
Tom: You mean we don’t differentiate ourselves by different races.
Guru: Right, there’s only one race and that’s the human race.
Tom: No more “us and them”.
Guru: We see everyone as souls, and we’re all the same.
Tom: We look for sameness rather than differences.
Guru: Yes, it’s like we’re all air and there is only one air covering the entire Earth.
Tom: We are all one.
Guru: We’re all connected so we look for cooperation rather than competition.
Tom: Your gain is my gain, and your loss is my loss.
Guru: We look for win-win solutions rather than “I win and you lose” scenarios.
Tom: So we’re all winners.
Guru: Wouldn’t life be better this way?
Tom: Better? It’ll be heaven on Earth.
The book, Wisdom on How to Live Life can be bought here.
Tom: So by believing that we are souls, how will that help us in our daily lives?
Guru: We can see everyone as souls rather than bodies.
Tom: Okay, then?
Guru: We don’t differentiate ourselves with others by the differences in our bodies.
Tom: You mean we don’t differentiate ourselves by different races.
Guru: Right, there’s only one race and that’s the human race.
Tom: No more “us and them”.
Guru: We see everyone as souls, and we’re all the same.
Tom: We look for sameness rather than differences.
Guru: Yes, it’s like we’re all air and there is only one air covering the entire Earth.
Tom: We are all one.
Guru: We’re all connected so we look for cooperation rather than competition.
Tom: Your gain is my gain, and your loss is my loss.
Guru: We look for win-win solutions rather than “I win and you lose” scenarios.
Tom: So we’re all winners.
Guru: Wouldn’t life be better this way?
Tom: Better? It’ll be heaven on Earth.
The book, Wisdom on How to Live Life can be bought here.
Survey - distance based fares
36 people responded to the survey. Here are the results, comparing the new fare (distance based fares) with the previous fare:
This may not give a representative result, as the survey is likely to attract a higher proportion of people who have to pay higher fares.
Tan Kin Lian
- Lower by more than 10% ................. 3.0%
- Lower by 5% to 10% ......................... 6.1%
- Higher by 5% to 10% ......................... 45.5%
- Higher by more than 10% ................... 45.5%
This may not give a representative result, as the survey is likely to attract a higher proportion of people who have to pay higher fares.
Tan Kin Lian
Medical insurance for Parents
Dear Mr Tan,
Both my parents mum 62 and dad 68 are not insured by any hospital cover. Do you think it is still worthwhile for them at this elderly age to buy hospital cover? my dad is healthy and has some monies in the cpf medisave while my mum has been a housewife and has history of high blood pressure and high cholesteral level.
And if in the event it is worthwhile to consider buying, which type of hospital cover do u think wil suffice? eg most basic cpf medishield or buy from private insurers?
REPLY
Try to enrol them for Medishield (from CPF). It covers most of the cost of hospital care in subsidised wards, i.e. B2 and C. It is suitable for elderly people and the premium is much lower than private Shield. If they cannot be accepted, it is all right to be self-insured. If they need medical attention, go to a subsidised wards.
This is covered in Practical Guide on Financial Planning.
Both my parents mum 62 and dad 68 are not insured by any hospital cover. Do you think it is still worthwhile for them at this elderly age to buy hospital cover? my dad is healthy and has some monies in the cpf medisave while my mum has been a housewife and has history of high blood pressure and high cholesteral level.
And if in the event it is worthwhile to consider buying, which type of hospital cover do u think wil suffice? eg most basic cpf medishield or buy from private insurers?
REPLY
Try to enrol them for Medishield (from CPF). It covers most of the cost of hospital care in subsidised wards, i.e. B2 and C. It is suitable for elderly people and the premium is much lower than private Shield. If they cannot be accepted, it is all right to be self-insured. If they need medical attention, go to a subsidised wards.
This is covered in Practical Guide on Financial Planning.
Young people in Singapore
Are young people happy with the situation in Singapore?
Here are the positive sides:
Do you agree with this assessment?
Here are the positive sides:
- they are well educated
- they are able to get jobs quite easily
- they get special attention from the leaders - who make the effort to engage the young, e.g. Youth Olympic Games
Do you agree with this assessment?
Business simulation game
Practice your skill in running a business. Develop the skill through practice, practice and practice. Read here.
FAQ - Personal Accident Insurance
In this article, I explain the coverage under a personal accident policy and why it is better than buying an accident rider to a life policy.
If you find it difficult to buy a term insruance policy, you can start with a personal accident policy (for $300,000 or $500,000) and switch to a term insurance policy at a convenient time in the future.
If you find it difficult to buy a term insruance policy, you can start with a personal accident policy (for $300,000 or $500,000) and switch to a term insurance policy at a convenient time in the future.
Thursday, July 08, 2010
Look before you leap
Hi Mr.Tan,
When doing any investments, look before you leap!
Good example to try this Frog Leap Test....Educational too!
http://funstufftosee.com/frogleaptest.html
LN
When doing any investments, look before you leap!
Good example to try this Frog Leap Test....Educational too!
http://funstufftosee.com/frogleaptest.html
LN
Lend money to a friend
Dear Mr Tan,
One of my very close friend has seek to me on lending him $5000. I have agreed to help him on this. but i have not pass him the money yet. even though he is a very close friend of mine, i still do have a concern on if i can get back my money as i have experience lending someone money and unable to collect it back.
Is IOU a proper documentation to ensure if i can get back my money if anything goes wrong ? If IOU can be used, what kind of format would I have to draft out ? Is there any other proper documentation that I can use to ensure i can take back my money ?
REPLY
Here are my views:
1. If possible, avoid lending money to a friend.
2. If you have to lend money, be prepared that it will not be returned
3. Have a document (e.g. IOU) to acknowledge that the money has been passed. Write down details of the repayment.
4. Ask for monthly payment of interets or interest plus principal. This ensures the discipline of repaying back the money.
