REACH 550 - What are your thoughts on the CPF interest rates? What more can be done to help ensure retirement adequacy for Singaporeans?
(SK)
13 Mar 2024 (10am - 7pm)
REACH
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Megan 😊
13/3/24, 10:15 am - +REACH: *Dear Contributors,*
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Megan 😊
13/3/24, 10:20 am - +REACH: 📢 *Topic* 📢
On Tuesday (12 Mar), it was announced that the interest rate for Central Provident Fund (CPF) Special, MediSave and Retirement accounts will be set at 4.05 per cent per annum in the second quarter of 2024 (April to June 2024), down from 4.08 per cent in the previous quarter. The Ordinary Account interest rate will remain at 2.5 per cent for the same period.
💬 *What are your thoughts on the CPF interest rates? What more can be done to help ensure retirement adequacy for Singaporeans?*
The CPF Board and Housing Board said in a joint statement on March 12 that the interest rate of the three accounts, which is pegged to the 12-month average of 10-year Singapore Government Securities plus 1 per cent, exceeded the floor rate of 4 per cent.
"The government will continue to ensure that the CPF interest rate pegs remain relevant in the prevailing operating environment while taking into consideration the longer-term outlook,” said CPF and HDB.
As part of the government’s efforts to enhance the retirement savings for CPF members, CPF members will also continue to earn extra interest on their CPF savings.
Members below 55 years old will earn an extra 1 per cent interest on the first S$60,000 of their combined balances. This is capped at S$20,000 for the OA.
Members aged 55 and above will receive an extra 2 per cent interest on the first S$30,000 of their combined balances, also capped at S$20,000 for the OA, and an extra 1 per cent on the next S$30,000.
👉🏻 https://str.sg/rugF
👉🏻 https://www.channelnewsasia.com/singapore/cpf-special-medisave-retirement-accounts-interest-rate-dip-2024-q2-4188431
13/3/24, 10:20 am - ~ REACH Singapore changed this group's settings to allow all members to send messages to this group
13/3/24, 10:23 am - ~ REACH Singapore changed the group description
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13/3/24, 10:37 am - +Frankie Wee: HDB loan mortgage term 25 years repayment with interest rate 2.6% thereafter different pay from OA 2.5% take amount into 0.1% less than to pay take profit.if capped $60k age 55 below and $30k age 55 above extra 2% of combined each contribution.
13/3/24, 10:47 am - ☸️ Danny 心:
1. Assume CPF $100,000, drop of interest rate from 4.08% to 4.05% is only $30 a year.
2. It means quite insignificant.
3. Also interest rate do go up or down - depending on economic and financial position - higher or lower interest rate.
4. So not a too shocking news if to be view objectively.
5. Containing inflation is more important. <This message was edited>
13/3/24, 10:49 am - +Frankie Wee: 0.03% dip from market
13/3/24, 10:49 am - ☸️ Danny 心:
A very small minute drop.
13/3/24, 10:49 am - +Kenneth Lee WM: Cpf should put our money in US bank and help us earn 5% interests. Gov to gov get better exchange rate.
13/3/24, 10:49 am - +Kenneth Lee WM: <Media omitted>
13/3/24, 10:50 am - ☸️ Danny 心:
Drop from 4.08% to 2.5% more significant.
13/3/24, 10:51 am - +Frankie Wee: US bond yields
13/3/24, 10:51 am - +Kenneth Lee WM: When it’s time to take money out, Mas can change the currency mix to get us better exchange, after that change back.
13/3/24, 10:52 am - +Frankie Wee: Either US treasure yields dollars rate
13/3/24, 10:52 am - +Frankie Wee: Or blue chip or T-billed
13/3/24, 10:52 am - +Frankie Wee: Compared to CPF more safeguards
13/3/24, 10:53 am - +Frankie Wee: Need peace inflation better than upward pressure and recession.
13/3/24, 10:56 am - +Frankie Wee: <Media omitted>
13/3/24, 10:56 am - ☸️ Danny 心:
It is $1,580 differences if interest rate drop from 4.08% to 2.5% for $100,000.
13/3/24, 10:58 am - +Frankie Wee: https://www.scmp.com/business/china-business/article/3241945/china-sovereign-bond-yields-may-fall-record-lows-next-year-looser-policies-and-easing-foreign
13/3/24, 10:58 am - +Frankie Wee: I think global coming crisis or recession
13/3/24, 10:58 am - +Frankie Wee: Because this yields drop more
13/3/24, 10:59 am - +Kenneth Lee WM: While we are discussing a 0.03% drop in interest, I just heard on bbc Argentina inflation is 13% per month. 20+% in prev month. Yearly inflation 276%.
Whatever savings argentinians have in their currency has depleted!
https://www.yahoo.com/news/argentina-inflation-slows-2nd-month-220150083.html
At least sgd savings still can buy things.
