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  • Admin Executive Paid Yearly Insurance Premiums Higher Than Annual Pay

    Admin Executive Paid Yearly Insurance Premiums Higher Than Annual Pay

    An endowment insurance plan bought two years ago by Madam Corinne Han has proved a costly mistake.

    The Prudential policy, which Madam Han, 57, bought at United Overseas Bank (UOB), requires her to pay yearly premiums higher than her annual pay.

    She told The Straits Times that her intention in visiting UOB in 2013 was to open an account and inquire about fixed deposits. Instead, she ended up purchasing the policy that came with freebies like an air-fryer and a steamer.

    Madam Han, an administrative executive with O-level education, earns about $30,000 a year, but the policy requires her to fork out an annual premium of $40,000 for five years, translating to total premiums of $200,000. So far, she has paid $80,000.

    Back in 2013, when she visited UOB, she had $350,000 on hand due to a divorce settlement.

    But after accounting for legal fees and loan payments, she would be left with about $100,000, insufficient to pay for the total premiums of $200,000.

    As she was staying with her mother at the time, she rented out three rooms in her HDB flat. This gave her a combined monthly rental income of $2,000 in 2013. It has since dropped to about $1,000.

    This is how the PruSave Max Limited Pay plan works.

    At the end of the 10-year maturity period, Madam Han is projected to receive a maturity benefit of $236,000 – that is, a potential gain of $36,000 – if Prudential can earn 4.75 per cent on its investments.

    By then, the value of the accumulated premiums, based on the illustrated rate of 4.75 per cent, would have grown to $291,172.

    However, the “Effect of Deduction” (EOD) would amount to about $55,000, which leaves a non-guaranteed maturity sum of $236,000 to Madam Han. The EOD – which is due to Prudential – includes the cost of insurance, distribution cost, expenses and surrender charge.

    If Prudential’s investment return is 3.25 per cent, the maturity benefit is projected to be $217,768.

    However, both the projected maturity figures of $236,000 and $217,768 are non-guaranteed.

    The figures are used by the insurer for illustrative purposes, something that may be the source of confusion as the maturity benefits may be misconstrued to be between these two rates of returns.

    The figure that is guaranteed, as indicated in the policy’s benefit illustration, is actually $181,000 – a sum that is lower than the total premiums Madam Han would have coughed up for the plan.

    The plan she has comes with a death benefit of 105 per cent, which means the policy provides negligible protection.

    Endowment plans typically are savings plans that come with insurance protection which, in this case, is nominal. Customers pay premiums over a fixed period and, typically, a small portion of the premiums is deducted to pay for insurance cover. The rest is invested. So most customers would expect to get their money back, plus interest, when the endowment policy expires.

    “I didn’t know that I may get back less than $236,000, which I believed was guaranteed,” says Madam Han.

    The policy documents state that it is not a savings account and that the actual benefits are not guaranteed.

    There is still the question of how Madam Han ended up buying this plan.

    After paying for two years, she now faces financial difficulty in paying future premiums. UOB has informed her that the annual premiums could be reduced, but she would have to forgo the excess premiums that were paid in the first two years.

    This means that if she pays a reduced annual premium of, say, $20,000 for the remaining three years, she will forgo the excess $40,000 that was paid in the first two years.

    Madam Han has complained to UOB and wants to surrender the policy and recover her premiums.

    A UOB spokesman told The Straits Times: “We will be arranging a meeting with Madam Han to clarify and address the matter with her.”

    Madam Han has four children, aged 20 to 27. Two of them have not completed their formal education.

     

    Source: www.straitstimes.com

  • Singapore Ambassador-At-Large: Scrapping CMIO Race Categories ‘May Spark Unease Among Minorities’

    Singapore Ambassador-At-Large: Scrapping CMIO Race Categories ‘May Spark Unease Among Minorities’

    Suggestions to scrap the traditional Chinese, Malay, Indian, Others (CMIO) categorisation may seem viable to young Singaporeans, but it would spark unease among the minority races even today, believes Professor Chan Heng Chee.

    “The majority community doesn’t feel uncomfortable. It’s (with) the minority community (where) you have to keep emphasising it’s equal language, religion, culture (and) race,” the Ambassador-at-Large at the Ministry of Foreign Affairs said yesterday (Oct 4).

    “Every race has the same standing. It is very important going forward.”

    Speaking at the Community Leaders’ Conference, Prof Chan, who was Ambassador to the United States for 16 years, added: “There’s a supra-ethnic identity we all share — we’re CMIO Singaporeans.”

    This umbrella identity is created through housing, education and National Service policies, she pointed out. Singlish, for instance, is a unifying variant of English.

