A few owners of strata title units in Midview City have expressed unhappiness with the managing agent and wishes to get together to discuss possible actions. If you are an owner and wish to join this meeting, please send your particulars to kinlian@gmail.com with your name, telephone, email and unit number in Midview City.
Monday, April 30, 2012
Sunday, April 29, 2012
No end in sight to global job crisis
The International Labor Organization has stated that there is still no solution to the Global Jobs Crisis. http://www.cnbc.com//id/47226507
I have held this view for a long time. I do not see how the world can create enough jobs, when those with jobs are working long hours and the available work has been reduced through mechanization and other labor saving devices.
The only solution is to reduce the number of hours of work, so that the available work can be distributed fairly among those who are willing and able to work. Some economists have suggested a 20 hour work week.
It is not possible a country to be competitive, if its people work shorter hours than workers in other countries. We need to have an international agreement to reduce the working hours, or to implement some form of protectionism of certain domestic jobs. There is no other solution.
I have held this view for a long time. I do not see how the world can create enough jobs, when those with jobs are working long hours and the available work has been reduced through mechanization and other labor saving devices.
The only solution is to reduce the number of hours of work, so that the available work can be distributed fairly among those who are willing and able to work. Some economists have suggested a 20 hour work week.
It is not possible a country to be competitive, if its people work shorter hours than workers in other countries. We need to have an international agreement to reduce the working hours, or to implement some form of protectionism of certain domestic jobs. There is no other solution.
Special lane for frequent flyers
I find airport security check to be a hassle. I hope that this new arrangement can be implemented soon in many airports around the world, including Singapore. http://www.cnbc.com//id/47089179
Protests in Bahrain
http://yawningbread.wordpress.com/2012/04/29/the-day-that-singaporeans-take-to-the-streets/
Licence to take deposits
In most countries, an operator who take deposits from the public and pays interest on the deposit is required to get a licence from the authority. In Singapore, this role is performed by banks and finance companies. It would be illegal for someone to take deposit without a licence.
There is a company that sells gold bars at 20% to 25% higher than the actual value of the gold bar and promises to pay 2% interest a month on the contract. I consider this arrangement to be a hidden form of deposit. If the actual value of the gold bar is $100,000 and the company sells it for $120,000, the company is actually taking in a deposit of $20,000 and paying interest on this deposit.
As the return is so attractive, the early investors are likely to be putting in more money and getting their friends to join the scheme. It is possible that the attractive return to the investors are being financed by the funds provided by the latter investors. In essence, this would be a ponzi scheme.
The law against deposit taking without a licence is to ensure that the the licensed companies have sufficient capital and assets to meet their obligations. They should not be allowed to collect tens or hundreds of millions of deposits and run away with the money.
Since the Monetary Authority of Singapore is responsible to issue licence for approved institutions to take deposits from the public, it should also be their responsibility to take legal action against operators who take deposits without a licence.
I consider the arrangement by the gold bar company to fall within the scope of responsibility of MAS and that MAS should investigate and, if appropriate, charge the operators for infringing the law.
The officials of MAS may not have the resources to carry out criminal investigations. But they can lodge a complaint with the Commercial Affairs Department, for the latter to make the investigation. MAS can also seek the legal advice of the Attorney General's Office. It is important for the three agencies to work together to deal with this issue. So far, my impression is that each party considers that they are not responsible for this matter.
I hope that early action can be taken, before this matter grows too big and the whole arrangement collapses like a house of cards, or rather, like a ponzi scheme.
Saturday, April 28, 2012
Avoiding tax
Profitable companies should pay their share of tax and should not be allowed to avoid tax. To hold ethics and integrity, lawyers and accountants should not use their professional knowledge to help profitable companies to avoid tax, for the sake of earning large fees. This is immoral. Countries and states should not have laws that allow companies to avoid tax (and my statement applies to Singapore as well).
http://www.cnbc.com//id/47218258
http://www.cnbc.com//id/47218258
Plight of 60 immoral men
We need to implement our laws in a fair and just manner. This statement applies to the prosecutor and our courts. We also need to compare our standards with the standards in other countries. Read this analysis by Lucky Tan.
http://singaporemind.blogspot.com/2012/04/plight-of-60-immoral-men-part-2.html
http://singaporemind.blogspot.com/2012/04/plight-of-60-immoral-men-part-2.html
Friday, April 27, 2012
Unsafe driving habit of taxi driver
Dear Mr. Tan,
I was shocked to come across this post by a taxi driver on a taxi driver's forum. According to the taxi driver, he got into an early morning accident by hitting the back of a cement mixer at 4.50am on the PIE. From the pictures he posted, the cab was severely damaged. Yet according to his account, the taxi company did not question the nature of his accident or driving. According to him, they "immediately" proceeded to assign him a new cab.
There has been much debate online about which taxi company is lax in sorting out their reckless drivers and taking them off the road. I believe this incident serves as an indication of how lax or stringent some companies are. We should look into how to control and eliminate such driving and administrative practices, not let them continue.
On another note, recently the LTA has decided to raise the maximum age of taxi drivers to 75. I believe this was "suggested" by one of Presidential contenders during the race last year.
I was shocked to come across this post by a taxi driver on a taxi driver's forum. According to the taxi driver, he got into an early morning accident by hitting the back of a cement mixer at 4.50am on the PIE. From the pictures he posted, the cab was severely damaged. Yet according to his account, the taxi company did not question the nature of his accident or driving. According to him, they "immediately" proceeded to assign him a new cab.
There has been much debate online about which taxi company is lax in sorting out their reckless drivers and taking them off the road. I believe this incident serves as an indication of how lax or stringent some companies are. We should look into how to control and eliminate such driving and administrative practices, not let them continue.
On another note, recently the LTA has decided to raise the maximum age of taxi drivers to 75. I believe this was "suggested" by one of Presidential contenders during the race last year.
From a concerned member of the public
High cost of car ownership
Owning a car can impoverish a Singaporean by millions of ringgit
by the time he retires.
Song from Malaysia - for the Bersih Rally
Hi Mr Tan,
Although this is from Malaysia, I thought you will find it interesting because your broad interest in politics and music.
I personally think that it is an incredible song with an incredible story. It is produced independently (meaning not linked to any political parties or the Bersih organization itself) by a lady from Johor. She was not able to make it to the Bersih rally last year because she has to take care of her paralyzed father, and to make up for it she produced this song with the help from many many volunteers.
Thursday, April 26, 2012
Difficult to use DBS internet banking (IDEAL)
I find it so difficult to use DBS IDEAL system for internet banking payments that I will write cheques and drop them into the quick cheque deposit box (for payments to DBS payees). The IDEAL system is for business users and is extremely complicated and difficult to use. With so much trouble, it is likely to lead to costly mistakes, e.g. entering the wrong account code. I do not understand how DBS could design such a convoluted system. It is unimaginable.
Similar types of cheating
According to this report , the Police are looking for a woman who was alleged to have cheated some people by soliciting money from them on the pretext that her husband had been hospitalized. Presumably, she was telling a lie. She collected sums varying form $50 to $450 from sympathizers. I do not know how much was involved, but it was probably less than $5,000 in total. I wonder why the Police would be so keen to take action on this case.
There is another person who has been advertising for many years that he is an expert in forex trading and is able to teach the trainees on the techniques of trading that are guaranteed to make profit.
These claims are not true, but there are enough trainees who believe the statements to fill up a class each month. Each trainee paid a few thousand dollars for three days of training. The total amount collected in training fees over the years must have amounted to several million dollars. Although several complaints were made to the Police, the activity of this trainer was not investigated.
It is clear to me that the untruths and misrepresentations told by the forex trainer were of the same kind as those told by the woman, and the amounts were several hundred times larger. When someone tells an untruth, and collect money from a person who was misled by the untruth, the perpetrator is "cheating" the victim. The same investigative action should be applied to both situations.
It would have been a simple matter for the Police to call the forex trainer and ask him to provide evidence to back up his advertising claims, and to show that he is not misleading or cheating the trainees. A simple interview would probably convince the forex trainer to stop or minimize the questionable activity. This would have saved the victims a lot of lost money not only in the training fees, but in actual losses on the forex transactions.
Tan Kin Lian
http://www.todayonline.com/Singapore/Singaporeinbrief/EDC120425-0000039/Police-looking-for-this-woman-to-assist-them-in-scam-investigation
There is another person who has been advertising for many years that he is an expert in forex trading and is able to teach the trainees on the techniques of trading that are guaranteed to make profit.
These claims are not true, but there are enough trainees who believe the statements to fill up a class each month. Each trainee paid a few thousand dollars for three days of training. The total amount collected in training fees over the years must have amounted to several million dollars. Although several complaints were made to the Police, the activity of this trainer was not investigated.
It is clear to me that the untruths and misrepresentations told by the forex trainer were of the same kind as those told by the woman, and the amounts were several hundred times larger. When someone tells an untruth, and collect money from a person who was misled by the untruth, the perpetrator is "cheating" the victim. The same investigative action should be applied to both situations.
It would have been a simple matter for the Police to call the forex trainer and ask him to provide evidence to back up his advertising claims, and to show that he is not misleading or cheating the trainees. A simple interview would probably convince the forex trainer to stop or minimize the questionable activity. This would have saved the victims a lot of lost money not only in the training fees, but in actual losses on the forex transactions.
Tan Kin Lian
http://www.todayonline.com/Singapore/Singaporeinbrief/EDC120425-0000039/Police-looking-for-this-woman-to-assist-them-in-scam-investigation
Wednesday, April 25, 2012
FISCA Talk on Investments
This event will be held on Saturday. Register now. You can pay the fee on the spot. The next talk will be held a few months later.
The best investments for consumers is to invest in ETF and REITS. This is explained in the FISCA talk on investments, scheduled for Saturday 2 t0 5 pm at Singapore Management University. This talk is free to FISCA members. The fee for non-members is $30. The public can join as FISCA members on the spot and pay $36 cash, and enjoy membership benefits for 1 year.
More details can be found here: http://www.easyapps.sg/assn/Org/file.aspx?id=195
Register here: http://easyapps.sg/assn/Org/EventRegForPublic.aspx?EvID=445&id=5
The best investments for consumers is to invest in ETF and REITS. This is explained in the FISCA talk on investments, scheduled for Saturday 2 t0 5 pm at Singapore Management University. This talk is free to FISCA members. The fee for non-members is $30. The public can join as FISCA members on the spot and pay $36 cash, and enjoy membership benefits for 1 year.
