A case for increasing welfare spending for the 700,000 poor elderly folks

CPF sent me a birthday greeting a few days ago and reminded me: “Don’t forget to review your finances and plan for your next milestone. With careful planning, you will move ever closer to your financial and life goals.”

I took out my calculator and did some number crunching.

I managed to have the “minimum sum” but 50% was in the form of the pledge of the value of my HDB flat. Therefore, the estimated monthly amount i can expect to receive when i reach 65 is about $500 to $600 – or about 50% of what is a decent living expenses in Singapore in a recent survey and if this place can maintain zero inflation for the next 5 years – quite a gloomy picture.

Then I was reminded that I am better off than 70% of the population. Didn’t they unashamely reveal that more than 70% of those reaching 65 years would only have less than $350 a month? Why are our contribution of making the place from a swamp to today’s metropolitan not recognised? Where is the wealth we created from a land price of a few cents to today’s HDB $400+ per sq foot? How can I be proud to be a Singapore citizen?

How to ask my next generation to defend something which become zero value in 30 to 40 years time? The flat which I used a large part of my CPF life savings to pay for. Fortunately, we still have some time to figure out out how to accrue the value creation and appreciation of land value to the individual household than to be surrendered to the government coffers. But right now we deserve a decent living standard.

Therefore, I propose that whoever wants to be the government, they must consider introducing a state pension to supplement the current retirement inadequacy of the population.

I would propose that every citizen receive a state pension of $500 per month from the age of 60 to 80 – We can well afford it and don’t let the politicians and the psuedo economists tell you otherwise.

We have about 700,000 people in this age group. That means a annual budget of $4.2 billion – about 5% of our current national budget. We have surpluses of about $10 billion for the last few years. That means that we are over taxed not because the government is efficient or prudent in the spending. If fact, we are over paying the monkeys that they have become fat cats!

In perspective, we allocate 30% of budget to defence. Defence is but an insurance program from my perspective and i would not consider spending more than 10% of my income to buy insurance. A PAP government plans to increase gst by 2% (i.e. a 28% increase in GST receipts – projected to be about $4 to $5 billion dollars). While we concede to be taxed more, we must demand that our welfare is better taken are off.

More importantly, the $500 per month means a direct injection of $4 billion into our local business economy. I can bet you to the last dollar that no one in the 70% receiving less than $350 is going to splurge on a cooking class in France or to dress up so that they could be on par with CEOs! What is likely to happen is that when the hawker raises the price by another 30 cents we wont have MPs pretending to represent the plight of the no wage and low wage people.

 

*Facebook post by Tan Tee Seng.

 

 

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11 Responses to “A case for increasing welfare spending for the 700,000 poor elderly folks”

  • Bernard:

    Talk no more. VTO to attain yourself dighity, decent living, happiness and importantly, the survival of your future generations. You continhe to live in fear; be a slave and feed the inward looking scumbags, not even God can help you.
    Thank you

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  • patriot of TUMASIK:

    Can you IMAGINE what 4B can do for the Party and its Cronies???

    Why waste it on silly old people happy to receive their GST vouchers and Pay it Back with the increased cost of living…the silly old farts are happy to have their hawker centre food…why give them a Restaurant Meal???…

    Our Needs & Lifestyle for our Elite families are More IMPORTANT than a bunch of silly old goats…

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  • Diu Niah Seng:

    Monkeys will not change their arse-scratching habits.. And especially those shrouded in white & scratching one another as if none of other mammal’s business.. Just watch out & safe guard your own banana, don’t let the white monkeys see & even snatch it away from you okay?

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  • oxygen:

    EQUITY DEMANDS so.

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  • TruBlu:

    Yep,more needs to be done for our poor n needy especially older sgs n jobless.

    Cut down on ostentatious.
    Much can be saved n re-allocate to assist our needy sgs.

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  • Just Like HK Young:

    It was reported that one of the reasons for the frustration of the Hong Kong protesters is that they cannot afford to buy a flat cos it is too expensive.

    They are angry that their government only take care of the rich and the property developers. Some of these rich bastards own multiple properties.

    Same with Singapore where the Ministers and senior civil servants are paid million of dollars salary and there are people living in void decks or tents at Changi beach. Its time to get rid of these greedy people.

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  • Fake news:

    “We have surpluses of about $10 billion for the last few years”

    Mr Tan propagating fake news.

    Prist hoh, Sg govermen very rich one. $10 billion surplus is an insult to their performance.

    The true surplus is $50 to $100 billion a year.

    Don’t believe? Just ask KJ. Or read up yourself lah.

    Why simply take governmen numbers reported in Parliament? Even a bigshot there already told you not to believe every word they say!

    The surplus can give every sinky $10,000 from age 0 to age 99 a year, every year.

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  • pap clown gone ballistic:

    How to ask my next generation to defend something which become zero value in 30 to 40 years time? The flat which I used a large part of my CPF life savings to pay for.

    you are probably the earlier generations who bought HDB rental lease at reasonable rental rates.

    during goh chock tong and subsequent, HDB rental leases are pegged to private prices so much so current 70% sheep who buy, and their subsequent offsprings who buy, are harder hit.

    70% sheep forgets. HDB rentals are for citizens. cannot have land costs, which is negligible for state, be priced into public housing rentals?

    70% sheep can correct for this pap wrong by voting OPPO.

    worse, CPF is compulsory pension. yet investment gains from CPF pensions are not returned to 70% sheep, but only at 2.5% and 4.0%, and pap talks like it is doing 70% sheep a favour by not returning but rather by keeping the rest of the CPF investment returns.

    imagine 70% sheep CPF returns are at the true 6% to 8%, and not the fake 2.5% and 4%, how much less stressed financially they are at age 55 and above.

    70% sheep can correct for this too, by voting OPPO.

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  • James Lee:

    Well said!!!
    However, more can be done by the government of the day to help boost the standard of living of those GPs and MGs who are living “mouth to hands ” by implementing without any further delays the following measures:-

    1)Provide without conditions,free basic hospitalisation and health care to all PGs and MGs. The government can save on subsidies and medisave top ups.The moneys in the medisave accounts of these senior averaging S$40,000 can therefore be released to meet their retirement needs.

    2)Pay to all these seniors a monthly sum of S$500/=

    3)Issue free Singapore Passport to all seniors.

    Please do the needful before its too late!!!!

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  • bloodsucking parasites:

    ever increasing electric gas water food n medical costs..
    kbw just announced public transport fares going to be reviewed ….AGAIN!
    he cited operational costs.
    how much more can the ordinary sg take ??
    @!#$%*&??

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  • Moral counsel for the rich:

    “O people of faith! Give of the good things which you have earned, from what We have produced from the earth for you. And never intend giving what is inferior from it, which you yourselves would not accept other than with eyes closed. Realize that your Lord Creator is Bounteous, to Whom all praise is due.”

    [al-Quran 2:267]

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