5. Here is another alternative. Ask your friend to borrow the money from a cooperative society, with you acting as guarantor. If the borrower does not pay, you will have to pay as guarantor. But the lender will try to collect from the borrower first. This is still risky to you, but you do not have the hassle of chasing for repayment.
One of my very close friend has seek to me on lending him $5000. I have agreed to help him on this. but i have not pass him the money yet. even though he is a very close friend of mine, i still do have a concern on if i can get back my money as i have experience lending someone money and unable to collect it back.
Is IOU a proper documentation to ensure if i can get back my money if anything goes wrong ? If IOU can be used, what kind of format would I have to draft out ? Is there any other proper documentation that I can use to ensure i can take back my money ?
REPLY
Here are my views:
1. If possible, avoid lending money to a friend.
2. If you have to lend money, be prepared that it will not be returned
3. Have a document (e.g. IOU) to acknowledge that the money has been passed. Write down details of the repayment.
4. Ask for monthly payment of interets or interest plus principal. This ensures the discipline of repaying back the money.
5. Here is another alternative. Ask your friend to borrow the money from a cooperative society, with you acting as guarantor. If the borrower does not pay, you will have to pay as guarantor. But the lender will try to collect from the borrower first. This is still risky to you, but you do not have the hassle of chasing for repayment.
SingTel Website
I was given a mobile number in Malaysia with the number 60 107 xxx xxxx. I could not get through. I checked the Singtel website to find a number that I could call for assistance.
The "Contact Us" page in the website was not helpful. I searched the home page and clicked on a few other pages but got lost. Finally, I decided to call 100. The staff told me that I had to called 104 for assistance on International Call.
I had to pay $0.60 to get help. Singtel seemed to be keen to charge customers and earn revenue, rather than to help their customer. The staff told me how to call the number by dialing 02 and dropping the 0. Wow!!
I told her that I spent 15 minutes browsing the website, but could not get this type of information. She said that I had to go the website (http://www.singtel.com.sg/) and clicked on "large enterprise", "business", "voice and telephony", and so on. It seemed to require at least 6 page access. I gave up.
It would have been easier if the Singtel website provides their help pages that can be accessed by searching for the title, such as "Telephone call to Malaysia" or "International Telephone Call". This search is similar to the Google search, except that it is restricted to inforamtion from the corporate website. All the relevant information can be placed in one or a few pages in PDF.
The complicated website (or what someone called the "spiderweb") is not unique to Singtel. It is common with most large organisations, including government agencies. They must be designed by consultants, who make it their business to give complicated, rather than simple solutoins. This makes life stressful and a hassle for the public.
Please share your experience on using the website of large corporations here.
Tan Kin Lian
The "Contact Us" page in the website was not helpful. I searched the home page and clicked on a few other pages but got lost. Finally, I decided to call 100. The staff told me that I had to called 104 for assistance on International Call.
I had to pay $0.60 to get help. Singtel seemed to be keen to charge customers and earn revenue, rather than to help their customer. The staff told me how to call the number by dialing 02 and dropping the 0. Wow!!
I told her that I spent 15 minutes browsing the website, but could not get this type of information. She said that I had to go the website (http://www.singtel.com.sg/) and clicked on "large enterprise", "business", "voice and telephony", and so on. It seemed to require at least 6 page access. I gave up.
It would have been easier if the Singtel website provides their help pages that can be accessed by searching for the title, such as "Telephone call to Malaysia" or "International Telephone Call". This search is similar to the Google search, except that it is restricted to inforamtion from the corporate website. All the relevant information can be placed in one or a few pages in PDF.
The complicated website (or what someone called the "spiderweb") is not unique to Singtel. It is common with most large organisations, including government agencies. They must be designed by consultants, who make it their business to give complicated, rather than simple solutoins. This makes life stressful and a hassle for the public.
Please share your experience on using the website of large corporations here.
Tan Kin Lian
Promotion on my books
Nine titles of my book are available on promotion now. For a limited period only. Visit www.easysearch.sg/ishop.
A different view
I have given my views on insurance and investments in a series of FAQs. You can assess them by clicking the FAQ label on the right frame of this blog.
The FAQs reflect my view. If you disagree with my view and wish to present an alternative view, you can send an e-mail to me. You have to state your name, contact e-mail and your view. I will put your your view, if it is balanced, fair and does not contain insult or personal attack.
If you wish to point out any mistakes in my FAQ or to suggest points to be clarified or to contribute additional points, you can also send an e-mail to me.
Tan Kin Lian
Email: kinlian@gmail.com
The FAQs reflect my view. If you disagree with my view and wish to present an alternative view, you can send an e-mail to me. You have to state your name, contact e-mail and your view. I will put your your view, if it is balanced, fair and does not contain insult or personal attack.
If you wish to point out any mistakes in my FAQ or to suggest points to be clarified or to contribute additional points, you can also send an e-mail to me.
Tan Kin Lian
Email: kinlian@gmail.com
Decentralising of risks
The massive 7 hour failure of the ATM system of DBS on 5 July 2010 highlight the danger of concentration of risk and "too big to fail".
Is there an alternative approach? Do we need to have fewer and larger banks to compete internationally? Is it beneficial for banks to get bigger?
Here are the negative impacts of the consolidation of banks in recent years:
Is there an alternative? America had a system of community banks that are connected by national banks. Perhaps, this is the answer. We should encourage a large number of community banks to serve the retail customers on basic banking services. They can be linked a few national banks who handle the commercial banking, foreign exchange, international trade and other services.
If there is a serious computer hiccup in a community bank, it will only affect their customers, and not a large segment of the population. This is an example of decentralising the risks.
Tan Kin Lian
Is there an alternative approach? Do we need to have fewer and larger banks to compete internationally? Is it beneficial for banks to get bigger?