13/3/24, 11:00 am - +Frankie Wee: Buy more yields investment if global markets down and inflation
13/3/24, 11:38 am - +Rama: 👍
13/3/24, 11:47 am - ☸️ Danny 心: <Media omitted>
13/3/24, 11:47 am - ☸️ Danny 心: <Media omitted>
13/3/24, 11:47 am - ☸️ Danny 心: <Media omitted>
13/3/24, 11:50 am - ☸️ Danny 心:
CPF invest in very safe instrument and rarely on overseas instrument that are more risky but offer higher interest.
Risky instrument means we can even lose our capital and interest if market turn bad.
13/3/24, 11:51 am - +Rama: What's the interest government is getting for our money against What's given to us!?
13/3/24, 11:51 am - ☸️ Danny 心:
The reason why CPF is the best invested and well managed pension funds in the world is because we invest in safe instrument.
Unlike other pension funds in the world that invest in higher risky overseas financial instrument that offer high interest rate - in fact lose both the capital and interest. <This message was edited>
13/3/24, 11:51 am - +Rama: !?
13/3/24, 11:52 am - ☸️ Danny 心:
Don't know 🤷
13/3/24, 11:54 am - +Rama: State secret or citizens have right to know!?
13/3/24, 11:54 am - ☸️ Danny 心:
🤷
13/3/24, 11:55 am - +Rama: Again, what does the government mean about being upfront!?
13/3/24, 11:55 am - +9richard: Interest is it paid at the beginning of the month for the new annocement
13/3/24, 11:56 am - +Frankie Wee: https://www.businesstimes.com.sg/companies-markets/banking-finance/singapore-government-bonds-retain-some-popularity-despite-falling
13/3/24, 11:57 am - +Frankie Wee: Singapore bond yields is stronger than other in US and China they are hit recession
13/3/24, 11:57 am - +Rama: I subscribe to this for the past six years.
13/3/24, 11:58 am - +Frankie Wee: I think it’s coming this years crisis
13/3/24, 11:58 am - +Rama: Possibly
13/3/24, 12:01 pm - ☸️ Danny 心:
"GIC’s annualised real rate of return stood at 4.2% over the same period.
The GIC Portfolio achieved an annualised USD nominal rate of return of 7.0% over a 20-year period that ended 31 March 2022.
https://www.gic.com.sg/newsroom/all/gic-continues-to-generate-good-stable-returns-over-inflation/#:~:text=GIC%E2%80%99s%20annualised%20real%20rate%20of%20return%20stood%20at%204.2%25%20over%20the%20same%20period.%20This <This message was edited>
13/3/24, 1:06 pm - +REACH: *Dear Contributors*
We want to *HEAR MORE* from you!
💬 *What are your thoughts on the CPF interest rates? What more can be done to help ensure retirement adequacy for Singaporeans?*
We have had good feedback from this group, and we hope that we can keep the discussion robust and active!
Megan 😊
13/3/24, 1:08 pm - +Frankie Wee: It’s a remaining stable rate and safe pension fund. A small drop isn’t issue.
13/3/24, 1:09 pm - +Rama: Agree
13/3/24, 1:10 pm - +Jimmy Chew: What make you say that? Inflation is 4%
13/3/24, 1:10 pm - +Jimmy Chew: Or more
13/3/24, 1:12 pm - +Frankie Wee: Global crisis is coming is think so
13/3/24, 1:13 pm - +Rama: Interest rates for cpf contributions will always fluctuate from time to time according to various situations and circumstances so cannot expect long term fixed rates.
13/3/24, 1:54 pm - ☸️ Danny 心:
Most developed countries pension funds run into big deficits - because they mainly invest in risky instrument for higher interest - ended up in many losses when market turn bad. <This message was edited>
13/3/24, 1:56 pm - +Landon: Many countries have a safety net within individual retirement funds- we should have a safety net as well.
The safety net world ensure that we do not go into deficit or drain our funds completely. If funds do hit that threshold, additional government measures should be placed to ensure that the person receive additional supports through grants and surplus to ensure that they recover from that safety net.
13/3/24, 1:57 pm - ☸️ Danny 心: <Media omitted>
13/3/24, 1:58 pm - ☸️ Danny 心: <Media omitted>
13/3/24, 1:58 pm - ☸️ Danny 心: <Media omitted>
13/3/24, 1:58 pm - ☸️ Danny 心: <Media omitted>
13/3/24, 2:00 pm - +REACH: 📢 *Topic* 📢
13/3/24, 2:09 pm - ☸️ Danny 心: <Media omitted>
13/3/24, 2:11 pm - ☸️ Danny 心: <Media omitted>
13/3/24, 2:11 pm - ☸️ Danny 心: <Media omitted>
13/3/24, 2:12 pm - +Rama: Thank god for our government 🙏
13/3/24, 2:12 pm - +Terrie Wong: Our immediate neighbour too. So grateful to our own Govt for managing our CPF well.
