Tag: Singapore

  • Refinancing Your Home Loan To Meet CPF Minimum Sum

    Refinancing Your Home Loan To Meet CPF Minimum Sum

    Home for Danny Tay is an HDB four-room flat in Simei that he and his wife Lynette bought for S$401,000. They’ve been living there for the last three-and-a-half years and it’s also home to their young children, Thaddeus and Judah.

    Like many Singaporeans, Danny initially took up an HDB Concessionary Loan, which had an interest rate of 2.6 per cent per annum. But when the 37-year-old engineer heard about the POSB HDB loan over a year ago, he felt he would be in a position to enjoy greater savings.

    An easy decision, thanks to lower interest rates

    He decided to refinance and signed up for the POSB HDB loan, as it offered him significantly lower interest rates.

    Said Danny: “In terms of interest per year, I am saving S$1,960, thanks to the reduced interest rate of 1.8 per cent per annum from 2.6 per cent per annum^.

    “I was attracted by the guaranteed interest rate of not more than 2.6 per cent per annum for the first 10 years of the loan.”

    For Danny, refinancing with the POSB HDB Loan was a straightforward decision.

    The lower interest rates mean that Danny’s monthly repayments were reduced greatly.

    He was able to reduce the tenure of his home loan from 30 to 20 years while paying a similar amount each month.

    “I kept part of the extra savings (from the reduced monthly payments) in my CPF account to help me meet the CPF minimum sum amount.”

    Doing so also allowed him to take advantage of the higher interest rates offered by the CPF Ordinary 
Account.

    Said Danny: “If I can save S$1,960 a year, I will be saving S$19,600 over the first 10 years of the loan^^. After 10 years, about half of my housing loan should be paid up.

    “Even in a worst-case scenario in which interest rates increase significantly after 10 years, my loan amount would still be reduced tremendously.”

    Too good to pass up

    Danny was so satisfied with the savings he’s enjoying that he has shared his story with his friends.

    “I’ve recommended the POSB HDB Loan to six friends and three have signed up so far. I am glad I took up the loan early to enjoy the benefits while interest rates were low.”

    This is the eighth story in a 10-part collab­oration between TODAY and POSB. Visit 
www.todayonline.com/voices/posb to read this story online.

    ^The HDB Concessionary Loan rate is 2.6 per cent per annum at the time of publication.

    ^^POSB HDB Loan interest rates are capped at prevailing CPF Ordinary Account (OA) 
rate which is at 2.5 per cent per annum at the time of publication. Details on CPF OA rate are available on the CPF Board website.

    Deposit Insurance Scheme

    Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme member by law.

     

    Source: www.todayonline.com

     

  • 2 Germans Charged With Trespassing And Vandalism at SMRT Bishan Depot

    2 Germans Charged With Trespassing And Vandalism at SMRT Bishan Depot

    Two German men were charged this morning (Nov 22) with trespassing and vandalism at SMRT Bishan Depot earlier this month.

    Andreas Von Knorre and Elton Hinz, both 21, appeared before the State Courts and had their charges read in German through an interpreter.

    The Court heard that both men had on Nov 8, at about 2.48am, entered the Bishan SMRT Depot at Ang Mo Kio Avenue 1 without authorisation and vandalised the left exterior cabin of an SMRT train using indelible spray paint.

    If convicted, both men may get up to S$2,000 fine, three years’ jail and eight strokes of the cane for the vandalism charge, and fined up to S$1,000 and imprisoned two years for the trespassing charge.

    Both men will be remanded at Tanglin Police Division for one week to assist in investigations and reenact the scene. They will next appear in court on Nov 26 and 10am.

    Source: www.allsingaporestuff.com

  • Students Overcome Personal Adversity To Pass PSLE

    Students Overcome Personal Adversity To Pass PSLE

    What doesn’t kill you makes you stronger. For Safi Arinah Sa’ad, who survived a hit-and-run accident and brain surgery, that age-old saying is certainly true. And she has the stitches — all 29 of them — to prove it.

    During the June holidays, Safi Arinah and her family were on their way back from visiting her grandparents in Malaysia when the car they were travelling in was hit by a lorry.

    The impact of the accident flung Safi Arinah and her siblings out of the car, leaving her with a blood clot in her brain.

    One brain surgery, 29 stitches, a partially shaved head and several weeks later, Safi Arinah returned to school a week after the July term began, more determined than ever to give the Primary School Leaving Examination (PSLE) her all.