More details can be found here: http://www.easyapps.sg/assn/Org/file.aspx?id=195
Register here: http://easyapps.sg/assn/Org/EventRegForPublic.aspx?EvID=445&id=5
Eldershield - long term care insurance
Eldershield is a long term care insurance introduced by the Ministry of Health in Singapore and managed by private insurers. The benefits are indequate, as stated by Professor Phua Kai Hong. Here is a report http://www.todayonline.com/Singapore/EDC120426-0000068/ElderShield-under-fire
The journalist asked for my views about what can be done to promote Eldershield. Here is my full reply (of which only a small portion was mentioned in the article).
Statement by Tan Kin Lian
For long term care insurance to work, it is important for the Government to take the lead and also to set the framework to ensure that the consumers are treated fairly.
In the case of life insurance, it is easy to determine the eligibility for a claim, based on the certificate of death. The eligibility for a long term care claim can be subject to dispute between the claimant or his family and the insurance company. The definition of eligibility for a long term care payment depends on the inability to perform at least 3 out of the specified 6 activities of daily living - washing, dressing, feeding, toileting, mobility and transferring. As you can see from the definition, each of these disability may be difficult to define.
If there is no Government involvement to set the framework to determine the eligibility for a claim, the insurance company can be quite strict in interpreting the eligibility to the detriment of the consumer, and the consumer will usually not have the financial means to challenge the decision of the insurance company. Due to lack of clarity and transparency, it is likely that consumers will not trust the insurance company or the long term care insurance product.
The involvement of the Government goes beyond the framework for approval of the claims. The Government should also carry out audits to ensure that the insurance companies are pricing the insurance product fairly and are not making excessive profits by over-charging the consumers, or are reckless in under-pricing their product and hence face the prospect of insolvency.
The Government should also consider giving some tax or fiscal incentives to encourage consumers to buy the long term care insurance. At present, the Government allows the Medisave savings to be used to buy the insurance product. This is helpful but is not sufficient.
It will be more useful if the Government decides to bear 30% (say) of the cost of the long term care insurance, so that consumers need only to pay 70% of the actual cost. This will encourage consumers to buy the long term care product and make it attractive for insurance companies to compete for this attractive market.
In many countries, the Government has found that some form of tax or fiscal incentives is helpful to develop the insurance market and to overcome the resistance of consumers to set aside money for their future needs. Singapore should follow the experience of these countries, in order to get our citizens to plan for their future needs.
Background:
Tan Kin Lian was the former chief executive of NTUC Income. He is now the director of a consultancy and software development company called Tan Kin Lian & Associates Pte ltd. He is also the Founder and President of the Financial Services Consumer Association (FISCA), an organisation with the aim of educating consumers on financial planning, insurance and investments, and to promote the interest of consumers. (www.fisca.sg).
The journalist asked for my views about what can be done to promote Eldershield. Here is my full reply (of which only a small portion was mentioned in the article).
Statement by Tan Kin Lian
For long term care insurance to work, it is important for the Government to take the lead and also to set the framework to ensure that the consumers are treated fairly.
In the case of life insurance, it is easy to determine the eligibility for a claim, based on the certificate of death. The eligibility for a long term care claim can be subject to dispute between the claimant or his family and the insurance company. The definition of eligibility for a long term care payment depends on the inability to perform at least 3 out of the specified 6 activities of daily living - washing, dressing, feeding, toileting, mobility and transferring. As you can see from the definition, each of these disability may be difficult to define.
If there is no Government involvement to set the framework to determine the eligibility for a claim, the insurance company can be quite strict in interpreting the eligibility to the detriment of the consumer, and the consumer will usually not have the financial means to challenge the decision of the insurance company. Due to lack of clarity and transparency, it is likely that consumers will not trust the insurance company or the long term care insurance product.
The involvement of the Government goes beyond the framework for approval of the claims. The Government should also carry out audits to ensure that the insurance companies are pricing the insurance product fairly and are not making excessive profits by over-charging the consumers, or are reckless in under-pricing their product and hence face the prospect of insolvency.
The Government should also consider giving some tax or fiscal incentives to encourage consumers to buy the long term care insurance. At present, the Government allows the Medisave savings to be used to buy the insurance product. This is helpful but is not sufficient.
It will be more useful if the Government decides to bear 30% (say) of the cost of the long term care insurance, so that consumers need only to pay 70% of the actual cost. This will encourage consumers to buy the long term care product and make it attractive for insurance companies to compete for this attractive market.
In many countries, the Government has found that some form of tax or fiscal incentives is helpful to develop the insurance market and to overcome the resistance of consumers to set aside money for their future needs. Singapore should follow the experience of these countries, in order to get our citizens to plan for their future needs.
Background:
Tan Kin Lian was the former chief executive of NTUC Income. He is now the director of a consultancy and software development company called Tan Kin Lian & Associates Pte ltd. He is also the Founder and President of the Financial Services Consumer Association (FISCA), an organisation with the aim of educating consumers on financial planning, insurance and investments, and to promote the interest of consumers. (www.fisca.sg).
Ponzi scheme in the making
I have posted this article about a possible ponzi scheme that may blow up in the near future: http://tankinlian.com/admin/file.aspx?id=637
One reader, who has made large investment in the gold bar scheme, told me that the chance of loss is small, as the investor has a certificate that can be used to withdraw the physical gold that has been deposited with a reputable depository bank. If the gold price keeps its value, the investor will not lose out, even if the promoter does not honor the buy back guarantee.
This is likely to be a fallacy. It is possible for the promoter to be issuing duplicate certificates for the same physical gold. If the promoter collapses, many people may be holding the certificates to the same bar of physical gold. I do not know if the certificate is issued by the depository bank and if there is any chance of duplicates being made. The investor should check this possibility.
A ponzi scheme can continue as long as it keeps growing. This is likely to be the case, as the investor loves the 2% interest per month and will keep their investment to earn this high rate of interest. They are likely to put in more money and to encourage their friends to join this attractive scheme. The growth of a ponzi scheme is exponential. This is the behavior of most ponzi schemes in the past. It will not be different this time.
The investor also asked - if this is really a ponzi scheme, why is the Monetary Authority of Singapore or the Commercial Affairs Department not taking any action to stop it?
Do not be lulled by the lack of action by our authority. The MAS has already put an alert on their website and asked the public to lodge a complaint with CAD, if they suspect any fraud. I do not know why MAS expects the public to do the investigation. It is quite easy for MAS to engage an investigator, at the cost of the Government, to see if there is any risk of a fraud, rather than wait for it to happen.
My remark also applies to the Commercial Affairs Department. They have the power, authority and the resources to carry out an investigation. They only need to have reasonable grounds to make an investigation into a potential ponzi scheme. I do not know why they hold the view that there is inadequate evidence to start an investigation. If they do not think that an investigation is warranted, why not just make an enquiry?
My remark is also directed at our Government Ministers who might have some of their underlings to monitor my blog. Do not sit idly and wait for the potential ponzi scheme to grow bigger and cause more people to lose their hard earned savings. Just make an enquiry now with the promoter and make sure that they have sufficient gold bar and money to back all the deposits that they have collected from the public. And when they are talking to the promoter, do find out how much money has been invested by the people of Singapore in this attractive investment scheme that pays 2% interest a month.
My request is specially directed to our Deputy Prime Minister and Minister for Home Affairs, who should in charge of the Commercial Affairs Department.
Tan Kin Lian
PS: If the authority does make an enquiry and find that my suspicious are groundless, do tell me about it, so that I will stop "crying wolf".
One reader, who has made large investment in the gold bar scheme, told me that the chance of loss is small, as the investor has a certificate that can be used to withdraw the physical gold that has been deposited with a reputable depository bank. If the gold price keeps its value, the investor will not lose out, even if the promoter does not honor the buy back guarantee.
This is likely to be a fallacy. It is possible for the promoter to be issuing duplicate certificates for the same physical gold. If the promoter collapses, many people may be holding the certificates to the same bar of physical gold. I do not know if the certificate is issued by the depository bank and if there is any chance of duplicates being made. The investor should check this possibility.
A ponzi scheme can continue as long as it keeps growing. This is likely to be the case, as the investor loves the 2% interest per month and will keep their investment to earn this high rate of interest. They are likely to put in more money and to encourage their friends to join this attractive scheme. The growth of a ponzi scheme is exponential. This is the behavior of most ponzi schemes in the past. It will not be different this time.
The investor also asked - if this is really a ponzi scheme, why is the Monetary Authority of Singapore or the Commercial Affairs Department not taking any action to stop it?
Do not be lulled by the lack of action by our authority. The MAS has already put an alert on their website and asked the public to lodge a complaint with CAD, if they suspect any fraud. I do not know why MAS expects the public to do the investigation. It is quite easy for MAS to engage an investigator, at the cost of the Government, to see if there is any risk of a fraud, rather than wait for it to happen.
My remark also applies to the Commercial Affairs Department. They have the power, authority and the resources to carry out an investigation. They only need to have reasonable grounds to make an investigation into a potential ponzi scheme. I do not know why they hold the view that there is inadequate evidence to start an investigation. If they do not think that an investigation is warranted, why not just make an enquiry?
My remark is also directed at our Government Ministers who might have some of their underlings to monitor my blog. Do not sit idly and wait for the potential ponzi scheme to grow bigger and cause more people to lose their hard earned savings. Just make an enquiry now with the promoter and make sure that they have sufficient gold bar and money to back all the deposits that they have collected from the public. And when they are talking to the promoter, do find out how much money has been invested by the people of Singapore in this attractive investment scheme that pays 2% interest a month.
My request is specially directed to our Deputy Prime Minister and Minister for Home Affairs, who should in charge of the Commercial Affairs Department.
Tan Kin Lian
PS: If the authority does make an enquiry and find that my suspicious are groundless, do tell me about it, so that I will stop "crying wolf".