13/3/24, 2:12 pm - +Rama: Yes
13/3/24, 2:13 pm - ☸️ Danny 心: <Media omitted>
13/3/24, 2:15 pm - ☸️ Danny 心: <Media omitted>
13/3/24, 2:15 pm - +Frankie Wee: That was why government in country warming crisis coming even they cant afford to pay them pension
13/3/24, 2:17 pm - ☸️ Danny 心: <Media omitted>
13/3/24, 2:19 pm - ☸️ Danny 心: <Media omitted>
13/3/24, 2:21 pm - ☸️ Danny 心:
So come the next GE, hope voters be prudent and vote the incumbent party to secure our national reserves and our CPF.
If we vote more opposition parties - they will find ways to raid our reserves and there goes our CPF.
Cannot trust the oppositions.
13/3/24, 2:22 pm - ☸️ Danny 心:
Analysis: Why top PAP leaders issued reserves challenge to the opposition and will they take it up?
Deputy Prime Minister Lawrence Wong recently repeated Prime Minister Lee Hsien Loong's call on opposition politicians to take their ideas on the national reserves to the ballot box.
https://www.channelnewsasia.com/singapore/reserves-election-issue-pm-lee-dpm-wong-challenge-opposition-4180926 <This message was edited>
13/3/24, 2:26 pm - +Landon: I don't think this is a platform to discuss your views on political parties.
This is a platform to discuss existing policies.
13/3/24, 2:27 pm - +Rama: Agree
13/3/24, 2:28 pm - +Rama: Not an issue for me as it is a relevant sub topic
13/3/24, 2:33 pm - ☸️ Danny 心:
Different parties propose different policies.
It is whether the policies proposed is good or bad for the nation's future.
If policies is good for the nation, we support.
If the policies are bad like raiding our reserves or plunder our CPF, we should raise it, discuss it, debate it.
And reject those policies that are bad for us, and support those policies that are good for us.
Policies don't come from a vacuum. <This message was edited>
13/3/24, 2:34 pm - +Rama: Agree
13/3/24, 2:35 pm - ☸️ Danny 心:
If a bad policy come from the incumbent, we will have to raise it and debate and discuss why the policies are bad - so that correction can be made.
If not what is the purpose of REACH - ie. To get constructive feedback.
13/3/24, 2:36 pm - +Rama: Agree
13/3/24, 2:36 pm - +Landon: Yes, but again debate the policies on here- not push agendas with generalized statements like "'cannot trust the oppositions".
Our oppositions keep our checks and balance, keeping the ruling party accountable for its actions and decisions. They also represent diverse interests, and ultimately stimulate critical debates and discussions across domestic and foreign policies.
13/3/24, 2:38 pm - +Rama: Opposition have yet to prove their worth in Parliament or the ballot box after 58 years of independence!
13/3/24, 2:43 pm - ☸️ Danny 心:
Eg.
1. When NEA raise charges on plastic bags but cause rat infestation because people stop using plastic bags to bag waste food - I single out NEA plastic bags policy as not thoughtful.
2. When PSP (the opposition party) say use land sales revenue and use more NIRC to fund fiscal budget - which will deplete our reserves and leave less Reserves for our current and future generations.
3. When WP politicians say use 60% or more NIRC to fund fiscal budget yearly.
4. When all the opposition parties in the parliament stand up to vote for use of more reserves to fund fiscal budget.
Then I use the statement - I can't trust oppositions in Parliament to squander our reserves - if indeed a fair statement isn't it.
Because all the opposition parties members in Parliament - vote to spend our reserves.
This is not a political statement - but a factual incident in the Parliament.
Neither is this a generalised statement about not trusting the oppositions.
Because this topic is about safeguarding our CPF, our reserves and fighting inflation.
But all oppositions in Parliament - say use more reserves and endanger our earnings for CPF.
Not trusting oppositions in safeguarding our reserves is not generalisation - but a pointed criticism of opposition stand on the use of reserves and how they will impact us and our future generations.
By not trusting the oppositions in Parliament - is nothing political but a rejection of their flaw policy. <This message was edited>
13/3/24, 2:46 pm - +Rama: Agree
13/3/24, 2:47 pm - ☸️ Danny 心:
And your statement about opposition check and balance - is nothing to do with the prudent use of reserves - which is today's topic on CPF, inflation and prudent use of our reserves to grow the CPF.
I don't trust opposition members in the Parliament is because they are thinking ways of squandering our reserves, which impact our earnings in CPF and will impact our ability to finance our inflation.
So what so political about - not trusting the oppositions that squander our reserves? <This message was edited>
13/3/24, 2:47 pm - +Rama: 👍👌
13/3/24, 2:49 pm - +Jimmy Chew: https://www.historyhit.com/culture/animal-farm-chapter-9/
13/3/24, 2:49 pm - +Jimmy Chew: Interesting read
13/3/24, 2:49 pm - ☸️ Danny 心:
The oppositions on reserves is not check and balance the use of reserves - but to squander our reserves.
