Mah Bow Tan really lie through his teeth. Below is an insightful reply on Temasek review.
SingaporeforSingaporeans:
April 30, 2011 at 3:09 am (Quote)
Let us not kid ourselves. Singapore has no law enforcing salary adjustments due to economic performance and inflation costs. Since Singaporeans risk being unemployed for
long periods of time let us look at a lifetime income going at 4200SGD/mth as in the case study. You are not paying 278K for the HDB. Because of the loan, you are paying 360,720SGD. Since your pay is constant, nominal sum paid counts. This means your OA account in your lifetime is zero. For you SA account, to humor you, at 7% contribution, 4% interest and 30 years contribution, it is 197,868SGD. But if you look at the CPF minimum sum required,it is already 123K SGD. To humor you on 2 cases, if it is increased 4K a year for 30 years the minimum sum would be 243K SGD. If it were adjusted by 3% inflation a year, it would be 298,553 SGD. It means your SA does cannot cover for either minimum sum calculations. Now, you only have one hdb. If you sell it, what are you going to do? Do you think you can find a cheaper one? If the idea of the PAP is to make sure there is no intergenerational wealth transfer for peasants – of course not for slave masters – that will be true. Singaporeans will be like digits in the matrix – come with nothing, go with nothing. Your kids have nothing to inherit and those who are single, will die a pitiful life. You want to pay million dollar salaries for people who promote such a system?
SingaporeforSingaporeans:
April 30, 2011 at 3:09 am (Quote)
Let us not kid ourselves. Singapore has no law enforcing salary adjustments due to economic performance and inflation costs. Since Singaporeans risk being unemployed for
long periods of time let us look at a lifetime income going at 4200SGD/mth as in the case study. You are not paying 278K for the HDB. Because of the loan, you are paying 360,720SGD. Since your pay is constant, nominal sum paid counts. This means your OA account in your lifetime is zero. For you SA account, to humor you, at 7% contribution, 4% interest and 30 years contribution, it is 197,868SGD. But if you look at the CPF minimum sum required,it is already 123K SGD. To humor you on 2 cases, if it is increased 4K a year for 30 years the minimum sum would be 243K SGD. If it were adjusted by 3% inflation a year, it would be 298,553 SGD. It means your SA does cannot cover for either minimum sum calculations. Now, you only have one hdb. If you sell it, what are you going to do? Do you think you can find a cheaper one? If the idea of the PAP is to make sure there is no intergenerational wealth transfer for peasants – of course not for slave masters – that will be true. Singaporeans will be like digits in the matrix – come with nothing, go with nothing. Your kids have nothing to inherit and those who are single, will die a pitiful life. You want to pay million dollar salaries for people who promote such a system?
