Million $$$ minister say need to save, but never say saviing come from where.

[R4g3]

Good saving habits
They will prepare them for tough times when pay is low, says Lim Boon Heng
By Kor Kian Beng

THE economic downturn holds two lessons for workers, said Mr Lim Boon Heng, Minister in the Prime Minister's Office. One, save money in good times, and two, be flexible in seeking new jobs in bad times.

The saving habit will help prepare a worker for tough times because a new job in a downturn usually means lower pay, said Mr Lim on Tuesday at an event of the Metal Industries Workers Union.

About 400 union members attended the event at NTUC Centre in Marina Boulevard, during which they elected the union's executive committee to serve till 2013.

In urging workers to save, he said: 'Savings would help us tide over this period. So we should inculcate the good habit of saving for a rainy day, little by little. Even a small amount each month adds up.'

He added that the Government itself had saved and invested surplus funds in the past and so was able to offer the $20.5 billion Resilience Package in this year's Budget to help workers, households and companies during this recession.

The package includes the $650 million Skills Programme for Upgrading and Resilience, which subsidises workers' training, and the $4.5 billion Jobs Credit scheme, which subsidises an employer's wage bill.

These aid programmes are the reason retrenchments are not as high as they would have been, he said.

Mr Lim also had a message for union leaders: Protect workers, especially the most vulnerable ones, like contract workers.

Singapore has seen a spike hiring contract or part-time workers in recent years, he added, citing official figures. They show 189,100 contract workers last year, up from 180,200 in 2007 and 172,000 in 2006.

http://www.straitstimes.com/Breaking+News/Singapore/Story/STIStory_412594.html

Who also know saving will help, but do the lower income group have any extra to save in the 1st place? When times are good, everything rise except their salary. When times are bad, they either are retrench, company close down, pay cut or even have to increase workload and working hours due to comapny downsizing.

I think the problem with all these million $$$ salary minister is that they are either totally out of touch, or pretend not to know the real situation.

just look at all the comments:
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Idealistic and impractical advice. Tell that to a low wage worker and he is going to curse and swear, kau pei kau bu. He is not of minister's calibre to earn millions whereby a small saving adds up. He is not a millionaire, but has million hairs.

He is already earning a peasant's pay, how are you going to expect him to save when in Spore ? Things are not cheap here, basic necessities add up and eat into every cent he has. He can eat air and grass when he has no money.

Posted by: hotwoks at Wed Aug 05 10:27:41 SGT 2009

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Save money in good times? Sure, like the ministers good times increase their own pay, then they also have lots of money to save....

Posted by: Frankiestine at Wed Aug 05 09:53:42 SGT 2009

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"Even a small amount each month adds up"

Yes yes Mr Minister who earns in excess of S$1m per year before bonus and perks, a small amount each month is a noble effort, until the next hike in GST, transport, and utility wipes out the savings.

Posted by: augustus_cesar at Wed Aug 05 09:31:55 SGT 2009

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every month scratch here scratch there to make ends meet.......... money made all go back to gahmen to pay bills & bills & bills !!!!..........
What savings ?? !!!

Posted by: haiyoyoh at Wed Aug 05 09:14:40 SGT 2009

 

[po2wq]

ah heng ...

ppl oredi dun hv enuff moni 2 spend ... n u tel ppl 2 save ... u tink evry1 like u each mth gt million $ 2 take home 1, ah? ...

 

[makapaaa]

CPF is not saving? Or has it becum some Familee's punting fund?

 

[makapaaa]

>>>He added that the Government itself had saved and invested surplus funds in the past and so was able to offer the $20.5 billion Resilience Package in this year's Budget to help workers, households and companies during this recession.<<<

*applause*

 

[halsey02]

>>>He added that the Government itself had saved and invested surplus funds in the past and so was able to offer the $20.5 billion Resilience Package in this year's Budget to help workers, households and companies during this recession.<<<

*applause*

ha ha ha ha ha.....he daren't say that 'mee siam mai hum' hubby lost billions......billions of Xing Jia Por dollars...how about cutting his salary by 70%, so that SINgaporeans will have to pay less, and SAVE MORE!!...that he didn't say...OXYMORON.

