Good for expatriates

Singapore is the 4th most desirable place to work, according to this report. I observe that it is good for expatriates, but not so good for locals, based on the complaints about the cost of living and competition with foreigners.
http://www.todayonline.com/Singapore/EDC120503-0000049/Spore-4th-most-desirable-place-in-which-to-live,-work

Get updated information on a property

Before you buy, sell or rent a property, you should get the latest prices on the property. In this talk arranged by FISCA, a speaker from a prominent website will explain how to get the useful information that can help you to make a better decision. http://easyapps.sg/assn/Org/Event.aspx?id=5

Pay a fee for financial planning advice

29 April 2012

Editor, Forum Page

Straits Times

It is important for Singaporeans to follow a properly designed

financial plan to ensure that they have adequate savings for their

future needs.

This involves budgeting, putting aside part of the earnings

as savings for the future, investing the savings to get an 

adequate return that can more than cover inflation, and buying

the right type of insurance to cover the contingency of

premature death.

This financial plan involves more than just buying life insurance. 

In fact, the wrong type of life insurance policy can give a poor return 

that can make damage a person's financial security. 

Indeed, most life insurance policies require a fixed amount of 

regular savings, making them unsuitable in an environment of

rapid change and job uncertainty.

The financial adviser should focus on holistic financial planning 

and should recommend a financial plan that is adaptable and 

suit a person's circumstances. 

Consumers should approach a financial adviser that is 

not tied to selling any specific financial product. Consumers  

should be prepared to pay a fee for the advice, based on the time

spent by the adviser. 

Consumers should also invest the time and money to attend

educational talks on financial planning that are organized by 

consumer based organisations that do not have any ties with 

any financial institution. (www.fisca.sg)

Tan Kin Lian

President
Financial Services Consumer Association

Pro-active regulator

The UK regulator is taking pro-active action on behalf of investors to seek compensation for their losses due to mis-selling of financial products.
http://uk.finance.yahoo.com/news/1-uks-fsa-seeks-compensation-141809995.html

Fuel subsidy in Indonesia

The price of benzine (a low octane grade of petrol) was 4,500 rupiah a litre (about SGD $0.60). This is used by most vehicles, including non-luxury cars and motor cycles and is heavy subsidized by the government. The government wanted to raise the price to about $1 but could not push it through, due to large demonstrations.

The fuel were provided by Petromina and Shell. They received a subsidy from the government to sell the fuel at below the market price. There was also a need to prevent the subsidized fuel from being used for other purposes. For example, a consumer cannot buy the subsidized fuel in a can and has to be pumped into a vehicle - but there is really no way to stop the consumer from pumping the subsidized fuel out of the vehicle later.

Luxury cars in Indonesia have to pay a price of about $1.20 for a higher grade of petrol. This is still much cheaper than petrol in Singapore - which cost about $2.20, nearly double. Petrol is more expensive in Singapore due to tax (about $0.44 cents per litre).

May Day Demonstration in Jakarta

I was in Jakarta on 1 May. It was a working day. There were several big demonstrations in various parts of Jakarta which were well covered on television. The demonstrations were peaceful and orderly.

Unlike most countries, Indonesia does not declare 1 May to be a public holiday. I was told that they already have 20 public holidays in a year, as they recognise 1 or 2 public holidays for each religion and they recognize many religions.

Many workers turn out for the demonstrations because the law requires them to be paid by the employer even when they are out on demonstration. My Indonesian friend said that this is a "crazy" law. I said that after letting off steam, they can be more productive when they are back at work.

I had to attend a meeting in an office near Parliament House, where I large demonstration was being held. I had expected that there will be a bad traffic congestion. To my surprise, the roads were clear. Many cars avoided that area. The demonstration ended before my meeting, and before the cars came back. It was the first time that I experienced light traffic!

Here is a report from Channel News Asia
http://www.channelnewsasia.com/stories/afp_asiapacific/view/1198576/1/.html

Forced to work after age 70

This IS whast will happen when we are forced to work after age 70.

http://www.youtube.com/watch_popup?v=19THRdXxmaI