Decision makers should take public transport
This writer requests that decision makers should take public transport and understand the problem on the ground. I agree.
http://www.todayonline.com/Voices/EDC120425-0000181/Have-express-buses-from-Yishun-to-Bishan-to-ease-the-MRT-bottleneck
http://www.todayonline.com/Voices/EDC120425-0000181/Have-express-buses-from-Yishun-to-Bishan-to-ease-the-MRT-bottleneck
A ponzi scheme in gold bars
Read this article about what may happen one day, that will cause tens or hundreds of millions of losses to unwary and gullible investors in Singapore.
http://tankinlian.com/admin/file.aspx?id=637
http://tankinlian.com/admin/file.aspx?id=637
Tuesday, April 24, 2012
Great careers for older workers
Hi Tan,
I recently discovered your blog, and I have become a frequent reader. We recently published an article “8 Great Careers for Older Workers” that dovetails well with your audience, Perhaps you would be interested in sharing with them.
Here's the link to the article if you would like to take a quick look for yourself: (http://www.businessinsurance.
Roxanne McAnn
Contact Singapore Management University
I searched for the contact information of Singapore Management University. I could find the "Contact Us" button at their home page. Although small, it was not difficult to find. That button brought me to a webpage that the following information. I was delighted that they provide an email address and a telephone number!
I wish to encourage all corporations (business and government) to provide this type of useful information for the public to contact them. I encourage them to use the services provided by this Corporate Portal,
http://www.easyapps.sg/corporateportal
I wish to encourage all corporations (business and government) to provide this type of useful information for the public to contact them. I encourage them to use the services provided by this Corporate Portal,
http://www.easyapps.sg/corporateportal
"Bersih" rally in Kuala Lumpur
It is interesting to watch the forthcoming happening of the Bersih rally in Kuala Lumpur. A similar rally last year was tightly controlled by the Police. This year's rally will happen in a more relaxed atmosphere. It reflects the confidence of Prime Minister Najib in opening up the political environment in Malaysia. I hope that the rally, which called for "free and fair elections", goes on peacefully and well.
http://www.channelnewsasia.com/stories/southeastasia/view/1197192/1/.html
If so, this could lead to similar developments in Singapore. We can also learn from Malaysia.
http://www.channelnewsasia.com/stories/southeastasia/view/1197192/1/.html
If so, this could lead to similar developments in Singapore. We can also learn from Malaysia.
Complicated arrangement between LTA and SMRT
According to this news report, the SMRT will be spending $900 million for the maintenance and repair of the MRT system. Part of the cost will be borne by the Government, through the Land Transport Authority (LTA).
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1197159/1/.html
This seemed to be a complicated arrangement and has ethical issues. SMRT is a listed company owned by shareholders and has the aim to maximise its profits, subject to service standards stipulated by the LTA and fare oversight by the Public Transport Council. The LTA is an agency funded by the Government and eventually the taxpayers.
The taxpayers are not told how the complicated financial arrangement is being decided. In my view, the considerations for the cost sharing, should be publicized for public scrutiny.
It is better to remove all these complicated arrangements and adopt a new model, i.e. let the train service be operated by a public corporation, i.e. one that is owned 100% by the state. The public corporation should decide on the fares, capacity, routes and schedules. The operations can be contracted out to a contractor like the SMRT.
I read that this was the model used by London Transport for the buses. I am not sure how their Underground system, similar to our MRT, is being managed.
It is likely that the London model will not be considered in Singapore, as our ministers and top civil servants are quite comfortable in the Singapore model of "no responsibility". They prefer to outsource all the problems entirely to the "market", so they do not have to decide on fares and operational issues.
As they have now learnt to their embarrassment, the problems do not go away. They come back to hit them in a bigger way. With so many train breakdowns and other operational and financial issues, perhaps our ministers will now re-think the London model?
Tan Kin Lian
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1197159/1/.html
This seemed to be a complicated arrangement and has ethical issues. SMRT is a listed company owned by shareholders and has the aim to maximise its profits, subject to service standards stipulated by the LTA and fare oversight by the Public Transport Council. The LTA is an agency funded by the Government and eventually the taxpayers.
The taxpayers are not told how the complicated financial arrangement is being decided. In my view, the considerations for the cost sharing, should be publicized for public scrutiny.
It is better to remove all these complicated arrangements and adopt a new model, i.e. let the train service be operated by a public corporation, i.e. one that is owned 100% by the state. The public corporation should decide on the fares, capacity, routes and schedules. The operations can be contracted out to a contractor like the SMRT.
I read that this was the model used by London Transport for the buses. I am not sure how their Underground system, similar to our MRT, is being managed.
It is likely that the London model will not be considered in Singapore, as our ministers and top civil servants are quite comfortable in the Singapore model of "no responsibility". They prefer to outsource all the problems entirely to the "market", so they do not have to decide on fares and operational issues.
As they have now learnt to their embarrassment, the problems do not go away. They come back to hit them in a bigger way. With so many train breakdowns and other operational and financial issues, perhaps our ministers will now re-think the London model?
Tan Kin Lian
Monday, April 23, 2012
Social model is the solution, not the problem
I agree with the views expressed by this writer
http://www.todayonline.com/Commentary/EDC120424-0000011/Social-model-is-Europes-solution,-not-its-problem
I will give my reasons separately.
http://www.todayonline.com/Commentary/EDC120424-0000011/Social-model-is-Europes-solution,-not-its-problem
I will give my reasons separately.
Avoid Land Banking
Dear Mr. Tan
Do you have any information about A2A land banking in Canada.
Reply
I do not have any information about this product. I advise consumers to avoid all types of land banking products. You can attend my talk on Financial Planning organised by FISCA.
See http://easyapps.sg/assn/Org/Event.aspx?id=5
Tan Kin Lian
Statement from one of the accused in the sex scandal
Dear Sir
I would like to add that I hope that you can help disseminate the following legal points of course with appropriate verification as some recent commentary on your blog posting have not fully grasped the law and the extent to which its drafting defers from that of the United Kingdom and its equivalent the Sexual Offences Act 2003.
Many commentators have noted the fact that the "onus" is on the man to check, Many do not know or fail to mention , that even after making all reasonable efforts to "check', the law in this case has a conclusive presumption WHICH does not allow for any defense except only in mitigation. If it is as true more senior lawyers emerge who should and would know the law better, the difficulty it places on men and not allowing them any defense is all the more apparent.
a. For many who will be convicted the clincher will be the very issue of not being able to offer a defense that we did not or could not have reasonably, rationally, on the predominance of evidence known that she was under 18. The only defense left thus is that we did not do it, or we paid for her company and not sex. No intent or means has to be proven just the act and no defense can be offered.
b. That presumption applies in the UK, but it kicks in at a fairer age and for a more serious offense, i.e sex with a minor and at 13
c. As far as I can remember within the Singapore Penal Code. There are two sorts of presumption. A presumption which shift the burden of proof, but it means that you can offer a defense i.e in Drug Trafficking. and a presumption which does not allow a defense. which as far as I know exists only within the " Fire Arms Act" for unlawful discharge of a firearm, commercial sex with a minor defined at 18 and sex with a minor under 16 which would be statutory rape. Is the offense that serious as to merit a removal of due process and equal treatment under the law and a right to a fair trial ?
d. Please note that sex with a minor is treated more seriously under a count of statutory rape with sentences including caning as an example. If any of us had deliberately had sex with an under 16 we would be facing an infinitely more serious charge and more serious consequences, something which none of the 48 would have wanted.
e. So thus comes the logical illogic, If a 17 year old can legally have sex, but she cannot legally sell herself for sex and if she is caught selling sex its her customers who face the music. Yet the customers are limited in their defense even if they can proof she lied to them, showed them a fake ID, showed the pimp a fake ID, none of it legally at the end of the day matters because the very act is sufficient for conviction]
f. I would like to add finally that prostitution crudely put on a retail level has many aspects. The mass market , street level prostitution encompasses a large degree of human trafficking, human slavery of the worst kind. As many have grasped a social escort which offers "luxury" pricing and with a database of alleged well of individuals cannot by any stretch of logic encompass the worst and most inhumane aspects of prostitution and human trafficking.
Sincerely Yours
1/48
Sunday, April 22, 2012
Bad sales practice of bank
A consumer showed me a complicated product. It involved placing a fixed deposit of $30,000 with a bank to earn a special promotion interest rate. To qualify for this promotion, the consumer had to place some money in a 15 year product, with the promise that it carried no investment risk.
This 15 year product turned out to be a life insurance policy with an annual premium of $10,000. This is shocking. The wealth manager of the bank, that promoted the product, did not give the consumer any benefit illustration for the life insurance policy and did not tell the consumer, who is an elderly housewife, that the life insurance policy required an annual premium to be paid for 15 years. How is the housewife going to afford paying this annual premium?
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The wealth manager did not tell the consumer that if she could not pay the annual premium, the life insurance policy could lapse and she would lose all of her savings during the first two years. If she lapse the policy after two years, the cash value could be much less than the premiums paid. She also did not tell the consumer that the life insurance policy could take away more than one year of savings as distribution cost.
I find it a deplorable practice for a reputable bank to be pushing a life insurance product under misleading circumstances. There is a wide scope for such misleading sales practices in this manner, especially when it is packaged with a bank product.
I will be asking the Financial Advisory Industry Review (FAIR) panel to consider banning banks from packaging life insurance products with the traditional bank products, to prevent this type of rampant mis-selling.
This 15 year product turned out to be a life insurance policy with an annual premium of $10,000. This is shocking. The wealth manager of the bank, that promoted the product, did not give the consumer any benefit illustration for the life insurance policy and did not tell the consumer, who is an elderly housewife, that the life insurance policy required an annual premium to be paid for 15 years. How is the housewife going to afford paying this annual premium?
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The wealth manager did not tell the consumer that if she could not pay the annual premium, the life insurance policy could lapse and she would lose all of her savings during the first two years. If she lapse the policy after two years, the cash value could be much less than the premiums paid. She also did not tell the consumer that the life insurance policy could take away more than one year of savings as distribution cost.
I find it a deplorable practice for a reputable bank to be pushing a life insurance product under misleading circumstances. There is a wide scope for such misleading sales practices in this manner, especially when it is packaged with a bank product.
I will be asking the Financial Advisory Industry Review (FAIR) panel to consider banning banks from packaging life insurance products with the traditional bank products, to prevent this type of rampant mis-selling.
Lasting power of attorney
This is an interesting new service, which is useful for consumers.
http://www.publicguardian.gov.sg/PrePlan/HowCanIMakeaLastingPowerofAttorney.aspx
My friend told me that there are practical problems in finding a certificate issuer, but I think that this problem can be overcomed.
