REACH 290 - What are your views on the measures to better support senior workers who are able and wish to continue working, and boost their retirement adequacy? (SK)
05 Nov 2021 (10am - 7pm)
REACH
[9:45 am, 05/11/2021] +REACH: Dear contributors,
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[10:00 am, 05/11/2021] +REACH: đą Topic đą
Parliament recently passed the Retirement and Re-employment Amendment Bill 2021, and the the CPF Amendment Bill, to support senior workers who are able and wish to continue working to do so, and better prepare Singaporeans for retirement.
đŹ What are your views on the measures to better support senior workers who are able and wish to continue working, and boost their retirement adequacy?
The retirement and re-employment ages for Singapore workers will be progressively raised to 65 and 70 years old respectively under the law, to support older Singaporeans who wish to continue working to do so. Before they reach Retirement Age, employers are not allowed to terminate their contracts due to age. From 1 Jan 2022, the CPF contribution rates will also be raised by up to 2 percentage points for workers aged above 55 to 70. Together, this means greater support for older Singaporeans who are able and wish to continue working to do so.
The CPF system will be simplified to help members build up their retirement nest egg, receive their retirement payout smoothly and streamline the administration of CPF schemes. The new CPF rules will ensure that people on the Retirement Sum Scheme automatically continue to receive payouts from their Ordinary and Special accounts savings when their Retirement Account savings are used up. There are no changes to the CPF withdrawal rules and payout ages.
đ https://www.straitstimes.com/singapore/politics/more-can-be-done-to-train-older-workers-with-raising-of-retirement-and-re
đ https://www.straitstimes.com/singapore/politics/retirement-and-re-employment-ages-will-be-raised-to-65-and-70
đ https://www.straitstimes.com/singapore/politics/cpf-rules-to-be-made-simpler-and-will-be-smoothly-implemented-tan-see-leng
đ https://go.gov.sg/seniorworkers-support
đ https://www.cpf.gov.sg/CPFAA
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[10:14 am, 05/11/2021] ☸️ Danny ćż:
1. The company must view the seniors as valuable assets to the company based on his or her contribution - without discriminating their age.
2. Their immediate supervisor who are younger than them - don't feel threaten by their knowledge and contribution - have to treat them fairly.
3. These are some unwritten underlying tension - that have been going on that make seniors to continue working difficult.
[10:21 am, 05/11/2021] ☸️ Danny ćż:
4. Company leadership play an important role - in setting the climate right in their company to ensure that managers and supervisors treat seniors fairly and periodically enforce this value.
5. Hence government interaction with company leadership - to encourage and promote such values as their corporate culture become more and more important.
6. All managers and supervisors one day will get old - and if the right corporate culture is put in place to prevent discriminating the seniors - it will safeguard everyone - the current seniors and the future seniors.
[10:46 am, 05/11/2021] +Stella Yip: "The CPF system will be simplified to help members build up their retirement nest egg, receive their retirement payout smoothly and streamline the administration of CPF schemes. The new CPF rules will ensure that people on the Retirement Sum Scheme automatically continue to receive payouts from their Ordinary and Special accounts savings when their Retirement Account savings are used up. There are no changes to the CPF withdrawal rules and payout ages." This changes the outlook to CPF retirement account.☹️ Through CPF webinars, I have understood that people on FRS or ERS dont have to worry if they live long long, this is becos CPF will continue to make the monthly payouts, according to updated FRS or ERS calculations, to the people till end-of-life. even if the principle and interest on RA is fully depleted. If die before full utilisation of money in RA, the money will just go to the nominated family member(s). So it is no financial risk, plus lots to gain from if live long long. But the statement seems to indicate that this understanding will no longer be true đ±đ±đ±
[11:02 am, 05/11/2021] +Stella Yip: If I am reading the new CPF rule correctly, then....need to rethink on living long long liao.
[11:05 am, 05/11/2021] +Caleb: And with long covid....
[11:12 am, 05/11/2021] +Joseph: I have not looked at this in detail yet, but my understanding of this statement after a quick glance at the announcement, was that this applies to the pre-CPF LIFE schemes
[11:13 am, 05/11/2021] +Boon: A big thumbs up for the CPF changes - from contribution rates to employment age. These changes should help in retirement adequacy and very importantly, facilitate aged financial independence.