Here are the negative impacts of the consolidation of banks in recent years:
- concentration of risks
- overcharging of fees for banking services, i.e abuse of pricing power
- selling of bad structured products to earn commission
- impact of massive IT failure on cash withdrawals, i.e. the DBS event
Is there an alternative? America had a system of community banks that are connected by national banks. Perhaps, this is the answer. We should encourage a large number of community banks to serve the retail customers on basic banking services. They can be linked a few national banks who handle the commercial banking, foreign exchange, international trade and other services.
If there is a serious computer hiccup in a community bank, it will only affect their customers, and not a large segment of the population. This is an example of decentralising the risks.
Tan Kin Lian
FAQ - Financial planning for a retiree
I wish to give some tips on financial planning and insurance for a retiree, or a person approaching retirement. Read this article.
Effect of deduction
Hi Mr Tan,
I started to read your blog recently and realised that I might be ripped off. Please see attached policy I brought 3 years ago. Am I right to say the effects of deduction is 51%? What your advice? Terminate after I can break even say after 4-5 years?
RW
REPLY
The effect of deduction at the end of 30 years is 35% compuated as follows:
To decide whether to continue or cancel the policy is a difficult question. Read my FAQ on "existing insurance policy" in my blog. Or read my book, Practical Guide on Financial Planning, available at www.easysearch.sg/ishop
I started to read your blog recently and realised that I might be ripped off. Please see attached policy I brought 3 years ago. Am I right to say the effects of deduction is 51%? What your advice? Terminate after I can break even say after 4-5 years?
RW
REPLY
The effect of deduction at the end of 30 years is 35% compuated as follows:
- Total cash value (including non guaranteed): $53935 65%
- Effect of deduction $29132 35%
- Accumulated premium $83067 100%
To decide whether to continue or cancel the policy is a difficult question. Read my FAQ on "existing insurance policy" in my blog. Or read my book, Practical Guide on Financial Planning, available at www.easysearch.sg/ishop
Critical Illness claim
Dear Mr Tan,
I'm a middle age man who had a heart bypass operation more than 3 months ago and had incurred quite a large medical bill. Fortunately, I have always believed in the importance of insurance and had bought numerous policies for critical illness over the past 18 years.
Is it a normal practice for insurance companies to assess claims of hospitalisation and various critical illness policies jointly, withholding all payments until they have done the necessary checks with my numerous doctors. Moreover, it's more than 3 months and I haven't had any indication from the company on how I could be compensated.
It is really frustrating because they seemed to be taking their "own sweet time" in assessing my claims. First, by sending various medical questionnaires to doctors who had attended to me during my surgery/ hospitalisation, followed by my GP and now to my other specialists. What is more frustrating is that the company continues to bill me promptly for my monthly payments, including for the critical illness policies that I'm claiming against.
Would appreciate your kind advice on whether the time frame and procedure used by the company are norms when claims are involved. Thank you in advance.
REPLY
It is wrong for them to keep you in the dark for three months. They should communicate with you more actively. You can write a letter of complaint to the service quality manager and insist that they should give you a reply soon. If they do not, you can lodge a complaint with MAS for the poor quality of service and bad response.
OBSERVATION
Many policyholders have encountered difficulty and delay in submitting claims for critical illness. It is better to take only a modest amount of critical illness insurance and have personal savings, rather than pay a high premium for critical illness cover where you may face difficulty and uncertaintly in getting approval of the claim (for borderline cases).
This is explained in my book, Practical Guide on Financial Planning.
I'm a middle age man who had a heart bypass operation more than 3 months ago and had incurred quite a large medical bill. Fortunately, I have always believed in the importance of insurance and had bought numerous policies for critical illness over the past 18 years.
Is it a normal practice for insurance companies to assess claims of hospitalisation and various critical illness policies jointly, withholding all payments until they have done the necessary checks with my numerous doctors. Moreover, it's more than 3 months and I haven't had any indication from the company on how I could be compensated.
It is really frustrating because they seemed to be taking their "own sweet time" in assessing my claims. First, by sending various medical questionnaires to doctors who had attended to me during my surgery/ hospitalisation, followed by my GP and now to my other specialists. What is more frustrating is that the company continues to bill me promptly for my monthly payments, including for the critical illness policies that I'm claiming against.
Would appreciate your kind advice on whether the time frame and procedure used by the company are norms when claims are involved. Thank you in advance.
REPLY
It is wrong for them to keep you in the dark for three months. They should communicate with you more actively. You can write a letter of complaint to the service quality manager and insist that they should give you a reply soon. If they do not, you can lodge a complaint with MAS for the poor quality of service and bad response.
OBSERVATION
Many policyholders have encountered difficulty and delay in submitting claims for critical illness. It is better to take only a modest amount of critical illness insurance and have personal savings, rather than pay a high premium for critical illness cover where you may face difficulty and uncertaintly in getting approval of the claim (for borderline cases).
This is explained in my book, Practical Guide on Financial Planning.
World Cup - the octopus
Wednesday, July 07, 2010
Video - Wisdom on how to live life [2]
Leaders of the Free World
Read this article.
My observation
The leaders of five countries are paid more than 10 times of the average GDP per person (i.e Kenya, Singapore, Indonesia, South Africa, Hongkong). The other countries show a ratio of less than 10 times.
My observation
The leaders of five countries are paid more than 10 times of the average GDP per person (i.e Kenya, Singapore, Indonesia, South Africa, Hongkong). The other countries show a ratio of less than 10 times.
Booking a taxi during rainy days
Comment:
In the simulation, the sms response would definitely be fast. Getting a cab would be the hardest during the peak hours rush or when rainy spells - in those time, calls to taxi centres or via this system would still not be able to get a cab easily.
REPLY
It is difficult to get a taxi during peak hours and rainy season.
If you book through TABS, you will get a reply that you are placed on the queue. If a taxi is available you will be notified. If you do not wish to wait, you can send a SMS to be removed from the queue. Booking through TABS is easier and less hassle, even for rainy days.