"Check and balance" don't apply on their policy of how to safeguard our reserves and our CPF which depends on how the reserves are grown by GIC.
In fact they are "No check, Just use - no need balance" -- so where is the "check and balance"? <This message was edited>
13/3/24, 2:50 pm - +Rama: Yes!
13/3/24, 2:52 pm - +Jimmy Chew: I was looking for free pigs that the Roman were given to vote and found this. Seems we are working but never enough 🤣🤣🤣
13/3/24, 2:53 pm - +Rama: 😆😄😳
13/3/24, 3:04 pm - ☸️ Danny 心:
Health Minister reiterates call for private insurance firms to be more disciplined.
https://www.channelnewsasia.com/watch/health-minister-reiterates-call-private-insurance-firms-be-more-disciplined-4183756
Health Minister Ong Ye Kung has reiterated his call for private insurance firms to be more disciplined in designing their policies, as over-generous coverage is partly driving up higher healthcare costs now, along with an ageing population.
13/3/24, 3:04 pm - ☸️ Danny 心: <Media omitted>
13/3/24, 3:04 pm - ☸️ Danny 心: <Media omitted>
13/3/24, 3:05 pm - +Boon Phing: If Singapore T-Bills is 4% (risk-free benchmark for SG?) and inflation is 4%, I would think that CPF interest rate should by T-Bills rate + Inflation rate.
13/3/24, 3:06 pm - ☸️ Danny 心:
Likewise, if we are not constructive in our comments on runaway healthcare costs, Minister of Health won't step in to comment about 100% insurance medical coverage that drive up health cost.
13/3/24, 3:14 pm - ☸️ Danny 心:
And when I say I don't trust all the oppositions - I meant it in absolute terms and relative terms.
Because every single WP MPs and every PSP NCMPs in Parliament - voted to use more reserves to finance our yearly fiscal budget.
This mean less reserves in our sovereign funds in GIC.
With less capital in GIC, then how to earn higher interest income for our CPF?
If lesser interest income for our CPF - then how to pay more interest for our CPF such as 4%, 4.05%, 4.08%?
How is this political?
Don't mention incumbent and oppositions by name - then how to discuss the policy topic?
How to have constructive feedback? <This message was edited>
13/3/24, 3:15 pm - +Rama: Bunch of imbeciles!
13/3/24, 3:16 pm - +Jimmy Chew: Who who?
13/3/24, 3:16 pm - +Rama: Opposition MP!
13/3/24, 3:17 pm - +Jimmy Chew: Oh.. not existing MPs?
13/3/24, 3:17 pm - +Jimmy Chew: No one's perfect
13/3/24, 3:17 pm - +Rama: Past and present utterly unable to serve our country interest@
13/3/24, 3:18 pm - +Rama: Cannot play with fire on our savings and future!
13/3/24, 3:19 pm - +Jimmy Chew: What did they do that they are imbeciles?
13/3/24, 3:19 pm - +Landon: Okay everyone chill. This is not constructive at all.
13/3/24, 3:20 pm - +Rama: Speeches during rallies and in Parliament leaves much to be desired!
13/3/24, 3:20 pm - +Jimmy Chew: Oh I see. Thanks
13/3/24, 3:21 pm - +Jimmy Chew: I noticed that opposition voice helps the PAP to adjust it's policies to refine it?
13/3/24, 3:22 pm - +Rama: That's good!
13/3/24, 3:22 pm - +Jimmy Chew: What I can remember. Can't use CPF for investment? Too much money in sovereign funds. Elitist behavior
13/3/24, 3:23 pm - +Jimmy Chew: I think iron sharpens irons. Healthy debate. Not deadly punches hahaha <This message was edited>
13/3/24, 3:24 pm - +Rama: Cpf funds for investment has been narrowed down repeatedly over the years to minimise losses of members funds. As for too much money on sovereign funds, not sure.
13/3/24, 3:24 pm - +Rama: Yes
13/3/24, 3:25 pm - +Jimmy Chew: Yeah because bad choices happens
13/3/24, 3:25 pm - ☸️ Danny 心: <Media omitted>
13/3/24, 3:25 pm - +Rama: Returns fell below bench mark!
13/3/24, 3:26 pm - ☸️ Danny 心:
Don't know how is it better when people take their CPF to invest.
It perform worst than the interest earn from CPF.
13/3/24, 3:26 pm - +Jimmy Chew: Yeap. But you give them the chance to make choices hahaha then they blame who? opposition or ruling party <This message was edited>
13/3/24, 3:27 pm - +Jimmy Chew: And we willing to accept 4% return hmm
13/3/24, 3:27 pm - +Rama: Ruling party but cry foul to the opposition!
13/3/24, 3:28 pm - +Jimmy Chew: 💪
13/3/24, 3:29 pm - +Jimmy Chew: Healthy and constructive debates are good
13/3/24, 3:29 pm - ☸️ Danny 心:
Look at other countries pension funds - who invest in risky instrument promising sky high interest.