Finding a job for older people
Many older people lost their jobs and found it difficult to get a new job. My friend, who has suffered this episode, gave this suggestion on how to get a new job:
a) Be ready to try a new way to get a job. Do not just stick to the old, way, i.e. respond to a job advertisement, as your chance are lower compared to younger people competing for the same job. Some HR managers have a prejudice against older people.
b) Look for a temporary job near your home and be prepared to accept a modest salary, or even an hourly rate for part time work. Many firms need people for short term projects, e.g. to replace another worker who has resigned recently. The firm may not be willing to take you for a full time job, but they might be willing to try you on a temporary or part time job.
c) If this is a job that you are not familiar with, be willing to work for a few days without any pay. After all, this is what training is about. If you go for formal training in a school, you have to pay the school fees. If the firm take you in for training, you do not have to pay this fee. The firm might be willing to give you an allowance.
d) If you do the temporary job and is able to demonstrate a responsible attitude and ability to contribute better, based on your experience, the firm is likely to invite you for a full time job. If you find the firm or the job to be not suitable, it is all right to move to another job after completing the project.
He has tried this approach and it worked for him. He like to share this experience to encourage other people to give it a try.
a) Be ready to try a new way to get a job. Do not just stick to the old, way, i.e. respond to a job advertisement, as your chance are lower compared to younger people competing for the same job. Some HR managers have a prejudice against older people.
b) Look for a temporary job near your home and be prepared to accept a modest salary, or even an hourly rate for part time work. Many firms need people for short term projects, e.g. to replace another worker who has resigned recently. The firm may not be willing to take you for a full time job, but they might be willing to try you on a temporary or part time job.
c) If this is a job that you are not familiar with, be willing to work for a few days without any pay. After all, this is what training is about. If you go for formal training in a school, you have to pay the school fees. If the firm take you in for training, you do not have to pay this fee. The firm might be willing to give you an allowance.
d) If you do the temporary job and is able to demonstrate a responsible attitude and ability to contribute better, based on your experience, the firm is likely to invite you for a full time job. If you find the firm or the job to be not suitable, it is all right to move to another job after completing the project.
He has tried this approach and it worked for him. He like to share this experience to encourage other people to give it a try.
Saturday, April 21, 2012
Abuse of computer
Many people may not be aware that it is a crime to impersonate another person fraudulently, or to steal another person's identity to commit fraud.
IMPERSONATION
An impersonator is someone who imitates or copies the behavior or actions of another. There are many reasons for someone to be an impersonator, some common ones being as follows:
Legally: An entertainer impersonates a celebrity, generally for entertainment, and makes fun of their recent scandals or known behavior patterns. Especially popular objects of impersonation are Elvis (see Elvis impersonator), Abraham Lincoln, and Lenin. Entertainers who impersonate multiple celebrities as part of their act, can be sorted into impressionists and celebrity impersonators.
Illegally: As part of a criminal act such as identity theft. This is usually where the criminal is trying to assume the identity of another, in order to commit fraud, such as accessing confidential information, or to gain property not belonging to them. Also known as social engineering and impostors.
Political decoy, used as a form of protection for political and military figures. This involves an impersonator who is employed (or forced) to perform during public appearances, to mislead observers.
Causing people to fight, or dislike each other for social, business or political gain.
Source: http://en.wikipedia.org/wiki/Impersonator
IDENTITY THEFT
Identity theft is a form of stealing someone's identity in which someone pretends to be someone else by assuming that person's identity, typically in order to access resources or obtain credit and other benefits in that person's name. The victim of identity theft (here meaning the person whose identity has been assumed by the identity thief) can suffer adverse consequences if they are held accountable for the perpetrator's actions. Organizations and individuals who are duped or defrauded by the identity thief can also suffer adverse consequences and losses, and to that extent are also victims.
The term identity theft was coined in 1964 however it is not literally possible to steal an identity—less ambiguous terms are identity fraud or impersonation.
Source: http://en.wikipedia.org/wiki/Identity_theft
MISUSE OF COMPUTER ACT, 1990 (UK)
The Computer Misuse Act 1990 is an Act of the Parliament of the United Kingdom, introduced partly in response to the decision in R v Gold & Schifreen (1988) 1 AC 1063 (see below). Critics of the bill complained that it was introduced hastily and was poorly thought out. Intention, they said, was often difficult to prove, and that the bill inadequately differentiated "joyriding" hackers like Gold and Schifreen from serious computer criminals. The Act has nonetheless become a model from which several other countries, including Canada and the Republic of Ireland, have drawn inspiration when subsequently drafting their own information security laws, as it is seen "as a robust and flexible piece of legislation in terms of dealing with cybercrime”.
Source: http://en.wikipedia.org/wiki/Computer_Misuse_Act_1990
MISUSE OF COMPUTER ACT, SINGAPORE
Unauthorised access to computer material
.... any person who knowingly causes a computer to perform any function for the purpose of securing access without authority to any program or data held in any computer shall be guilty of an offence .....
Unauthorised modification of computer material
.... any person who does any act which he knows will cause an unauthorised modification of the contents of any computer
Unauthorised use or intersection of computer services
any person who knowingly secures access without authority to any computer for the purpose of obtaining,
directly or indirectly, any computer service; intercepts or causes to be intercepted without authority, directly or indirectly, any function of a computer by means of an electro-magnetic, acoustic, mechanical or
other device ....
Unauthorised obstruction of use of computer
.... Any person who, knowingly and without authority or lawful excuse -- interferes with, or interrupts or obstructs the lawful use of, a computer; or impedes or prevents access to, or impairs the usefulness or effectiveness of, any program or data stored in a computer,
Unauthorised disclosure of access code
.... Any person who, knowingly and without authority, discloses any password, access code or any other means of gaining access to any program or data held in any computer shall be guilty of an offence if he did so for any wrongful gain; for any unlawful purpose; or knowing that it is likely to cause wrongful loss to any person.
Source: http://unpan1.un.org/intradoc/groups/public/documents/apcity/unpan002107.pdf
IMPERSONATION
An impersonator is someone who imitates or copies the behavior or actions of another. There are many reasons for someone to be an impersonator, some common ones being as follows:
Legally: An entertainer impersonates a celebrity, generally for entertainment, and makes fun of their recent scandals or known behavior patterns. Especially popular objects of impersonation are Elvis (see Elvis impersonator), Abraham Lincoln, and Lenin. Entertainers who impersonate multiple celebrities as part of their act, can be sorted into impressionists and celebrity impersonators.
Illegally: As part of a criminal act such as identity theft. This is usually where the criminal is trying to assume the identity of another, in order to commit fraud, such as accessing confidential information, or to gain property not belonging to them. Also known as social engineering and impostors.
Political decoy, used as a form of protection for political and military figures. This involves an impersonator who is employed (or forced) to perform during public appearances, to mislead observers.
Causing people to fight, or dislike each other for social, business or political gain.
Source: http://en.wikipedia.org/wiki/Impersonator
IDENTITY THEFT
Identity theft is a form of stealing someone's identity in which someone pretends to be someone else by assuming that person's identity, typically in order to access resources or obtain credit and other benefits in that person's name. The victim of identity theft (here meaning the person whose identity has been assumed by the identity thief) can suffer adverse consequences if they are held accountable for the perpetrator's actions. Organizations and individuals who are duped or defrauded by the identity thief can also suffer adverse consequences and losses, and to that extent are also victims.
The term identity theft was coined in 1964 however it is not literally possible to steal an identity—less ambiguous terms are identity fraud or impersonation.
Source: http://en.wikipedia.org/wiki/Identity_theft
MISUSE OF COMPUTER ACT, 1990 (UK)
The Computer Misuse Act 1990 is an Act of the Parliament of the United Kingdom, introduced partly in response to the decision in R v Gold & Schifreen (1988) 1 AC 1063 (see below). Critics of the bill complained that it was introduced hastily and was poorly thought out. Intention, they said, was often difficult to prove, and that the bill inadequately differentiated "joyriding" hackers like Gold and Schifreen from serious computer criminals. The Act has nonetheless become a model from which several other countries, including Canada and the Republic of Ireland, have drawn inspiration when subsequently drafting their own information security laws, as it is seen "as a robust and flexible piece of legislation in terms of dealing with cybercrime”.
Source: http://en.wikipedia.org/wiki/Computer_Misuse_Act_1990
MISUSE OF COMPUTER ACT, SINGAPORE
Unauthorised access to computer material
.... any person who knowingly causes a computer to perform any function for the purpose of securing access without authority to any program or data held in any computer shall be guilty of an offence .....
Unauthorised modification of computer material
.... any person who does any act which he knows will cause an unauthorised modification of the contents of any computer
Unauthorised use or intersection of computer services
any person who knowingly secures access without authority to any computer for the purpose of obtaining,
directly or indirectly, any computer service; intercepts or causes to be intercepted without authority, directly or indirectly, any function of a computer by means of an electro-magnetic, acoustic, mechanical or
other device ....
Unauthorised obstruction of use of computer
.... Any person who, knowingly and without authority or lawful excuse -- interferes with, or interrupts or obstructs the lawful use of, a computer; or impedes or prevents access to, or impairs the usefulness or effectiveness of, any program or data stored in a computer,
Unauthorised disclosure of access code
.... Any person who, knowingly and without authority, discloses any password, access code or any other means of gaining access to any program or data held in any computer shall be guilty of an offence if he did so for any wrongful gain; for any unlawful purpose; or knowing that it is likely to cause wrongful loss to any person.
Source: http://unpan1.un.org/intradoc/groups/public/documents/apcity/unpan002107.pdf
18 April 2012
Editor
Forum Page
Editor
Forum Page
Straits Times
I was recently in China to handle a business transaction. I opened a bank account, received money into the account, made a ATM withdrawal and transfer some money to Singapore. I was impressed with the efficiency of the banking system in China. All the transactions were handled electronically with a bank card and a PIN. There was no need to verify my signature on the transactions, and no need to write any check.
My first experience with the banks in China was 20 years ago and the system then was backward. China has made a lot of progress in the banking system since.
In contrast, the progress and development have been slow in Singapore. We are still using checks for many business payments. There is still a heavy reliance on signatures and documents that have to be sent in hard copy by post to the banks. I still receive many notifications from banks and other financial institutions by post which are often missed among the junk mail that flood my letter box.