[11:17 am, 05/11/2021] +Boon: As part of this CPF equation, the cost of living, medical care and taxes need to be considered together. Retirement income preps and adequacy will not be effective if such costs keep increasing to “eat” up more of the retirement income.
[11:21 am, 05/11/2021] +Boon: For example, CPF retirement income shouldn’t be taxed
[11:28 am, 05/11/2021] +Anthony: CPF Board making profit keeping our livehood fund at their chest,
I personally believed if there is a scheme everyone should decide Opt in or Opt out Basis
Especially Low-wage elderly they hardly have enough of cash in their hand
I 'll suggest for elderly low wage worker to enjoy Minimum Wage scheme is not evil idea but at the same time they can enjoy cash during daliy spends ,but of course spend wisely
This could be done by educating people, if Goverment wiling to take initiative first
I welcome that for sure
Mandatory dosent given U prefect result as people knew it from Covid Cases daliy number hikes
[0:00 pm, 05/11/2021] +Joseph: I am old enough to remember when the early batch of retirees got their "windfall" CPF payouts, many of them left their wife and family for a younger (usually) foreign girlfriend/mistress, only come back cry father, cry mother because got all their savings cheated.
In a way, the CPF Life scheme prevents this from happening again.
[0:00 pm, 05/11/2021] +Rama: Agree
[0:02 pm, 05/11/2021] +Anthony: Transport Fare Hike Again needs to be highlights
I believed most of workers work at home this days
However, PTC given us the excuses for transport hike is shame
Not enough of commuter dosent meant PTC can simply hike the transport Fare
Think again, we are in midst of Covid Crisis
Also, Lower Income worker commute the Transport services every 6 days a week , due to Essential & Frontline services
However ,this Lower income group stIl have to fork out additional 1 cent
Absolutely obscene
Hopefully PTC or Government personnel pls do walk on the ground or market most of the time
Such move, Wil only hurt the Lowest Income Group especially the Lowest 30% income group
Not late to rechange our policy making
[0:05 pm, 05/11/2021] +Caleb: +1
If want to increase, why increase to the maximum, it can be increased.
[0:10 pm, 05/11/2021] +Joseph: The irony....
Ask to raise Mininum Wage, but argue against Fare/Price increase which would be needed to pay higher wages.
Assuming the maximum 4 cents increment in fares and 4 trips a day for the Lower income worker mentioned:
0.04 x 4 x 365 days a year = $58.40 a year
That is approximately $4.86 per month.
Average 20-pack Cigarettes in Singapore cost $13.06 (i don't smoke; found this by googling). So, basically, if this person is a smoker, he/she will have to smoke 6-7 less cigarettes a month, or maybe 1 less bottle of Tiger beer a month.
[0:11 pm, 05/11/2021] +Anthony: 30yrs since CPF last full pay out for retiree
After 30yrs ,singaporean are more educated should realise how difficult to return back their retiree fund from CPF, they can opt in or opt out
The door should be open
Simple as that
[0:17 pm, 05/11/2021] +Anthony: Seems like we forget , Alcohol & Cigarettes something we always discourage
Not every low income can consumed Alcohol or buy cigarettes
If lower income can afford to buy all.this
They have to be sacrifice by eating less in their daliy meal
Simple as that
[0:19 pm, 05/11/2021] +Anthony: æ„çšć，should be more important then beer or Cigarettes
[0:21 pm, 05/11/2021] +Joseph: 30yrs later and Singaporeans have not realised or done anything in all that time to put a aside $ for retirement?
As many people seem to be complaining, the CPF Life payout projections the monthly payout sums (from 65yo), is barely enough.... even though this is from a lifetime of setting aside $, with interest compounded (over 30/40/50 years?) at a guaranteed minimum rate which the majority of people - regardless of how educated and/or successful in business - will struggle to achieve.
Bear in mind that the CPF Life payout is based on at least what you pay.have put in + Govt guarantee to continue paying even after those funds have been fully depleted.
