REACH (Telegram) 10 - Over the course of the day, we will be sharing articles on key issues that were discussed in Parliament today. Please share with us what areas you might be interested in and let us have your views on the issues that were raised in Parliament today.

(SK)

06 Aug 2024 (10am - 7pm)

REACH (Telegram)

REACH Singapore, [6/8/2024 11:00 AM]

Dear contributors,

Welcome back! 😊

⏰ We will be opening the chat from 11am to 7pm today. ⏰

House Rules (short version of our Terms of Use) to keep in mind:

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Full set of Terms of Use: https://www.reach.gov.sg/Participate/reach-telegram-group/REACH-Telegram-Group-Chat-Terms-of-Use/

We will strive to uphold these rules to ensure this is a safe space for all. 

Please be assured that the points made by participants during the chat are aggregated and shared with relevant agencies. 

The topic will be posted shortly. 

Thank you. 

Megan 😊

REACH Singapore, [6/8/2024 11:01 AM]

📢 Topic 📢

Parliament will sit today (6 August) at 12pm. Of note, parliamentary questions regarding the presence of formaldehyde (a cancer-causing chemical) in products like paint and new furniture, and the recent bid by German insurer Allianz to buy a majority stake in Income Insurance will be raised today. 

💬 Over the course of the day, we will be sharing articles on key issues that were discussed in Parliament today. Please share with us what areas you might be interested in and let us have your views on the issues that were raised in Parliament today.

📌 Formaldehyde in Paint and New Furniture

In July 2024, it was reported that home owners were seeking professional help to get rid of formaldehyde, a cancer-causing chemical, from their furniture. One family also reported that their children fell sick often from the smell of the chemical.

Ms Rachel Ong (MP for West Coast) asked whether the ban on the addition of formaldehyde in paints used for building interiors could be brought forward from 2026, and what penalties firms would face for using interior paint products with formaldehyde content exceeding the limit of 0.01 per cent of the paint weight.

Ms Cheryl Chan (MP for East Coast) asked whether the Ministry of Sustainability and Environment conducts checks on companies selling building products to ensure the products do not contain or emit formaldehyde.

📌 Allianz' stake in Income Insurance

Several MPs have filed questions on the Income-Allianz deal. Of note, Mr Liang Eng Hwa (MP for Bukit Panjang) asked how the proposed sale would affect the affordability and availability of essential insurance products to mass consumers and small enterprises in the long term.

Ms He Ting Ru (MP for Sengkang) asked about MAS' assessment of the impact of the deal on the social mission of Income Insurance, and whether there are avenues available for policyholders to address their concerns.

👉 https://www.channelnewsasia.com/singapore/parliament-singapore-discuss-income-insurance-allianz-deal-formaldehyde-marine-parade-shuttle-bus-4526986

👉 https://www.channelnewsasia.com/singapore/allianz-plans-buy-majority-stake-singapore-income-insurance-4485141

👉https://www.channelnewsasia.com/singapore/formaldehyde-wooden-furniture-homeowners-seeking-help-sick-4475181

👉https://www.parliament.gov.sg/parliamentary-business/order-paper

----

REACH Singapore, [6/8/2024 11:35 AM]

[ Poll : 1. Which issue are you most interested in for today's Parliament sitting? 📊 ]

- Formaldehyde in paint and new furniture

- Allianz' stake in Income Insurance

- Shuttle bus services for Marine Parade residents

- Social media addiction amongst students

- Anti-Money Laundering and Other Matters Bill (Second Reading)

- Others (please share your views in the chats below)

REACH Singapore, [6/8/2024 11:56 AM]

Dear Contributors,

Please take a moment to participate in our polls 📊 and share your opinion 💭. The poll questions are pinned for easy reference, and your vote is anonymous.

We look forward to hearing your thoughts on today’s topic!

Thank you.

Megan

REACH Singapore, [6/8/2024 12:30 PM]

Dear Contributors,

We want to HEAR MORE from you!

💬 Over the course of the day, we will be sharing articles on key issues that were discussed in Parliament today. Please share with us what areas you might be interested in and let us have your views on the issues that were raised in Parliament today.

We have had good feedback from this group, and we hope that we can keep the discussion robust and active!

Thank you.

Megan 😊

John Yong, [6/8/2024 12:41 PM]

https://www.youtube.com/live/qVELRx1pLEc?si=dkQoVaOgkDuY4tFZ

John Yong, [6/8/2024 12:41 PM]

Parliament today live

Jun Ming, [6/8/2024 1:11 PM]

I am addicted to social media

Jun Ming, [6/8/2024 1:14 PM]

I always got distracted by social media like telegram and Instagram. Where telegram is essential for me for school so I can't possibly delete it

John Yong, [6/8/2024 1:16 PM]

A number of cogent points were covered in the debate on Income.

