Rilek1Corner

Tag: CPF

  • Commentary: Vote Wisely In The Next Election

    Commentary: Vote Wisely In The Next Election

    The train collision marked a new low for SMRT and our Nation. Louder comes the call for heads to roll from the very top. What is at the root of the SMRT failures?

    SMRT is a corporation (private) that is owned by the Government. Supposedly, this model of corporatizing public services serve to benefit all stake holders. We hear this idealistic scenario again recently in Parliament, when Mr Khaw Boon Wan made the same points in response to questions. But have all stakeholders benefited as claimed or only their select few?

    A private corporation exist for profit while a public service exists to serve the public. So there is a fundamental problem to begin with when the Government decides to run public services like a business. Try as you will but you cannot have the cake and eat it too.

    After more than 50 years of running the country like a business against all wisdoms cautioning the dangers of profiting off public services, Singaporeans are witnessing the inevitable happen. The so-called efficiency comes at a huge expense to the public. When public officers meant to serve public interest failed their fiduciary duties as the structure of check and balances are compromised by colluding conflict of interests producing a public/private self-serving mess that we now inherited.

    When the next election comes, we must correct this by voting our rights to take back this Nation and stop their failed projects (HDB, COE, ERP, CPF, 6.9 Million people, etc.) on their tracks.

     

     

    Source: Damanhuri Bin Abas

  • Osman Sulaiman And The State Of Affairs In Singapore

    Osman Sulaiman And The State Of Affairs In Singapore

    1. We were promised Swiss standard of living. Instead we got the most expensive city to live in.

    2. We were promised equality, instead we thrive in elitism.

    3. We were told that our nation is built on meritocracy, instead we are ranked 5th in Crony Capitalism Index.

    4. We pledged to build a democratic society but instead we got an autocratic government.

    5. We spent billions of taxpayers money to increase productivity, but instead these measures are counter productive when we flood our workforce with cheap foreign labour.

    6. We planned for a long term sustainable economic growth, but instead history has shown that our economic growth model is nothing meaningful except to increase our population digits by granting new citizens.

    7. It is our objective to reach the world cup by 2010, but instead we are 7 years late and our football association is in the doldrums.

    8. Our gov pledged no one will be left behind but today, many are slipping through the cracks with reportedly high numbers of citizens seeking assistance.

    9. We were told that our CPF can be withdrawn at age 55 with a minimum sum of $30,000. Throughout the years, the goal post has been shifted many times and today, the minimum sum stands at $161,000 at age 65.

    10. We pledged to transform our country for the better, but today, we keep electing the same leaders expecting a different result.

    Be the change you wish to see.

     

    Source: Osman Sulaiman

  • SDP: We Repeatedly Warned About UBS Investment

    SDP: We Repeatedly Warned About UBS Investment

     

    The recent announcement that the GIC stood to lose in excess of $5.6 billion comes as no surprise. The Swiss bank had been plagued with problems and the SDP had warned on at least five separate occasions against the GIC investing in it.

    1. As early as 2009, the SDP warned:

    “Either Dr Tony Tan (who was the GIC’s executive director then) knew about the developments and problems that UBS was facing and chose to ignore them, or he had no clue that trouble was brewing in and around the bank. Which is worse?” (link)

    2. We repeated the warning one month later:

    “The GIC put in US$10 billion into UBS which later announced a US$19 billion write-down. UBS admitted to helping to defraud the US Government and was made to pay substantial amounts in fines. Is this how our best and brightest in the Government practice due diligence?” (link)

    3. Dr Chee Soon Juan cautioned a third time that year:

    “The latest revelation is that Citi, UBS, Merrill and Barclays had all invested in the Bernie Madoff scam. Mr Madoff ran the biggest Ponzi scheme in corporate history and duped his investors to part with nearly US$50 billion of their money. In fact UBS is being sued in France by a wealth management company for its involvement in the Madoff madness.” (link)

