TR EMERITUS

Written by Our Correspondent A paper presented by an NUS social graduate Ng Kok Hoe at a Seminar on the Aged yesterday questioned if Singaporeans have sufficient CPF savings for their retirement, the Straits Times reported. Mr Ng's presentation revealed that "a Singaporean would draw between 8 per cent and 26 per cent of his last drawn salary from the CPF at age 65."  and that "68 per cent of annual CPF contribution is spent on housing, while health took up 18 per cent and pensions 14 per cent." Minister for Community Development, Youth and Sports Dr Vivian Balakrishnan who was at the seminar said there was no "perfect" balance to how CPF should be spent. He added that Singaporeans had "by and large got it right so far" without substantiating his claims. Singaporeans are allowed to use their savings in CPF ordinary account to pay for housing loans. More than 85 percent of Singaporeans live in HDB flats built by the government. Though the government claims they are "heavily subsidized", the prices of HDB flats have sky-rocketed in recent years. As such, an increasing proportion of Singaporeans' CPF monies are tied up with the housing loans leaving little for their retirement. Dr Vivian said one should not "discount" the equity tied up in housing as "there are schemes which allow Singaporeans to sublet their homes or downsize for cash, letting them 'extract liquidity out of equity." Under a new scheme introduced last year, Singaporeans are allowed to "sell" their HDB flats back to HDB in return for a monthly sum of allowance for 30 years while they continue to live in their flats. With more and more Singaporeans entering retirement age, there are concerns that they may not have sufficient CPF monies for their retirement and end up being a burden to the state. Despite being the second richest country in Asia after Japan, Singaporeans enjoy few social welfare benefits from the nanny state which has constantly espoused the "virtues" of "self-reliance" and eschewed "welfarism". Singaporeans are expected to work for as long as it takes till they drop dead and die while competing directly with cheap foreign workers and remaining "cheaper, better and faster" at the same time. In the meantime, the state has no qualms losing billions of dollars of national reserves through its two gigantic sovereign wealth funds in failed overseas investments. There is little Singaporeans can do about their plight as their political and civil rights are curtailed by a series of repressive laws put in place by a despotic regime to perpetuate its political hegemony forever.  Read More →

Dear TR, After reading mails from Ms Melissa Quek, Mr Devoran, Ms T.Rajendran and Ms Judy Eng, I've decided to stop idling behind the computer screen waiting for change to happen. I'm writing in hopes that I can reach out to people whom may read and perhaps relate to what I have been experiencing as of late. First off, I'm a 14-year-old Secondary School student. My family aren't rich, but we are staying in a 4-room HDB flat. Even though I'm 14, I understand the things that are happening. A little about my current family position. My mother has cancer and she has to go for check-ups regularly. Early last month, about 8 hours after my mother had left for a checkup at Singapore General Hospital, I went with my father. It was 11pm then, and we both were worried about her. There was no reason for a checkup to be this long. So we went, but we didn't know which block she was at. I called her by phone. Turns out that she was at the emergency block, Block 1. A little of a back-story. A doctor who removed the tumor in her right lung claimed there was no need for chemotherapy. However, she still complained of pain in her right chest. It turned out that the cancer cells had already infected her lymph nodes and it wasn't detected then. Now it's too late though. The cancer cells are slowly eating her life away. Now that when I recall this incident, I feel disgust and hate towards this medical standard. Is this acceptable? Why should a check-up, in the EMERGENCY block, end up being 8 hours long?! How on earth did that doctor think that chemotherapy was not necessary?  