In the end, they not only did not get back the promise interest but also their capital - in fact many pension funds going bankrupt.
Easy for people to say, but often cannot deliver.
13/3/24, 3:29 pm - +Jimmy Chew: If we don't care we won't voice
13/3/24, 3:30 pm - +Jimmy Chew: Every person shit is different
13/3/24, 3:34 pm - ☸️ Danny 心:
That's why I trust the ruling party more than the oppositions.
Ruling party say and deliver.
Oppositions? Say only - full of sweet.
But does it work?
I am full of doubt.
One thing I know is that what oppositions say contradict alot from my philosophy and my principles.
Anything they say that don't make sense to me - I will single them out, discuss, debate on it, and ensure what they say is good for us, good for the nation - or send us into hell hole.
13/3/24, 3:34 pm - +Jimmy Chew: We have good minds to consider all innovative avenues to generate generational wealth for our children cf HDB flats. CPF Life. Etc
13/3/24, 3:35 pm - +Jimmy Chew: I have faith in the incumbent MPs to do what's best for Singapore. They have to have a balance approach
13/3/24, 3:36 pm - +Jimmy Chew: I am surprised my friends want to leave Singapore while my spouse's relatives want to recide here <This message was edited>
13/3/24, 3:36 pm - +Jimmy Chew: Maybe people are focusing wrongly?
13/3/24, 3:37 pm - +Rama: Leaving Singapore was practical long time ago but not now.
13/3/24, 3:37 pm - +Jimmy Chew: *migrate
13/3/24, 3:42 pm - +Kenneth Lee WM: If only gov let us participate in their land sales …
Now it is only the strata land that our homes are on.
Let us buy up grave land, old hdb lands at prices now, when land use change or sell to private developers, we get to keep the windfall <This message was edited>
13/3/24, 3:44 pm - +Khuan Yew: The slight dip in Special Account interest rates does not have any significant impact.
However, CPF should look at how it can transform into a proper retirement system that can generate higher returns for its members by taking on reasonable risks.
Singapore’s inflation over the past 10 years has been 2% p.a. But due to the quirks of price inflation measurement, it is probably closer to 2.2% p.a. Therefore, the OA interest of 2.5% is not significantly higher than inflation and does not help much in ensuring retirement security for the members. Even the SA at 4.05% is insufficient and a more realistic targeted return should be CPI + 3% = 5.2%. That should provide sufficient retirement funds over the long term.
13/3/24, 3:45 pm - +Jimmy Chew: Housing cost will take most of the funds for the young ones <This message was edited>
13/3/24, 3:45 pm - +Rama: Yes
13/3/24, 3:45 pm - +Jimmy Chew: Old ones medical bills
13/3/24, 3:46 pm - +Rama: Hope the incoming PM has this as one of his agenda.
13/3/24, 3:48 pm - +Jimmy Chew: I think Singaporeans want an opposition that talks sense once in a while nonsense okay ultimately it's for the best formula to success. Like a corporation sometimes we complain internally but CEO never listens until customers complain and newspaper report and then they take action <This message was edited>
13/3/24, 3:48 pm - ☸️ Danny 心:
All politicians are elected into Parliament, whether ruling or oppositions to represent the people - to say responsible things and do responsible things for the good of the nation, the people they represent.
Not to go to the Parliament to wayang, say populist things to win votes - but bring trouble to the people and the nation.
If members are saying and doing dangerous things - people has the right to bring it up, and debate on it - as we expect high standards from members in the Parliament.
There should be no free ride be it the ruling or oppositions.
If politicians are afraid of their policies being scrutinized by the public, then don't stand out to vote.
Don't need to have softies that need to be shielded if their conscience are clear and above board.
13/3/24, 3:48 pm - +Rama: Talk sense all the time is what I am expecting!
13/3/24, 3:48 pm - +Rama: Agree
13/3/24, 3:53 pm - +Jimmy Chew: Not all in for the desire to serve or they Wayang all the way but never got caught. Fake it until you make it. Those below follow law
13/3/24, 3:53 pm - +Jimmy Chew: Don't rock the boat. Take your salary and keep quiet
13/3/24, 3:53 pm - +Jimmy Chew: Seeing more folks like this
13/3/24, 3:55 pm - +Rama: Agree
13/3/24, 3:55 pm - +Rama: Agree
13/3/24, 3:55 pm - +Rama: One wrong vote can have drastic consequences!
13/3/24, 3:58 pm - +Jimmy Chew: 49:51 hahaha 🤣
13/3/24, 3:58 pm - +Jimmy Chew: Flaws of democracy
13/3/24, 4:01 pm - +REACH: 📢 *Topic* 📢
13/3/24, 4:02 pm - +Sam: The opposition just want more voice in the parliament, they are not ready to win and form government. But if everyone think that current government is secured, and there is a freak election result, Singapore will surely doom. Not so much of mismanagement but exodus of MNCs and foreign fund swill be enough to bring Singapore down.