Jun Ming, [6/8/2024 1:17 PM]

Level too high for me

Jun Ming, [6/8/2024 1:17 PM]

I am also interested in anti money laundering

Jun Ming, [6/8/2024 1:18 PM]

Like crypto getting popular how to stop people money laundering using crypto

John Yong, [6/8/2024 1:20 PM]

Good point, but the execution details may not be covered in the debates. And the monitoring/ compliance details and methods will not be shared openly!

REACH Singapore, [6/8/2024 1:24 PM]

[ Poll : 1. Which issue are you most interested in for today's Parliament sitting? 📊 ]

- Formaldehyde in paint and new furniture

- Allianz' stake in Income Insurance

- Shuttle bus services for Marine Parade residents

- Social media addiction amongst students

- Anti-Money Laundering and Other Matters Bill (Second Reading)

- Others (please share your views in the chats below)

REACH Singapore, [6/8/2024 1:24 PM]

Dear Contributors,

Please take a moment to participate in our polls and share your opinion. The poll questions are pinned for easy reference, and your vote is anonymous.

We look forward to hearing your thoughts on today’s topic!

Thank you.

Megan

LCL (Danny 心), [6/8/2024 1:40 PM]

1. I am concern about Formaldehyde in paint and furniture - that will trigger cancer reaction. The smell is very strong.

2. Wonder how to monitor contractor refrain from using this agent from being imported into Singapore - through ICA - Custom and Excise?

3. Also is there any alternative to this agent?

LCL (Danny 心), [6/8/2024 1:42 PM]

I check Meta AI, it says there are many safer alternatives:-

Alternatives to formaldehyde in paint and furniture include:

1. _Natural adhesives_: Plant-based adhesives like soy, corn, or wheat protein.

2. _Water-based adhesives_: Acrylic, polyvinyl acetate (PVA), or starch-based adhesives.

3. _Solvent-free adhesives_: UV-cured or hot-melt adhesives.

4. _Bio-based resins_: Derived from renewable resources like trees, plants, or agricultural waste.

5. _Low-VOC (Volatile Organic Compound) options_: Paints and adhesives with reduced VOC emissions.

6. _Natural oils and waxes_: Used as finishes or sealants, like tung oil, linseed oil, or beeswax.

7. _Recycled materials_: Using reclaimed or recycled wood, reducing the need for new adhesives.

8. _Mechanical fastening_: Using screws, nails, or other mechanical fasteners instead of adhesives.

In paint, alternatives to formaldehyde-based binders include:

1. _Acrylic polymers_

2. _Polyurethane dispersions_

3. _Natural latex_

4. _Silicone-based paints_

These alternatives may offer improved indoor air quality, reduced environmental impact, and equivalent or better performance than formaldehyde-based products.

LCL (Danny 心), [6/8/2024 1:52 PM]

Social media addiction is not only a problem to students.

It also apply to adults.

Jun Ming, [6/8/2024 1:55 PM]

Technically everyone is a student lah adult learners also students

LCL (Danny 心), [6/8/2024 1:55 PM]

Hahaha...

Yes.

REACH Singapore, [6/8/2024 2:01 PM]

📢 Topic 📢

LCL (Danny 心), [6/8/2024 2:10 PM]

https://www.straitstimes.com/business/keeping-a-majority-stake-in-income-and-local-ownership-ideal-but-interests-not-aligned-ntuc                                                                                                                                                                                            Keeping majority stake and local ownership ideal, but Income unable to find a willing partner: NTUC.

LCL (Danny 心), [6/8/2024 2:13 PM]

"After Income-Allianz deal, more consolidation could come for Singapore’s insurance industry: Analysts.

Global investors are interested in Singapore and Southeast Asia, says one market observer."

https://www.channelnewsasia.com/singapore/income-insurance-allianz-industry-competition-4519836#:~:text=After%20Income%2DAllianz,one%20market%20observer.

LCL (Danny 心), [6/8/2024 2:22 PM]

This is a reality in the business and commercial world.

If we need others, we will have to offer a compelling deal.

Else we got no deal - and we continue to languish.

G, [6/8/2024 2:40 PM]

😂 such little faith in Singapore. Assume NTUC income would languish without selling to some foreigner. 

Leadership of NTUC income as recently as 2021 saw opportunities to expand to south east Asian markets

Current NTUC income leadership is grossly incompetent 

 https://www.marketing-interactive.com/ntuc-income-makes-first-overseas-foray-into-3-sea-markets

LCL (Danny 心), [6/8/2024 2:41 PM]

I believe you can do a better job as a ceo.

Why not offer your service?

LCL (Danny 心), [6/8/2024 2:42 PM]

I think we will be glad to hear from you how to grow income.

REACH Singapore, [6/8/2024 3:02 PM]

[ Poll : 1. Which issue are you most interested in for today's Parliament sitting? 📊 ]

- Formaldehyde in paint and new furniture

- Allianz' stake in Income Insurance

- Shuttle bus services for Marine Parade residents

- Social media addiction amongst students

- Anti-Money Laundering and Other Matters Bill (Second Reading)

- Others (please share your views in the chats below)

REACH Singapore, [6/8/2024 3:02 PM]

Dear Contributors,

Please take a moment to participate in our polls and share your opinion. The poll questions are pinned for easy reference, and your vote is anonymous.