    However, playing catch-up was an uphill struggle for the West Grove Primary School student, who suffered from lingering side effects brought on by the accident.

    “Sometimes I (get) headaches (when) I’m in school, so usually my teachers understand and … (let me) take a rest for a while.

    “If I’m at home, sometimes I cannot take it, so I will take painkillers,” said Safi Arinah, who has two CCAs in Art and Brownies.

    Still, Safi Arinah pushed through with resilience and determination, sacrificing recess to revise with her teachers and staying back after school to study with friends.

    Her efforts paid off and Safi Arinah scored 204 for her PSLE. Even though the score was lower than the 220 Safi Arinah was hoping for to enter the Express Stream in Hua Yi Secondary School, the Girl Guides enthusiast and her family are happy.

    “She’s healthy; that’s the main focus of my family … That she’s healthy and she went through PSLE so she doesn’t have to repeat one whole year just because of the accident,” said Safi Arinah’s mother, Madam Siti Habsah, who works as a management support officer at West Grove Primary School.

    Another student who has overcome the odds is Muhd Khairul Irzhan Rosli. Despite being forced to miss out on kindergarten due to financial difficulties, the Huamin Primary School hockey captain — who watched his father suffer a series of heart attacks, lose his job and the family home — managed to score 255 in his PSLE and enter Raffles Institution (RI) through the Direct School Admission.

    “I came in to Pri 1 a little bit later than all the others and I also skipped kindergarten, so I (was) a little bit bumpy in my studies,” said the Huamin Primary School student.

    “Throughout Pri 6, there were a lot of times when I wanted to give up. Sometimes when I obtained low scores, some of my friends … would make fun of me,” Khairul said.

    “It would take a few days or few weeks to toughen myself up because it really hurts (when) someone makes fun of you in front of a whole group of people,” he added.

    After his father suffered his first heart attack in 2010 and subsequently became unemployed, mortgage loan arrears forced the family to sell their Yishun flat near Huamin Primary School and move into a relative’s flat in Clementi earlier this year.

    Tired from the long commute between school and his relative’s home, Khairul said it also left him with little time to study.

    However, the determined young man has risen above the adversity, making his father proud.

    Khairul’s father, Mr Rosli Rashid, said he is happy with his son’s performance.

    “I’m very happy for him. As a father, I will try to do anything I can in order for me to support whatever (my children) want to (do). I really hope my health (allows) me to work more in order to support them in their education,” said Mr Rosli, who now works as a security executive.

    Excited about starting at RI in a few months’ time, Khairul said it has been his dream since he started playing hockey in Pri 2 to enrol in that school.

    “They have a rich … hockey background, so I believe over there, the teachers and students will help motivate me to continue,” Khairul said.

     

    Source: www.todayonline.com

  • Al-Istiqamah Mosque Reopens After Upgrading

    Al-Istiqamah Mosque Reopens After Upgrading

    The Al-Istiqamah Mosque in Serangoon North is open to the public after the completion of year-long upgrading works.

    Worshippers can now enjoy more elderly-friendly features. These include the installation of a lift to service the three-storey main building and upgraded ablution areas and toilets, including the addition of anti-slip tiles.

    The mosque was upgraded at a cost of S$1.2 million and is the fourth mosque to be completed under phase 2 of the mosque upgrading programme. The mosque can accommodate up to 3,000 worshippers.

    Minister-in-charge of Muslim Affairs Yaacob Ibrahim visited the mosque on Friday (Nov 21), and said these improvements will help meet the changing needs of the Malay-Muslim community.

    “We can attract more of our elderly and also ensure that the mosque continues to be family-friendly. So I am quite happy with the development thus far,” he said.

    He also commended the Islamic Religious Council of Singapore (MUIS) and the Muslim community for focusing on the needs of the elderly and disabled.

    “I would like to thank the community for being patient and understanding. By and large, they have been very tolerant and very supportive and we have been able to fulfil this on time,” said Dr Yaacob.

    “This is a wonderful situation in Singapore where we have a close working relationship between MUIS, mosques and the community to ensure that we continue to remain relevant to the changing needs of the community,” he added.

     

    Source www.channelnewsasia.com

  • Eugene Tan: Do Away With Race-Based Annual Academic Data

    Eugene Tan: Do Away With Race-Based Annual Academic Data

    Every year, the Ministry of Education (MOE) publishes data on how Singaporean students fared in the previous year’s national examinations; that is, for the Primary School Leaving Examination, and the GCE O- and A-Levels.