I honestly don't see many people who can do a better job of managing those funds....and, sorry to say th…
[0:22 pm, 05/11/2021] +Joseph: That is exactly my point. If really the fare hike is going to cause so much hardship, then smoke and drink less.
[0:22 pm, 05/11/2021] +Joseph: Good for health as well
[0:22 pm, 05/11/2021] +Rama: Yes
[0:37 pm, 05/11/2021] +Boon: This assumes employers of these age groups will be paying CPF. However, there can be a significant % of 50s and 60s who could end up driving taxis or Grab car, etc as semi retirement jobs because of restructuring. Such employers - esp those that are govt-linked (GLC) - should also be contributing employer CPF.
[0:41 pm, 05/11/2021] +Anthony: I strongly urge Government necessities price should be able afford from all Walks of life,
Like Hawker Centre the price of Mee Rebus $3:00 & Mix rice it has being increase during Covid times
Hardly to saving much for low income group
Should our Government set our food price under NEA license Hawker Centre as well strongly encourage coffeeshop to taking initiative as well
[1:10 pm, 05/11/2021] ☸️ Danny ćż:
Yes the CPF Life is a good scheme for retirement.
The CPF scheme that attracted good interest quarterly and yearly with protection is also one of the best pension scheme.
[1:10 pm, 05/11/2021] +BL: Agreed
[1:10 pm, 05/11/2021] +BL: Agreed
[1:12 pm, 05/11/2021] +BL: Not sure I follow. Cpf does seem to have caveats and excemptions that make it hard to understand
[1:14 pm, 05/11/2021] +chan5956: On the subject of cigarettes,
I am greatly puzzled to the policy of allowing smokers to smoke at designated area in hawker centre where young children get to see smokers smoking away and almost all in hawker centre gets to breathe in 2nd hand smoke which seems to be acceptable but.....
but imposed strict adherence to clearing our eating utensils or fines will he imposed.
Thanks
[1:14 pm, 05/11/2021] +BL: Yes, odd we are so strict on covid but so laxx on smoking.
[1:16 pm, 05/11/2021] +DC: Cpf should relook its scheme for those entering the workforce and those that are more mature so that those able to take more risks should be put on schemes with higher interests/returns with higher risks profile while those entering or near their retirement could have the option for lower returns/lower risks profiles. The risk/return profiles could have more flexibility to optimose for different stages in life.
[1:16 pm, 05/11/2021] +BL: Unfortunately we need to start making back the money lost to covid. Transport subsidy has to be cut a tiny amount.
[1:17 pm, 05/11/2021] +DC: Either within cpf or other schemes gov should look into unemployment insurance and emergency pay outs. This would have to be further assessed depending on how sg transforms ehile embracing a gig economy.
[1:18 pm, 05/11/2021] +BL: Can't opt out and have people left with nothing for their retirement. That causes a huge burden on the state.
[1:19 pm, 05/11/2021] +DC: The gov may want to put incentives in place for those willing to take the risks to be entrepreneurs but could also easily end up with no/reduced safety net if they strike out on their own.
[1:19 pm, 05/11/2021] +BL: Yes that is one option, although cpf would have to but to make up the difference.
[1:19 pm, 05/11/2021] +BL: Have to be *cut
[1:21 pm, 05/11/2021] +Joseph: If Govt setting a ceiling on prices will solve the problem, It would not have become a problem in the first place.
Have you considered the hawkers’ costs? Is it rising. Have you not heard/read about how shopping costs had more than doubled from a year ago? Commodities prices?
Singapore imports majority of our basic necessities.
Govt subsidies? Sure? How much more income and consumption tax increase are you willing to tolerate? đ
[1:21 pm, 05/11/2021] +BL: Is the interest also passed on?
[1:22 pm, 05/11/2021] +BL: What if they already don't smoke or drink?
[1:22 pm, 05/11/2021] +BL: Agreed
[1:23 pm, 05/11/2021] +BL: I think I agree, but other comments make me think I don't understand it all.