We look forward to hearing your thoughts on today’s topic!

Thank you.

Megan

G, [6/8/2024 3:02 PM]

Do you need to be suffering from cancer before you can diagnose it?

Why do you support people/poor leadership who cannot keep simple promises and assurances?

Why do you abuse academic economics to justify people breaking promises?

Indeed you exemplify Tommy Koh's quoted warning of knowing the price of everything but the value of nothing

With their actions, NTUC enterprise already shown that they are willing to forgo promises and sacrifice their morals for the right price

LCL (Danny 心), [6/8/2024 3:03 PM]

Huh?

This is how you grow Income ah?

G, [6/8/2024 3:04 PM]

This is how not to sell the country and its assets and its trust 

Something you might not be familiar with

LCL (Danny 心), [6/8/2024 3:05 PM]

Criticise is easy.

Anyone can do it.

If you are so confident that you can do a better job calling people incompetent, then you must prove that you can do a better job - and show us how.

LCL (Danny 心), [6/8/2024 3:06 PM]

Because talk is cheap.

Action is the best - to show others your criticism can stand water.

G, [6/8/2024 3:06 PM]

You might want to run a query to Meta AI to see what lectures are available on how not to sell out your country. 

Don't need to paste the results here. Thanks

LCL (Danny 心), [6/8/2024 3:07 PM]

Else it will just be empty vessels make the most noise.

Hanny, [6/8/2024 3:13 PM]

Does ntuc income have problem selling its products? I believe it does. What is the percentage of Singaporeans that buy insurance from ntuc income? I myself don’t buy from them.  After the merger, what are the benefits to Singaporeans? Does ntuc income actually have good products? What’s the issues? Marketing? If ntuc income can better serve Singaporeans under Allianz then the merger should proceed. Gov needs to be transparent in explaining the benefits of the acquisition.

LCL (Danny 心), [6/8/2024 3:14 PM]

This is a more sensible question.

G, [6/8/2024 3:16 PM]

Your base assumption is already vastly different from mine. 

Yours is a growth at all cost, willing to forgo values, assumption.

Mine is a pro-Singapore, pro values assumption. I will not stoop to your level.

LCL (Danny 心), [6/8/2024 3:17 PM]

Unless you are a CEO and have run a billion dollars or a public listed company.

Else I won't lend credit to what you say.

LCL (Danny 心), [6/8/2024 3:21 PM]

1. Honestly, there are some good products offer by NTUC Income.

2. Example, previously they have a regular Saving Plan like Revosecure - a long-term saving plan - with regular premium e.g. 5 years premium payment, 10 years or 15 or 20 years mature.

Interest rate can go up to more than 6%.

This plan has a good % of guaranteed payout and non-guaranteed payout.

When mature, the promise payout of guarantee and non-guarantee payout are realised.

3. Recently, such regular saving plans are change - with more non-guaranteed payout than the guaranteed one.

Hence I stop buying such plan.

4. But the Gro Capita Ease single premium saving plan - is a good product but only offer quarterly.

3.38% for 3 years - with 99% of capital and interest guaranteed.

Good for wealth accumulation.

Hanny, [6/8/2024 3:33 PM]

Good products without good marketing and good salespeople will not sell.

LCL (Danny 心), [6/8/2024 3:39 PM]

1. Let us analyse the domestic landscape market of Singapore.

2. Singapore is a little red dot. The market size is very small only 5.65 million population - but relatively rich population with per capita GDP PPP of US$127,543 as per META AI pick up from Trading Economics article

3. But however, insurance industries is a very competitive industry as we can see NTUC Inocme market share - a dorminant one go all the way down to 10%.

This also happen to our other local insurers like GE, Singlife - and we can see market consolidation like acquisition by OCBC on GE and Sumitomo acquire Singlife.

Unlike banks that can easily attract deposits from customers, insurance companies rely on premium to attract capital (which is much lesser than deposits).

4. Singapore companies always face a challenge to grow because we are limited by our very small size domestic market. Once it reach a certain point, local companies no longer can grow - and need to go overseas.

5. But overseas market are very difficult to penetrate as foreign government will always protect their local companies.

6. For example, NTUC Income has managed to partners some ASEAN countries to sell our products. But how sure are we the foreign partners will push NTUC Income product?

7. Eg. when I was in SBI (an Indian bank) - they have a nice standing poster marketing NTUC Income product.

But the RM in the bank did not actively push the products.

8. So to do organic growth, is a big challenge in a small domestic market.

9. Let me quote another example, China domestic market is very big 1.4 billion population and many middle income earners. Hence most of their local companies can grow phenonmenally in size, easily billion dollars companies.