I have my personal and business accounts with DBS Bank and can attest to the difficulty of using their internet banking facilities. It is so troublesome to make a payment electronically that I had to resort to writing checks quite often.
To make a electronic payment through my business account using the DBS IDEAL system, I have to enter 5 codes and go through 6 webpages to create a payment transaction and enter 3 codes and go through 2 webpages to authorize it. DBS Bank explained that this system was useful to make it easy for large companies to use batch processing to make many payments daily. They seem to forget that small companies also need to make payments and should not be required to go through this complicated process.
They also told me that there is a committee looking into the New Generation Payment System that will address the issues that I have raised. I recall reading about this project a few years ago and there is still no news about the implementation of this system. Does it have to take several years to streamline our payment system?
Tan Kin Lian
Fair distribution of wages
Lucky Tan writes about the need for a fairer distribution of wages. His story about the public transport strike in Los Angeles is insightful. The commuters of LA supports the demand of bus drivers for higher wages, as they are part of the community. We need to emulate the American's concern for their fellow men, rather than adopt the Singaporean attitude of being self-centered. http://singaporemind.blogspot.com/2012/04/our-income-gap-reflects-power.html
Hougang By-election - when will it be called?
This is an interesting analysis by Alex Au
http://yawningbread.wordpress.com/2012/04/21/lee-hsien-loong-and-the-art-of-making-the-worst-possible-move/
http://yawningbread.wordpress.com/2012/04/21/lee-hsien-loong-and-the-art-of-making-the-worst-possible-move/
Thursday, April 19, 2012
Negative mindset
A writer asked me for information to write an article on the Financial Advisory Industry Review (FAIR) led by MAS. I provided the information. They asked me for the mailing address to send a complimentary copy of the magazine containing my article. I asked for a soft copy but they replied that the cannot send me a soft copy because it is their "company policy".
I do not accept this type of "company policy" and replied that if they insist on this policy, they will not get any further help from me. They then explain that they cannot send the soft copy to me because of "copyright issue". I asked what was the copyright issue for an article that was written by me?
I suspect that the "copyright issue" was for the whole magazine, which I was not interested anyway. I only wanted a soft copy of my article.
I want to share this story, because it is quite common, and in the culture of Singaporeans, to be negative and to find ways why something cannot be done. They should and can think out of the box and look for ways that it can be done, and get a different outcome. In this instance, they can send me a soft copy of my article, and not the whole magazine!
The paranoid fear, the excessive cautiousness - that is the stamp of our culture. It is a trait that should be removed and replaced by a positive outlook.
I do not accept this type of "company policy" and replied that if they insist on this policy, they will not get any further help from me. They then explain that they cannot send the soft copy to me because of "copyright issue". I asked what was the copyright issue for an article that was written by me?
I suspect that the "copyright issue" was for the whole magazine, which I was not interested anyway. I only wanted a soft copy of my article.
I want to share this story, because it is quite common, and in the culture of Singaporeans, to be negative and to find ways why something cannot be done. They should and can think out of the box and look for ways that it can be done, and get a different outcome. In this instance, they can send me a soft copy of my article, and not the whole magazine!
The paranoid fear, the excessive cautiousness - that is the stamp of our culture. It is a trait that should be removed and replaced by a positive outlook.
How to be positive
If there are two points of views being promoted by X and Y, and I agree with Y, I will state why I agree with Y. I will not state why I disagree with X.
Most Singaporeans, due to our culture. will find it natural to give reasons to disagree with X and even to pass judgement on X or his views. This is why most Singaporeans are negative by nature. They do not realize that they are not qualified to judge other people.
I want to point out this difference, and encourage Singaporeans to be positive in our outlook.
Message from an accused person
Dear Mr. Tan,
I am writing to you to request your kind assistance to talk to our Prime Minister Lee in looking into recent commercial sex with minor. I am one of the person was charged and feel very depressed and stressed. Do you think we deserve to be shamed over in internet and newspaper. Our career and life has been ruined and we are not giving any second chance.
I really hope you can urge our government to look into our law - is it fair to the man? The prostitute lie and her identity still get protected. All of us are been cheated by the pimp and prostitute. We did not purposely go for under-age girl. I really hope you could stand up and speak for us.
We, as the accused, are not in position to speak for ourself and how we are going to survive in Singapore after all this shame? Frankly speaking, I already planned to leave Singapore after this issue is settled. We are not given a second chance and condemned once we are charged.
Dear
I have already posted this article in my blog.
http://tankinlian.blogspot.com/2012/04/i-am-concerned-about-decision-taken-by.html
I have also sent it to Today paper. I hope that they will publish it. I have also asked Temasek Review Emeritus, a social blog, to publish this article.
I am sure that someone will bring this to the attention of the Prime Minister, as I know that someone is monitoring my blog. So, you can be sure that the message has gone up to him.
I wish you all the best, and hope that this issue will be forgotten without too much harm to the people who were charged.
Tan Kin Lian
Call center customer service at Amex
Here is one person who is willing to think differently from other people.
http://management.fortune.cnn.com/2012/04/19/american-express-customer-service/?section=money_topstories&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29
http://management.fortune.cnn.com/2012/04/19/american-express-customer-service/?section=money_topstories&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29
A bad product to skim off the high net worth person
A person in the last 20s, who is in the high net worth category, was offered a single premium life insurance policy. He has to invest $250,000 in the policy to cover $1,500,000. At the end of 30 years, the cash value of the policy would have been $500,000 (and it was not guaranteed). He asked my view about this policy. Here is my reply.
If you invest the same $250,000 in the Straits Times Index ETF and it earns an average yield of 5%, your investment would grow to $1 million at the end of 30 years. The chance of premature death during this period is 5%. The chance of surviving 30 years is 95%.
It does not make sense to give away half a million dollars in this single premium policy when the chance of a higher payout is only 5%. It is better to invest the money in the ETF. If you really need insurance, you can buy term insurance for $1,500,000 by paying an annual premium of $1,800. Over 30 years, your total cost would have been $54,000. Why give away $500,000?
The insurance agent was able to hoodwink the consumer by telling him that this investment product is specially designed for high net worth people, like him. It does not matter whether you are high net worth or not. Just look at the yield on the investment and compare it with what you can earn by investing in the ETF. The result is probably the same - the insurance policy will take away 40% (or more) of what should be yours.
The distribution cost for the policy was $36,000. This is the amount that the insurance agent and his agency manager would have earned by selling a bad product to you. And it comes from you, upfront. You are paying more 15% of your savings upfront for this bad product. Why should you give so much to an agent who sells a bad product to you?
I strongly encourage consumers to attend the educational talks organised by FISCA. If you do not spend the time, you are likely to lose a lot of money by investing in the bad products. And you deserve to be ripped off!
http://easyapps.sg/assn/Org/Event.aspx?id=5
If you invest the same $250,000 in the Straits Times Index ETF and it earns an average yield of 5%, your investment would grow to $1 million at the end of 30 years. The chance of premature death during this period is 5%. The chance of surviving 30 years is 95%.
It does not make sense to give away half a million dollars in this single premium policy when the chance of a higher payout is only 5%. It is better to invest the money in the ETF. If you really need insurance, you can buy term insurance for $1,500,000 by paying an annual premium of $1,800. Over 30 years, your total cost would have been $54,000. Why give away $500,000?
The insurance agent was able to hoodwink the consumer by telling him that this investment product is specially designed for high net worth people, like him. It does not matter whether you are high net worth or not. Just look at the yield on the investment and compare it with what you can earn by investing in the ETF. The result is probably the same - the insurance policy will take away 40% (or more) of what should be yours.
The distribution cost for the policy was $36,000. This is the amount that the insurance agent and his agency manager would have earned by selling a bad product to you. And it comes from you, upfront. You are paying more 15% of your savings upfront for this bad product. Why should you give so much to an agent who sells a bad product to you?
I strongly encourage consumers to attend the educational talks organised by FISCA. If you do not spend the time, you are likely to lose a lot of money by investing in the bad products. And you deserve to be ripped off!
http://easyapps.sg/assn/Org/Event.aspx?id=5
Spend time to safeguard your own financial future
I passed this message to my children, who are too busy working, and cannot find the time time to attend an investment talk directed at consumers. It may also apply to you.
I am giving a talk on investments on Sat 28 July 2 to 5 pm at SMU. You can get more details and register here
http://easyapps.sg/assn/Org/Event.aspx?id=5
I advice you to attend this talk. It is important for your financial future that you understand how to invest in the correct products.
If you do not attend, you are likely to lose a lot of money by investing in the bad products. There are many bad products being sold by banks and insurance company. They make a lot of commission for the sales person and for the bank and insurance company , and will make you poor.
A typical product should earn (say) $500,000 for the investor (who invest in ETF) but when the same money is put into any other product, they will get only $300,000. So, $200,000 is a lot of money to lose - and tens of thousands of people are buying the bad product that take way 40% of what should be theirs.
Tan Kin Lian
Educational talks organised by FISCA
Here are the educational talks organised by FISCA for the next few months. They cover financial planning, investment, insurance and property. I advice consumers to attend these talks and avoid making bad investments.
http://easyapps.sg/assn/Org/Event.aspx?id=5
http://easyapps.sg/assn/Org/Event.aspx?id=5
Wednesday, April 18, 2012
Act responsibly in looking after the public interest
I agree with the concern expressed by Raymond Lee on the conduct of the Committee of Inquiry on the breakdown of the MRT trains. http://www.todayonline.com/Voices/EDC120419-0000095/MRT-inquiry-seems-to-be-moving-on-the-wrong-track
The COI is supposed to be a fact finding exercise, but has turned out to be a "finger-pointing" exercise. It reflects the bad culture in Singapore that we should be ashamed of - pointing fingers, unwilling to take responsibility. Our leaders should avoid setting a bad example.
I am also concerned about the use of expensive lawyers, which will ultimately be paid out by the taxpayers and the commuters.
I ask our government leaders to act more responsibility in discharging their duties, in spending public funds and take care of the public interest.
Trademark suit by Subway
I welcome the decision by the court to reject the trademark suit launched by Subway against a small entrepreneur. See http://www.todayonline.com/Singapore/EDC120419-0000048/Subways-suit-against-Subway-Niche-dismissed
I am glad that the judge found that the plaintiff did not suffer any commercial loss due to the use of the word "Subway" as the new of another outlet.