At busy time, most people are willing to wait longer for a taxi to be available. It is better to wait in the TABS virtual queue, than in a real taxi queue!
Try the simulation now.
In the simulation, the sms response would definitely be fast. Getting a cab would be the hardest during the peak hours rush or when rainy spells - in those time, calls to taxi centres or via this system would still not be able to get a cab easily.
REPLY
It is difficult to get a taxi during peak hours and rainy season.
If you book through TABS, you will get a reply that you are placed on the queue. If a taxi is available you will be notified. If you do not wish to wait, you can send a SMS to be removed from the queue. Booking through TABS is easier and less hassle, even for rainy days.
At busy time, most people are willing to wait longer for a taxi to be available. It is better to wait in the TABS virtual queue, than in a real taxi queue!
Try the simulation now.
Tips on buying life insurance
1. Decide what you want, e.g. term insurance for $300,000 for 25 years
2. Get 3 quotes from the insurance companies, specifically on what you need, and make your choice
3. Compare with the benchmark for this product given in Practical Guide on Financial Planning
4. Read the FAQs in this blog
5. Do not listen to an agent who recommends another product, as the agent is likely to sell you a high cost, low yield product.
6. Never buy a product recommended by an agent where you are not able to compare with similar products
2. Get 3 quotes from the insurance companies, specifically on what you need, and make your choice
3. Compare with the benchmark for this product given in Practical Guide on Financial Planning
4. Read the FAQs in this blog
5. Do not listen to an agent who recommends another product, as the agent is likely to sell you a high cost, low yield product.
6. Never buy a product recommended by an agent where you are not able to compare with similar products
FAQ - Insurance for a child
I wish to give some tips to parents on how to save for a child's education and the type of insurance suitable for a child. Read this article.
FISCA Educational Talks
FISCA plan to organise the following educational talks:
a) Financial Planning - A Practical Guide
b) Investing in ETF, REITS and blue chip stocks
c) Consumers and the law
Each talk will be for 3 hours to be held at SMU on a Saturday. The talk will be held every 1 or 2 nonths, depending on demand. Fee is $30 (non-members) and $10 (FISCA members).
Details (including registration) will be announced at http://www.fisca.sg/.
a) Financial Planning - A Practical Guide
b) Investing in ETF, REITS and blue chip stocks
c) Consumers and the law
Each talk will be for 3 hours to be held at SMU on a Saturday. The talk will be held every 1 or 2 nonths, depending on demand. Fee is $30 (non-members) and $10 (FISCA members).
Details (including registration) will be announced at http://www.fisca.sg/.
Limited Pay Policy
Hi Sir,
I am a 25 years old individual contemplating on purchasing an insurance policy.
Limited pay life policy sounds attractive, in a sense, one is able to choose 5, 10, 20 or 25 years in premium payment and subsequently cover till age 65.
My financial consultant recommended me to opt for 20 years in premium payment.
However, I figured that 5 years in premium payment would make the life policy more cost effective
I was introduced to TM Legacy plus. Basic sum assured of $100,000.
Appreciate if you could advise on the
1. pros and cons of the policy
2. the no. of years i should choose for premium payment
3. whether i should take up the policy.
James
REPLY
Please read my book, Practical Guide on Financial planning (available at www.easysearch.sg/ishop). It tells you what to look out for. Most life insurance policies, including limited payment policies, give a poor return. It is better to buy Term Insurance.
You can read my FAQ on Benefit Illustration, http://www.easysearch.sg/Admin/File.aspx?id=57
I am a 25 years old individual contemplating on purchasing an insurance policy.
Limited pay life policy sounds attractive, in a sense, one is able to choose 5, 10, 20 or 25 years in premium payment and subsequently cover till age 65.
My financial consultant recommended me to opt for 20 years in premium payment.
However, I figured that 5 years in premium payment would make the life policy more cost effective
I was introduced to TM Legacy plus. Basic sum assured of $100,000.
Appreciate if you could advise on the
1. pros and cons of the policy
2. the no. of years i should choose for premium payment
3. whether i should take up the policy.
James
REPLY
Please read my book, Practical Guide on Financial planning (available at www.easysearch.sg/ishop). It tells you what to look out for. Most life insurance policies, including limited payment policies, give a poor return. It is better to buy Term Insurance.
You can read my FAQ on Benefit Illustration, http://www.easysearch.sg/Admin/File.aspx?id=57
Tuesday, July 06, 2010
Bank interest rate
Check the interest rate on bank savings account posted in the FISCA website (http://www.fisca.sg/).
Talks on Financial Planning at Community Centers and Comapnies
I am able to give a talk on financial planning at community centers and companies. There will be a fee of $600 to provide revenue to FISCA. Details can be found here:
http://www.easysearch.sg/Admin/File.aspx?id=14
Alternatively, adults can attend the financial planning talk that will be held by FISCA monthly (see www.fisca.sg) $30 for non-members, $10 for members.
http://www.easysearch.sg/Admin/File.aspx?id=14
Alternatively, adults can attend the financial planning talk that will be held by FISCA monthly (see www.fisca.sg) $30 for non-members, $10 for members.
Global Navigation Satellite System
Hi Mr.Tan,
The Global Navigation Satellite System is talk of the town. If implemented, can be effective but will ultimately put more pressure on public transpo,t should drivers give up driving or leave their cars at home.
http://www.gsa.europa.eu/go/news/gnss-is-the-best-solution-for-innovative-traffic-management-initiatives-egnos-provides-increased-accuracy-and-integrity-information
LN
The Global Navigation Satellite System is talk of the town. If implemented, can be effective but will ultimately put more pressure on public transpo,t should drivers give up driving or leave their cars at home.
http://www.gsa.europa.eu/go/news/gnss-is-the-best-solution-for-innovative-traffic-management-initiatives-egnos-provides-increased-accuracy-and-integrity-information
LN
TABS Simulation - Tangram book prize
The following three persons have been picked as winners for the tangram book prize, given to the participations of the TABS (taxi automated booking system) simulation. Please send your name, address to kinlian@gmail.com.