Huawei with their big capital can thus venture overseas with its sheer size, financial muscle and can attract business partners for mutual benefits that can further grow their business in overseas market.

When Huawei was sanction by US, Huawei can still rely on their mammoth domestic market and other market for growth because of their sheer size.

10. Singapore companies unfortunately don't have such advantage.

Hence to grow in size, mergers and acquisition with big foreign companies will be the fastest and surest way to grow.

11. But not all our local companies must go this way, especially strategic companies like SIA, ST Engineering Singtel, etc --- whereby we can leverage on other means to grow organically, I will not elaborate on this - as there are sensitive information.

LCL (Danny 心), [6/8/2024 3:41 PM]

Actually, NTUC income sales are quite good.

As they can grow up to $47.2 billion.

LCL (Danny 心), [6/8/2024 3:41 PM]

But difficult to grow beyond this.

LCL (Danny 心), [6/8/2024 3:49 PM]

NTUC income as insurance company can only rely on capital ie. $$$$$$$$.

No other strategic means we can exploit to make our local companies grow organically like SIA, ST Engineering, SingTel, Keppel Corporation, SembCorp etc.

It is just dumping money money money to make it grow for NTUC Income - but with a small domestic market, and overseas markets have plenty of insurance products to buy from, no guarantee that by continuing pumping taxpayers money will make it grow because what they need are customers and premium receipt - insurance products is not exactly a strategic company.

Hence NTUC Income leverage on Allianz global reach, market size, financial muscle, economies of scale and technology innovation will help NTUC Income to grow a notch up - learn their processes and technologies, penetrate foreign markets easily and grow NTUC Income business better than we do it ourselves.

REACH Singapore, [6/8/2024 4:02 PM]

📢 Topic 📢

Caleb, [6/8/2024 4:14 PM]

+1

REACH Singapore, [6/8/2024 4:29 PM]

https://www.channelnewsasia.com/singapore/formaldehyde-wood-products-adhesives-nea-studying-issue-4529006

REACH Singapore, [6/8/2024 5:04 PM]

[ Poll : 1. Which issue are you most interested in for today's Parliament sitting? 📊 ]

- Formaldehyde in paint and new furniture

- Allianz' stake in Income Insurance

- Shuttle bus services for Marine Parade residents

- Social media addiction amongst students

- Anti-Money Laundering and Other Matters Bill (Second Reading)

- Others (please share your views in the chats below)

REACH Singapore, [6/8/2024 5:04 PM]

Dear Contributors,

Please take a moment to participate in our polls and share your opinion. The poll questions are pinned for easy reference, and your vote is anonymous.

We look forward to hearing your thoughts on today’s topic!

Thank you.

Megan

G, [6/8/2024 5:09 PM]

How about formaldehyde in vaccines? 

Apparently there are studies on formaldehyde inhalation and ingestion, but not injection

https://thevaccinereaction.org/2015/11/formaldehyde-a-poison-and-carcinogen/

John Yong, [6/8/2024 5:15 PM]

Great points covered! 

#3 is very true. Pure insurance business itself has relatively low margins, long tail risk and is capital intensive.

Compared to overseas insurers Income is very small in terms of market cap. 

#5 and #6 - to add on, besides each country's wish to protect local insurance players (through licensing, legislation etc), without strong recognition in each country, for Income to sell products is an uphill task.

#9 - yes indeed domestic players may not all be scalable or 'strategic' in nature. Hence it makes sense to sell those fall into these categories. 

To me the sale seems like a win-win, 

1. Allianz gets retail networks and business platform which it lacks 

2. Income gets capital and expertise 

3. The few low-cost products are protected 

4. NTUC E still has a huge say in Income due to shareholding (albeit not a controlling stake) 

5. Pledge of SGD 100m over 10 years for low-income earners and seniors

LCL (Danny 心), [6/8/2024 5:46 PM]

Good at least some one in this group can connect all the dots and see the big picture.

REACH Singapore, [6/8/2024 6:01 PM]

📢 Topic 📢

Adam, [6/8/2024 6:02 PM]

I dont buy insurance as it feels like it take away more than im putting in. Reality is we want to take out more than we put in. Thats why there is buffet syndrome.

I aim to be perfectly healthy, so why should i subsidize people who are more likely to get sick. Even more so with whatever 100m they are pitching, where is the money coming from? Im not senior or low income so if i join whatever future scheme, am i indirectly subsidizing others. Maybe ill get my grandparents to join if the carrot is sweet. I am not that altruistic.

If prevention is better than cure, insurance has a fundamental misalignment with what is best for healthcare. Ill get insurance if they give health incentive or subsidize early screening instead of only distributing risk among the members.

LCL (Danny 心), [6/8/2024 6:03 PM]

Good observation.

Same sentiment to some of my private chatgroups on healthcare insurance.

LCL (Danny 心), [6/8/2024 6:04 PM]

But insurance companies also offer savings plan and wealth plan to accumulate wealth.

