Blogger tio by LHL liao!

[Astrid]

 

if true, then waiting for ah ngerng to blog abt unfair dismissal etc n donation drive for legal fees to fight TTSH LOL

 

And so begins a new life cycle of a CSJ-protege ... when will it end? Edited June 10, 2014 by Astrid

[Jman888]

Just heard that Roy was sacked as health care worker from TTSH.

Waiting for more confirmation on this news

He still have time to work?

 

Think he more busy, writing his speech, counting money, and deciding which party to join.

Edited June 10, 2014 by Jman888

[Joseph22]

 

if true, then waiting for ah ngerng to blog abt unfair dismissal etc n donation drive for legal fees to fight TTSH LOL

 

What if end up sack because of his fault?? How many here will believe even if TTSH show the proof???

[RadX]

 

Dun bite the hand that feeds you

[Ryu]

He still have time to work?

 

Think he more busy, writing his speech, counting money, and deciding which party to join.

 

Now he has more time to hangout at Hong Lim.

[RadX]

There u ho

[Porker]

http://www.tremeritus.com/2014/06/10/cpf-should-be-retired-instead/

 

 

CPF should be retired instead

June 10th, 2014 | Author: Contributions

 

CPF requiem

Since 1999, the CPF rate has not been adjusted regardless of inflation rate; it stands at a historical low of 2.5%. In fact, for years 2007 to 2013 our average CPF rate is at negative yield of -0.8% after inflation. (Chris K @ TRE May 26th)

 

Consistent with the objective of having CPF as a retirement nest egg, initially the government had kept CPF rate at least above inflation (as per Chart 1). But in recent years, the inflation rate had been way above CPF rate.

 

From Chart 2, it is shown that the CPF rate initially had been above POSB rate from conception, but from about 1973 the rates start to converge. And since 1986, the CPF rate tracks the POSB rate more closely.

 

 

 

Chart 1

Chart 2

CPF

 

 

 

was setup by the British colonial authority in 1955 as a compulsory savings scheme so as to allow workers to save for their retirement.

 

From 1987, Singaporeans were required to set aside a portion of their income to their CPF until the age of 55 to provide them with a basic monthly income when they retire.

 

Several milestones to take note:

 

 

1. Inflation: Chart 1 shows that prior to 1989 the CPF rate is well above inflation. The formulation for CPF to track the bank rates since 1986 had closed the gap between inflation rate and the CPF rate. And until 2007 CPF rate had stayed above inflation rate, but from 2007 to 2013 the average CPF yield was negative.

 

2. POSB rate: Until about 1973, CPF rate had been well above POSB rate. Between 1974 and 1985, although POSB rate fluctuated, on average the CPF rate is about the same as POSB rate. After 1986, CPF rate basically tracked the POSB rate.

Initially, the CPF rate was above both POSB rate and inflation rate, but over time, first the convergence of CPF rate closer to POSB rate, than CPF rate eventually average below inflation rate in the last few years. This is not consistent with the fact that CPF is supposed to be a retirement nest egg for Singaporeans.

 

 

Conclusion

There are two things working against CPF rate as it stands. One is inflation which is domestic driven and this can be linked to the high influx of FTs. And the other is the low fixed income globally.

 

But what is most curious for me is this:

 

 

1. Why is it that in the 1960s and till the mid 1970s, although our nation was still developing, the government had deemed it important enough to keep our CPF rate about POSB rate? At times even 2.5% above POSB rate, there must have been a transfer of budget surplus to CPF members then.

 

2. Why is it that since 1999, the CPF rate has been fixed at 2.5% for a total of 15 years till present?

And what happened in the 1970s? Yes, there was an oil shock in 1973. But for me the most important development was Temasek in 1974.

 

 

Did the creation of Temasek and the need for capital re-prioritize the government’s redistribution policy from CPF to Temasek? But whatever it is, the government’s surplus burgeon so much that by 1981, GIC was formed to manage Singapore’s foreign reserves.

 

In 1974 Temasek was incorporated under the Singapore Companies Act to hold the assets and manage the investments previously held by the Singapore government. These were investments made in the first decade of nation building since independence in 1965.”

- Wikipedia.

Something else happened in 1986 to 1987 that was out of the ordinary. The CPF rate fell from 1986 at 6.5% to 1987 at 3.31%, for a total dropped of 3.19%. While the Malaysian EPF rate fell from 8.5% to 8% for the same period.

 

 

Competiveness: By the 1980s, Indonesia, Malaysia and Thailand liberalized their economies to attract foreign capital that compete with Singapore. But one of the biggest competitors is China, who opened Special Economic Zones in 1979.

