Alvin Soong’s Blog

I try to summarised PM Lee’s speech in the National Day Rally Speech 2008. Understanding the economy movements would help us understand the economy better and help many others in their personal social and financial wellbeing.

In the speech, PM Rally’s Speech was summarised in following key points:

To the Chinese in his Chinese Rally Speech:
- Tackle inflation costs of food, oil, ERP etc ($5000 given to 3 room families, energy saving lamps etc)
- Pressure due to influx of Foreign workers, New immigrants and fear of insufficient jobs
- Getting more singles to get married and encourage more babies (eg by giving more maternity benefits)

To the Malay in his Malay Rally Speech:
- Increase in self-help among Malay educated to enphasis on education and building up the community (esp dysfunctional families), eg Medaki Funds
- Rebuilding mosques

To all in his English Speech

PM Lee has mentioned a no. of issues. I extracted and condensed his transcript for those who wishes to read more. The most important thing he would want Singaporeans to know: While building careers is important to most, Mr Lee’s plea to Singaporeans to also put emphasis on marriage, on family – “Make these your priorities, have a full and happy life.” He said.

Pls look and download the 3 transcripts (the Speech in English is the longest – more than 40 pages)
National Day Rally Speech 2008 transcript (English)
to-the-chinese-prime-minister-lee-hsien-loongs-national-day-rally-2008.pdf
to-the-malay-community-prime-minister-lee-hsien-loongs-national-day-rally-2008.pdf

When I came back from US after a mth, I realise a much better quality of life, even though the Americans worked hard for their money.

In Singapore I was struck by reality when huge amount of workload await me the last few days, clearing thousands (literally more than 1000) emails. I believed Singapore was probably ranked in the top 5 in terms of highest work stress. No wonder most people would like to earn more at a better quality of life and set their eyes overseas..

Then again some may say it may be a “Grass is greener on the other side” mentality..

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Actual News Article:

A NEW study on ageing and retirement has sprung some surprising findings.
The study, commissioned by the Tsao Foundation for Successful Ageing, found that:

Two-thirds of Singaporeans surveyed have considered moving to another country to retire. A slower pace of life and the lower cost of living are key reasons why they have thought of moving.

92 per cent of those surveyed said they don’t expect their children to live with them in their old age. While the survey did not ask the respondents why they felt that way, Dr Mary Ann Tsao, president of the Tsao Foundation, said the findings have huge implications for society.

For example, Singapore has to examine if there are enough services to help the elderly who live alone.

The survey polled 300 people aged between 21 and 55 years and found that generally, Singaporeans are confident about ageing and retirement.

New extracted from Straits Times 20th Aug 2008

Under the CPF Minimum Sum Scheme, members who reached the age of 55 needs to set
aside a Minimum Sum in their Retirement Account, of which part must be in cash and
part may be in terms of property pledge. For example, members who reached the age of
55 between 1 July 2008 and 30 June 2009 need to set aside a Minimum Sum of $106,000
in their Retirement Account. Of this $106,000, $53,000 must be in cash (also termed
as cash component) and $53,000 may be in the form of property pledge.

For your information, if you set aside the minimum sum of $106,000 fully in cash,
you will be receiving $910.00 for your monthly payment from your Retirement Account
when you reach Draw Down Age (DDA). If you set aside half of the minimum sum of
$106,000 in cash and the other half in the form of property pledge, you will be
receiving $455.00 for your monthly payment from your Retirement Account when you
reach DDA.

You may wish to visit our website at www.cpf.gov.sg and use our online Minimum Sum
Payout Calculator to check the estimated payout period. To use the calculator, you
are required to indicate the amount you have set aside in the Retirement Account
when you reach age 55 (excluding interest).

CPF Homepage> Members> Calculators & Games > CPF Minimum Sum Payout Calculator

Alternatively, you may click on the following link.
https://www.cpf.gov.sg/cpf_trans/ssl/financial_model/mss_cal2.asp

For further clarification, please contact us at 1800-227 1188 from Monday to Friday.

Today I would be flying to overseas in US from 1st Aug- 18th August. During this time I would not be able to post any blog postings.

Pls feel free to see new postings after 18th August

I uploaded a FAQ from MOM so for my policyholders who need to know the claims matters while Im away can download from here to read up. I be back again after the 18th August.

workmen-injury-act-explained.pdf