    4. When UBS got into further financial trouble in 2010, the SDP again sounded the alarm:

    “But instead of learning from its mistakes, Mr Ng Kok Song (then GIC’s Chief Investment Officer) doubled down and said in 2009 he that he still had ‘confidence’ in the ‘long-term prospects’ of the investment. This confidence seems quite misguided.” (link)

    5. In 2011 during the Presidential Election, we raised the matter yet again:

    “Either (candidate) Dr Tony Tan knew about the developments and problems that UBS was facing and chose to proceed by putting money into it anyway, or he had no clue that trouble was brewing in and around the bank. Whichever it is, the incident does not back up Dr Tan’s boast that he is the experienced guardian with the ability to, in his words, see ‘the dark clouds over the horizon coming on.’” (link)

    These warnings, however, fell on deaf ears as the GIC continued to pour money into the troubled bank only to belatedly cut its losses 10 years later.

    The recklessness and incompetence of this government has resulted in a massive loss of billions of dollars of the people’s money. As Chairman of the GIC, PM Lee Hsien Loong cannot remain silent on this matter.

    A public inquiry is wholly appropriate and necessary at this juncture.

     

    Source: http://yoursdp.org

  • Damanhuri Bin Abas: Singaporeans Cannot Take Back CPF Likely Because Money Disappeared Through ‘Brilliant’ Investment Decisions (GIC)

    Damanhuri Bin Abas: Singaporeans Cannot Take Back CPF Likely Because Money Disappeared Through ‘Brilliant’ Investment Decisions (GIC)

    People should be very very very angry about this. Why not!!! We are told we cannot take back our CPF when we all know now most likely it is because they can’t honour our money since many have disappeared through brilliant investment decision by this million dollar led financial maestro.

    A pastor went to jail for $40 million financial mismanagement and we become all righteous criticising his dishonesty yet silent and tolerate worst abuse of power. We demand accountability from WP for APHTC over peanuts compared to far humongous public money thrown away as cheap lunches. Lets make it right Singapore. Demanding accountability from our government is our right and duty in a democracy. The only language that they will listen is through the ballot.

    We may have this opportunity come September in the upcoming Presidential election and we pray and hope our Courts will act justly to allow Dr Tan Cheng Bock to contest and if Mdm Halimah is the government’s candidate we may have a break via a GRC by-election for MYT to put 4 SDP candidates into parliament to make those Ministers sweat and work hard for their lunches instead of simply taking away ours.

     

    Source: Damanhuri Bin Abas

  • If You Are Thinking About Becoming A Full-Time Delivery Rider, Read This

    If You Are Thinking About Becoming A Full-Time Delivery Rider, Read This

    If you are a delivery rider, you should read this

    It is not uncommon for full time delivery riders to pull in $3000-$4000 a month on 12 hour shifts (daily). Even Uber / Grab drivers get to earn about $5000-$6000 per month (gross).

    For some, this is more than what some of our peers earn in their office or F&B jobs.

    Coupled with the flexible working hours, it makes this option extremely attractive.

    If you intend to be a full time delivery rider / uber / grab driver, please be aware of two very important facts.

    First: You do not get the benefits that an employee has.

    There are no employer’s CPF contribution, medical benefits, paid annual leave or work injury compensation. No CPF means problem getting a house. No medical benefits means no pay if you fall sick. No compensation means, you pay out of your own pocket of you get into an accident.

    Second: There is no upskilling.

    You ride and ride. You drive every day. There is no incentive for you to upskill. It’s a dead end job. Going to courses will actually take your time away from the road which means less income for you.

    In my honest opinion, these jobs are only good for extra money or for a temporary period. If you think about making this your lifelong career, see my two points above and think again.

    I think working at McDonalds got more career prospect.

    https://www.mcdonalds.com.sg/careers/ 

    All the best bro.

     

    Source: www.thoughtssg.com