[1:24 pm, 05/11/2021] +BL: Sorry for a quick off-topic, but can MoH please provide an update on this. It's over 2months old and I'm hearing things have changed.
https://www.moh.gov.sg/news-highlights/details/delta-variant-infections-and-long-covid-in-children/
[1:26 pm, 05/11/2021] +BL: A friend's says she personally knows a daughter who recovered in a day but now a month later is on oxygen, here in Singapore. I wanted to find out but can not find info.
[1:45 pm, 05/11/2021] +Rama: Government hiding something!?
[1:46 pm, 05/11/2021] +Joseph: Higher interests/returns ... but who is willing to take higher risks in exchange? Risk of LOSSES? There is no free lunch. The higher returns come from assuming higher risks.
As it is, many are already complaining that the GUARANTEED RETURNS are too low. I can't imagine what will happen if the "higher return option" ends up with a NEGATIVE return đ
Anyway, we are allowed to utilise a portion of our CPF for certain approved investments.
[1:52 pm, 05/11/2021] +BL: Yes, that is correct. The returns are risk free, which is amazing and not available at these rates anywhere!
[1:58 pm, 05/11/2021] ☸️ Danny ćż:
2.5%. 4%, 6%.
No other protected or guaranteed instruments in the financial market offer such a good interest rate with protection.
[1:58 pm, 05/11/2021] +BL: Exactly less than 1% in the bank
[1:59 pm, 05/11/2021] ☸️ Danny ćż:
Want to put more also cannot.
Those who withdraw earlier - regret deep deep - and realise they can't put back the lump sum they withdraw.
[2:03 pm, 05/11/2021] +Joseph: The Govt has various incentives to promote private enterprise in areas/sectors that are inline with our longer term objectives. but it shouldn't and cannot be a safety net against failure. Doing so would encourage frivolous "business ideas" competing against real/useful enterprise, for the same limited pool of financial resources to our own detriment.
What I think needs to change, is how the current subsidies/incentives are awarded. And also to look beyond just financial assistance, into areas such as Management/Managerial expertise for startups, help with intellectual property protection, filing of trademarks/copyrights, marketing etc.
Over the next few years/decades, we will have an increasing pool of local, experienced Managers/executives who will reti…
[2:04 pm, 05/11/2021] ☸️ Danny ćż: https://www.channelnewsasia.com/singapore/property-corporate-tax-collection-government-revenue-covid-19-support-measures-2285691
Higher collections from property tax, corporate income tax a boost to Government's revenues
[2:04 pm, 05/11/2021] +Joseph: *shipping
[2:04 pm, 05/11/2021] ☸️ Danny ćż:
I was right previously.
Some sectors companies reported very good profit despite the pandemic.
[2:14 pm, 05/11/2021] +Joseph: I am quite sure they can find the $5/mth from some other expense .. and not even taking into account the Govt handouts that more than offsets the increased expenditure.
[2:15 pm, 05/11/2021] +Joseph: đ
[2:22 pm, 05/11/2021] +DC: We are not the only pension in the world. Why not do a benchmark against others?
[2:22 pm, 05/11/2021] +DC: Instead of making generalised sweeping statements?
[2:23 pm, 05/11/2021] +Joseph: Sure... lets compare taxes while we are at it
[2:24 pm, 05/11/2021] +Joseph: The Govt does not generate any income, Whatever it pays out - expenditures or interest on pension funds/CPF - has to COLLECTED through taxes
[2:26 pm, 05/11/2021] +BL: Are these private pensions funds or public? Does it factor in gov budgets that are in deficit or suplus? If budgets are in deficit then the pensions fund are effectively loans.
[2:28 pm, 05/11/2021] +DC: Sure. We should also include high land sales, cars and coes as indirect taxes. Why not?
[2:29 pm, 05/11/2021] +DC: You sound as if there are no competent gov around and we are the only one standing proud?
[2:29 pm, 05/11/2021] +Joseph: The US has many "fantastic" State-run pension funds "promising" much higher returns.. but not many realise that they are actually bankrupt and will never be able to make good on those promises
[2:30 pm, 05/11/2021] +DC: Should we then take the extreme view that only our pension fund is solvent?
[2:30 pm, 05/11/2021] +Joseph: Yes we should. Which is how we came to these realistic numbers .. and best-in-class/world-class infrastructure, amenities and faciliities
[2:31 pm, 05/11/2021] +DC: You don't mean china, do you?