 

And part of Singapore’s economic strategy then was regionalization.

 

 

Examples: Source: Singapore Investment News (May 1998: 7)

The strategic intent of the regionalization programme is to build an external economy that is closely linked to and which enhances the domestic economy by participating in the growth of Asia. This programme seeks to form a network of strategic zones in key markets with emphasis on building good linkages between our regional projects and domestic clusters.”

- SEDB 1995: 8

Location

Start up year

Investments (USD)

Batam

1991

306m

Bintang

1992

88m

Suzhou

1994

2.86b

Wuxi

1995

585m

Ho Chi Minh

1997

312m

Bangalore

1997

167m

Was this the reason why after 1999, the CPF rate was stuck at 2.5%?

 

However, with the onset of the Asian Financial Crisis in 1997, the GIC was financially ‘struggling’. With most private investment houses openly declaring they were hurting as a result of the Crisis, there were rumours that the GIC was also in trouble.

 

Furthermore, the GIC was named as a creditor of many investment houses, industrial enterprises and real estate projects in the region when these were declared bankrupt as a result of the Crisis.

 

For instance, the GIC was named as a major investor in Guangdong International Trust and Investment Corporation (GITIC), which collapsed in 1999 (Singapore Straits Times 4 Nov 2000). In the same report, it was claimed that GIC was owed S$390 million dollars.”

 

- Revitalizing National Competitiveness: The Transnational Aspects of Singapore’s, Regionalization Strategy (1990-2000), Alexius A. Pereira.

Yes, there are many speculations between our SWFs to the low CPF rate. And can you blame us?

 

In fact, can anyone tell me why was the CPF rate so much higher above POSB rate before 1974? And why since 1999 the CPF rate is stuck at 2.5% for 15 years?

 

CPF as a retirement nest egg for Singaporeans cannot continue in this manner. And that is one reason why people want to take out their money now! And that is because inflation is eating away our spending power.

 

Forget about accumulating surplus for our old age, in another 10 years we may buy a peanut for a durian now.

 

If we have no confidence in CPF as our retirement fund, there is in fact no confidence in the future, which ultimately means we have no confidence in the government.

 

 

 

BK

 

* Submitted by TRE reader.

 

 

http://www.tremeritus.com/2014/06/10/cpf-should-be-retired-instead/

 

 

CPF should not be retired. It can and has been put to good use. TRE sometimes talk without thinking. The way CPF is managed is another matter.

 

[Astrid]

Dun bite the hand that feeds you

So now got no job, with a black record.

Tio mark liao!

 

Can get new / equal-paying job pronto or not?

Family how?

 

More donations to come?

Sustainable or not?

 

Pending court case / law suit.

 

Play with fire lah!

Edited June 10, 2014 by Astrid

[Baal]

 

CPF should not be retired. It can and has been put to good use. TRE sometimes talk without thinking. The way CPF is managed is another matter.

 

 

This one is actually not from the TRE editorial, but from a contributor (some other reader).

I also believe CPF (based on the way it started) was good. The concern is on the way it evolved (& still evolving) thereafter.

 

 

[Civic2000]

Roy Ngerng Yi Ling

Spiritual Seeker at Company of Living My Purpose and Being Free

Hello everyone, just a quick update. I've just been fired from my job. I've been expecting this.

The stress of the court case has made it difficult for me to concentrate on my job. And my advocacy on the CPF has also taken a toil on my ability to do my job as well.

I am still proud that I have had launched some first campaigns at my workplace at my time here, and formed some closed relationships. Though, I could have done a lot better over the past few months. My supervisors have been patient but they also have a responsibility to uphold and I respect that.

I know there are some rumours that the ISD is planning to arrest me. They have no grounds to. But I will be watching later and tonight (someone told me they usually come at 3am).

It is perhaps a pity that when all I want is to speak up for my country and my fellow countrymen that I should be prosecuted for doing the very thing that a citizen should uphold for their country.

It is our right to speak up and to defend our country and our fellow Singaporeans.

This few weeks have been hectic. Thank you for being here. I need to go back to packing, as I need to vacate my office today. Everyone is standing around and watching.

I do not know what will happen to me later or tonight.

All I did was to speak up for our rights and our protection. All I did was to do my duty as a citizen and a human person.

That's all I ever wanted to do.

This is all we should ever want to do.

[Fcw75]

Why 3am? Coz that's when all the Hantu come out.

[Wt_know]

fired already. got $$ to pay $5000 damages?

[2BDriver]

He still have time to work?