13/3/24, 4:05 pm - +Jimmy Chew: It's happening. My friend lost her job because the factory moved to Malaysia. Cost is 3 times cheaper
13/3/24, 4:05 pm - +Jimmy Chew: Singapore is a dot
13/3/24, 4:06 pm - +Jimmy Chew: Hahahaha but I believe in the government inguinity to overcome
13/3/24, 4:08 pm - +Jimmy Chew: Got to get rid of slackers and Wayang folks in the government
13/3/24, 4:08 pm - +Thank You Woman: I dun know other than my sister how many was being denied of chemotherapy and push to a surgeon to remove a kidney. Hope someone u know will share with you that kind of fear
13/3/24, 4:09 pm - +Thank You Woman: If she was not covered working as a clerk earning only 1,500/mth how can she afford the private oncologist which save her from surgery to remove kidney and also can seek TCM help.
13/3/24, 4:10 pm - +Thank You Woman: Private oncologist or even the insurance company will have a statistic of how many people needed it.
13/3/24, 4:14 pm - +Thank You Woman: My husband’s friend 1979, acute last stage liver cancer and because having to pay that 5% additional cash for private oncologist(got to know from his wife that it’s the same oncologist as my sister) he decline it and instead went to NUH as he had 5 kids to feed. To save that 5% cash top up he missed the crucial treatment and he passed on 17 March 2023 😭. However partially karma🙏 hence what is $$$$ if it can save your life to survive
13/3/24, 4:16 pm - +Thank You Woman: Only people who went through the medical phobia then they will learn money is “peanuts” compared to be able to be alive.
13/3/24, 4:17 pm - +Rama: Yes
13/3/24, 4:17 pm - +Rama: Yes
13/3/24, 4:17 pm - +Rama: May his soul rest in peace for all eternity.
13/3/24, 4:17 pm - +Thank You Woman: Dear God I prayed that you let these people decision maker experience it then they will
Know. How tough it is to go through the pain and fear not only the patient but the immediate and extended family members too.
13/3/24, 4:18 pm - +Rama: 🙏
13/3/24, 4:22 pm - +Thank You Woman: I’ve been a caregiver not only my sis, my parents and parents Inlaw and my husband and my children it’s so devastating. Till u experience it then you’ll know. Thank you God for keeping me spiritually strong and so much more to over come all these.
Even my counsellor said I was so overwhelmed which to be being filial comes naturally. I become so skinny skip meals and so much more too long of a story to tell you guys will never know how much the STRUGGLE I went through
13/3/24, 4:23 pm - +Thank You Woman: That’s why now government is advocating on self care after plenty of counselling sessions and various ctr I learnt to self care/love.
13/3/24, 4:27 pm - +Rama: I admire your strength and perseverance.
13/3/24, 4:27 pm - +Rama: Agree
13/3/24, 5:02 pm - ☸️ Danny 心:
1. Is it true the people go to private hospital, pay 100% medical insurance coverage instead of topup 5%, all patients will recover with no fatality?
2. Wow! Private hospitals must be made of Divine Superpower medical magicians - not human doctors.
3. Is it true that those patients who patronize private hospitals have no death - all fully cured?
4. Is it true that Restructure hospitals are not make up of super duper doctors - got fatality one.
Anyone believe in such fairy tale?
Go private hospitals will live one eternally 常生不老。
Wow!
13/3/24, 5:03 pm - +Rama: 😳😆😄🤷♂️
13/3/24, 5:10 pm - +Frankie Wee: Rich can
13/3/24, 5:10 pm - +Frankie Wee: Middle or low income can’t
13/3/24, 5:10 pm - +Frankie Wee: They need subsidies medical billed from MediShield
13/3/24, 5:11 pm - +Frankie Wee: Premium insurance annual yearly $2000
13/3/24, 5:13 pm - +Frankie Wee: Every doctor have sign agreement risk take operation room by patients death or alive once successful surgery
13/3/24, 5:13 pm - +Frankie Wee: Life is short live up to age 100
13/3/24, 5:14 pm - +Jimmy Chew: Private hospital immediate treatment. Government hospital Long waiting list as long as 3 to 6 months
13/3/24, 5:14 pm - +Frankie Wee: Yes super
13/3/24, 5:15 pm - ☸️ Danny 心:
1. My experience with the public restructured hospitals and specialists vis a vis private hospitals is quite different.
2. My family members, extended family members and friends in private chat groups mainly go to public restructured hospitals.
3. Among us, we have experience such as elderly stroke twice in the brain, fall and elderly fracture back, mental health, sprain back, breast cancer that need surgery and chemo, and some other serious problems that need surgeries and medication.
4. All recover very well and live a fulfilling lives.
5. Sometimes my father who is richer say the queue in public restructured hospitals are too long - got to wait weeks or months to see a specialist - hence he choose a private hospital and willing to fork out his own money to see specialist in the private hospital.
