The Sick, Infirmed and Aged - whose responsibility ?

last SG · 2005-07-24T21:33:26+00:00

SINGAPORE said on Tuesday, Oct 19, it would not disclose details on its large stockpile of financial reserves or the return it makes on them, to guard agains...

Atobe SG

When so much of Singaporean's MONEY is spent on foreign investment adventures by the Ruling Party a.k.a. the Government - through the various Government Linked Companies (GIC, Temasek, Singapore Technologies, Singapore Telecoms, SembCorp, Keppel Group, etc) - what has happened to all the profits that have been generated by all these investments that have reached a value of at least OVER US$100 BILLION ?

Surely the profit must be at least US$10 BILLION PER ANNUM ?

With the amount of profit that is returned from all the investments made, where has the profit gone to, and how is the profit utilised ?

From this estimated MINIMUM RETURN of US$10 BILLION, could we not place S$1 BILLION into a fund to look after the Sick, the Infirmed and the Aged ?

This S$1 BILLION will help to reduce the high medical costs to the majority of Singaporeans, and help to look after the Aged in all the homes.

With any balance amount, it will also help to lower the other costs that affect the Cost of Living in Singapore.

"Oil Rich" countries have used their "returns" to benefit their Citizens, with lower tax rates, free medical, free health, free education, FREE LOAN !

In this article, we are not even asking for FREE MEAL, but for the Government to "return" SOME OF THE MONEY to the Citizens of Singapore, to look after our Sick, our Infirmed, and our Aged Citizens !

Why should the Government push the total weight of responsibility onto our shoulders, and tax the CHARITY of our hearts and tight wallets ?

All the charities would and could have received and benefited from some handouts from the S$1 BILLION every year FROM THE ESTIMATED US$10 BILLION profits made by the Government WITH OUR MONEY !

We have not even begun to discuss the amounts that have been lost from investments that have gone awry, with those amounts benefitting our own nationals more then in the pockets of those who benefitted from the lost investments.

See below concerning OUR MONEY that is used :

http://www.singapore-window.org/sw04/041019re.htm

http://www.singapore-window.org/sw04/041012aw.htm

http://www.singapore-window.org/sw04/041212af.htm

http://www.singapore-window.org/sw02/020515r1.htm

http://www.singapore-window.org/sw05/050529af.htm

http://www.singapore-window.org/sw01/010719at.htm

http://www.singapore-window.org/sw04/041019re.htm

SBS1908B SG

Good question, I've been wondering too.......perhaps the money we use for investments now will help all of us later. Just how I feel though. Mr. Green

dragg SG

i seriously doubt.

we have had crisis after crisis and the government just did not show enough willlingless to help.

most of the charities depend on public donations to survive. it is the government's duty, not ours. but it does not seem keen to shoulder it.

cpf is another issue. why keep holding on to our money. the rules are always changed to ensure we never get to withdraw the full amount. the reason given is they are protecting us. but the underlying reason is they do not want to take care of the aged.

why accumulate so much reserves?

what kind of situation warrants using the reserves?

war? natural disaster?

beats me!!!

Rhonda SG

I am all for the govt using a portion of their reserves to subsidise good healthcare for the citizens.

One thing that bugs me no end is the fact that we have 'C' class wards in hospitals here. Have you ever visited someone who's staying in that dreaded 'C' class ward before? It's pretty depressing!! There are 7-8 beds to a room, the place is usually warmer, because of the close proximity, various noxious odours waft through the room when procedures and what-not are being done, there's very very little 'privacy', etc etc.

I would love to see the money being used to build better wards for patients and eradicate the 'C' class wards altogether. Imagine what that dreadful environment does to patients' psychological and emotional well-being, and don't forget the nurses and doctors who have to work there. Sad It's common knowledge that the poor nurses who work in such wards often have to sacrifice their breaks because they have too many patients to take care of. How do you expect quality healthcare when everyone's overstretched but nobody wants to admit it and address the issue?? Mad

Developed countries do not have wards that segregate you based on how much you can pay. The 'C' class ward is unheard of altogether.