 

Think he more busy, writing his speech, counting money, and deciding which party to join.

Can you invite Roy to join us here in MCF ? He will never be bore with your feelotsofree slapping his face and bore into his brain

[Vid]

Can you invite Roy to join us here in MCF ? He will never be bore with your feelotsofree slapping his face and bore into his brain

 

You change car already?

[Rm2s]

 

Roy Ngerng Yi Ling

Spiritual Seeker at Company of Living My Purpose and Being Free

Hello everyone, just a quick update. I've just been fired from my job. I've been expecting this.

The stress of the court case has made it difficult for me to concentrate on my job. And my advocacy on the CPF has also taken a toil on my ability to do my job as well.

I am still proud that I have had launched some first campaigns at my workplace at my time here, and formed some closed relationships. Though, I could have done a lot better over the past few months. My supervisors have been patient but they also have a responsibility to uphold and I respect that.

I know there are some rumours that the ISD is planning to arrest me. They have no grounds to. But I will be watching later and tonight (someone told me they usually come at 3am).

It is perhaps a pity that when all I want is to speak up for my country and my fellow countrymen that I should be prosecuted for doing the very thing that a citizen should uphold for their country.

It is our right to speak up and to defend our country and our fellow Singaporeans.

This few weeks have been hectic. Thank you for being here. I need to go back to packing, as I need to vacate my office today. Everyone is standing around and watching.

I do not know what will happen to me later or tonight.

All I did was to speak up for our rights and our protection. All I did was to do my duty as a citizen and a human person.

That's all I ever wanted to do.

This is all we should ever want to do.

 

 

I give him credit for not blaming his employer and his supervisor. He admit he could have done better in his work.

[Joseph22]

 

Good.. He win lots of respect with this post.👍👍👍

Roy Ngerng Yi Ling

Spiritual Seeker at Company of Living My Purpose and Being Free

Hello everyone, just a quick update. I've just been fired from my job. I've been expecting this.

The stress of the court case has made it difficult for me to concentrate on my job. And my advocacy on the CPF has also taken a toil on my ability to do my job as well.

I am still proud that I have had launched some first campaigns at my workplace at my time here, and formed some closed relationships. Though, I could have done a lot better over the past few months. My supervisors have been patient but they also have a responsibility to uphold and I respect that.

 

I know there are some rumours that the ISD is planning to arrest me. They have no grounds to. But I will be watching later and tonight (someone told me they usually come at 3am).

It is perhaps a pity that when all I want is to speak up for my country and my fellow countrymen that I should be prosecuted for doing the very thing that a citizen should uphold for their country.

It is our right to speak up and to defend our country and our fellow Singaporeans.

This few weeks have been hectic. Thank you for being here. I need to go back to packing, as I need to vacate my office today. Everyone is standing around and watching.

I do not know what will happen to me later or tonight.

All I did was to speak up for our rights and our protection. All I did was to do my duty as a citizen and a human person.

That's all I ever wanted to do.

This is all we should ever want to do.

[Vid]

 

Roy Ngerng Yi Ling

Spiritual Seeker at Company of Living My Purpose and Being Free

Hello everyone, just a quick update. I've just been fired from my job. I've been expecting this.

The stress of the court case has made it difficult for me to concentrate on my job. And my advocacy on the CPF has also taken a toil on my ability to do my job as well.

I am still proud that I have had launched some first campaigns at my workplace at my time here, and formed some closed relationships. Though, I could have done a lot better over the past few months. My supervisors have been patient but they also have a responsibility to uphold and I respect that.

I know there are some rumours that the ISD is planning to arrest me. They have no grounds to. But I will be watching later and tonight (someone told me they usually come at 3am).

It is perhaps a pity that when all I want is to speak up for my country and my fellow countrymen that I should be prosecuted for doing the very thing that a citizen should uphold for their country.

It is our right to speak up and to defend our country and our fellow Singaporeans.

This few weeks have been hectic. Thank you for being here. I need to go back to packing, as I need to vacate my office today. Everyone is standing around and watching.

I do not know what will happen to me later or tonight.

All I did was to speak up for our rights and our protection. All I did was to do my duty as a citizen and a human person.

That's all I ever wanted to do.

This is all we should ever want to do.

 

 

If he really is arrested by ISD, I think there will be a huge backlash against the gahmen. Not a wise move in this day and age.

 

[Joseph22]

 

If he really is arrested by ISD, I think there will be a huge backlash against the gahmen. Not a wise move in this day and age.

 

He won't be lah. U think LHL so stupid meh??