TR EMERITUS

Bangkok, Thailand (CNN) -- The Thai military has taken control of the government in a coup, the country's military chief announced in a national address Thursday. Military officials also imposed a curfew from 10 p.m. to 5 a.m. local time (11 a.m. - 6 p.m. ET), authorities said in a televised address. The developments are the latest in a chain of failed attempts to defuse tensions that have simmered since November. The discord has its roots in politics, and led to both pro- and anti-government factions to fight over the country's leadership. Three days ago, the military imposed martial law in an attempt to end the instability, but said it was not a coup. Now, it has taken power outright. The move came after rival factions were unable to come up with a suitable agreement to govern, the military chief said. Hours earlier, members of the military and opposition parties met for a second day to try to find a solution to the crisis in Thailand. Members of the political parties involved in the talks were seen being escorted by the military after the meeting. In his address, the military chief told citizens that despite the coup, it should be business as usual for the public. All civil servants and officials should report to work, he said, and anyone who has weapons -- such as police -- should not make any attempt to move those weapons without orders. The military also said it will provide security to foreigners, including vacationers and diplomats. The people of Thailand are all too familiar with coups. Thursday's coup was at least the 19th actual or attempted military takeover since Thailand became a constitutional monarchy in 1932. Fruitless talks During the meetings this week, Thai election officials said the country's caretaker Prime Minister and his Cabinet should resign and a new interim government should be named ahead of elections to be held in six to nine months. But interim Prime Minister Niwatthamrong Boonsongpaisan said there's no chance that the caretaker government will resign. Read more: Thai military says it's taken over Thailand in a coup  Read More →

DPM Tharman: CPF interest rates have provided reasonable returns, on top of inflation. The Central Provident Fund (CPF) Board said yesterday (21 May) that its members will continue to enjoy a "risk-free" interest rate of 2.5% on the sum in their Ordinary Account (OA) for the third quarter (1 Jul - 30 Sep) of this year. The computed CPF interest rate, derived from the local banks’ interest rates for February 2014 to April 2014 worked out to be 0.21% per annum. "As this (0.21%) is below the legislated minimum of 2.5% per annum, the OA interest rate for July 2014 to September 2014 will remain unchanged at 2.5% per annum," the Board said. "As part of our efforts to enhance the retirement savings of CPF members, an extra 1% per annum interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the OA. The extra interest from the OA will go into the member’s Special or Retirement Account," it added. However, many netizens are not convinced that the 2.5% interest rate can cover inflation. TRE reader Chris K said [Link]: If CPF deems it necessary to increase the Minimum Sum by 4.7% this year – this is a tacit admission that price levels have gone up, impacting retirement spending. Then why is CPF paying just 2.5% OA and 4% RA. All CPF rates should be at least 4.7% because CPF is telling us that is the inflation rate applicable to future retirement spending. On the one hand, the govt tell us that we need to set aside more for retirement due to inflation – on the other hand, they f**ked us with interest rates below what they tacitly admitted is the real inflation. Another schizophrenic piece of policy implementation and they expect us to be so dumb that we can’t see through their game. With regard to CPF returns and inflation, DPM Tharman actually said in Parliament 2 years ago that "CPF interest rates have provided reasonable returns, on top of inflation" [Link]: I now turn to the issue of returns on CPF monies. Mr Yeo Guat Kwang asked whether the value of our CPF savings can be preserved in an inflationary environment. We have to take a long-term perspective on CPF returns. In fact, over the long-term, CPF interest rates have provided reasonable returns, on top of inflation. Over the last 10 years, for instance, the return on Special, Medisave and Retirement Account (SMRA) monies, after accounting for inflation, was 2.5% per year (annualised real rate of return on CPF SMRA from 2001 – 2010, with 1% Extra Interest). Over the last 20 years, it was 2.2% per year, also after accounting for inflation. This was despite the extra 1% Interest on the first $60,000 of CPF balances only starting in 2008. The compounding effect of this extra 1% interest, on top of long term bond rates, will over the long run help shore up members' CPF savings – especially for those in the lower income group. Current interest rates are very low, because of easy monetary policies in the US. This may persist for another two years, but few people expect such low interest rates to stretch over the longer term. We should also bear in mind that a large proportion of CPF savings of Singaporeans is invested in housing, which is a hedge against inflation. If a typical 55-year old median earner considers the rate of return on his total CPF savings – comprising not only what he earns on his CPF balances but also the returns on the CPF savings he put into his house he would have experienced a total rate of return of about 6% to 8%, or 4% – 6% in real terms, per year, on average, until he reaches 55. So apart from the savings he gets from CPF LIFE, he can choose to realise some of the gains he has accumulated in his property through the various ways we discussed earlier. Plus, he has a place to stay in. We will nevertheless review our CPF system regularly to ensure it meets Singaporeans needs, especially as we live longer. When Mr Tharman spoke of realising property gains, he presumably meant Singaporeans renting out the "spare room" in their flat, presumably to foreign workers, for extra income. He might have had in mind as well Singaporeans' participation in HDB's Enhanced Lease Buyback Scheme (LBS) where the owner sells part of the lease on their flat to HDB and retains a 30-year lease (only for 3-room or smaller flats). The proceeds from selling part of the flat lease are used to top up his CPF Retirement Account (RAs). He will then use his full CPF RA savings to purchase a CPF LIFE plan that gives him a monthly income for life. Meanwhile, an 81-year-old retired nurse was pulling a stack of cardboard sheets when she was reportedly run over by a tipper truck near the junction of Henderson Road and Jalan Bukit Merah [Link]. The accident happened last November. The elderly woman died of multiple injuries in hospital. The coroner's inquiry into her death heard that she was walking along the middle of the road against the flow of traffic and pulling a stack of cardboard along a slip road when the accident happened. A netizen wrote on Sammyboy forum: Damn sad, 81 years old still had to work as garang guni woman. Don't tell me she got no CPF saved up? Maybe not allowed to withdraw at 81? I hate to say it when I see this sort of stories, but maybe the lorry driver did her a favour. Some asshole..... wait I think it was wooden, once said "No one will be left behind". Looks like plenty are left behind. At 81, she should be relaxing the rest of her remaining years playing with grandchildren. Not go out to the streets and make a dangerous living like that. F**king PAP. It is not known if the old woman had enough CPF savings so that she did not have to collect cardboard. It is also not known why she did not realise any gains from her property, as DPM Tharman assumed she would. What do you think?  Read More →