In the past, there has been too many cases of legal suits for infringement of trademarks, copyright and patent. It is refreshing to know that the unjustified cases cannot succeed in court.
I am glad that the judge found that the plaintiff did not suffer any commercial loss due to the use of the word "Subway" as the new of another outlet.
In the past, there has been too many cases of legal suits for infringement of trademarks, copyright and patent. It is refreshing to know that the unjustified cases cannot succeed in court.
Charged for an offence that they were probably not aware of
I am concerned about the decision taken by the public prosecutor to charge the 44 men for having commercial sex with the the under-aged girl.
I am not defending the actions of these men. Rather, I am questioning the decision to charge them, based on the evidence that was available. According to what I read in the papers, these men were enticed by an online website that showed the girl to be 18 years old. If she was below 18 years, she must have deliberately lied about her age. Surely, she is the bigger culprit?
Let me give you this analogy. I bought a piece of cake and gave it to my friend. My friend died from food poisoning after eating the cake. I was not aware about the ingredients in the cake. Should I be charged for homicide, being the person who delivered the cake? Was I responsible to check that the cake was fit for consumption, when I had no reason to suspect otherwise?
For a person to be charged for a crime, there must be evidence that he knew of the crime or had to duty to find out. Did the police had grounds to know that the 44 men knew that the prostitute was below the legal age? If they had the duty to find out, how could it be done? Quite likely, the prostitute would not want to show her real name by producing the identity card.
Did the police ask each of the 44 men for their side of the story? Was there any reason to reject their excuse that they did not know her real age? Should these people be let off with a warning? Could they pay a penalty without being charged in court and without admission of guilt?
In Singapore, a person is condemned by public opinion when they are charged in court, regardless of whether they are eventually convicted. We are destroying the reputation and careers of 44 people by taking this drastic action. Is this the type of outcome that is desirable for the future of Singapore?
I wish to repeat that I am not condoning the action of these 44 men and that action should be taken to protect our under-aged girls. But this is probably a bad case to act on. And it may be unjust to the people who are involved.
I hope that the police and public prosecutor will review this matter and find a better solution - before more people and their families are harmed unnecessarily and excessively.
Tan Kin Lian
I am not defending the actions of these men. Rather, I am questioning the decision to charge them, based on the evidence that was available. According to what I read in the papers, these men were enticed by an online website that showed the girl to be 18 years old. If she was below 18 years, she must have deliberately lied about her age. Surely, she is the bigger culprit?
Let me give you this analogy. I bought a piece of cake and gave it to my friend. My friend died from food poisoning after eating the cake. I was not aware about the ingredients in the cake. Should I be charged for homicide, being the person who delivered the cake? Was I responsible to check that the cake was fit for consumption, when I had no reason to suspect otherwise?
For a person to be charged for a crime, there must be evidence that he knew of the crime or had to duty to find out. Did the police had grounds to know that the 44 men knew that the prostitute was below the legal age? If they had the duty to find out, how could it be done? Quite likely, the prostitute would not want to show her real name by producing the identity card.
Did the police ask each of the 44 men for their side of the story? Was there any reason to reject their excuse that they did not know her real age? Should these people be let off with a warning? Could they pay a penalty without being charged in court and without admission of guilt?
In Singapore, a person is condemned by public opinion when they are charged in court, regardless of whether they are eventually convicted. We are destroying the reputation and careers of 44 people by taking this drastic action. Is this the type of outcome that is desirable for the future of Singapore?
I wish to repeat that I am not condoning the action of these 44 men and that action should be taken to protect our under-aged girls. But this is probably a bad case to act on. And it may be unjust to the people who are involved.
I hope that the police and public prosecutor will review this matter and find a better solution - before more people and their families are harmed unnecessarily and excessively.
Tan Kin Lian
Develop an express bus service
The public transport system is getting to be very bad, with frequent train breakdown. COE prices are soaring. The roads are congested.
I have suggested for the past four years that the Land Transport Authority should introduce express bus services to connect the different towns. This can complement the train services. This network will be supported by local feeder services, operated by small buses, to take passengers from their homes to the bus interchanges (and train stations) and back home.
It is time for the Land Transport Authority to implement this alternative solution. It can be ready quite quickly.
Tuesday, April 17, 2012
Commercial sex with under-aged persons
The new headlines recently are about 44 men who were charged with commercial sex with a minor. See
http://www.todayonline.com/Singapore/EDC120417-0000064/44-men-charged-with-having-sex-with-minor
I found this definition in Wikipedia.
Commercial sex with under-aged persons
http://www.todayonline.com/Singapore/EDC120417-0000064/44-men-charged-with-having-sex-with-minor
I found this definition in Wikipedia.
Commercial sex with under-aged persons
Any person who obtains for consideration the sexual services of a person under 18 years of age (in other words, has commercial sex with such a person) commits an offence and may be punished with imprisonment of up to seven years or a fine or both. The term sexual services is defined to mean sexual services involving sexual penetration of the vagina or anus of a person by a part of another person's body other than the penis or by anything else, or penetration of the vagina, anus or mouth of a person by a man's penis. It is also an offence for a person to communicate with another person for the purpose of having commercial sex with a person under 18. These offences apply to acts that take place in as well as outside Singapore.
It is a crime for a person to:
- make or organize any travel arrangements for or on behalf of any other person with the intention of facilitating the commission by that other person of an offence under section 376C (that is, offences relating to commercial sex with a minor under 18 outside Singapore), whether or not such an offence is actually committed by that other person;
- transport any other person to a place outside Singapore with the intention of facilitating the commission by that other person of an offence under section 376C, whether or not such an offence is actually committed by that other person;or
- print, publish or distribute any information that is intended to promote conduct that would constitute an offence under section 376C, or to assist any other person to engage in such conduct.
A person who is guilty of the offence may be punished with imprisonment of up to ten years, or a fine, or both.[
Financial Advisory Industry Review (FAIR)
COMMENT POSTED BY A READER
Dear consumers,
if you want your views to be considered please go to the www.mas.gov.sg to offer your feedback. If you don't want to be conned by insurance agents anymore this is an opportunity to tell the panel what you like to see for the future industry. It is easy to give your views. Just answer according to the questions asked.
There are 5 areas to be changed.
You get value for money. If you worry about having to pay all the fee upfront you can arrange to pay by installments as if you are paying the regular premium.
Zhummmeng
Dear consumers,
if you want your views to be considered please go to the www.mas.gov.sg to offer your feedback. If you don't want to be conned by insurance agents anymore this is an opportunity to tell the panel what you like to see for the future industry. It is easy to give your views. Just answer according to the questions asked.
There are 5 areas to be changed.
- Ban commission and move to fee based.
- Remember fee based is NOT on top of the commission embedded in the product.
- If it is fee based the products will have no commission and you pay fee only if you agree.
- It is transparent.
- It is told to you UPFRONT plus the advice you will receIve.
- You can reject if you feel the fee is too high.
You get value for money. If you worry about having to pay all the fee upfront you can arrange to pay by installments as if you are paying the regular premium.
Zhummmeng
Monday, April 16, 2012
Rich and powerless
Dear Mr. Tan
I was pleased to read your article on Singapore's "Culture to Avoid Responsibility". I believe you may be interested in an entertaining article which expands very well on this famous notion.
The rich and powerless of Sentosa Cove
http://www.emmanueldaniel.com/Submission to the FAIR review panel
I sent this submission to the review panel set up by MAS on the "Financial Advisory Industry Review (FAIR). See www.fisca.sg.
http://www.easyapps.sg/assn/Org/file.aspx?id=219
http://www.easyapps.sg/assn/Org/file.aspx?id=219
DBS Bank makes life difficult for its customers
DBS Bank really makes life difficult for its customers. I have to make a payment through internet banking to a friend. He gave me his DBS bank account.
I login to DBS i-banking and have to create a payee. I went to look for my mobile phone, which is usually not kept with my desktop PC. This is one unnecessary hassle - on top of entering a user name, PIN and a 2FA token number.
I tried to register the payee. DBS bank asked me for the type of account and gave them 3 choices - Autosave, Current, Savings Plus. I don't know why DBS Bank has to ask me this information, as my friend did not tell me what type of account.
I entered 4 fields of information and tried "Autosave". It was rejected. I had to re-enter the 4 fields of information and tried "Current". It was rejected. I re-entered the 4 fields of information and tried "Savings Plus". It was rejected again.
I had to e-mail to my friend to ask "what type of account is it"? MAS makes it difficult for a customer to change a bank account. If it was not so troublesome, I would have switched away from DBS Bank already.
This is life in Singapore - so troublesome, so costly, so inefficient.
I login to DBS i-banking and have to create a payee. I went to look for my mobile phone, which is usually not kept with my desktop PC. This is one unnecessary hassle - on top of entering a user name, PIN and a 2FA token number.
I tried to register the payee. DBS bank asked me for the type of account and gave them 3 choices - Autosave, Current, Savings Plus. I don't know why DBS Bank has to ask me this information, as my friend did not tell me what type of account.
I entered 4 fields of information and tried "Autosave". It was rejected. I had to re-enter the 4 fields of information and tried "Current". It was rejected. I re-entered the 4 fields of information and tried "Savings Plus". It was rejected again.
I had to e-mail to my friend to ask "what type of account is it"? MAS makes it difficult for a customer to change a bank account. If it was not so troublesome, I would have switched away from DBS Bank already.
This is life in Singapore - so troublesome, so costly, so inefficient.
Tiger Airway Customer Support Portal
A passenger wanted to give a feedback to Tiger Airways. He had difficulty in giving the feedback and did not receive any response.
I went to the Tiger Airways website to look for an e-mail address to send the feedback. There is no such address. There are only telephone numbers to call.
After searching through the webpage, I managed to find a link to a customer support portal.
I clicked on this portal and had a difficulty time. The customer has to answer about 20 irrelevant questions before he (or she) could give the feedback. The space for the feedback is insufficient.
If you like to know what I mean, you can click on this link and find out for yourself: http://gethelp.tigerairways.com/pages/intro.php
The customer said that Tiger Airways staff did not bother to check the portal and give a reply. He did not receive any auto-reply or any actual reply. The feedback got lost.