Interest usually better than bank deposit rates.

Jun Ming, [6/8/2024 6:05 PM]

Endowments

LCL (Danny 心), [6/8/2024 6:05 PM]

Yes.

Adam, [6/8/2024 6:05 PM]

But we arent talking about wealth accumulation i assume

Jun Ming, [6/8/2024 6:05 PM]

Those that use cpf to invest right don't

Adam, [6/8/2024 6:06 PM]

I dunno why evertything is lumped under insurance umbrella

Hanny, [6/8/2024 6:06 PM]

Basic insurance is still required, especially health insurance. You may not choose insurance to grow wealth, eventhough it’s possible.

LCL (Danny 心), [6/8/2024 6:06 PM]

Hmm.

Healthcare insurance is the one many people are concern about.

Other aspects are wealth accumulation.

Adam, [6/8/2024 6:06 PM]

If they allow, ill dump my medisave to endowment fund

LCL (Danny 心), [6/8/2024 6:06 PM]

Hahaha...

LCL (Danny 心), [6/8/2024 6:07 PM]

Cpf Life is gratuity wealth accumulation fund.

Hanny, [6/8/2024 6:08 PM]

You never know when you will end up in hospital. The probability goes higher as you age.

LCL (Danny 心), [6/8/2024 6:08 PM]

It is underwritten by 3 insurers.

NTUC Income is one of them.

In fact a big one.

LCL (Danny 心), [6/8/2024 6:09 PM]

But government guarantee it.

Government also ring fence it.

So very safe.

Adam, [6/8/2024 6:09 PM]

For wealth accumulation, im young and statistically, stonks will grow much more than these funds

LCL (Danny 心), [6/8/2024 6:10 PM]

Stocks is moderate high risk.

Can lose capital if not careful.

Hanny, [6/8/2024 6:10 PM]

You don’t need insurance if you decide not to go for expensive treatments when you need one.

LCL (Danny 心), [6/8/2024 6:10 PM]

Medishield good enough.

Adam, [6/8/2024 6:10 PM]

Well the alternative is your saving grow 3.5% in oa while chicken rice grow 35%

Hanny, [6/8/2024 6:11 PM]

Visit the hospital and see the people at oncology center. I have someone as young as JC students.

Adam, [6/8/2024 6:11 PM]

We need statistics. What are the current amount of policyholders in health and endowment or others in income.

Adam, [6/8/2024 6:12 PM]

I assume people think of health

LCL (Danny 心), [6/8/2024 6:12 PM]

Hahaha...

Well when I was young, I invest in stock.

I win some, I also lose some y including capitals.

Few years ago, I sell all my shares and only go for defensive financial products that come with guaranteed.

Adam, [6/8/2024 6:12 PM]

Makes sense to get more defensive as you age

Adam, [6/8/2024 6:13 PM]

Good that you rode the bull market

Adam, [6/8/2024 6:13 PM]

But i wonder whats the point of even holding the dollar as its a horrible store of value with rising col

Hanny, [6/8/2024 6:14 PM]

Most people do not live healthy lives. Enough sleep? Eat lots of vegetables? Exercise regularly? No stress?

Adam, [6/8/2024 6:14 PM]

I want an insurance plan that dun give me guarenteed money, but guarenteed bowl of chicken rice and kopi every day

LCL (Danny 心), [6/8/2024 6:14 PM]

Most important keep 2 baskets.

1. Your job that provide you good salary.

2. Invest half of your salary to passive income - guarantee safe products.

Overtime, your wealth will grow and retire comfortably.

Try not to go for high risk products.

Can burn your capital.

Hanny, [6/8/2024 6:15 PM]

I see many people lost their savings due to health issues.

LCL (Danny 心), [6/8/2024 6:15 PM]

1. Salary is to tackle inflation.

2. Passive income is defensive for retirement.

Adam, [6/8/2024 6:16 PM]

Ill only be happy after retirement then as my wealth is unlocked with my cpf. I cannot even invest in hdb as im single

LCL (Danny 心), [6/8/2024 6:16 PM]

Hmm..

LCL (Danny 心), [6/8/2024 6:16 PM]

CPF interest rate is good defensive mechanism for retirement.

Adam, [6/8/2024 6:17 PM]

Not good enough imo

Adam, [6/8/2024 6:18 PM]

If you are in your 20s, it wouldnt make sense to have a large chunk at these rates

LCL (Danny 心), [6/8/2024 6:18 PM]

Well patience is important.

I did it and it is working.

My younger folks also following my footpath.

They are satisfied.

Slow and steady win the race.

Hanny, [6/8/2024 6:19 PM]

The majority do not know how to invest. That’s a fact.

LCL (Danny 心), [6/8/2024 6:19 PM]

Their bonus also reinvested to guarantee products.

Jun Ming, [6/8/2024 6:19 PM]

Cause salary is not secured either

Hanny, [6/8/2024 6:20 PM]

How many people take the time to learn to invest properly.