13/3/24, 5:16 pm - +Frankie Wee: I remember once LKY admitted in hospital wait for quote number. The doctor saw him and know him he will attend immediately as VP
13/3/24, 5:16 pm - +Rama: Preferential treatment
13/3/24, 5:17 pm - +Frankie Wee: Standard rich and poor fairly
13/3/24, 5:17 pm - +Rama: Yup
13/3/24, 5:19 pm - +Frankie Wee: Hmmm the future going to change different year 2000
I believe technology is advanced lately 2050-2080
13/3/24, 5:19 pm - +Frankie Wee: Hospital system won’t be as usually
13/3/24, 5:20 pm - ☸️ Danny 心:
1. Once I was hospitalized and my company send me to a private hospital.
2. It is not cheap.
3. Once I recover well enough, I quickly ask for discharge because I don't want to waste the company money.
4. Another time, I got food poisoning, I choose a public restructured hospitals.
5. I am entitled to a B1 ward, but I choose C ward.
6. My family member ask me, since you are entitled to a B1 ward, why you choose a C ward - no Aircon, only strong fans and share beds with 8 to 10 people?
7. I say, I get treatment by the same specialists in A or B1 ward, also sharing room with others got company also cheaper, why waste taxpayers money?
13/3/24, 5:21 pm - +Frankie Wee: Company have insurance claim provided there 5% to 10% upfront payment is lower billed
13/3/24, 5:26 pm - ☸️ Danny 心:
1. Imagine cover 100% in private hospitals - fees which are at least 100% more than public restructured hospitals?
2. How much taxpayers got to pay taxes to finance healthcare costs?
3. How much budget the government got to set aside government budget for healthcare costs - and not bankrupting the Nation?
4. Once 100% coverage for private hospitals, it becomes a buffet syndrome and people will anyhow spend as everything is foc - and healthcare costs will skyrocket.
5. I cannot accept the argument that we spend taxpayers money for the privilege in private hospitals.
6. If anyone wants that privilege, you must copay.
13/3/24, 5:26 pm - +Frankie Wee: Wow 100% coverage
13/3/24, 5:26 pm - +Frankie Wee: So good
13/3/24, 5:28 pm - ☸️ Danny 心:
When company take up medical insurance - it is a pool contributed by many people.
If medical claim go up phenomenally as people abuse it, medical premium will go up phenomenally.
13/3/24, 5:28 pm - +Frankie Wee: Because of inflation cost affected by technology and medical advances
13/3/24, 5:30 pm - +Frankie Wee: Only doctor can cut cost and save live instead of paying more billed over submit claim from insurance company that has limited
13/3/24, 5:30 pm - ☸️ Danny 心: <Media omitted>
13/3/24, 5:30 pm - ☸️ Danny 心: <Media omitted>
13/3/24, 5:30 pm - +Frankie Wee: Maybe I said 2080 billed come total $500k
13/3/24, 5:31 pm - +Frankie Wee: Jump over super fast what kind of doctor expectations high pay
13/3/24, 5:32 pm - +Frankie Wee: Private hospitals whom doctors working under sector are high salary than govt sector
13/3/24, 5:38 pm - ☸️ Danny 心: <Media omitted>
13/3/24, 5:38 pm - ☸️ Danny 心: <Media omitted>
13/3/24, 5:39 pm - +Rama: MOH has been doing the right adjustments along the way.
13/3/24, 5:44 pm - +Jimmy Chew: https://youtu.be/jUKRBazqkAY?si=XEqiZ18kBC_A3rgY
Whistle blower found dead
13/3/24, 5:44 pm - +Jimmy Chew: Results of just follow lah <This message was edited>
13/3/24, 5:44 pm - ☸️ Danny 心:
In other words, you are using other people's money for your own special privilege at the expenses of others.
I don't see how good a karma is - if people have such a thinking.
Thinking that benefits self at the expense of others.
People with such thinking is "selfish" not "selfless" - because many people will not receive medical treatment if funds are devoted to only to a privilege few - if the funds are being abused.
Seriously this is saving lives, or deprive others to have a chance to live? <This message was edited>
13/3/24, 5:45 pm - +Rama: Does it pay to spill the beans!?
13/3/24, 5:45 pm - +Rama: Agree
13/3/24, 5:50 pm - ☸️ Danny 心:
So why are we discussing healthcare costs - when today's topic is CPF?
Because medisave is also CPF.
The 4.05% interest also affect the medisave interest.
That's why healthcare costs is also relevant to today's topic - in case some people start to challenge - why out of topic. <This message was edited>
13/3/24, 5:50 pm - +Rama: Agree
13/3/24, 6:00 pm - +REACH: 📢 *Topic* 📢
13/3/24, 6:01 pm - +Smiley face: This message was deleted
13/3/24, 6:05 pm - +Smiley face: This message was deleted
13/3/24, 6:45 pm - +Frankie Wee: Young age has new skill and abilities they are basically salary much higher equals to inflation spent.
