Real Purposes of Increasing Retirement Age

makapaaa

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1. To allow the FAPee Traitor Deadwood to stay in power and draw billion-dollar salaries forever.
2. To justify witholding Sporns' CPF funds.

Dec 18, 2010

CREDIT WORTHINESS AND SENIORS
Time to review age bar to reflect reality

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I AM not a senior citizen, but Ms Tang Lye Kuen's letter on Monday ('Aged 55? Sorry, no credit card for you') reflects my sentiments in relation to my experience in a different area.
When I made a mid-career switch to the Ministry of Education (MOE) as a teacher recently, I had to sign a teaching bond that required two sureties.
As one key requirement was that the sureties had to be under 55 years old, I appealed to the ministry for an exemption to the age bar because my first guarantor was my 60-year-old mother.
She fulfilled the primary objectives of being gainfully employed and met the minimum monthly income stated by the ministry.
The ministry rejected my appeal, reiterating the age-limit requirements.
All my other relatives were older than 55 years which meant that I could not pick a family member, something which I felt was rather counter-intuitive.
As a nation with one of the highest life expectancies, coupled with a fast-growing ageing population, we have been encouraged repeatedly to continue working to the extent that there is supposed to be no retirement age.
Yet, the signals we receive are contradictory.
With the average age of Singaporeans getting married on the rise, it is simply a matter of time before the new generation of teachers entering the education sector will face this predicament - with their relatives-cum-sureties likely to fall into the 55 to 60 age category.
It is time the Government raised the age bar.
Ms Debi Lin (Ms)
 
Those who got a few extra bagage better switch to a government job .
 
Dec 18, 2010

Million-dollar story

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'Very sad, and silly.'
MR GOH CHONG TOH: 'Citibank rejected my 70-year-old wife's credit card application without explaining why even though she sent them a copy of her Central Depository statements which showed she had netted $30,000 and had shares valued at almost $1 million. As a retired teacher, she wanted to use the credit card for supermarket purchases. The manner by which she was treated is very sad, and silly.'


Another rich story
'Bank asked me to deposit money. I declined and received a rejection letter for the credit card.'
MR ONG TECK CHYE: 'A CIMB Bank representative at a Singapore Expo fair recently encouraged me to apply for a credit card although he knew I was a 63-year-old retiree. He assured me that if I attached a copy of my identity card and bank statement, CIMB would consider my application favourably. I duly dispatched a copy of my bank statement for a $1 million fixed deposit, together with my identity card and the filled application. Subsequently, a bank staff member asked me to deposit some money in CIMB, before I was issued the credit card. I declined and received a rejection letter for the credit card. Was the bank applying a strategy akin to the Chinese adage: Throw a brick to attract a jade? I am happy to say that other banks offered me credit cards.'


Rejected, so...
'I withdrew my deposits immediately.'
MR SIM KHAE BIN: 'Last year, I applied for a Friends and Family MasterCard with Maybank Singapore. Two weeks after submitting my application, Maybank informed me I did not qualify for it because I was already 58 years old, although I remain employed as a civil servant. I have Platinum credit cards issued by UOB Bank and a very good credit standing. The upshot? I withdrew all my deposits with Maybank Singapore immediately.'


HSBC replies
'We are investigating.'
MS P. DEVI, assistant manager, service quality, HSBC Singapore: 'We apologise to Mr Ong Tiong Meng ('No reply, although...'; Thursday) for any inconvenience caused and are investigating the matter. We reiterate that all applicants who meet the minimum age requirement of 21 years and above are welcome to apply for our credit cards.'
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