[2:34 pm, 05/11/2021] +Joseph: Our CPF is not the ONLY solvent pension fund.... I did not make any such claim nor imply that, This discussion came about because I suggest not cherry picking and using a narrow definition of "success" as the basis for bench-marking.
[2:35 pm, 05/11/2021] +Joseph: I don't get what you are trying to say, sorry đ
[2:37 pm, 05/11/2021] +Joseph: I am actually surprised they can manage to stay afloat till 2028 đ
[2:37 pm, 05/11/2021] ☸️ Danny ćż:
Don't be fool by report showing fantastic double digits return.
It look good on paper.
But they can't pay what is promise.
[2:38 pm, 05/11/2021] +Ken Loh: China also the same đ
[2:39 pm, 05/11/2021] +Ken Loh: Pension system is really hard to work if there is less young people. Only works when the population follows the old population graph
[2:42 pm, 05/11/2021] +Ken Loh: As the country move towards matured system. The pension system will eventually cannot take the pressure. đ
[2:42 pm, 05/11/2021] +Joseph: I am not so sure about that .. besides, China still has a huge population or young able workers who will continue to pay into the pension fund, growth rates that make the rest of the World's leaders' eye water, and a political, legislative and regulatory system that allows them to make sharp turns/policy changes to steer their economy back on course. The (extreme) human-right-embracing Western countries... NO CHANCE.
[2:42 pm, 05/11/2021] +Ken Loh: One child policy have made them reached the issue much earlier
[2:42 pm, 05/11/2021] +BL: Sound as-if? Not sure I follow your thinking or understand the relevance either way. The debate is not about what I sound like, or if I should be proud or ashamed of a competant government.
[2:43 pm, 05/11/2021] +Ken Loh: Rough gauge
[2:43 pm, 05/11/2021] +Joseph: That is why they implemented those "harsh" measures recently ... to reverse the NO-SANE-PERSON-WOULD-WANT-TO-HAVE-A-CHILD environment đ
Singapore needs to do the same.
[2:44 pm, 05/11/2021] +BL: I'm sure some other countries have solvent pension funds, but not many. I'm not saying debt is bad, but if we are comparing then SG is in a much stronger position financially.
[2:45 pm, 05/11/2021] +BL: USD has lost 95% of its value in 100 years. Personally Bitcoin is probably the way to go to protect against poor government fiscal policy. Most governments are not capable of running an economy for the long term, Singapore is an exception to that.
[2:46 pm, 05/11/2021] +Rama: Yes
[2:46 pm, 05/11/2021] +Joseph: We are one of the few who can honestly still stand proud. When you take into consideration the lack natural resources/advantages, LAGI MORE PROUD
[2:52 pm, 05/11/2021] +Rama: Definitely
[2:56 pm, 05/11/2021] +Sam: Many countries pension funding are depending on current revenue to fund the pensioners. This is not sustainable as the population aging. Taiwan is facing the issue and they face difficulty cutting the pension payout hence angering the pensioners.
[2:57 pm, 05/11/2021] +Sam: Singapore method is fully funded as future payout depends on today's savings.
[2:57 pm, 05/11/2021] +Joseph: Cryptocurrencies will last until it does not .. I prefer to view it as nothing more than a speculative bubble/ponzi scheme that will reward the "brave and lucky" who got in early and will leave before the music stops, than to foolishly place full faith and believe that it will be allowed to replace GOVT issued (and controlled) money
[3:01 pm, 05/11/2021] +BL: Yes, not a replacement for GOVT (why in bold?) money, but a long term protection of value.
[3:02 pm, 05/11/2021] +BL: Many Gov have proved time and time again they are not capable of managing economies and are more interested in spending to secure their next election. Not directing this at Singapore.
[3:02 pm, 05/11/2021] +BL: Bitcoin is not a ponzi scheme by the way, although there are a lot of ponzi crypto schemes.