    Taking a question from the floor on youths growing increasingly distant from their roots, Prof Chan acknowledged that young Chinese Singaporeans, for instance, would be “far less Chinese” than their elders.

    But, the CMIO categorisation remains a “signal”, offering assurance to other races that their place in society has not been threatened. A new challenge to preserving racial and religious harmony, however, comes from the inflow of foreigners, she said.

    “Some people say … we’re Singaporean Chinese and they’re PRC (People’s Republic of China) Chinese, Hong Kong Chinese, Taiwanese Chinese. The rift is there,” she added.

    Drawing on her experience in the US, Prof Chan pointed out that while Singaporeans complain about the accents of foreigners, the Americans do not. “The Americans don’t say, ‘You’re speaking Singlish. You’re not one of us,’” she said. “The challenge for us in Singapore is: How do we integrate the new citizens who’ve become part of our ethnic groups, and how do we make them feel Singaporean?”

    Time could be a solution, she suggested. Over time, new citizens would pick up the values here, although she noted that the emergence of social media means they can also keep abreast of news and happenings in their hometown, which could impact integration.

    Should they stick out as a separate community, it could lead to “new cleavages” in society, she said.

    Another participant asked about the increasingly diverse slate of religions in Singapore, and if that changed the “balance” between racial and religious harmony.

    Agreeing that there was increasing religiosity, Prof Chan said: “How do you make sure it does not attack another religion? … This is something that we have to watch out for.”

    She added: “I’ll be quite frank here … it’s live and let live with LGBTs (Lesbian, Gay, Bisexual and Transgender), but it’s going to get more difficult because religious groups have attitudes. But, LGBTs are Singaporeans. How do you deal with that?”

    As for the school environment, the splitting of classes according to pupils’ mother tongue could lead to a situation where students interact primarily within their own races, said Prof Chan.

    “When all those who study Chinese are put in one class, so that their subjects make it easier for them to move around, you only have Chinese friends in your class … I think we could try to change some of that.”

     

    Source: www.todayonline.com

     

  • Parramatta Shooting – Australian Police Search Mosque In Shooting Investigation

    Parramatta Shooting – Australian Police Search Mosque In Shooting Investigation

    The Parramatta Mosque has been searched, a senior police source has told the ABC, as investigations into Friday’s fatal shooting of a civilian police force employee continue.

    Farhad Jabar Khalil Mohammad, 15, shot and killed 17-year police force veteran Curtis Cheng at close range outside the Parramatta police headquarters.

    A senior police source told the ABC Farhad attended a mosque shortly before the shooting.

    The mosque believed to have been searched overnight is a few blocks away from the site of the shooting that killed Mr Cheng, 58, as he left work at 4:30pm on Friday.

    A senior figure at the Parramatta mosque has confirmed that police searched the mosque to look for a black backpack which they believe Farhad used to carry the gun he used to kill Mr Cheng.

    Police said the warrant was undertaken by arrangement with leadership at the mosque, who gave their full assistance to police.

    Earlier, a police source said the teenager had been armed with a revolver and did not know Mr Cheng.

    After shooting Mr Cheng, Farhad fired at officers who emerged from the building to respond to the incident, but was killed when special constables returned fire.

    Earlier, senior law enforcement sources said it appeared the teenager had acted alone.

    “The people there (at the mosque) went looking for him after prayer,” one source said.

    “There is a fair bit of information that he acted alone.”

    They said after prayer he changed into a black robe.

    Neil El-Kadomi from the Parramatta Mosque said Farhad visited the building in the past on occasion but he did not know him by name.

    “Because he was very quiet nobody noticed him,” Mr El-Kadomi said.

    “He’s not known in the mosque. He came to the mosque to heal himself before he did the crime, which is wrong.”

    Mr El-Kadomi said the mosque had nothing to do with the shooting and did not condone it.

    “The boy, he did it alone. He died and his motive died with him,” he said.

    “You have to be an active person in society, you have to join others in building Australia.

    “So, we don’t agree with what happened in Parramatta.

    “We’ve got nothing to do with it and I hate the linking of the mosque with the crime.”

    Shooter’s relative tipped off police

    The ABC was told by a senior police source that it was the older brother of the Parramatta shooter who tipped off them off about the identity of Farhad.

    It is also understood Farhad’s sister Shadi went missing on Thursday and flew out of Australia on a Singapore Airlines flight bound for Istanbul, and may be attempting to reach Iraq or Syria.

    Her family told police she had taken all her belongings.

    Police searched Farhad’s North Parramatta home and confiscated computer equipment.