Jun Ming, [6/8/2024 6:20 PM]

You see ah when you are old and retired you have no salary close to 20 years

Adam, [6/8/2024 6:20 PM]

The sad reality is most people are too poor to invest

LCL (Danny 心), [6/8/2024 6:20 PM]

Yes.

That's why government should conduct financial planning and investment in schools and universities.

It will go a long way to reassure Singaporeans.

Jun Ming, [6/8/2024 6:20 PM]

Like say you retire on 70 and you lived to 90

Adam, [6/8/2024 6:20 PM]

Is you dont have much capital, its hard to make a good choice

LCL (Danny 心), [6/8/2024 6:21 PM]

Hmm..

Important to get a steady job.

If lose one, retrained and go again.

Never give up.

Never say die.

Jun Ming, [6/8/2024 6:21 PM]

But at the age unless you are top performer and decides to go to an election if not hard to find a job

LCL (Danny 心), [6/8/2024 6:22 PM]

If passive income is steady can survive.

To supplement，take a part time or contract jobs until sufficient.

Adam, [6/8/2024 6:22 PM]

I dont see myself retiring. I see trump and biden and think for myself, if these people can run for presidency at their age, maybe i can just coast at my job in my 80s

Hanny, [6/8/2024 6:22 PM]

The best way to secure your job is to invest in yourself. Use  Skillsfuture.

Jun Ming, [6/8/2024 6:22 PM]

Yeah they can do presidency but those are like top 5%

Jun Ming, [6/8/2024 6:23 PM]

We are ordinary people

Adam, [6/8/2024 6:23 PM]

Well by the time in old i think i have more than enough passive income but job is extra

Adam, [6/8/2024 6:23 PM]

Its not like we are doing physical labor. Im also automating much of my work

Adam, [6/8/2024 6:24 PM]

I wonder if singapore will have tax on capital gains in 50 years

Jun Ming, [6/8/2024 6:24 PM]

Look at your grandparents how many are still able to work

Hanny, [6/8/2024 6:26 PM]

Most grandparents can retire by doing reverse mortgage on their house. However, they prefer to give the house to the next generation.

Adam, [6/8/2024 6:27 PM]

Wait hold it. Most of our elders live in leasehold. How can reverse mortgage. Even if pass to next gen, they want a fresh lease. At most they pass a rental property

Hanny, [6/8/2024 6:28 PM]

That lease hold is worth at least 300k

Hanny, [6/8/2024 6:29 PM]

Gov has a program for this but not many take this

Adam, [6/8/2024 6:29 PM]

Clearly there must be a reason why people are not taking it

Adam, [6/8/2024 6:29 PM]

If they can extract more wealth through other means why would they do this

LCL (Danny 心), [6/8/2024 6:29 PM]

CPF life gratuity can give up to $2,000 or more depending on brs, FRS or ers.

So $2,000 per month per person - can survive.

If passive income can bring in $1,000 a month, it is $3,000.

If take a gig job or contract job, $2,000 a month - 

In total:- $5,000 a month for old age, not bad what.

Hanny, [6/8/2024 6:30 PM]

That’s because the want to give to next gen

Adam, [6/8/2024 6:30 PM]

Are you talking about lease buyback?

Adam, [6/8/2024 6:30 PM]

Reverse mortgage is you take a loan with house as collateral right?

Hanny, [6/8/2024 6:30 PM]

Asian mentality is like that

Adam, [6/8/2024 6:31 PM]

Numbers are meaningless to me rn. Ill check it in 30 years after how much inflation

Hanny, [6/8/2024 6:31 PM]

I don’t remember the term used by HDB

G, [6/8/2024 6:37 PM]

Since when did CPF make public which organisations underwrite CPF life?

LCL (Danny 心), [6/8/2024 6:37 PM]

Do a Google search, you will find it.

G, [6/8/2024 6:40 PM]

Link?

LCL (Danny 心), [6/8/2024 6:41 PM]

Jun Ming:

Indeed a warning

LCL (Danny 心):

CPF Life is a life annuity scheme provided by the Singapore government, and the underwriting insurance companies are:

1. *Great Eastern Life Assurance Co Ltd*

2. *NTUC Income Insurance Co-operative Ltd*

3. *Singapore Life Ltd* (formerly known as Aviva Singapore)

These three insurance companies are appointed by the Singapore government to provide the CPF Life scheme, which offers a guaranteed lifetime income to eligible CPF members.

CPF Life provides a monthly payout from age 65, and the payout amount depends on the member's CPF savings and the annuity plan chosen. The three underwriting insurance companies are responsible for managing the CPF Life funds and making the monthly payouts to policyholders.

Note that CPF Life is a government-backed scheme, and the Singapore government guarantees the payouts, so policyholders can have peace of mind knowing their retirement income is secure.

Who is Singlife owned by?

