Annuities for Singaporeans, pension for ministers?

Rock^Star SG

http://theonlinecitizen.com/2007/08/25/a-contrast-of-two-schemes-the-annuity-scheme-and-the-pension-scheme/#more-452

An insightful article on the morals of our govt.

walesa SG

I suppose you forgot to include, beyond the pension and self-written paychecks beyond all recognisable market standards, all medical and personal expenses - ranging from a senile despot filing a futile defamation lawsuit in Canada and a family member of the same despot having a free ride on a hastily converted national air carrier - too are born by the taxpayers? All that before you consider the calibre of clowns you're dishing out such perks to aren't even remotely worth their remuneration.

With a deal like that, who wouldn't like to work even after he's entered his grave? Mr. Green

maurizio13 SG

I think the penson system for ministers should be scrapped, they should rely on the CPF for their retirement needs.

Atobe SG

The most obscene part of the pension scheme for ministers is that even when their pension is capped at $173,000 per annum - [for ministers drawing a $1,000,000] - those ministers drawing such a pension and remained active in office after 65 years of age, will continue to draw their pension as well as their Million Dollar Salary.

Is there no more better valid reason to encourage Singaporeans to work past their retirement age, and for the laws being amended to allow this to happen ?

Medicated Oil SG

One country, two system.

Either you are a elite or poodle, or else you are peasants.

If you are a peasant, stop expecting your system to be fair as the poodle system.

If you are not happy, you work smart and pull your connection to be a poodle.

Or else whining and complaining will be useless.

This fact is already here.

If you are still not happy, then you can choose to leave cos they have enough replacement.

anonymouscoward SG

Seems to me that while most Singaporeans think they are paying a low income tax of 20% maximum, they are in fact, paying more than 43%...

20% CPF from employee, 13% CPF from employer and a max of 20% income tax.

Our ministers are on a better than Switzerland standard welfare scheme when the general public is on a "no-lunch scheme";

It's not even "no free lunch", the government is taking away all the money and not giving it back. Not even to your children.

I hope they do not amend the law in the near future for emigrants to withdraw all their CPF once they give up their citizenship.

Lin Yu SG

the minister gets it while the commoners have to work for it
Evil or Very Mad

and they get it for life after only 2 terms

anonymouscoward SG

Our dear Ah Loong told us to "bite the bullet" a few years ago and take a deep CPF cut (which has not yet been restored) when the government could not come out with any solutions... it's the market they say.

Now they are asking us to swallow the gun too.

Lin Yu SG

morality? what moralities to speak off. Evil or Very Mad

Rock^Star SG

Sales of annuties at insurance companies have always been very slow.

Reasons?

1) The payout is low
2) Extremely low interest payout during the waiting period prior to 62
3) No interest paid when payout starts at 62
4) Break even point is around mid 80s

The only reason that people buy is because they subscribe to the concept of "not wanting to die broke".

And now the govt wants to implement annuities. Brilliant.

Hell no way am I retiring in this country where ministers pay themselves millions, dangle upgrading carrots and issue threats and expect Singaporeans to help each other for retirement?

And time after time, price increase after increase, there is always a God given justification for each and every policy.

Wtf. If they ever implement annuities (which is very likely going by history), then I'm out of this country for good when I retire. Unless they can provide a satisfactory and win-win deal for all Singaporeans. Going by history again, well, I hate to say this but the probability is as much as finding hum in mee siam.

carrotsoup SG

I don’t know, but is there any transparency for this fund, how is it going to be use or a 2nd cookie jar for Temasek holding?

de_middle SG

Sad Sad Sad