    The data demonstrates the significant progress of Singaporean students over the past two decades. Last year, 95 per cent of the 2003 Primary One cohort proceeded to post-secondary education after 10 years of schooling.

    Before last year, the annual releases were titled Performance by Ethnic Group in National Examinations. They are now titled 10-Year Trend of Educational Performance. However, the data remain primarily organised and broken down according to the Chinese-Malay-Indian-Others (CMIO) racial classification.

    Raising academic standards is a collective national effort. We should not allow success or failure to be perceived in racial terms when other factors such as socio-economic status are playing a larger role.

    Such a routine public release of annual data on the major ethnic groups’ academic performances is likely to have the unintended consequence of reinforcing racial stereotypes, especially of the minority groups.

    The MOE should replace the current practice of annual reporting of such data with periodic reporting every five or 10 years. As the ministry stated in its 2014 data release earlier this month, “year-to-year fluctuations are to be expected as each batch of students is different, so it is more meaningful to focus on longer-term trends over 10 years”.

    In November 2012, I asked in Parliament whether the objective of providing feedback to the communities on their students’ academic performance can be achieved by a limited release at five- or 10-year intervals, when comparisons and analyses can be more meaningful and productive.

    The MOE’s Senior Parliamentary Secretary Hawazi Daipi replied that the annual release of data “enables the respective communities to monitor the effectiveness of their educational programmes, and recognise and celebrate their children’s achievements. There is also value in providing such information so that the community, ethnic self-help groups and the public can study the data and discuss areas for improvement”.

    If ethnic self-help groups need the information annually to assess and tweak their programmes, the MOE can easily provide the data directly to them away from the public glare. But circumspection is needed with annual data, since such programmes take time to raise academic standards and performance.

    PROVIDE DATA BASED ON SOCIO-ECONOMIC STATUS

    To be sure, the data is of some use in examining educational performance trends. Yet, in presenting trends, such data are not necessarily better if they do not provide meaningful information, and this undermines the primary purpose of releasing it.

    For example, the data show that Malay students, despite making the biggest improvement in mathematics, still do not fare as well as their non-Malay counterparts.

    In 2004, 67.8 per cent of Malay students passed O-Level mathematics. The figure has hovered at around 70 per cent since 2009. The comparative figures for Chinese and Indian students were 93 and 80 per cent, respectively, last year. But these statistics do not tell us why some groups perform better than others.

    This is not to mollycoddle some groups or to massage the facts of educational performance of the various races. Instead, greater attention and care should be put on the type and regularity of the information released, and how to release it in a measured way that will strengthen the efforts and self-esteem of groups that do not do so well.

    How about publishing data on how students perform according to their socio-economic status (using proxies such as housing types and household income), which is more relevant than race in explaining and uplifting educational performance?

    Is it not more likely the case that a non-Chinese student who needs help in mathematics would have more in common with his Chinese counterpart who also needs help in the same subject than with a fellow non-Chinese student who is doing well in mathematics?

    Research has shown that academic performance is not simply a function of actual ability. It is affected by the shared beliefs that people hold about the performance and abilities of their own and other social groups, whether it is race, religion or gender.

    Stereotypes are beliefs people have about different social groups, and how these beliefs affect our attitudes and abilities. Stereotype threat occurs in situations where people fear that their poor performance, when judged by or treated in terms of their race, fulfils a negative stereotype about their group. When people perceive a stereotype threat, they tend to underperform, thereby conforming to the stereotype.

    Context matters, too, and affects how we view presented data. We have long imbibed the dominant meritocratic discourse, which often equates academic success with one’s individual ability and effort. Hence, education successes and failures are commonly framed and seen as resulting from factors originating outside our well-regarded education system.

    The data are organised along race, but do particularistic factors such as race explain why a group lags behind academically, never mind the significant progress made?

    In educational psychology, the cultural deficit model posits that some groups underachieve vis-a-vis the dominant majority group because their culture is disadvantaged in important ways — in skills, knowledge, and behaviour — which contributes to poor school performance generally.

    At a time when the CMIO racial classification is less relevant with more inter-racial and international marriages, we must do away with racial stereotypes or notions of cultural deficits, because they undermine the very students we seek to help. Only then can our students develop to their full potential, unencumbered by the stereotypes and baggage of race, religion and language.

    ABOUT THE AUTHOR:

    Eugene Tan is associate professor of law at the Singapore Management University School of Law and a former Nominated Member of Parliament.

     

    Source: www.todayonline.com

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