13/3/24, 6:45 pm - +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 😊
13/3/24, 6:50 pm - +Anne: 1) CPF interest rates should keep pace with inflation - and the G should not use inflation as an excuse to keep increasing the CPF minimum sum.
2) Some of the excess returns of the CPF funds invested by the G should be distributed to the CPF members.
3) Allow CPF members to invest 100% of our investible funds in physical gold and silver. Currently for some strange reason we can only use 10%.
4) Our retirement funds should not be locked away in CPF Life which functions like an annuity. CPF Life performs very badly in times of hyperinflation.
5) One alternative to using annuities is to purchase assets that generate cash-flow that keeps pace with inflation. Eg our sovereign wealth funds can purchase assets, whether local or overseas, and allow us to participate in these schemes. The cash-flow generated from these assets can be then be a source of income or return for us.
13/3/24, 6:51 pm - +Rama: Totally agree
13/3/24, 6:59 pm - +Smiley face: 13 March, 2024
"Options: Existing Plan, Enable Plan or Enhance Plan ?"
"Future: A new retirement plan for those who wish for added comforts age 65 yrs onwards, an AI crafted and managed portfolio with higher returns range of 4% (existing), 8% (enable) or 12% (enhance), limited placement of CPF funds and capital protection?
Now: A high cost of living and a higher cost of funds.
Basic: The future of retirement is to start savings at the individual level and not overly depending on one source of passive income to retire."
-- anonymity
Developmental Model:
GDP growth at 3%, Inflation growth at 3%, Capital growth at 5%, Human Capital growth at 3%, Technological growth at 10%, Pensions growth at 4% ?
It will be an entire new experience to learn, this colossal ageing century at the front is Japan, South Korea and Germany and other developed nations after WW2. Countermeasures through economic policies, social policies or even investment policies are not sufficient enough for many nations across this ageing highway are facing similar crunch in consumptions, lower competitiveness and crushing to fill up their talent pools with younger age groups from 20s to 30s just to boost the domestic productivity and consumption.
In most developed nations from Europe to USA and Asia, there are two levels of private and public sector retirement or so called pension plans that exist decades. Now and the future of such plans are facing headwinds of the rising costs of living and higher interest rates, the uncertainty of jobs and the backing of public policies and the quality of governance to sustain the growth of ageing population and longevity. And India, the Philippines, Argentina, Turkey and Thailand are amongst the worst countries with least preparedness, of low efficiency and ineffective systems of retirement or pension. And how about China's plan?
Are there systemic risks to worry about that may increasingly affect the expected returns of pension funds encircled by multitude factors of uncertainty from war to conflicts to economic slowdowns? That's simply not favorable to the bigger framework of the future of global investments and the funds of retirement or pension is one big contributor of capital of investments into the future that can no longer promise a handsome sum of money year after year compared to the past fifty years it was possible to retire comfortably and in all forms & styles.
How to be resilient at personal level as well as the pension funds level?
The old investment rules of diversifying risks and portioning the funds to selected values from high to mid risks. And the future of managing these funds is an artificial intelligence driven portfolio that is not only cost effective but cuts risks to the minimal versus human errors and judgments. AI is superior over human in identifying underlying risks, early identifying of arbitrate opportunities and positioning of portfolio at the speed of a minute and instantaneously the overall performance of specific sector and or the entire portfolio profit or lost anytime and anywhere mobile access 24 hours and 7 days a week and across region, international and global variations from Imbalanced trades, currencies fluctuations, breaking news, geopolitics, micro and macro economics fugures, sentiments from social media and preparedness to handle multiple unique crises. All built-in to the intensively driven GAI model of promptness, pre-active and predictive.
Where is the new wisdom of the future?
Arguably to many finance experts, today AI may not be as profound a good predictor of future markets and trends. However, the power of AI becoming a GAI is the champion of tomorrow Portfolio Managers. Why? The capability of machine memory, learning and executing are millions times better than any experienced traders or managers. The pinnacle of AI will eventually arrive at the tipping point of wisdom that surpassed human wisdom. And the fundamentals of wisdom are derived from the past human experience. In the definitive sense, AI will outperform and outsmart human !
Will tomorrow be a safer environment?
Fake model or real model, its a progression of technology that requires on-going considerations to mitigate the rising risks of faking facts in any given circumstantial and existential risks that will distort the AI model as unreliable or in extreme moments of chaos and uncertainties from the automated system of equations and the rest of the systems. And the rules of engagement with AI must be spelled out in detail from the start of development to the end users. If all things fail, humankind will once again step in to intervene in the machine brain to make it better.
All in all, summation, minute by minute and applied into this Quantum model of executing in parts to adjust and realign the portfolio into a super-optimise outcome for profitability. Perhaps, Jensen Huang saw the future, "it will be an early indicator of future success!".
- - in progress - -
13/3/24, 7:00 pm - +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 😊
13/3/24, 7:00 pm - ~ REACH Singapore changed this group's settings to allow only admins to send messages to this group
====
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