Tag: Singaporeans

  • 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

     

  • 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

  • 10 Things You Might Not Know You Could Be Punished For In Singapore

    10 Things You Might Not Know You Could Be Punished For In Singapore

    SINGAPORE – Warning letters were issued on Wednesday to 14 motorists who had left their vehicle engines idling while stationary in a three-hour enforcement exercise by the National Environment Agency (NEA) in Ang Mo Kio.

    Under Environmental Protection and Management (Vehicular Emissions) regulations, it is an offence to leave the engine of a motor vehicle running when it is stationary for reasons other than traffic conditions. Those breaching the law can be fined up to $5,000.

    Here are 10 other offences you may not have known.

    1. Annoying someone by behaving badly in public while drunk

    According to section 510 of the Penal Code, whoever, in a state of intoxication, appears in any public place, or in any place which he cannot enter, and behaves “in such a manner as to cause annoyance to any person”, may be jailed up to six months, fined up to $1,000, or both.

    That’s going to be many people on a Saturday night at Clarke Quay.

    2. Annoying someone in a public place through an act, or by reciting or uttering a song with lyrics that are obscene

    According to Section 294 of the Penal Code, this carries up to three months in jail, a fine, or both.

    Now you know what to do if someone propositions you with a lewd song

    3. Sale, distribution, rental of all things “obscene”, including paintings, books, figures

    According to Section 292 of the Penal Code, the penalty is up to three months in jail, a fine, or both.

    What is considered obscene?

    According to the Singapore Statutes, the word “obscene”, is anything that tends to “deprave and corrupt persons” who are likely to see or read the materials.

    You might want to think twice about selling that old sex toy on Carousell then.

    4. Purposely obstructing a person, so as to prevent him from proceeding in any direction that he is allowed to walk in

    According to Section 341 of the Penal Code, this carries a jail term of up to a month, a fine of up to $1,500, or both.

    5. Using false weight or measure

    According to Section 265 of the Penal Code, whoever fraudulently uses any false weight or false measure of length or capacity, or fraudulently uses any weight or any measure of length or capacity as a different weight or measure from what it is, may be sentenced to up to a year in jail, a fine, or both.

    Hopefully, the vendors at the wet markets know this.

    Offences under the Miscellaneous Offences (Public Order and Nuisance) Act

    6. Your dog injuring a person

    Any owner of a dog which causes injury to any person may rack up a fine of up to $5,000.

    A leash might be cheaper than $5,000.

    7. Bathing or washing yourself in on a public road, in a public tank, reservoir, or any water body

    This will fetch a maximum fine of $1,000

    Taking a shower at a swimming pool toilet may cost less.

    8. Flying a kite that obstructs traffic on a public road

    Anyone who flies any kite, or plays at any game, or does any act which obstructs or interferes with the traffic in any public road, or the use of the wires of any telephone may have to pay a fine of up to $5,000.

    West Coast Park and Marina Barrage are good alternatives if you really would like to fly a kite.

    9. Annoying someone by making noise in any way, including by an instrument

    Any person who makes any noise ” to cause or be likely to cause annoyance or inconvenience to the occupier of any premises in the vicinity” may be fined up to $1,000.

    Does your neighbour’s bad karaoke singing at 3am count?

    10. Taking alcohol into a public hospital

    Anyone who takes or tries to take without “due permission” into any public hospital any intoxicating liquor, drug or preparation may be jailed up to two months, fined up to $1,000, or both.

    It is probably not the cure, no matter how convinced you are.

    [email protected]

    Source: Singapore Statutes Online

     

    Source: www.straitstimes.com

  • SDP Questions The Singapore Education System

    SDP Questions The Singapore Education System

    As this article is published, thousands of pupils would have gone back to school to collect their PSLE results. Some students will celebrate; others will be in tears, crushed in spirit.

    What sort of system inflicts such travesty on 12-year-olds? What sort of education do we have that treats academic performance like a trophy sport: Glory in victory and agony in defeat?

    What values are we imparting to young minds? What happens to the self-esteem and the sense of self-worth when he or she discovers that she is only a ‘Normal’ or ‘Technical’ student?

    And then they can streamed to ‘elite’ or ‘neighbourhood’ schools. The really ‘smart’ ones, who are usually also the richer ones, get extra help in independent schools and gifted programmes.

    A radio DJ yesterday had to sound this caution to pupils: “Whatever score you get, your parents love you.” What kind of society have we built where our children have to be reminded that their score in one exam does not mean that their parents hate them?

    If they don’t do well who have they let down? Themselves? Their parents? The Government?

    This subject is not just a theoretical one, good only for an academic discussion. It affects real lives:

    • 22% of Singaporean children between 6-12 yrs thought of killing themselves. (ST, Jan 2014) Sadly, many actually carry out the act.
    • The no. of children warded for “aggressive, suicidal or hallucination tendencies” at IMH jumped by 35% between 2005-2010. Mental health professionals attribute these problems to academic stress. (CNA, 2 Feb 2013)
    • One in three students say they sometimes think that life is not worth living because of the fear of exams. (FEER, August 2001)

    We must stop doing this to our children. It is not good for them, it is not good for parents, and it is not good for the future of our country. In its place, we must device a system when we educate our children to be creative, compassionate and intelligent members of society with self-confidence and a strong sense of self-worth.

    There are a few ways that we can do this and they are spelt out under the SDP education policy titled Educating For Creativity and Equality:

    1. Remove PSLE. As pointed out, the stress of exams inflict horrific psychological trauma on our children. What’s more, it is not an intelligent approach to assess the abilities of primary-school students on a single exam.

    2. Cultivate creative minds. Build confidence in children by helping them adopt an attitude of independent thinking, willingness to make mistakes, and persevere in the face of failed attempts.

    3. Reduce syllabus, broaden curriculum. The syllabi for existing subjects will be reduced while subjects such as music appreciation, speech and drama, literature, etc. as well as periods for students to collaborate and interact to develop creativity will be introduced to provide a well-rounded curriculum.

    4. Reduce class size. The SDP will reduce class size in our schools to 20 pupils/class from the current 40 to provide students the individual attention they need to succeed.

    5. Scrap school and class ranking. Comparing exam results and ranking students and classes will detract from the real purpose of education which is self-improvement and self-actualisation.

    To read the full paper with other proposals, click here.

     

    Source: http://yoursdp.org