Surpluses that are left over after a decent amount has been pumped in to activities that will help generate more income and savings, improve living conditions, etc. should also be used to subsidise nursing homes. There's now a crazy situation whereby families of patients who are slated for nursing homes do not cooperate by playing 'delay' tactics, simply because it's 'cheaper' for the patient to remain in a public acute hospital, than move to a nursing home. This creates a situation where public acute hospitals face full or close-to-full occupancy status, and it really is a waste of resources! Imagine, an acute hospital, being used as a nursing home! Shocked Solve the problem once and for all, by generously subsiding nursing homes! Rolling Eyes

It's scary when a family member falls ill with a chronic condition because medical bills stack up! Razz Imagine, if mom or dad falls ill and they do not have a Medisave account or if they have already depleted theirs, you, as their child, will have to use yours. If we're talking about chronic illnesses, they usually come with a 'domino effect' where sooner or later, you get a host of other related medical conditions as well, and it's usually never isolated to just ONE medical problem. That means, $$$, and plenty of it! Sad So, you use your own Medisave to pay for them, then, what's going to happen when *knocks on wood ... you grow old and realise that your Medisave account had been substantially knocked out by then? Razz It's a 'legacy' we pass on to the next generation and the next, and the next... And with real inflation setting in, the situation will worsen. Neutral

If we have no surpluses left after chanelling it to areas of priority, then, there's nothing to say. However, if we DO have surpluses that can result in a better standard of living for all, including our elderly, our sick and our infirm, I wonder, why not??

Kohi SG

Most people wan 2 hv all of the authority and none of the responsibility Cool

SnowFlag SG

Temasek Holding never gives a report. How do you know they are making money overseas? Laughing

Hint: See how they raise the prices in Singapore

shade343 SG

The profits made is obviously REINVESTED into other investments. If the profits are given out on a regular basis, where is the government going to obtain the necessary funds for other investments?

Laughing

av98m SG

Singapore's reserves are to ensure that the salaries and bonuses of the government and the glcs can continue to be paid even after the shit hits the fan. It is not intended for Singaporeans. Smile

dragg SG

i couldnt agree more. but what purpose does it serve making so much when they hardly use it on its citizens?

Atobe SG

Originally posted by SnowFlag:
Temasek Holding never gives a report. How do you know they are making money overseas?

Hint: See how they raise the prices in Singapore

Obviously you did not bother to click on the list of of referenced sites in my opening post.

If you did, you would have noted the surprise profit of S$7.4 BILLION from a profit that was reported internally at S$241MILLION

In the most recent year, Temasek reported net profit surged to S$7.4 billion (for FY2004), increasing from S$241 million a year earlier (FY2003);which was said to be boosted by investment gains of S$1.9 billion at SingTel on divestments it made.

Yet this return is judged by Professional Fund Managers to be poor return to the Capital that has been employed, which reflects poor performance when compared to other institutions with similar size investment portfolios.

Atobe SG

Originally posted by shade343:
The profits made is obviously REINVESTED into other investments. If the profits are given out on a regular basis, where is the government going to obtain the necessary funds for other investments?

Obviously the profits made is to be invested into other investments, so as to hedge against inflations and other cause that can negate the gains made.

My post DID NOT SUGGEST for the ENTIRE profit to be ploughed into a fund to support the Sick, the Infirmed and the Aged; and if you were to read the opening post, it mentioned a small sum of SINGAPORE DOLLAR ONE BILLION from an estimated return of U.S. DOLLAR TEN BILLION.

Only S$1 BILLION out of an estimated sum of US$10 BILLION - about only THREE-QUARTER PERCENT of the Estimated Profit of the combined investments of OUR MONEY.

Where is the government going to obtain the necessary funds for other investments - if the "entire" sum of the Profit is "returned to the people" ?

I think this should be the least of your concern, as this Ruling Party a.k.a. the Government has many years of experience of giving out with ONE Hand, but TAKING BACK with TWO Hands !

Read this thread from the sgForums Archives:

Give with one Right Hand, Take back with two Lefts

http://www.sgforums.com/?action=thread_display&thread_id=65813

Cindyfeh SG

I think monetary donation to charities is a form of tax, abeit a voluntarily one.

Guys, again I have to say this. We all know the problems but the only way to solve them is to elect one of us (people earning $0-$3000). But that is impossible given the election selection criteria.

The alternative way is to just get out of Singapore! Plan for your migration. Go get a degree and relevant experience. Then migrate to somewhere where the gov really gives out help to the poor.

So who is thinking of migrating?

robertteh SG

While the National Development and Transport ministers are happily booking in extraordinary HDB development profits and COE's double tax (import or exercise duties already paid at phenomenally high 130% of OMV), MOM and MOH continue to justify such moneyism even recently at the height of furore during the NKF saga the old policy of government not to expect welfarism or hand-out despite all such profiteering amounting to billions.

What is the meaning of such method of government. It simply means Singapore is no longer a country. The government as shown in HDB change of function from housing provider to status of private developer will continue to be using anti-welfarism name to enable them to collect as much monies as possible to showcase to the world of their so-called successful leadership but more importantly it is to justify paying to themselves the world's highest government salaries. That's why I have my doubt MOH will conduct the COI into the excessive salaries and bonuses paid to their favoried charade charity and other NGO heads.