I had no idea what happened. By the time my mother had received the report and we reached home, it was almost 2am. I missed school the next day as I was too fatigued. What is the government doing? Did they even CHECK? Where's our money going?! Obviously that greedy geezer and the famiLEE. This really angers me. My mother also has very little money left in her bank. She cannot go to work, and now I'm also trying to save as much as I can so she doesn't have to give me too much allowance everyday. GIRO doesn't help much either. Luckily, my now married sister and brother, who have their own families, are helping. But that doesn't even amount to much. It's still a hard road to walk, but walk it we must. Other than this beyond disappointing medical incident, I also have a school life. It's not very enjoyable either. MRT, public buses. I'm sure everyone knows that it's crowded as heck, and my gigantic monster of a school bag doesn't help either. Going my car isn't any better. The road is congested as hell in the morning. In the afternoon, it's better. But I occasionally have a couple of PRs sitting in the seat before me, talking loudly non-stop. Even the earpieces blasting my ears to deaf doesn't help. In school, sometimes we have CME or PG lessons and the teacher gives the class a worksheet which sings praises about what PAP has done for the people. One I recall from memory, was roughly, "Every time I see old folks gathering recyclables from a garbage can on the street, my heart laments for them. The people these days are lacking filial piety..." .... "...I am glad that the government is helping the needy with assistance schemes. The government is doing a good job." Obviously there is something very wrong there. I thought to myself, 'if the government is doing a good job, then why are these old folks gathering and selling recyclables?' I asked the teacher so, but he just shrugged and replied that he doesn't know why. He's probably another brainwashed PAP dog, that's why. Also, 4 china students transfered into my class during the past month. They are always getting the praises and 1st place for tests/exams. They are leeching the motivation out of everyone. No one really mixes with them. The whole class might as well be a class for PRs instead! I cannot really express myself too well with words, but every time I see them, I can't help but hate their attitude. I know not all of them are bad, but with all these incidents like then acting all big and mighty, or talking loud and sometimes insulting us behind our back loudly, really left this impression on me. The government loves them too. They bring money with them. They are also cheaper, faster, better. The way I see it, they are cheaters, liars, asses. Again, I know not all of them are bad. I am referring to the ones that really gives the impression. I have seen it too many times. It's easy to tell. I also sometimes worry about my future if I were to continue to stay in Singapore. No doubt the population density would get really dense, and at some point, buying a house would blow a million dollars. Everything sucks you dry. So therefore I arrived with this conclusion. If nothing is done right to change is broken system, then I'm moving to another country. Living here is as good as being in a lifetime debt to the government, and that is the same as being on a leash. I feel so much rage for this greedy government. Leeching our money, which they then throw them in a well praying a genie would come out. I vow, if PAP is still not voted out after the next election, then goodbye, Singapore, I'm moving onto another country once I am able to stand on my own. By the by, there's more mind control worksheets I've done. "Do you feel proud to be a Singaporean? If so, why?" No. The government is ignorant and greedy, that's why. Anyway, thanks for reading. I feel better getting these off my chest. You may do whatever you wish with this.   Kristine Tan    EDITORS’ NOTE: Please join our Facebook discussion on this article here and invite your friends to do so as well to raise awareness among fellow Singaporeans. Do you have any similar stories to share? Or have your heard of such stories elsewhere? Please email us at [email protected], we want to hear from you. Your article need not be long and we do not require you to write in perfect English.  If you are not keen to reveal your identity, we allow you to use a pseudomyn. Rest assured that we will keep your contacts 100% strictly confidential. We will not edit or censor any part of your article. Most importantly, it must come straight from your heart.   Other real life stories: >> 20 year old Indian feels threatened by increasing number of Indian immigrants in Singapore >> 32 year old Singaporean: I am lucky to be born earlier >> 28 year old teacher burdened by hefty mortgage loan for HDB flat before marriage >> Young Singaporean expressed her worries at uncertain and gloomy future  Read More →

