Wa lao! Ministar words make my blood boil...

[Sleepyman]

Labour chief says Singapore's slide into recession unavoidable

 

By Dominique Loh, Channel NewsAsia | Posted: 11 October 2008 2005 hrs

 

SINGAPORE: NTUC's secretary-general Lim Swee Say said workers understand that Singapore's slide into recession is unavoidable because the country is part of the global financial system.

Speaking to the media during the "Money Sense" seminar on Saturday, the labour chief said the situation is not due to the fault of the government, employers or unions.

"Money Sense" is a programme designed to help Singaporeans understand money and investment matters.

Now that Singapore is in a technical recession, how money is spent and saved may be of bigger consequence. A website has been set up to engage Singaporeans online on the topic of financial security.

A poll has shown that out of 130 NTUC members, 32 per cent of them did not really care about money matters and more than half of them did not even have a financial plan.

In the same survey, 7 per cent of the respondents said they considered themselves a financial guru, meaning they saved up to 30 per cent of their monthly income, and they had at least three times their monthly salary to tide over tough times.

Giving some financial advice at the seminar, Mr Lim said: "Every month, when I receive my CPF statement, I feel so rich and the best part is, I know the CPF money won't run away. CPF will still be around for a long, long time to come... Not only is it earning good interest, my capital is protected."

Experts at the seminar said one is never too old to start financial planning.

- CNA/so

 

 

Man, so stressed if will kena hit by recession liao, see his words also tulan (angry)...zzz

[Gs300999s]

Giving some financial advice at the seminar, Mr Lim said: "Every month, when I receive my CPF statement, I feel so rich and the best part is, I know the CPF money won't run away. CPF will still be around for a long, long time to come... Not only is it earning good interest, my capital is protected."

 

Please note hor, protected not the same as guaranteed !!!!

 

protected means there will be measures to protect the capital, so got backup plan, but if backup plan fails, capital also gone.

 

"guaranteed", on the other hand, means regardless of what happenned, your capital still there.

 

It was reported in the papers a few days ago, about the wordings of all these banking products. One elderly woman learned this the hard way.

[Stress]

Y most singaporean do not care about their CPF?????? I think Mr Lim should ponder about.

 

The most direct and straight answer is "Y bother since every month the $ is used to fund the housing. Some even have to cough out more $ cos MONEY NO ENOUGH in their CPF to pay monthly installment"

[Blackyv]

and pls let him know some people are so "rich" till they cant touch and use their money to buy food and have to jump mrt track...

[Legendary]

OMG, I cant stand the way this guy speaks. Should go for some speech classes FAST!

[Roberttan]

what to do just like during peace time every things we do is to protect us.

but some thing happend sorry is unavoidable because we are part of them.

when power bill goes up,in order to keep us affortable so use less.when time are good,YOU SEE our living standard/quality is up,now we need to tighten our belt use this less that less so now our living quality has to come down

[Celicar]

I just watched his speech on CNA, he said, after commenting that the capital is "protected", that not only is it protected, it is guaranteed.

[Scion]

of cos he feels rich lah...

earning tens of thousands a mth, his cpf statement of cos looks very nice with many zeroes

[Tarzan666]

He trying to promote CPF but when he say it..it sounds so arrogant.

 

I tink CPF contribution still got limit on contribution by both employee & employer on his million $$ salary.

[Watwheels]

I saw the news, he said something about S'poreans should buy more insurance(big hint:buy from Aunty Lucy). Things like financial planning blah blah blah. Pui! Sounds so much like insurance agent.

 

And the TV ads on "re-training".... No need to guess hard what will be happening soon.

Edited October 11, 2008 by Watwheels

[Amuze]

Originally called Ministar without Portfolio,( same as Lim Boon H*ng ) now sounds better,

Ministar, Prime Ministar's Office.

 

He makes abt S$2.5M a year?

[Espire]

He earning at least 2+ million a year...

 

every month his salary can buy 1 x 3-room HDB unit.

[Guest Julio369]

max cap for CPF contribution is $4500.

 

So with million dollar annual salary, just put $900/ month nia. The rest i will most problably change to $1000 bills & paste it on my rooms to envy and wait for the financail crisis to subsided.

[Hosaybo]

yeah.... he doesn't touch his CPF to buy house what!!!!

[Picanto]

he can afford to pay for his house in cash right. which ministar need to take a housing loan to buy a private propperty in singapore???

[Kingcopa]

Thois is what we get when we buy peanuts

[Octopus]

[reply]

max cap for CPF contribution is $4500.

 

So with million dollar annual salary, just put $900/ month nia. The rest i will most problably change to $1000 bills & paste it on my rooms to envy and wait for the financail crisis to subsided.

That's not totally true. Cos as and when the company gives any "bonus", this "bonus" is additional on top of the $4.5k. So CPF contribution can exceed the usual $900/month when the "bonus" comes in.

[Sony]

OMG, I cant stand the way this guy speaks. Should go for some speech classes FAST!

 

You shd be glad that you don't catch a word he's saying.. coz he might not know what context he's reading from coz someone prepared the speech for him

 

But if he's speaking off the cue, then obviously he's sitting high in his chair in that expensive office on shenton way and not know what the commoners are feeling