    ABC’s police source said the youth had been “carrying on” outside police headquarters for a few minutes before the shooting.

    “He drew attention to himself to the extent some people caught it on their iPhones,” they said.

    The gunman walked past a plain clothes female detective.

    “She was wearing a business suit and she wasn’t carrying a gun,” a source said.

    “This poor bloke [the victim] was apparently the first one to walk out of the building — he had a connection to the police force — that was it.”

    Foreign Minister Julie Bishop said Prime Minister Malcolm Turnbull and NSW Premier Mike Baird have been holding talks with Muslim community leaders following the shooting.

    Ms Bishop said the issue of radicalisation must be addressed.

    “So we’re certainly reaching out to the leaders of the Muslim community … but working with the families at a grassroots local level … it’s the families that will be a frontline of defence against radicalised young people … so we will be working very closely with them,” she said.

    The ABC’s Fran Kelly told the Insiders program that a phone hook-up between “the Premier, the Police Commissioner and the Prime Minister with seven or eight members of the Muslim community” took place last night.

    She said Mr Turnbull used the phone call to convey the message that “we have a remarkably cohesive society, respect is key to that and [urged] everyone to work together to expose preachers of hate”.

    The ABC understands the community leaders were impressed by the move and communicated their willingness to work with governments. One leader said the conversation reset the relationship.

    Muslim community leaders said they were shocked by the tragic shooting of Mr Cheng.

    They called for more to be done to stop extremist leaders from recruiting vulnerable youths.

    Sydney Muslim community leader Ahmad El-Hage said the Government only acted when extremist thoughts turn into acts of violence.

    “And we tell them this is not correct we need to act way before that,” he said.

    Mr El-Hage said the Government needed to focus on the extremist leaders rather than the young people they target.

    Youth worker Sheikh Wesam Charkawi, who works with high school boys to counter radical ideas, said the acts of one person should not reflect upon the broader Muslim community.

    He also said some of the youth he worked with feel marginalised.

    “Some of them in their families feel that there’s a disconnect, some of them come from broken families and so there is an array of issues that can lead to criminality,” Mr Charkawi said.

    He said despite youth being impressionable and often naive, nothing could justify what the shooter did.

    Relative known to police and counter-terrorism authorities

    As part of their investigation, police are now trying to trace the ownership and history of the revolver used by Farhad in the attack.

    The ABC has been told the youth had never come to the attention of police.

    “We don’t know anything about him,” the source said.

    But it is understood a relative was known to law enforcement or intelligence agencies.

    “[The relative] was a bit of a problem, he did come to the attention of police and counter-terrorism [authorities],” a source said.

    One source confirmed the teenager was a Sunni Muslim who was born in Iran.

    He said he was of Iraqi-Kurdish background and may have been a refugee.

    “It is interesting he is a Kurd, the Kurds are among those bearing the brunt of ISIS, it doesn’t make any sense,” the source said.

     

    Source:www.abc.net.au

     

  • MENDAKI Starts New Fundraising Drive For Education Trust Fund

    MENDAKI Starts New Fundraising Drive For Education Trust Fund

    The Council for the Development of Singapore Malay/Muslim Community (MENDAKI) is starting a new fundraising drive for its Education Trust Fund (ETF).

    The target is S$12 million. There is currently S$6.4 million in the fund, which provides financial assistance to students from low-income Malay-Muslim families. About 67,000 students have benefitted from the fund so far.

    At an appreciation lunch for MENDAKI partners on Saturday (Oct 3), Minister-in-charge of Muslim Affairs Yaacob Ibrahim, who is also chairman of MENDAKI, called on about 250 partners to join him in a fundraising project to raise, or even surpass S$12 million.

    The initial amount of the ETF was S$12 million, when it was first introduced in 2002. The money was raised by the fundraising committee led by the late Mr Abu Bakar Maidin, a social work veteran.

     

    Source: www.channelnewsasia.com

  • Woman Posed Nude In Singapore Flyer Capsule In Broad Daylight

    Woman Posed Nude In Singapore Flyer Capsule In Broad Daylight

    Dear Editors,

    A woman stripped and posed nude in a capsule of the Singapore flyer. She also uploaded her nude photos online and they found their way to some local forums.

    Here is the censored photo:
    https://scontent-sin1-1.xx.fbcdn.net

    Here is a photo of the Singapore flyer’s empty capsule for comparison, so you know it is the real Singapore flyer she’s in:
    https://upload.wikimedia.org/wikipedia

    Should this nudist woman be arrested for indecent exposure of her body?

    Eric
    A.S.S. Contributor

    Source: www.allsingaporestuff.com

     

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