HOME-GROWN Singlife will be a wholly owned subsidiary of Japanese life insurer Sumitomo Life Insurance. Sumitomo Life entered into a binding agreement to purchase all the 35 per cent shares in the Singaporean insurer held by TPG, which has been an investor since 2020, said Singlife on Friday (Dec 22).22 Dec 2023

CPF LIFE savings are also guaranteed by the Singapore Government, whereas private annuities are subject to investment market returns. 

In addition, as CPF LIFE is non-profit and administered by the CPF Board, it does not incur additional costs from advertising and agents’ commissions. 

Finally, having a large member base also means longevity risks and costs can be better spread out. 

All these factors allow CPF LIFE to provide more value on your monthly payouts and you can be more assured of a peaceful retirement.

G, [6/8/2024 6:42 PM]

This is an AI generated answer that you gave previously 

Where is it stated on the CPF website?

LCL (Danny 心), [6/8/2024 6:42 PM]

Not in CPF website.

G, [6/8/2024 6:43 PM]

So where did this info about  the 3 organisations underwriting CPF life come from?

LCL (Danny 心), [6/8/2024 6:43 PM]

CPF website

G, [6/8/2024 6:44 PM]

😂 link?

REACH Singapore, [6/8/2024 6:45 PM]

Dear Contributors,

⏰ We will be closing the chat in 15 minutes ⏰

Thank you very much for being part of our Telegram chat and participating actively.

Goodnight!

Megan 😊

LCL (Danny 心), [6/8/2024 6:46 PM]

I think you search for yourself.

I now busy

G, [6/8/2024 6:48 PM]

😂 Iasked u where is it stated in CPF website, then u say not in CPF website.

Then I asked where did the info on the 3 organisations underwriting cpd life you shared come from. Then you say in CPF website

Then I ask you for link. Then you say busy 😂

LCL (Danny 心), [6/8/2024 6:49 PM]

When I got time then I engage you

G, [6/8/2024 6:49 PM]

If what you are sharing is indeed true, and CPF didn't share such information publicly..

Is this a breach of the official secrets act?

G, [6/8/2024 6:50 PM]

Do we need to start deleting messages so that we are not found to be breaking the law?

LCL (Danny 心), [6/8/2024 6:57 PM]

Hahaha.

All public information.

OSA?

G, [6/8/2024 6:58 PM]

Then share the link lor. U asserted the 3 organisations, not me

G, [6/8/2024 6:58 PM]

.

Adam, [6/8/2024 6:58 PM]

Lol imagine reach group fetting shut down for leaks

LCL (Danny 心), [6/8/2024 6:58 PM]

Report to ISD lor.

LCL (Danny 心), [6/8/2024 6:59 PM]

Seriously report to ISD lor.

G, [6/8/2024 6:59 PM]

I even did my own search on CPF website to ascertain your claims. And the information is not there

LCL (Danny 心), [6/8/2024 7:00 PM]

I will entertain you when the right time comes.

REACH Singapore, [6/8/2024 7:00 PM]

Dear Contributors

We will be closing the chat for today.

Thank you very much for being part of our Telegram chat and participating actively.

Goodnight!

Megan 😊

====

Additional Information :-

LCL (Danny 心), [6/8/2024 8:46 PM]

https://www.channelnewsasia.com/singapore/income-insurance-allianz-majority-stake-bid-affordable-lower-income-4500661

Income will still provide affordable insurance for lower-income customers after Allianz deal: NTUC Enterprise chairman.

He reiterated that it would continue to take part in national insurance programmes in partnership with the *CPF Board*.

LCL (Danny 心), [6/8/2024 8:46 PM]

https://www.cpf.gov.sg/member/retirement-income/monthly-payouts/cpf-life#:~:text=CPF%20LIFE%20savings%20are%20guaranteed,floor%20of%204%25%20per%20annum.

*CPF LIFE savings are guaranteed by the Singapore Government*. 

Earn, risk-free interest rates of up to 6% per annum. 

Annuities offered by the private sector are subject to investment market returns. 

* Based on the interest rate floor of 4% per annum.

LCL (Danny 心), [6/8/2024 8:46 PM]

Meta AI:-

Prompt: Which insurance companies underwriting CPF Life?

Meta AI: CPF Life is a life annuity scheme provided by the Singapore government, and the underwriting insurance companies are:

1. *Great Eastern Life Assurance Co Ltd*

2. *NTUC Income Insurance Co-operative Ltd*

3. *Singapore Life Ltd* (formerly known as Aviva Singapore)

These three insurance companies are appointed by the Singapore government to provide the CPF Life scheme, which offers a guaranteed lifetime income to eligible CPF members.

CPF Life provides a monthly payout from age 65, and the payout amount depends on the member's CPF savings and the annuity plan chosen. The three underwriting insurance companies are responsible for managing the CPF Life funds and making the monthly payouts to policyholders.

Note that CPF Life is a government-backed scheme, and the Singapore government guarantees the payouts, so policyholders can have peace of mind knowing their retirement income is secure.

