TR EMERITUS

WP held its Conference of Organisers at its party HQ yesterday (27 Jul) with some 70 cadre members attending. Ms Sylvia Lim and Mr Low Thia Khiang have been re-elected as Chairman and Secretary-General respectively: Chairman: Ms Sylvia Lim Swee Lian, 49 Secretary-General: Mr Low Thia Khiang, 57 The following 12 members were elected to WP's Central Executive Council (CEC): Mr Chen Show Mao, 53 Mr Muhamad Faisal bin Abdul Manap, 38 Mr Gerald Giam Yean Song, 36 Dr Daniel Goh Pei Siong, 41 Ms Lee Li Lian, 36 Mr Png Eng Huat, 52 Mr Mohammed Rahizan bin Yaacob, 58 Mr Pritam Singh, 38 Mr L Somasundaram, 51 Mr Dennis Tan Lip Fong, 43 Dr John Yam Poh Nam, 52 Mr Yee Jenn Jong, 49 Mr Chen Show Mao, Ms Sylvia Lim, Mr Low Thia Khiang, Mr Muhamad Faisal Bin Abdul Manap and Mr Pritam Singh are currently MPs for Aljunied GRC. Mr Png Eng Huat is the MP for Hougang while Ms Lee Li Lian is the MP for Punggol East. Mr Gerald Giam and Mr Yee Jenn Jong are NCMPs. Among the new faces are Dr Daniel Goh, 41, an associate professor of sociology at the NUS and shipping lawyer Dennis Tan, 43. Both were introduced at the Punggol East By-Election last year. Newly elected members include Mr L Somasundaram and Dr John Yam, who were fielded as candidates in the 2011 general election. Mr L Somasundaram is a polytechnic lecturer who contested in Moulmein-Kallang GRC in the last GE. Leaving the council are Ms Frieda Chan, Ms Glenda Han, Mr Koh Choong Yong, Ms Ng Swee Bee, Ms Jane Leong and Mr Toh Hong Boon. In a Facebook post, Ms Han wrote that her decision not to run this year was not an easy one, but "after being in the council for eight years, I decided to step down this term to not only make way for new blood but to also focus more on my new family unit, especially my newborn son". She married South African music director Matheu Kieswetter last year. WP Chairman Sylvia Lim told the reporters that the election had been "fiercely contested". She added there was "continuity" as only two new members were brought into the council this time. She said, "It was a fiercely contested CEC election, with many people putting themselves up for election. So I would think that this is part of the democratic process and we are glad. The cadres have made their decision and we are going to move forward... On the whole, it went smoothly." Party sources said that while the two top leadership positions were not contested, more than 20 people vied for the other 12 spots on the council. Mr Chen received the most number of votes, as had been the case in the last conference in 2012. Ms Lee and Mr Singh were also said to have done well. The new council has a two-year term and is expected to be the one leading WP into the next GE. Asked if she was confident of the team's ability to do so, Ms Lim said, "There's no reason for me not to be confident. I've known them for quite a while... they are not new entities."    Read More →