Written by Our Correspondent In yet another sign that there is a shortage of flats in the public housing market, two Build-to-Order (BTO) flats in Sengkang and Sembawang are more than 5 times over-subscribed. According to a Channel News Asia report, the two projects received 4,732 applications in total for the 828 units offered which are being sold at between S$281,000 and S$352,000 for five-room units at Fernvale Ridge and between S$212,000 and S$268,000 for four-room units at Sembawang RiverLodge. The prices of HDB flats have sky-rocketed in recent years due to rising demand fueled by immigration in the face of limited supply of flats. In 2009, the prices of resale flats grew by a record 8.2 percent with median COVs doubling from $12,000 to $24,000 in the last quarter alone. The ruling party had made known its ambitious plan to increase Singapore’s population to 6.5 million via immigration as early as 2005. However, only slightly more than 11,000 new flats were built between the years 2006 – 2008 when there were over 90,000 PRs and 20,000 new citizens alone in 2008:   [Source: HDB Financial Report 2008/2009] Below is a graph illustrating how the rise in the prices of resale flats coincides with the rise in the number of foreigners in Singapore between the years 2000 and 2008, courtesy of Kojakbt, the moderator of 3in1kopitiam: Due to the ruling party’s liberal immigration policy, foreigners now made up 36 per cent of Singapore’s population, up from 14 per cent in 1990. The influx of PRs also contribute to a spike in the prices of resale flats as they have higher spending prowess and are willing to spend more. The Straits Times reported a Taiwanese couple paying a record $650,000 for a four room flat in Bras Basah lately. Another Indonesian PR forked out $653,000 for a 4 room flat in Queenstown. Despite evidence showing otherwise, National Development Minister Mah Bow Tan continues to insist that HDB flats are "affordable" and that PRs have no "impact" on the prices though they constitute 20 percent of the buyers. The BTO launches this year are all grossly over-subscribed by 5 to 10 times with many Singaporeans missing out on their choices. In response, Mr Mah told them not to be too "fussy" and claimed that he cannot build the flats at their choice locations and desired floors.   EDITORS’ NOTE: Please join the discussion about this article on our Facebook page here and invite your friends to do so to help us raise awareness among fellow Singaporeans.   Related articles: >> Taiwanese PR paid record $ 650,000 for 4-room resale flat >> Grace Fu: PRs are helpful to HDB flat owners selling their flats >> HDB launches “traveling exhibition” to trumpet its achievements in the heartlands >> PAP to upgrade 12,000 HDB households ahead of next election >> Mah Bow Tan: We do not want flat prices to go down >> Prices of resale flats to rise further as PR quota reached >> Taiwanese PR offers $50k COV for resale flat >> Mah Bow Tan: PRs have minimal impact on resale flat prices >> No empirical evidence to suggest that public housing is affordable in Singapore >> When will Singapore’s property bubble burst? >> Why HDB is unable to reveal break down costs of new flats now >> HDB to consider introducing rules to curb property speculation >> HDB blames Singaporeans for not selecting flats when given the chance >> Singaporeans worried about retirement after depleting CPF to pay for over-priced HDB flats >> Mah Bow Tan acknowledged that rising HDB flat prices has sparked “fresh concerns” >> PM Lee: Govt does not have control over prices of resale flats” >> COVs of resale flats shooting through the roof >> HDB resale price index hit record high in 2009 >> Singaporean wants PRs to live in rented flats instead of buying resale flats >> Singaporeans wants PRs to be banned from selling HDB flats at a profit >> Shanmugam: Singaporeans likely culprits for driving up HDB flat prices >> Mah Bow Tan: HDB flats remain affordable >> Means testing for PRs to buy resale flats >> Immigration and public housing: should the govt or people plan ahead? >> Grace Fu: hard to predict demand for housing >> Indonesian PR bought 4-room flat at $653,000 >> Mah Bow Tan asks home buyers to be realistic >> PAP MP blames young couples who cannot get a flat for not planning ahead >> Home affordability: HDB versus the public >> Demand vs supply: so many applicants, so few flats >> Number of applicants exceed number of flats >> HDB to increase supply of flats >> Mah: don’t compare with prices in the past >> ERA: 40 per cent of HDB flat buyers are PRs  Read More →