Is any talent really required in collecting maximum monies and revenues from the people while telling people: "Don's expect free lunch, welfarism or hands-out" as MND was famously noted for telling the HDB flat buyers.

People are mature not to ask for hands-outs but they certainly do not expect the reverse - using the anti-welfare psychology to enable all the ministries in making obscene profits, monies and surpluses causing the backlash or reverse - high costs of living and doing business.

One forumer in Feedback Unit has been suggesting that the government in building its surplus is actually like the goose laying the golden egg. His idea is : when the surplus of the government is sufficiently high it can be used to generate endowment returns at S$billions to help citizens.

I would say that the reverse is the case here. Government in creating for themselves all the profits and surpluses from HDB methodology of double-charging on land through HDB flat sale is killing their own goose (people ability to make monies and overall business viability) that lays the golden eggs.

shade343 SG

The more money stashed by the government the better... Laughing In case of a crisis, the government can proceed to start mitigate the impact using the cash in the coffers, in the meantime, all sick people can approach the various charirties or respective zone organisation for help.

vIn.Warrior SG

partly the government's.
most mainly is our own responsibility for our own health.

Atobe SG

Originally posted by vIn.Warrior:
partly the government's.
most mainly is our own responsibility for our own health.

Certainly it is our own responsibility for our own health - to delay the onset of problems due to ageing, which will be inevitable despite the best of efforts.

When the time comes, when despite all your best efforts to remain in the best of health, and when - God forbid - you must visit the Hospital for some major or minor treatment, then you will realise : who and how are those Hospital Charges decided ?

Does our Government truly subsidised 80% of the Medical Bill for Class B2 and Class C patients ?

Who and how is it decided to have a price of CRT to be charged at $500, or a pill at $0.50 each, or surgery at $12,000, or chemotherapy at $36,000 - with these prices being arbitrarily estimated in this discussion ?

For all we know, such pricing could be similar to Shops inflating their price by up to 100% , AND then BOASTING a huge discount of 50% !!!

With a population of 4.5 MILLION Singaporeans, and at least Twenty-Five Percent being in the elderly group, there is a huge captive market of 1.125,000 Singaporeans for the local health industry - which are largely in the hands of the Government, who has now PRIVATISED the hospitals to bring Government Hospitals up to the standards of Private Hospitals.

One visit to the hospital could easily empty our Medisave Accounts, and the Medishield and Medisave Policies only allow us to make claims of up to THREE Times in our Lifetime; and thereafter - we are abandon to our own ingenuity and the charity of our family.

This situation is obscene, especially when the Singapore continue to amass a huge pool of Reserves, which is continuously growing with the help of Fund Managers, and yet it is claimed that our CPF Money is not managed by GIC, so as to grow our funds in the same manner that the Fund Manager is growing our Reserves.

Yet, we all know that the CPF Money is used by the Government as a cheap source of funding for their exclusive use to develop Singapore.

At the end of the day, as Singaporeans and as Citizens of this Country, we DO NOT OWN any bit of this Country, which is in the hands of Members of the ELITE Class of Rulers (not even in the hands of the Ruling Party nor its cadres).

Cindyfeh SG

Atobe, what are you going to do about that?

So are you thinking of migrating?

Atobe SG

Originally posted by Cindyfeh:
Atobe, what are you going to do about that?

So are you thinking of migrating?

How to go ?

As a graduate - no country needs another graduate.

As a trained technician - no country needs one either.

With no money to pay the minimum sum to buy a Residential Permit up front, do we need to make any effort to move any further ?

The only movement that needs to be made is to make some movement here !

All MALES and FEMALES have given 30 to 36 months of our LIVES for National Service - (the Males in the Military, and Females making a difference to the population numbers in their early years ) ; and after enduring all the hardships - surely those period will mean something beyond giving up and running away ?

There will be change, as change is always inevitable !

It requires each of us to be make change happen, and support those who have made bigger sacrifices than us in the effort to make an impact on the Singapore Political Scene.

Cindyfeh SG

No, many developed countries still need graduates. Of cos not all type of graduates. Research and find out what type of graduates they need.

It is precisely that we suffered (more of the guys) and wasted 2.5 years of NS that I want to migrate and so that my future generations do not need to go through.

You haven't list down any concrete steps to change Singapore political scene. Please do so.

IMO, it is easier to migrate than to change the political scene. Lee and gang will be around for another 20 years. I do not want to waste my next 20 years in Singapore supporting their purses.

Cindyfeh SG

double post