[3:03 pm, 05/11/2021] +BL: https://www.investopedia.com/terms/p/ponzischeme.asp
[3:11 pm, 05/11/2021] +Joseph: bold for emphasis on GOVT
[3:11 pm, 05/11/2021] +Joseph: Still too early to call, imho
[3:12 pm, 05/11/2021] +Joseph: I prefer to go in with my eyes wide open
[3:14 pm, 05/11/2021] +Joseph: Regardless of anyone's opinion of Govts (Singapore and/or elsewhere) they can and will enact/enforce laws/regulations which will be difficult (usually impossible) to aviod/ignore, unless the person can extract himself/herself completely out of the system.
[3:31 pm, 05/11/2021] +Rama: Well thought of by consecutive government planning
[4:04 pm, 05/11/2021] ☸️ Danny ćż: https://www.rollcall.com/2020/02/28/retirees-worst-nightmare-federal-backing-of-pension-funds-at-risk/
Retirees’ worst nightmare: Federal backing of pension funds at risk.
Looming insolvency of Central States pension plan has stakeholders calling for bipartisan solution.
[4:27 pm, 05/11/2021] +Rama: An important point to take note.
[5:10 pm, 05/11/2021] ☸️ Danny ćż:
UOB launches gig employment programme for retired employees to take up flexible work.
https://www.channelnewsasia.com/singapore/uob-gig-employment-model-retired-employees-flexible-work-2293001
[5:51 pm, 05/11/2021] +BL: đ
[6:28 pm, 05/11/2021] +Boon: +1!
[6:31 pm, 05/11/2021] ☸️ Danny ćż:
1. Passing the retirement and re-employment amendment will help to support seniors continuing employment.
2. But most important thing is the mindset change of corporate leadership, culture and the managers/supervisors - that will have the ground impact on whether senior continuous employment face any difficulties.
3. Hence government, union and corporate tripartite working together to develop a strong corporate culture starting from the corporate leadership become all the more important.
[6:44 pm, 05/11/2021] +REACH: Dear Contributors,
⏰ We will be closing the chat in 15 minutes ⏰
Thank you very much for being part of our WhatsApp chat and participating actively.
Goodnight!
Megan
[6:59 pm, 05/11/2021] +Smiley face: 5 November, 2021
To: Distinguished Ministers and All Honorable Members
"Never doubt that you are valuable and powerful and deserving of every chance in the world to pursue your dreams."
- - Hillary Clinton
Are You Savvy Enough?
Can you manage your expenses and maintain your lifestyles? What are the essential goods and services you need? Am I better off today, yesterday or tomorrow? How can I survive in this world?
Many challenging questions with many subjective answers from experts advice to self seeking answers. One thing is sure, that is we all have an obligation to ourselves and our immediate family members, to live and to survive. For 80% of a given population are able to balance, maintain and manage their lifes.
What about the other 20% that are facing constant challenges from jobs to incomes. These challenges are real and many called it the "Bread & Butter" issues. Any helping hands?
To some of us, it may seems trivial and incomprehensible to be able to relate these social mobility issues. A good example is a cup of coffee at hawker center is $1.00 compared to a brewed barista coffee that cost $8.00 or the simplest 3 in 1 homemade instant coffee with friends! How a person quantify this disparity in pricing is perhaps easier to explain in terms of Social, Psychographics and Demographics, the value and cost of daily goods and services. The higher a person disposable income is, the more CHOICES this person will have access to, this simple instance the personal daily CHOICE cup of coffee.
Affordable & Accessible:
The sensitive word of affordability & accessibility have always sparkle debates among common people, social scientists, economists and policymakers. This scared cow is tough to handle and many times difficult to ignore too!
An objective evaluation of affordability is to predetermined a common daily items from coffee, simple meals, basic clothings, education needs, essential groceries, housing costs, and mass public transport. These list of "must have" goods and services have to be calibrated, subsidised if need so, and continuously updated to achieve the path of equilibrium, happiness and equality especially for the 20% of a given population. There is no perfect answer and there is yet for more answerable questions? What's the BASELINE? In simpleton, is it affordable and accessible?
Then comes the idea of Coexist, in simple sentence is to preserve a nation's core sets of beliefs, aspirations and expectations, seeks to improve over time and at the same time it has to be relevant to all people residing in this country.