Mobile: xx230083
Mobile: xx826130
Mobile: xx591102
Congratulations.
FEEDBACK FROM WINNER:
The best thing about the system is that I need not be put on hold! The most frustrating thing about being put on hold is that after x mins of listening to their music, you hear the operator's voice again telling you there's no available taxis. With sms, you get instant notification. It's ok if there aren't any cabs - I just need to know that instead of being told to wait, or waiting in vain. Having the taxi driver's contact number also helps, especially if the pick-up location is obscure, or if it suddenly rains and you need to change the pick-up point to a sheltered place. Overall, I can't wait for the system to kick off and become a real one that we all can use. Thanks for kick-starting this, KL.
FEEDBACK FROM WINNER:
Excellent, very innovative and will definitely speed up processes.
My worry is can system take the load, SMS cost?
Reply: We have to find out in practice, if it can take the load and SMS cost. Hope to launch it in August.
Mobile: xx230083
Mobile: xx826130
Mobile: xx591102
Congratulations.
FEEDBACK FROM WINNER:
The best thing about the system is that I need not be put on hold! The most frustrating thing about being put on hold is that after x mins of listening to their music, you hear the operator's voice again telling you there's no available taxis. With sms, you get instant notification. It's ok if there aren't any cabs - I just need to know that instead of being told to wait, or waiting in vain. Having the taxi driver's contact number also helps, especially if the pick-up location is obscure, or if it suddenly rains and you need to change the pick-up point to a sheltered place. Overall, I can't wait for the system to kick off and become a real one that we all can use. Thanks for kick-starting this, KL.
FEEDBACK FROM WINNER:
Excellent, very innovative and will definitely speed up processes.
My worry is can system take the load, SMS cost?
Reply: We have to find out in practice, if it can take the load and SMS cost. Hope to launch it in August.
FAQ - Benefit Illustration
This document explains what you have to look out for in a benefit illustration before you buy a life insurance policy.
Monday, July 05, 2010
FAQ - Term Insurance
Here is an updated guide on how to buy Term Insurance in Singapore.
http://www.easysearch.sg/Admin/File.aspx?id=56
http://www.easysearch.sg/Admin/File.aspx?id=56
Quiz 6-3
Try this Quiz and win a prize. Please send your answer by SMS to the number indicated. Do not post the answer here. Allow other readers to try their solution.
WINNER OF QUIZ 6-2
Congratulations to the winner, Ong Kok Hien (Sxxxx120J, Mobile: xxxx4151). Please send an e-mail to kinlian@gmail.com with your address for the Tangram book prize to be mailed to you. The correct answer is "Albert".
WINNER OF QUIZ 6-2
Congratulations to the winner, Ong Kok Hien (Sxxxx120J, Mobile: xxxx4151). Please send an e-mail to kinlian@gmail.com with your address for the Tangram book prize to be mailed to you. The correct answer is "Albert".
Taxi Automated Booking System (TABS) - Simulation [2]
I have developed a taxi automated booking system (TABS). It is now being runned in simulation mode. A taxi company is likely to use this system with a fleet of 600 taxis. The simulation will reflect the real life situation quite closely. The booking fee is cheaper than the normal booking service.
A customer who wish to book a taxi will send a SMS to the server. You can try this service by sending a SMS as follows:
- Starhub mobile: Send "CAB " to 82028866
- M1 and Singtel Mobile: Send "CAB pppppp " to 82028866
Note: pppppp is the postal code of your location (not required for Starhub customers).
If a taxi is available within 2 km of your location, you will receive a SMS to call the mobile phone of the taxi driver. If no taxi is available, a SMS will be sent to you, saying that you have been placed in the taxi queue.
Please join this trial. During the simulation run, you will get a simulated mobile phone number (i.e. not a real number) of the taxi.
FEEDBACK FROM USERS
Hi Mr Tan
If the passenger accidentaly left his/her valuables in the taxi, who do we call?
Reply: You can call the taxi driver as you already have his mobile phone number! You can also call the taxi compnay but it is likely to take a much longer time.
Reply: This is great! No more figuring out who is the driver of the taxi which you left the valuables in. If you lost something you can contact the taxi driver immediately.. unless you lost your handphone.
Mr TKL
I tried it. It is quite fast. When will this service start? I like to try it for real!
Reply: Tentatively, it will start from 1 August with 300 real taxis (i.e. not a simulation).
Mr Tan,
Its a great system. I have one concern though.
I may not know the postal code of the location that I am in.
If I am at Lim Chu Kang near the Police Academy, I would not know the postal code.
I am along River valley road near Delta Sports Complex.. I do not know the postal code.
Hope there is a solution to this.
Otherwise I have to ask people or remember postal codes.. other people may not give reliable information. How about bus stop numbers?
Reply: You can ask someone to tell you the postal code of the place that you are at. If they live or work there, they can tell you. It is also on their businss card.
If you have a Starhub mobilephone, you do not need to send the postal code. I am now working with M1 to offer this same facility to their customers. I am also willing to work with Singtel, if they are interseted.
Later, I will work with the apps provider to allow a request to be sent by a smart phone with GPS factility. There is no need to send the postal code.
Your suggestion of bus stop number is Excellent. I will build it into the TABS system.
Hi..
Just tried it a while ago. The SMS reply is very fast, within 30 seconds. Impressive ! It will definitely save us a lots of time comparing present way of booking via telephone. Why can't the rest of us think of this cheap, better and faster way ....
Hi
Great idea! If the taxi drivers can register directly with your company, it will bypass the booking systems of the various taxi companies, thereby lower booking fees, it has a potential good business model.