Tiger Airways is not the only organisation that make it difficult for their customers to give feedback. It is typical of many organisations in Singapore. They seem to follow a pattern of making life difficult for their customers.
If you want to know an easier way to give your feedback, try this portal developed by TKL Associates:
http://www.easyapps.sg/corporateportal/ Try it and let me know if you find this new method to be better. I hope to interest corporate organisations to use this portal.
I went to the Tiger Airways website to look for an e-mail address to send the feedback. There is no such address. There are only telephone numbers to call.After searching through the webpage, I managed to find a link to a customer support portal.
I clicked on this portal and had a difficulty time. The customer has to answer about 20 irrelevant questions before he (or she) could give the feedback. The space for the feedback is insufficient.
If you like to know what I mean, you can click on this link and find out for yourself: http://gethelp.tigerairways.com/pages/intro.php
The customer said that Tiger Airways staff did not bother to check the portal and give a reply. He did not receive any auto-reply or any actual reply. The feedback got lost.
Tiger Airways is not the only organisation that make it difficult for their customers to give feedback. It is typical of many organisations in Singapore. They seem to follow a pattern of making life difficult for their customers.
If you want to know an easier way to give your feedback, try this portal developed by TKL Associates:
http://www.easyapps.sg/corporateportal/ Try it and let me know if you find this new method to be better. I hope to interest corporate organisations to use this portal.
No response to customer feedback
Dear Mr Tan,
There is something that I would like to share with you and your readers which is regarding my experience flying on Tiger Airways. What I want to share with your readers is that I was surprised that a multimillion dollar revenue company like Tiger Airways does not seem to provide any real recourse for passengers even though on the surface they have a web portal for passenger feedback. I still remember it was in the news when passengers complained and that was when Tiger announced that they intend to beef up their customer service and installed a web portal for passengers.
It unfortunately became my turn to send my feedback through their web portal recently and simultaneously wrote in a letter of complaint to them. It was disappointing when I called them up to check on my feedback after 10 days of silence, the reply was that they have no record of it on their portal (The web portal does not send an auto-reply on receipt of feedback) nor received my letter.
I called their customer service officer and after much persuasion, directed me to an email address groups@tigerairways.
Courage to state the truth
Hi Mr Tan
I refer to your blog post “Higher wages will not lead to loss of jobs”. I am pretty sure many economists would agree that we need a radical “shock” solution to narrow the big income gap here (our Gini coefficient is the highest amongst developed countries).
However, it takes the stature of Prof Lim (he is a relative of LKY) to boldly speak the truth, whilst all the economists in our local universities cower in fear of the establishment. As I see it, Prof Lim has given a robust rebuttal of the criticisms levelled by our ministers.
I suspect a few ministers actually think Prof Lim’s suggestion may in fact work, but, sadly, the “loss of face” factor is hindering acceptance of the proposal. It would have been better (and refreshingly frank) for the ruling party to have openly said:
“Yes, the indiscriminate massive immigration and ultra-liberal work visa policy in place for the past several years is wrong. It has led local companies to be hooked on the heroin of almost unlimited cheap foreign labour. It has resulted in businesses that shouldn’t be here in the first place (because they rely on cheap labour) to be on artificial life support. We know we were wrong and we endeavour to right this wrong.”
Difficulty in using DBS Ideal
I wish to share this letter, which I wrote to DBS, about the difficulty in using their DBS Ideal for business customers. All I wanted was to use the internet banking payment to reduce the need to send out checks. The trouble that I went through was unimaginable. The customer relationship manager is very helpful in solving my problem, but the underlying pain was in the process - which must have affected countless customers. I write to create awareness of this kind of problem which is creating a lot of unnecessary work and hassled, wasting a lot of expensive time. http://tankinlian.com/admin/file.aspx?id=635
Culture to avoid responsibility
A Malaysian lady, who migrated to UK, told me. Her son worked in Singapore for one year after graduation. He told her that his colleagues in Singapore do not want to take responsibility, and prefer to find ways to let somebody else deal with the problem. He asked, "why do Singaporeans behave like that?".
I said that this is due to our environment and culture. Even our ministers behave in this manner. They like to define what is their responsibility and what is not. It seemed that for many grey areas, or what is defined as "falling through the cracks", many people want to avoid the responsibility - if they can get away with it.
I have observed this behaviour for some time. It seemed that an outsider could also see it, if they are perceptive. Many Singaporeans would take this behaviour as natural.
If we want to make progress, we have to start taking responsibility. If there are grey areas, we have to take responsibility collectively. This may not fit into our key performance indicator measurements, but what is more important, is to get the right things done!
I said that this is due to our environment and culture. Even our ministers behave in this manner. They like to define what is their responsibility and what is not. It seemed that for many grey areas, or what is defined as "falling through the cracks", many people want to avoid the responsibility - if they can get away with it.
I have observed this behaviour for some time. It seemed that an outsider could also see it, if they are perceptive. Many Singaporeans would take this behaviour as natural.
If we want to make progress, we have to start taking responsibility. If there are grey areas, we have to take responsibility collectively. This may not fit into our key performance indicator measurements, but what is more important, is to get the right things done!
Use discretion at immigration checks
I met a Malaysian lady who had migrated and lived in UK for several years. She related her experience going through security check at Singapore airport. She had a lipstick which was detected at the screening gate. She had to go through a lot of hassle over this matter.
She said, "I left Heathrow Airport with this lipstick and they did not give me any trouble over it. Heathrow has many times the passengers compared to Singapore and had to deal with bigger security threats. The security officers were able to identify what was important, and what was not. Why did Singapore give so much trouble over a lipstick, which clearly was quite innocent. Couldn't the officer exercise some discretion?"
I agreed with her. There is a tendency in Singapore to follow the books blindly, without exercising any discretion or common sense. This is a part of our culture that needs to be corrected. Someone called it the "kiasu attitude". It is quite a serious weakness.
She said, "I left Heathrow Airport with this lipstick and they did not give me any trouble over it. Heathrow has many times the passengers compared to Singapore and had to deal with bigger security threats. The security officers were able to identify what was important, and what was not. Why did Singapore give so much trouble over a lipstick, which clearly was quite innocent. Couldn't the officer exercise some discretion?"
I agreed with her. There is a tendency in Singapore to follow the books blindly, without exercising any discretion or common sense. This is a part of our culture that needs to be corrected. Someone called it the "kiasu attitude". It is quite a serious weakness.
Sunday, April 15, 2012
Sky Habitat in Bishan
CapitaLand has launched a new condo, called Sky Habitat in Bishan. Details of this project can be found in http://skyhabitatpreview.com/.
The project has 509 units. During the first launch, a total of 180 units were offered and 70% were taken up, i.e. 120 units. This represents about 25% of the total units in the project. See this report, http://www.todayonline.com/Singapore/EDC120415-0000079/70-of-Sky-Habitat-units-launched-this-weekend-sold
The average price of a 3 bedroom unit is $2 million. I have advised consumers to use a buy a property up to 60 months of salary. To be able to afford this investment, you have to earn a salary of $33,000 a month. This should be based on one person's salary. If the combined salary is used, there is a risk that one person may lose the job and caused financial difficulty in making the monthly payment.
Some rich families are able to pay a large part of the cost of the property for their children. In this case, the formula has to be modified. If the parent pays 50% of the property and reduces the net cost to $1 million, the monthly salary should be $16,700.
I hope that the rule of thumb of 60 months salary will help buyers to make a prudent decision.
The project has 509 units. During the first launch, a total of 180 units were offered and 70% were taken up, i.e. 120 units. This represents about 25% of the total units in the project. See this report, http://www.todayonline.com/Singapore/EDC120415-0000079/70-of-Sky-Habitat-units-launched-this-weekend-sold
The average price of a 3 bedroom unit is $2 million. I have advised consumers to use a buy a property up to 60 months of salary. To be able to afford this investment, you have to earn a salary of $33,000 a month. This should be based on one person's salary. If the combined salary is used, there is a risk that one person may lose the job and caused financial difficulty in making the monthly payment.
Some rich families are able to pay a large part of the cost of the property for their children. In this case, the formula has to be modified. If the parent pays 50% of the property and reduces the net cost to $1 million, the monthly salary should be $16,700.
I hope that the rule of thumb of 60 months salary will help buyers to make a prudent decision.
We need to raise wages and reduce the income gap
Lucky Tan made a strong argument in support of Professor Lim Chong Yah
http://singaporemind.blogspot.com/2012/04/breaking-out-from-cycle-of-cheap-labor_15.html
http://singaporemind.blogspot.com/2012/04/breaking-out-from-cycle-of-cheap-labor_15.html
Saturday, April 14, 2012
Set a long term target
It is a good idea to set a long term target, such as the target to achieve an inclusive society in 10 years time, as suggested by DPM Tharman,
http://www.todayonline.com/Singapore/EDC120415-0000012/An-inclusive-society-in-the-next-10-years
The advantages of a long term target are:
http://www.todayonline.com/Singapore/EDC120415-0000012/An-inclusive-society-in-the-next-10-years
The advantages of a long term target are:
- The person who sets the target may not be around to account for any failure to achieve the target
- It is possible to give the reason that the situation has changed since the target was set
- The target could be re-defined along the way, so that it is not the same as the original target.
We had an example earlier of the target to achieve the Swiss standard of living within 15 years. We did manage to achieve the high cost of living in Switzerland and nowhere near the standard in quality of life.
I find the target to achieve "an inclusive society" to be in contradiction to the current practice of "differentiating" access to primary schools and public health care. I do not understand how a society can be inclusive and differentiated at the same time. I am not convinced that it is possible to be inclusive among the citizens, while differentiating the non-citizens living in our community. As far as possible, we should treat people equally in their daily lives - if we really aim to build an inclusive society.
Friday, April 13, 2012
Hefty fee to witness a document
12 April 2012
Editor, Voices
Today Paper
I have to sign a legal document, involving a foreign transaction, in front of a notary public in Singapore. I approached a legal firm and was told that the fee is $40 to witness each signature on each copy of the same document. The total fee for four copies is $160 plus GST. I guess that the actual work would probably take less than five minutes of the lawyer's time.
I checked with another lawyer and was told me that this is the standard rate recommended by some authorized body. I am puzzled, as there is a competition law in Singapore that is supposed to prevent collusion in setting unreasonably high fees.