 

[JinGanKor]

even if they manage to save a little, but how can it help? Just look at the interest rate that our banks are offering, including DBS/POSB, can it cover the inflation rate?
Maybe 6 years of interest can't even cover 1 year of inflation.

And they have programs on TV telling ppl how to invest and gain 6-7% a year so that they can save $1m cash when they retired.
For the next 30-40 years they can achieve guaranteed the 6-7% ? If not why air such misleading program? If people believe them and eventually lose their saving, it is gonna be another minibond disaster. And only worst this time because we might not have a similar case in HK to compare and give pressure to the pappies/FI.

 

[halsey02]

CPF is not saving? Or has it becum some Familee's punting fund?

It had become a Pyramid fund....:p

 

[Hope]

Who also know saving will help, but do the lower income group have any extra to save in the 1st place? When times are good, everything rise except their salary. When times are bad, they either are retrench, company close down, pay cut or even have to increase workload and working hours due to comapny downsizing.

I think the problem with all these million $$$ salary minister is that they are either totally out of touch, or pretend not to know the real situation.

just look at all the comments:
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Again,Ah Heng earning S$ 3 million a year and keep talking cock,such is the unfortunate calibre of PAP ministers.He ios a good freind of Mr Peanuts and sure is in suitable company.

PM Lee should bring in new blood,people who have HELICOPTER vision,and not depending on these old jokers who are good for nothing,if he is serious about doing a good job and creating his own legacy.

 

[cooleo]

 

[borom]

The fella conveniently forgot that the main reason why S'poreans are unable to save is because of the high HDB prices.
Most S'poreans will have very little CPF left after paying off the mortgage loan on their HBD flats.
The high cost of living caused by ERP, SMRT,Comfort Taxis,PUBs ect2 that are all making millions for the govt despite the recession is the second reason.
Compare this with SIA, a Temasek company that is unable to raise prices as and when it like and force in down the citizens throat.

 

[soIsee]

I'm telling you that you will have to take care of your own welfare, NO CRUTCH MENTALITY will be entertained here!

 

[cooleo]

I'm telling you that you will have to take care of your own welfare, NO CRUTCH MENTALITY will be entertained here!

But sorlee Mr Minister, we peasants pay u guys so much money leh! :(

 

[singveld]

too much saving, and economic will go under too.
if saving means condition like lehman bond sold by pap bank
i think it is better to put in own mattress.

 

[alvin36]

Ah Heng, dont forget we are paying your millions $ salary, we are your employer !!
If we want to save, 1st thing, is to cut salary for employee like youself.

You OK ?? I OK !!!

 

[soIsee]

But sorlee Mr Minister, we peasants pay u guys so much money leh! :(

Me being paid very much money so as to take care of your needs?

But whenever I need to up my pay by a few millions dollars , you fucking pathetic peasants NEVER make any noise so why are you now cow peh, cow bu about?

 

[hairylee]

I don't know why nowadays they never talk about CPF as our savings, unlike before it is how CPF is saving for our retirement, old age. Now old age got to mortgage house to stay alive.

 

[KuanTi01]

Quote:"don't know why nowadays they never talk about CPF as our savings, unlike before it is how CPF is saving for our retirement, old age. Now old age got to mortgage house to stay alive."

Mr hairylee says it right!In yesteryears when the ground was "sweet" and Sinkapore was supposedly on the way to become Switzerland, all the top dogs spoke of our CPF as our old age savings safety net with innovative features such as Medisave, Medishield, Medifund. Our great Sinkapore experiment-1st and best in the world and Welfarism is but a Western disease/failed experiment leading to a clutch mentality. After all the tinkering to the CPF system and the exorbitant housing costs, most are mortgaged to the hilt! Most will not live to see their retirement "nest egg" because there is none.Most accounts are or will be minimal/depleted. Most will also die before age 85! Even if u are minded to work until past retirement age, God may veto u!