HDB - Concrete Roofs
In a highly structured and planned economies, resources are carefully allocated to achieve a state of equilibrium, the entirety of its population. The case of affordable public housing under the planned HDB initiatives have resulted in a STABILISED society with everyone having a Roof, a nest and a private place calls Home. This is REAL and it is very important for human and its existence. Fact, many countries are struggling to solve the housing and hygiene issues or are on the way in planning & building these public dwellings and hopefully affordable too!
CPF - Aging Net
From the colonial times of 1st July, 1955, 66 years now, the complex CPF schemes of today can be viewed as a Savings & Social Safety net in placed to cradle any health, housing & financial needs of its members across the spectrum of working age groups. It is tough to balance its services, schemes and policies to all contributing members while knowingly the challenges and issues face by many too. The recent CPF new rules for the elderly working group is a relevant policy simply to allow our ABLE & ACTIVE seniors ACCESS to a fairer job opportunity. Perhaps the policymakers should reduce the CPF total contribution percentage to no more than 25%? This reduction in the monthly contributions can be a win-win for seniors and employers so that the cost of hiring our seniors will be more attractive to do so and higher disposable income for expenditures. Importantly, our seniors have the experienced and exposures to pass on to the junior ones. Do not compromise or forgo these valuable human knowledge and asset, it brings with many invaluable lessons to an organisation! That's perhaps what we should called Active Aging!
Employability -
How can we MATCH potential job applicants successfully with the employers? The use of analytics, access, effect, understand the roles of the job, employer needs and wants, identifying and matching talents for the appropriate roles, candidate perceptions and expectations of the role, prior experiences and skills set for the new role, job security, pay package and prospect?
Education -
As always be, our spectrum and streams of education are affordable, fully accessible and scholarship to qualified students and working adults. This is knowledge, a critical life skill and a progressive trajectory of an upward social mobility too, so important! How can we further engage and encourage our working adults to pursue studies to up the skills set and knowledge bases? Is it possible to incentivise through small reduction of 2% in the individual income tax payables for entry, junior to mid level workforce?
Are we READY for the next cup of Coffee, anywhere and anytime! One human nature, to many, that is "the grass always look greener across the other field...!"
Summary:
How can a country engage the vulnerables 20% citizens (especially the LWW families) through DIRECT credit the existing social assistance initiatives? Can these good intended initiatives made easiest to access for the targeted and QUALIFIED citizens? Can the process of engaging be fine-tuned to SIMPLE STEPS with MINIMAL requirements and PHYSICAL visits in order to reach their maximum mileage? Given known data, how can the administrators effectively, efficiently and correctly IDENTIFY and implement these social initiatives?
Afterwords:
A Life Cycle Perspective:
If a country can be viewed like a living organism with stage of evolving life cycles say from Birth, Growing, Matured to Old Age. Then we can trace the birth year of modern Singapore to say 1965, though its history may preceded much earlier back date to hundreds of years. For simple discussion, modern Singapore beginning and birth was 1965 up to 2000, we have grown up and today perhaps with simple quantification and qualification, we have arrived and matured as many global leaders & thinkers confer us a First World country.
Are we old or getting older? Yes, perhaps, are we reinventing and rejuvenating ourselves? Yes, we are and it is existential and paramount to continue extending this conferred maturing to our added advantage! For each country strives to progress and importantly staying relevant to the rest of its counter parties, these parties are the global village of countries at various stages of the life cycles.
Simple RELEVANCY Test:
1) Debt - internal funded money or external borrowed money or combinations?
2) Investment - does a country have ongoing, sound and economic valued projects, within and abroad?
3) Dividend - payback to stakeholders? Frequency and means?
4) Knowledge Base - how educated is a country population? Highly and relevant skill sets, age groupings and a sizeable pool of talents accessible and match to all markets?
5) Housing & Foods - how a country people lives, commutes and what's the prices and assortment of foods in the supermarkets like?
Publications:
New Minimum Income Standard report released - October 14, 2021
https://teoyouyenn.sg/
- - END - -
[6:59 pm, 05/11/2021] +REACH: Dear Contributors,
We will be closing the chat for today.
Thank you very much for being part of our WhatsApp chat and participating actively.
Goodnight!
Megan đ
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