I do not understand why a lawyer needs to charge $160 to witness a signature on 4 copies of the same document and why this simple task should only be done by a lawyer.
Tan Kin Lian
Higher wages will not lead to loss of jobs
I support the recommendation by Professor Lim Chong Yah to raise wages by 50% over three years for the grossly under-paid workers. For those earning $800 a month, the revised wage is only, $1,200, which is still below any sensible minimum wage required to meet the high cost of living in Singapore. Professor Lim's suggestion is quite moderate.
I disagree with the view of a Minister who claimed that the revised wage will lead to structural unemployment and a loss of jobs in Singapore. This statement is rhetorical and is not supported by economic common sense.
There are many domestic jobs that have to be done in the country. Raising the wages to a minimum wage does not result in a loss of jobs, except through mechanization. There are many jobs that have to be done by people and cannot be replaced by machines. Any such loss of jobs will be minimal.
There will be loss of low paying, manufacturing jobs. Most of these jobs are carried out by foreigners, and not by Singaporeans, who cannot afford to survive on these wages. The removal of these jobs, and the reduced reliance on foreign workers, will help to reduce the over-crowding and demand on our public infrastructure.
There will be some loss of jobs, but the overall impact will be positive for Singaporeans, if Professor Lim's suggestions are implemented.
There will be an increase in the cost of living due to the higher wages. However, the impact is likely to be small, as the wages at the lower level do not form a large component of the total cost. The excessive profit margin and earnings of the highly paid managers have a bigger impact. Professor Lim has suggested a freeze on the earnings of the higher paid people.
It is also likely that the cost of rental, which now forms a significant proportion of cost, will reduce when wages are increased. Consumers will not pay the higher prices, so rentals and profit margin will have to moderate to make up for the higher wage cost.
I am disappointed that our ministers, who earn astronomically high salaries, continue to oppose moves to give decent wages to workers and reduce the big income gap in Singapore. It is time for Singaporeans to speak out against these bad policies.
I disagree with the view of a Minister who claimed that the revised wage will lead to structural unemployment and a loss of jobs in Singapore. This statement is rhetorical and is not supported by economic common sense.
There are many domestic jobs that have to be done in the country. Raising the wages to a minimum wage does not result in a loss of jobs, except through mechanization. There are many jobs that have to be done by people and cannot be replaced by machines. Any such loss of jobs will be minimal.
There will be loss of low paying, manufacturing jobs. Most of these jobs are carried out by foreigners, and not by Singaporeans, who cannot afford to survive on these wages. The removal of these jobs, and the reduced reliance on foreign workers, will help to reduce the over-crowding and demand on our public infrastructure.
There will be some loss of jobs, but the overall impact will be positive for Singaporeans, if Professor Lim's suggestions are implemented.
There will be an increase in the cost of living due to the higher wages. However, the impact is likely to be small, as the wages at the lower level do not form a large component of the total cost. The excessive profit margin and earnings of the highly paid managers have a bigger impact. Professor Lim has suggested a freeze on the earnings of the higher paid people.
It is also likely that the cost of rental, which now forms a significant proportion of cost, will reduce when wages are increased. Consumers will not pay the higher prices, so rentals and profit margin will have to moderate to make up for the higher wage cost.
I am disappointed that our ministers, who earn astronomically high salaries, continue to oppose moves to give decent wages to workers and reduce the big income gap in Singapore. It is time for Singaporeans to speak out against these bad policies.
Delay in withdrawing money
I was at the Maybank branch in Penang to draw out some money by check from my own bank account. I had to show my passport for identification. There was some delay in paying the money to me, as the supervisor had to verify my signature with the Johore Bahru branch, where I kept my account.
Here I am at the counter in person with my passport, and still they have to follow the bank rule blindly to verify the signature. And it was an archaic way to verify the signature. Furthermore, the signature could not be retrieved through their multi-million dollar system!
Wages and housing in Penang
My Penang friend told me that the starting salary for a non-graduate in Penang is MYR 1,300 and for a graduate is MYR 2,000. They can buy a low cost house or flat for MYR 80,000. This represents a ratio of 60 months for the non-graduate and 40 months for the graduate, and is based on 1 person's income. This is affordable.
In Singapore, a HDB flat cost about 70 months of the combined income of two working parents. This is too high.
In Singapore, a HDB flat cost about 70 months of the combined income of two working parents. This is too high.
Better security in Penang
I was in Penang two years ago. My friend told me that there were many snatch thief and car breaking. He was especially cautious and did not leave valuables in the car. He also took special care to look after his belongings in the food center - in case someone runs away with them.
I was in Penang yesterday. Another friend took me to the food center in Jalan Macalister. She told me that the situation has improved considerably and Penang is now quite safe. She does not have to worry about crime, except in some places that should be avoided.
The improved condition was due to the new Police chief in Penang, who made special effort to deal with the high incidence of crime previously.
Remove immigration form
At the immigration checkpoint in Penang, I asked for the Immigration form and was told that it is no longer required. What a pleasant surprise! Congratulations to the Malaysian Government for getting rid of this useless form.
The Immigration form was created over 30 years ago, in the days before computer system. It was necessary to track the movement of foreigners into and out of a country. When computer systems were introduced and passports could be scanned on entry and exit, this form was not necessary. A few countries got rid of the form - the European Union and Dubai. Other countries simplified their form - UK, Australia and China.
Singapore continued to use the old useless form for foreigners entering into the country. It is time for Singapore to get rid of this useless form. We should move to the modern age and be bold to recognize what is no longer necessary.
The Immigration form was created over 30 years ago, in the days before computer system. It was necessary to track the movement of foreigners into and out of a country. When computer systems were introduced and passports could be scanned on entry and exit, this form was not necessary. A few countries got rid of the form - the European Union and Dubai. Other countries simplified their form - UK, Australia and China.
Singapore continued to use the old useless form for foreigners entering into the country. It is time for Singapore to get rid of this useless form. We should move to the modern age and be bold to recognize what is no longer necessary.
Wednesday, April 11, 2012
Remove the Internal Security Act
Times have changed. It is time for Singapore to remove the Internal Security Act. There are more effective ways to deal with our security threats that are not subject to abuse by the authorities.
http://singaporedesk.blogspot.com/2012/04/good-riddance-to-isa.html
http://singaporedesk.blogspot.com/2012/04/good-riddance-to-isa.html
Anti-trust action against Apple
It is interesting to know that the Government officials are prepared to take legal action against a very big company, like Apple, for potential violation of the law.
http://tech.fortune.cnn.com/2012/04/11/the-apple-e-book-conspiracy-three-days-in-january/?section=money_topstories&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29
Singapore follows the example of America in adopting a free market approach. We should also follow their practice of ensuring that the free market continues to be fair to consumers.
http://tech.fortune.cnn.com/2012/04/11/the-apple-e-book-conspiracy-three-days-in-january/?section=money_topstories&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29
Singapore follows the example of America in adopting a free market approach. We should also follow their practice of ensuring that the free market continues to be fair to consumers.
A better way to deal with the National Service sacrifice
David Lim, who is a permanent resident, wrote in the Straits Times Forum about "mixed feelings" watching his son, who is a citizen, graduate from National Service. He is worried that the increasing measures to "differentiate" citizens from PRs and the increasing resentment towards foreigners will make people like him feel that they do not belong to Singapore. It will also lead to a more ungracious society.
Over the past many years, I have spoken to many PRs, especially those from Malaysia, to ask them to convert to Singapore citizens. They told me that they had strong family and sentimental ties to their home country and found it difficult to make the change. I respected their choice and did not press them.
I am aware about the sacrifice on our male citizens who had to serve two years of full time national service and continuing calls for reservist training in subsequent years, and who now have to face competition for jobs with foreigners who do not have this liability.
We need to find an effective way to reduce the burden on our male citizens. Imposing "differentiation" on non-citizens is not the only way, and it has its negative consequences. I wish to quote the saying "Two wrongs do not make it right". We should look for another solution.
I prefer the Swiss approach towards compulsory military service. Like Singapore, they are also a small country and wish to protect their independence. They had found a better way to achieve their goal of national defense without the types of issue faced in Singapore.
The solution in Singapore is to shorten the period of national service (to follow the example of Switzerland) and to give a higher allowance to our NS men, so that they will find that NS is not a sacrifice but is an advantage. There are advantages of molding the character of our young men through NS.
A few years ago, a young man from China told me that only a small percentage of males are called up for national service. It is like "striking lottery" as the call-up will lead to prospects of a better life in the future, e.g. to get Government jobs.
Tan Kin Lian
Over the past many years, I have spoken to many PRs, especially those from Malaysia, to ask them to convert to Singapore citizens. They told me that they had strong family and sentimental ties to their home country and found it difficult to make the change. I respected their choice and did not press them.
I am aware about the sacrifice on our male citizens who had to serve two years of full time national service and continuing calls for reservist training in subsequent years, and who now have to face competition for jobs with foreigners who do not have this liability.
We need to find an effective way to reduce the burden on our male citizens. Imposing "differentiation" on non-citizens is not the only way, and it has its negative consequences. I wish to quote the saying "Two wrongs do not make it right". We should look for another solution.
I prefer the Swiss approach towards compulsory military service. Like Singapore, they are also a small country and wish to protect their independence. They had found a better way to achieve their goal of national defense without the types of issue faced in Singapore.
The solution in Singapore is to shorten the period of national service (to follow the example of Switzerland) and to give a higher allowance to our NS men, so that they will find that NS is not a sacrifice but is an advantage. There are advantages of molding the character of our young men through NS.
A few years ago, a young man from China told me that only a small percentage of males are called up for national service. It is like "striking lottery" as the call-up will lead to prospects of a better life in the future, e.g. to get Government jobs.
Tan Kin Lian
Monday, April 9, 2012
Economic growth of Taiwan and Singapore
http://singaporemind.blogspot.com/2012/04/tharman-should-get-his-facts-straight.html
Lucky Tan made some observations about Taiwan and Singapore which are quite different from DPM Tharman.
Later, I will also give my observations about Taiwan, based on what I saw during my previous visit and the observations of a Singaporean who lived there.
Lucky Tan made some observations about Taiwan and Singapore which are quite different from DPM Tharman.
Later, I will also give my observations about Taiwan, based on what I saw during my previous visit and the observations of a Singaporean who lived there.
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