PM Lee About nine years ago, I found a Singapore flag on a wooden pole under my block. It was one of those that were used during our National Day in the neighbourhood. It was a good few weeks after our National Day and it was obvious the cleaners did not remove it accordingly. It was simply just dumped right next to the lift at the void deck. My then girlfriend, now my wife, was with me. It was around 12.30 a.m. We just got home from a late outing. I blew my top when I saw It. Saying to my wife that this is how superficial the love for our country is here. How we wave our flags, singing our National Anthem, and our national day songs when at the end of the day, when everyone has had their way, nobody actually gives a damn. I picked up the flag, my flag, our flag, my country's flag, and I folded it the way I did when I was in 4 Sir infantry in Bedok. My wife smiled and I knew she understood how I felt. After all the stories I told her of my time during my NS days, I believe she understand how I feel for my country. The next day, I took the flag to my Neighbourhood Police Post a few blocks down. The officer there looked awkward when I handed him the flag. When I told him how and where I found it, he was nonchalant about it. That reaction surprised me. He never asked for anything, not my identity, nor where I found the flag, not anything. Almost as if tarnishing our State Flag meant nothing, and the people who let it happen can get away with it. I guess it is so then. Our Prime Minister has now shouted out to the world that our country belongs to everyone. Even the foreigners apparently. Well, who is worse to tarnish the State Flag than the Prime Minister himself? My time served during my NS days and the subsequent reservist days were tough, but still, days I will forever cherish. The friends I made, the memories we created, the pain we shared, it all meant something. I still remember how my only sibling, my younger brother told me that my Mum, shedding tears, actually lay on my bed one afternoon, holding onto my bolster, missing me when I was in Tekong. I was in Camp 1 and those days we were only allocated 3 minutes on a card phone after night snack and you can imagine the queue. I told my Mum that it was all good. Told her that this whole thing was for the betterment of our country. That this was how we will secure the future for ourselves and for my future children, her grandchildren and for everyone. We were defending ourselves from our neighboring countries who were oh so jealous of what we've achieved in such a short time. Then today, our Prime Minister shouts out to the whole world that our country belongs to everyone! Today I look around and I see these same foreigners that I was told then to protect my country from. Today, they sit next to me. They are not my enemies, mind you. I've never thought of them that way. But they have taken away my livelihood. Anyone who takes rice from my plate, without me offering it to them, is an enemy then, no? Quite rankly, the answer is a 'No'. They did not steal my food. They aren't the reason why my Mum shed tears when I was in BMT. I can't blame them for being in my country and practically taking over us. My Dad did the same when I wasn't even born yet. My parents got married and my Dad worked as a crane operator on an oil rig in Japan, the Middle East and various different countries. Mind you, I'm speaking of the early 70's. He was a foreign talent there cos no one really could do that job. I emphasize, no one from their own countries. But today, these foreigners are here doing the jobs that any Singaporean can do. Provided the Singaporean is paid right. Not in currencies that need to be converted to. So do I blame my Prime Minister for shouting to the world that my country belongs to everyone? This whinny little guy is the reason my Mum shed tears. Is he fit to become our Prime Minister? A child brought up and raised in such a family and having the Istana as a home will know nothing about what we normal Singaporeans are feeling. In army, we call it follow through motion. He grew up watching his dad do it, so he's doing the same. He does not understand. He doesn't know any better. So I can't blame him then, can I? Seriously, how do you blame an idiot for being an idiot? So who do I blame? I blame us. We, the people who somehow voted for him. Or at least those who did. Those who have made enough for themselves today, believing they have made enough for their children's tomorrow. Those who believe today they are the 'haves' but will soon learn that their children will become the 'have nots'. Today, our PM tells not just the world, but to us, that Singapore belongs to everyone. So I guess the saying is true. Who is more foolish? The fool or the fool who follows the fool? Aljunied Resident * Submitted by TRE reader.  Read More →