After Raymond's kids moved out to set up their own homes, he decided to downgrade from his landed property and move into a small condominium unit with his wife.  Maintaining his own house was getting to be quite a chore for his creaking bones. The extra money would make retirement a bit more pleasant, as it was tiresome being asset-rich and cash poor. Although he had no fixed income, the Annual Value (AV) of his property probably resulted in his receipt of $100 per annum for the 5-year Medisave Top-Up a.k.a. "Benefits from Budget 2014". That's less than $10 per month. Lim was retrenched at age 58, and never managed to secure steady employment since. He decided to sell his 3-room flat and move in with his daughter as she has only one child, and there was an extra room. The proceeds from the sale should take care of the evening years for him and his homemaker wife. The son-in-law was never excited about Lim's retirement plans, and would express his unhappiness every so often. Since he is now asset-less, Lim was entitled to $200 for his 5-year Medisave Top-Up, plus his $250 (GST Voucher-Cash) and $250 (GST Voucher-Cash: Seniors' Bonus): The irony is that Raymond had been a life-long supporter of the current regime, and had always been voting for the "correct" political party. A civil servant from first job to retirement, he felt short-changed. Lim was one of those embittered uncles who would rant to anyone within hearing range of his "kopi-tiam kakis". You would too, if your private sector career was ruined by a cheaper foreign talent import. Besides going on about the evils of GST, he is equally vocal about CPF Life and the Minimum Sum. The Permanent Secretary (Finance)(Performance) who signed off the GST Voucher letter wrote: "We hope that this letter has been written in a way that is clear to you. If not, please let us have suggestions on how to improve this letter at [email protected]." What is clear is that GST is still regressive, with or without the "permanent" GST rebates. One suggestion is to bring the letter to the smallest room in the house. First it is in front of you, then it is behind you, then flushed away with a copious amount of water.   Tattler * The writer blogs at http://singaporedesk.blogspot.com/    Read More →

I am reaching 55 soon and the withdrawal of my CPF is a key concern for me.  It was common for people in the last generation to retire when they reach 55. I know an ex-civil servant who was wise (or lucky) enough not to be CONned into converting from the pension scheme to the CPF scheme (http://singaporemind.blogspot.sg/2011/04/pap-has-lost-moral-high-ground.html). He has been drawing on his pension allowance of about $1400 for the last 24 years. In the initial years, this amount was enough for both husband and wife but is barely sufficient today even with monthly allowance given by their children. Our current CPF Life scheme needs us to set aside $155,000 for retirement and then get paid about $1200 each month from 65. This amount is certainly not enough in 10 years' time. It will be even worse for the majority who do not meet this minimum sum. The low wage workers who are looking forward to get their CPF will only be able to get up to $5000 as shown in the CPF website FAQ. How much can I withdraw from my CPF Account when I turn 55 years old? You can withdraw the balances in your Special Account and/or Ordinary Account as well as the amount in excess of the current MMS in your MA after setting aside the MS in your RA. If you are not able to meet the full MS or current MMS requirements, you can still withdraw up to $5,000 of your CPF savings. Here are some examples on the computation of CPF withdrawal. Use the CPF Withdrawal Calculator to estimate how much you can withdraw and the amount that you need to set aside in your RA. If you are not working and have no other source of income, can $5000 get you from age 55 until 65? It is well known fact that the sum of $5000 is a derisory amount even when it is money from someone else. So is CPF insulting Singaporeans with this offer for our own money? CPF is insufficient for retirement when paid as an annuity. This is regardless whether you meet the minimum sum or not when you turn 55. A self funding scheme like CPF discriminates against low wage workers for life, even in retirement years. We need a retirement scheme that pays every retired person the same living wage regardless of their previous occupation and salary and the CPF should be paid out in one lump sum (like a gratuity). The living wage will be determined by the age person opt to start taking it, ie 55,60,65,70 or 75. Some people would be asking, "Where is the money for this retiree living wage going to come from?" Well, if you have been following the debates on the CPF, you would already know that there is a difference in the interest rate between what GIC (or the other SWF) earns and what CPF members are paid. There has been quite a bit of argument whether this excess amount should be kept by the government or return to CPF members. The government has argued that this excess fund goes back to the people in various ways but most Singaporeans do not see or feel that this is so. My suggestion is that this excess amount earned over the years should be put into a separate fund and be used to pay the living wage for retirees. This way, the government gets to keep the money but is directly given back to the retirees. This is a fair and transparent way to distribute this excess fund to Singaporeans; a win-win situation for all. The government can then hold the moral high ground and say that the CPF scheme was the correct system for retirement, housing and medical just by twigging the system slightly with this "new" retirement living wage fund. The government will also be seen as being compassionate and with the people. With this scheme, see old people collecting cardboard and aluminum cans or cleaning tables at hawker centres may come to pass and this would be the Singapore I would like to imagine and live in the future.   Ace * Submitted by TRE reader    Read More →