LCL (Danny 心), [6/8/2024 8:47 PM]

Meta AI:-

Prompt: Did cpf board do fencing on cpf life payout against private insureres.

Meta AI: Yes, the CPF Board has implemented measures to "fence" the CPF Life payouts against private insurers, to ensure that the payouts are protected and guaranteed by the Singapore government. Here are some measures:

1. *Government guarantee*: The Singapore government guarantees the CPF Life payouts, ensuring that policyholders receive their monthly payouts for life, regardless of market performance.

2. *Ring-fencing*: The CPF Board has ring-fenced the CPF Life funds, separating them from the private insurers' own funds. This ensures that CPF Life payouts are not affected by the insurers' financial performance.

3. *Capital requirements*: Private insurers are required to hold additional capital to support the CPF Life business, providing an extra layer of protection for policyholders.

4. *Regulatory oversight*: The CPF Board and the Monetary Authority of Singapore (MAS) closely monitor the private insurers' management of CPF Life funds, ensuring compliance with regulations and protection of policyholders' interests.

5. *Separate accounts*: Private insurers are required to maintain separate accounts for CPF Life funds, ensuring that these funds are kept distinct from their own assets and liabilities.

These measures ensure that CPF Life payouts are protected and guaranteed by the Singapore government, providing policyholders with peace of mind and financial security in their retirement.

LCL (Danny 心), [6/8/2024 10:23 PM]

*ChatGPT AI*

Prompt:- Did CPF throw a tender for CPF Life?

ChatGPT:- The Central Provident Fund (CPF) Board did indeed put out a tender related to CPF Life. Specifically, the CPF Board issued a tender for the appointment of an insurance provider to administer the CPF Life scheme, which was then a new initiative to provide lifelong annuities for Singaporeans. This tender was part of the effort to ensure that CPF Life was managed efficiently and could provide reliable, long-term income for retirees. The selected insurance provider would have been responsible for managing the annuity payouts and ensuring the scheme's financial sustainability.

LCL (Danny 心), [6/8/2024 10:24 PM]

*ChatGpt AI*

Prompt:- Was the tender awarded to any insurers?

ChatGpt:- Yes, the tender for CPF Life was awarded to a consortium led by Great Eastern Life and also included NTUC Income and Prudential. This consortium was responsible for managing the CPF Life annuity scheme, ensuring that it provided a reliable and sustainable income stream for retirees.

LCL (Danny 心), [7/8/2024 12:39 AM]

https://www.businesstimes.com.sg/international/cpf-members-get-higher-sum-assured-increased-coverage-dependants-protection-scheme

CPF members to get higher sum assured, increased coverage for Dependants' Protection Scheme.

CPF Board has awarded Great Eastern Life a five-year contract to administer the DPS starting from April 1, 2021. 

Great Eastern was picked through a tender process, with the insurer offering the most attractive premiums for members, the board noted.

LCL (Danny 心), [7/8/2024 12:40 AM]

"Sumitomo Life nears deal for S$4 billion Singaporean insurer Singlife".

Singlife is the exclusive insurance provider for the city-state’s Ministry of Defence, Ministry of Home Affairs, and Public Officers Group Insurance Scheme.

https://www.businesstimes.com.sg/companies-markets/banking-finance/sumitomo-life-nears-deal-s4-billion-singaporean-insurer-singlife#:~:text=Sumitomo%20Life%20nears%20deal%20for%20S%244%20billion%20Singaporean%20insurer%20Singlife

LCL (Danny 心), [7/8/2024 12:42 AM]

https://sbr.com.sg/insurance/news/ntuc-income-cover-54000-students-in-expanded-insurance-cover-scheme

NTUC Income is expanding the Income Family Micro-Insurance Scheme (IFMIS) to cover children from Ministry of Education (MOE) Kindergartens (MKs) who are under the Early Childhood Development Agency’s Kindergarten Fee Assistance Scheme (KiFAS), students in Independent Schools (ISes) who are under MOE’s Independent School Bursary (ISB), as well as students in government-funded Special Education (SPED) schools who are under the SPED FAS.

LCL (Danny 心), [7/8/2024 3:28 AM]

"NTUC 'fully backs' MediShield Life changes." https://www.businesstimes.com.sg/incoming/ntuc-fully-backs-medishield-life-changes#:~:text=NTUC%20%27fully%20backs%27%20MediShield%20Life%20changes

LCL (Danny 心), [7/8/2024 3:33 AM]

https://www.income.com.sg/PrintFaqs?productCode=incomeshield

Medishield Life and IncomeShield.

LCL (Danny 心), [7/8/2024 3:35 AM]

https://sg.finance.yahoo.com/news/careshield-life-guide-2024-most-085540075.html

You can enhance your CareShield Life protection by purchasing a CareShield Life supplement from one of 3 private insurers: Great Eastern, Singlife with Aviva or NTUC Income.