Jimmy Ng said...
Nice idea and hopefully that we don't have to face those rediculous taxi surcharges for using this sytem.
In HK, were it is a lot more crowded and has a lower taxis per capita, I get a 15-20% for calling taxi. Only thing to this is that the fare has to be above HK$50 / S$8.
Hi
I have tried it, its fantastic.
A customer who wish to book a taxi will send a SMS to the server. You can try this service by sending a SMS as follows:
- Starhub mobile: Send "CAB " to 82028866
- M1 and Singtel Mobile: Send "CAB pppppp " to 82028866
Note: pppppp is the postal code of your location (not required for Starhub customers).
If a taxi is available within 2 km of your location, you will receive a SMS to call the mobile phone of the taxi driver. If no taxi is available, a SMS will be sent to you, saying that you have been placed in the taxi queue.
Please join this trial. During the simulation run, you will get a simulated mobile phone number (i.e. not a real number) of the taxi.
FEEDBACK FROM USERS
Hi Mr Tan
If the passenger accidentaly left his/her valuables in the taxi, who do we call?
Reply: You can call the taxi driver as you already have his mobile phone number! You can also call the taxi compnay but it is likely to take a much longer time.
Reply: This is great! No more figuring out who is the driver of the taxi which you left the valuables in. If you lost something you can contact the taxi driver immediately.. unless you lost your handphone.
Mr TKL
I tried it. It is quite fast. When will this service start? I like to try it for real!
Reply: Tentatively, it will start from 1 August with 300 real taxis (i.e. not a simulation).
Mr Tan,
Its a great system. I have one concern though.
I may not know the postal code of the location that I am in.
If I am at Lim Chu Kang near the Police Academy, I would not know the postal code.
I am along River valley road near Delta Sports Complex.. I do not know the postal code.
Hope there is a solution to this.
Otherwise I have to ask people or remember postal codes.. other people may not give reliable information. How about bus stop numbers?
Reply: You can ask someone to tell you the postal code of the place that you are at. If they live or work there, they can tell you. It is also on their businss card.
If you have a Starhub mobilephone, you do not need to send the postal code. I am now working with M1 to offer this same facility to their customers. I am also willing to work with Singtel, if they are interseted.
Later, I will work with the apps provider to allow a request to be sent by a smart phone with GPS factility. There is no need to send the postal code.
Your suggestion of bus stop number is Excellent. I will build it into the TABS system.
Hi..
Just tried it a while ago. The SMS reply is very fast, within 30 seconds. Impressive ! It will definitely save us a lots of time comparing present way of booking via telephone. Why can't the rest of us think of this cheap, better and faster way ....
Hi
Great idea! If the taxi drivers can register directly with your company, it will bypass the booking systems of the various taxi companies, thereby lower booking fees, it has a potential good business model.
Jimmy Ng said...
Nice idea and hopefully that we don't have to face those rediculous taxi surcharges for using this sytem.
In HK, were it is a lot more crowded and has a lower taxis per capita, I get a 15-20% for calling taxi. Only thing to this is that the fare has to be above HK$50 / S$8.
Hi
I have tried it, its fantastic.
Pays of CEOs
Hi Mr. Tan,
Here's an article from BusinessWeek that you might be interested in:
http://www.businessweek.com/magazine/content/10_28/b4186014341924.htm
It speaks about the salary disparity between CEOs in Japan vs. other developed countries.
JD
Hi Mr. Tan,
What is weird about this statistic is that Japan is known to have relatively high entry and mid-level salaries. If they have a much lower high-end salaries, it means that the ratio of lowest-to-highest salary will be very low. Of course, there are many other factors to consider (low supply of manpower, high cost of living, etc.) but they apply both ways.
JD
Here's an article from BusinessWeek that you might be interested in:
http://www.businessweek.com/magazine/content/10_28/b4186014341924.htm
It speaks about the salary disparity between CEOs in Japan vs. other developed countries.
JD
Hi Mr. Tan,
What is weird about this statistic is that Japan is known to have relatively high entry and mid-level salaries. If they have a much lower high-end salaries, it means that the ratio of lowest-to-highest salary will be very low. Of course, there are many other factors to consider (low supply of manpower, high cost of living, etc.) but they apply both ways.
JD
Sunday, July 04, 2010
Space in MRT trains
Hi Mr. Tan
Recently there is a debate going on whether the SMRT trains in Singapore are overly crowded or not. The SMRT doesn't think very much of it as evidenced in their CEO's untactful remarks, whilst practically everyone blogging on the internet curse and swear at how bad the situation had become.
Looking at the case again, I just discovered that everything hinges on a statistic which is provided by SMRT Quote:...This averages 3.8 passengers per sq m, lower than that of major cities like London..... Unquote.
So 3.8 passengere per sq m is the agreed benchmark. I have no problem with that. But look at the word AVERAGE. Therein lies the solution to the puzzle. It's not about the number 3.8 neither is it about the techie word crushload. It's about AVERAGE.
AVERAGE is a very dangerous concept if not properly managed. If the annual salary of the PM is $3 million and the annual salary of the rest of the 9 ordinary workers in the PMO (PrimeMinister's Office) is $50,000 then mathematically the average annual salary of the people in the PMO is $305,000 per person? In statistical theory there are median, and mode, standard deviation, etc to refine the imperfect concept of averaging. In the real world, we also need to know more about the model used for "averaging".
How does SMRT calculate its AVERAGE crush load? Is it over time average between peak period and non peak period per station basis? How many stations are selected? Which are the stations selected for the averaging? Are newer stations which have lower load factor bundled together for averaging?
Statistics is a powerful tool which can often lead to wrong conclusions. Sometimes it is so powerful that it can be used as a tool to make one feel complacent and look good. And those who ignore the possibly distorted conclusions might be told to make other choices because the sysem is just doing fine - on "average".
rex
Recently there is a debate going on whether the SMRT trains in Singapore are overly crowded or not. The SMRT doesn't think very much of it as evidenced in their CEO's untactful remarks, whilst practically everyone blogging on the internet curse and swear at how bad the situation had become.
Looking at the case again, I just discovered that everything hinges on a statistic which is provided by SMRT Quote:...This averages 3.8 passengers per sq m, lower than that of major cities like London..... Unquote.
So 3.8 passengere per sq m is the agreed benchmark. I have no problem with that. But look at the word AVERAGE. Therein lies the solution to the puzzle. It's not about the number 3.8 neither is it about the techie word crushload. It's about AVERAGE.
AVERAGE is a very dangerous concept if not properly managed. If the annual salary of the PM is $3 million and the annual salary of the rest of the 9 ordinary workers in the PMO (PrimeMinister's Office) is $50,000 then mathematically the average annual salary of the people in the PMO is $305,000 per person? In statistical theory there are median, and mode, standard deviation, etc to refine the imperfect concept of averaging. In the real world, we also need to know more about the model used for "averaging".
How does SMRT calculate its AVERAGE crush load? Is it over time average between peak period and non peak period per station basis? How many stations are selected? Which are the stations selected for the averaging? Are newer stations which have lower load factor bundled together for averaging?
Statistics is a powerful tool which can often lead to wrong conclusions. Sometimes it is so powerful that it can be used as a tool to make one feel complacent and look good. And those who ignore the possibly distorted conclusions might be told to make other choices because the sysem is just doing fine - on "average".
rex
Taxi Automated Booking System (TABS) - Simulation
I have developed a taxi automated booking system (TABS). It is now being runned in simulation mode. A taxi company is likely to use this system with a fleet of 600 taxis. The simulation will reflect the real life situation quite closely. The booking fee is cheaper than the normal booking service.
A customer who wish to book a taxi will send a SMS to the server. You can try this service by sending a SMS as follows:
- Starhub mobile: Send "CAB " to 82028866
- M1 and Singtel Mobile: Send "CAB pppppp " to 82028866
Note: pppppp is the postal code of your location (not required for Starhub customers).
If a taxi is available within 2 km of your location, you will receive a SMS to call the mobile phone of the taxi driver. If no taxi is available, a SMS will be sent to you, saying that you have been placed in the taxi queue.
Please join this trial. During the simulation run, you will get a simulated mobile phone number (i.e. not a real number) of the taxi.
PRIZE: I will be giving a Tangram book to one person, picked at random, from those who participated in the trial for each of the next three days. Good luck.
Tan Kin Lian
A customer who wish to book a taxi will send a SMS to the server. You can try this service by sending a SMS as follows:
- Starhub mobile: Send "CAB " to 82028866
- M1 and Singtel Mobile: Send "CAB pppppp " to 82028866
Note: pppppp is the postal code of your location (not required for Starhub customers).
If a taxi is available within 2 km of your location, you will receive a SMS to call the mobile phone of the taxi driver. If no taxi is available, a SMS will be sent to you, saying that you have been placed in the taxi queue.
Please join this trial. During the simulation run, you will get a simulated mobile phone number (i.e. not a real number) of the taxi.
PRIZE: I will be giving a Tangram book to one person, picked at random, from those who participated in the trial for each of the next three days. Good luck.
Tan Kin Lian
Invest in STI ETF
Dear Mr Tan,
I have read through some of the articles on your blog and am very impressed by your investment knowledge. I heard from my Income agent that you are very experienced with investment and gives excellent advice.
I have a savings account with Standard Chartered and would like to start investing in unit trust. From your experience, what is the difference between investing through the bank or through those brokerage firm like Phillips Securities?
Many people told me to invest in STI ETF, is it unit trust and is it a good time to invest now? How about REITS? Are these unit trusts?
Josephine
REPLY
STI ETF is for long term investment. If you invest your monthly savings, anytime is a good time. Do not try to time the market. If it better to buy through a stockbroker, rather than a bank. Philips Securities is okay. It is also all right to invest in unit trust, provided that the expense ratio is less than 1%.
Do not invest in an insurance policy as the "effect of deduction" is too high, giving you a poor return. Read my book, Practical Guide on Financial Plannng, available at www.easysearch.sg/ishop.
I have read through some of the articles on your blog and am very impressed by your investment knowledge. I heard from my Income agent that you are very experienced with investment and gives excellent advice.
I have a savings account with Standard Chartered and would like to start investing in unit trust. From your experience, what is the difference between investing through the bank or through those brokerage firm like Phillips Securities?
Many people told me to invest in STI ETF, is it unit trust and is it a good time to invest now? How about REITS? Are these unit trusts?
Josephine
REPLY
STI ETF is for long term investment. If you invest your monthly savings, anytime is a good time. Do not try to time the market. If it better to buy through a stockbroker, rather than a bank. Philips Securities is okay. It is also all right to invest in unit trust, provided that the expense ratio is less than 1%.
Do not invest in an insurance policy as the "effect of deduction" is too high, giving you a poor return. Read my book, Practical Guide on Financial Plannng, available at www.easysearch.sg/ishop.
Talks on Financial Planning to Students
Calling teachers or student leaders. If you wish to organise a talk on financial planning for the students, read this brochure. It can make a lot of difference to the future financial well-being of the students.
Holland vs Germany
I watched my first live World Cup match over television in 1974. It was the Finals between Holland and Germany. The star on the Holland team was Johan Cruff. Holland scored the first goal within 2 minutes. Germany was led by the legendary Franz Beckenbauer and won the Finals on 2-1.
Here is an exciting recount of this historic final. http://easyweb.easynet.co.uk/~goldkeep/Holland74/WGermany.htm
I expect to see these two teams play at the Finals of the World Cup 2010. If anyone takes and win this bet, make a donation to FISCA (http://www.fisca.sg/)
Tan Kin Lian
Here is an exciting recount of this historic final. http://easyweb.easynet.co.uk/~goldkeep/Holland74/WGermany.htm
I expect to see these two teams play at the Finals of the World Cup 2010. If anyone takes and win this bet, make a donation to FISCA (http://www.fisca.sg/)
Tan Kin Lian
Developing our own talents
In 1998, France won the World Cup. The team comprised of many players from the former French colonies in Africa.
This event prompted Singapore's Prime Minister Goh Chok Tong to raise the possibility of Singapore entering the World Cup using "foreign talents". The Football Association of Singapore took up the challenge and set the target of Goal 2010 for Singapore to win the World Cup (but thge goal was later clarified as participation in the Finals). This goal was subsequently dropped as the task was deemed to be impossible.
During this period, Germany went about in its own way to develop its youth squad and soccer training program. The result can be seen in the spectacular performance of the Germany team, the product of its youth development program, in World Cup 2010.
We can contrast the approach taken by the two countries. One decided to rely on "foreign talents". The other decided to train and develop its own people.
This is a lesson for Singapore.
Tan Kin Lian
This event prompted Singapore's Prime Minister Goh Chok Tong to raise the possibility of Singapore entering the World Cup using "foreign talents". The Football Association of Singapore took up the challenge and set the target of Goal 2010 for Singapore to win the World Cup (but thge goal was later clarified as participation in the Finals). This goal was subsequently dropped as the task was deemed to be impossible.
During this period, Germany went about in its own way to develop its youth squad and soccer training program. The result can be seen in the spectacular performance of the Germany team, the product of its youth development program, in World Cup 2010.
We can contrast the approach taken by the two countries. One decided to rely on "foreign talents". The other decided to train and develop its own people.
This is a lesson for Singapore.
Tan Kin Lian
World Cup and Management Science
Mr Tan Kin Lian.
It was an amazing game that Germany managed to beat Argentina 4 to 0. World Cup is really fascinating. However, World Cup also teaches us lessons in management. Germany has displayed discipline and teamwork in the game against Argentina.
While mega stars provide the excitement, results are delivered by discipline and teamwork.
Lothar Matthaus made an interesting comment that Michael Ballack’s absence was a blessing in disguise! He said “ …. I’m genuinely upset for Michael Ballack (injury) but his absence has helped Germany. I don’t mean that in a spiteful way, but Ballack was arguably holding up a number of players who have now blossomed. Each of them has taken on a little more responsibility and Germany is playing with far more pace. Ballack often took a lot of pace out of the game, but that wouldn’t fit the mentality of this young team. Missing out is a personal catastrophe for Michael, but it has benefited Germany.”
By the way, Germany has one of the younger squad. Lothar Matthaus made an interesting management statement that teamwork is more important than individual stars and fresh legs are what it takes to win tournament.
Cashew Nut
http://www.telegraph.co.uk/sport/football/world-cup-2010/teams/germany/7868860/Argentina-v-Germany-Lothar-Matthaus-says-Germany-are-better-without-Michael-Ballack.html
My observation
I have come comments to make about Singapore's own Goal 2010. See separate blog.
It was an amazing game that Germany managed to beat Argentina 4 to 0. World Cup is really fascinating. However, World Cup also teaches us lessons in management. Germany has displayed discipline and teamwork in the game against Argentina.
While mega stars provide the excitement, results are delivered by discipline and teamwork.
Lothar Matthaus made an interesting comment that Michael Ballack’s absence was a blessing in disguise! He said “ …. I’m genuinely upset for Michael Ballack (injury) but his absence has helped Germany. I don’t mean that in a spiteful way, but Ballack was arguably holding up a number of players who have now blossomed. Each of them has taken on a little more responsibility and Germany is playing with far more pace. Ballack often took a lot of pace out of the game, but that wouldn’t fit the mentality of this young team. Missing out is a personal catastrophe for Michael, but it has benefited Germany.”
By the way, Germany has one of the younger squad. Lothar Matthaus made an interesting management statement that teamwork is more important than individual stars and fresh legs are what it takes to win tournament.
Cashew Nut
http://www.telegraph.co.uk/sport/football/world-cup-2010/teams/germany/7868860/Argentina-v-Germany-Lothar-Matthaus-says-Germany-are-better-without-Michael-Ballack.html
My observation
I have come comments to make about Singapore's own Goal 2010. See separate blog.
Business simulation game (BEST)
The BEST simulation game gives you the practice to submit a business plan on the pricing and market of four products in a competitive environment. The game is played over 7 days and allows you to submit your business plan for one year daily. The actual time required to be spent is 15 to 30 minutes. You can read more about how to play this game by downloading this Player Guide.
The game can be played for various types of business, e.g. insurance, banking, hotel, airline, manufacturing, retail.
If you are interested to play the game, give your particulars here. I will create a game when there is sufficient players for the industry.
If you have played before, and wish to create a game for several of our friends, send an e-mail to kinlian@gmail.com and give the e-mail address of all the players. Indicate the type of industry that you wish to compete in.
Update:
One insurance company is actively using the game to train its head office and branch managers.
A participant who register through my blog likes the game and wishes to introduce his friends to play the game. I will create a game for his group.
My friend, who is studying in university in UK is organising a game for his classmates.
The game can be played for various types of business, e.g. insurance, banking, hotel, airline, manufacturing, retail.
If you are interested to play the game, give your particulars here. I will create a game when there is sufficient players for the industry.
If you have played before, and wish to create a game for several of our friends, send an e-mail to kinlian@gmail.com and give the e-mail address of all the players. Indicate the type of industry that you wish to compete in.
Update:
One insurance company is actively using the game to train its head office and branch managers.
A participant who register through my blog likes the game and wishes to introduce his friends to play the game. I will create a game for his group.
My friend, who is studying in university in UK is organising a game for his classmates.
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