Dr Vivian worries at “entitlement mentality†of Singaporeans
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Dr Vivian expressed worries at “entitlement mentality” of Singaporeans
Written by Our Correspondent
Indulging in shameless self-praise and self-aggrandizement is becoming a favorite past-time of Singapore’s multi-millionaire ministers these days.
Coming right after Health Minister Khaw Boon Wan and Defence Minister Teo Chee Hean, Minister for Community, Youth and Sports Dr Vivian Balakrishnan became the latest PAP minister to wax lyrical about its manifold ”accomplishments”.
In a recent speech at his alma mater NUS, Dr Vivian heaped generous praises on the PAP’s CPF scheme as a “sustainable” system which ensures sufficient retirement funds for Singaporeans as they grow old.
He also took a pot shot at other systems which pay the holders as they go along unlike the CPF which holds the savings of its members ransom till they reach 62 years of age:
“It (CPF) is a fully funded, defined contribution scheme. This is based on the important principle that every generation has to earn and save enough for itself. This is the only way to ensure the future sustainability of the scheme. All ‘pay as you go’ systems will sooner or later either go bankrupt or will saddle future generations with unsustainable levels of taxation,” he added.
Dr Vivian criticized such schemes as “political Ponzi schemes”. A Ponzi scheme is a fraudulent investment operation that pays returns to separate investors from their own money or money paid by subsequent investors, rather than from any actual profit earned.
“There have been some academic papers published that argue ‘pay as you go’ defined benefit schemes will provide better protection against inflation and are more redistributive in nature. Let me be very blunt about such arguments: I think these are political polemics. When we start off with a young society, the inflow of funds will exceed the outflow in a ‘pay as you go’ system. But with an ageing population, these political Ponzi schemes will run out of money, and the fiscal pressures will eventually become unsustainable.”
He claimed that many countries are “learning” from Singapore and are moving towards a scheme which resembles CPF:
“Many countries curtailing pension benefits are in fact trying to move towards a scheme that resembles ours: a defined contribution plan. Yet we still get calls from Singaporeans for the Government to introduce old age pension benefits for all senior citizens.”
He expressed concerns that there may be increasing demands on the government to use more of its reserves to care for Singaporeans:
“It always starts like this: the Government is rich; we can afford to carve out a small percentage of our gross domestic product or utilise a small percentage of our reserves. This is the beginning of a slippery slope. The moment you have a government that embarks on such a course, you better start worrying about the future. We are worried about an entitlement mentality. Today, people know that the primary responsibility to provide for their lives falls on themselves; and secondly, their families.”
Though Singapore is the second richest nation in Asia after Japan in terms of GDP per capita income, Singaporeans enjoy few social welfare benefits from the PAP which has always eschewed “welfarism” in preference for “self-reliance”.
While the cash-flushed state is able to lose billions of dollars of national reserves via its two sovereign wealth funds to bail out ailing U.S. and European banks, it balks at providing more aid to needy and poor Singaporeans.
When asked by MP Lily Neo in 2007 to increase the monthly Public Assistance allowance so that its recipients can have three basic meals a day, Minister for Community, Youth and Sports Dr Vivian Balakrishnan retorted:
“How much do you want? Do you want three meals in a hawker centre, food court or restaurant?”
He added that “one limiting factor must be the sum that we give through public assistance cannot be so generous as to erode the work ethic.”
[Source: Channel News Asia, 9 March 2007]
The Straits Times reported of late that there were only 11 successful PA applicants between July 2008 and Deccember 2009. MCYS said that the low numbers showed that Singaporeans want to be as “self-reliant” as much as possible.
Dr Vivian Balakrishnan earns nearly $2 million dollars a year, or more than 4 times the annual salary of U.S. President Barack Obama. He had already earned a few thousand dollars in his pocket by making this speech at NUS.
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means everything belong to gahmen and PRs and expats
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i think Singaporean is probably worrying about surviving the cost of living in singapore....
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no lah, foods and clothing is in abundance in singapore, Singaporeans are more worry about losing face.
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Originally posted by Dondontan:
Dr Vivian expressed worries at “entitlement mentality” of Singaporeans
Written by Our Correspondent
Indulging in shameless self-praise and self-aggrandizement is becoming a favorite past-time of Singapore’s multi-millionaire ministers these days.
Coming right after Health Minister Khaw Boon Wan and Defence Minister Teo Chee Hean, Minister for Community, Youth and Sports Dr Vivian Balakrishnan became the latest PAP minister to wax lyrical about its manifold ”accomplishments”.
In a recent speech at his alma mater NUS, Dr Vivian heaped generous praises on the PAP’s CPF scheme as a “sustainable” system which ensures sufficient retirement funds for Singaporeans as they grow old.
He also took a pot shot at other systems which pay the holders as they go along unlike the CPF which holds the savings of its members ransom till they reach 62 years of age:
“It (CPF) is a fully funded, defined contribution scheme. This is based on the important principle that every generation has to earn and save enough for itself. This is the only way to ensure the future sustainability of the scheme. All ‘pay as you go’ systems will sooner or later either go bankrupt or will saddle future generations with unsustainable levels of taxation,” he added.
Dr Vivian criticized such schemes as “political Ponzi schemes”. A Ponzi scheme is a fraudulent investment operation that pays returns to separate investors from their own money or money paid by subsequent investors, rather than from any actual profit earned.
“There have been some academic papers published that argue ‘pay as you go’ defined benefit schemes will provide better protection against inflation and are more redistributive in nature. Let me be very blunt about such arguments: I think these are political polemics. When we start off with a young society, the inflow of funds will exceed the outflow in a ‘pay as you go’ system. But with an ageing population, these political Ponzi schemes will run out of money, and the fiscal pressures will eventually become unsustainable.”
He claimed that many countries are “learning” from Singapore and are moving towards a scheme which resembles CPF:
“Many countries curtailing pension benefits are in fact trying to move towards a scheme that resembles ours: a defined contribution plan. Yet we still get calls from Singaporeans for the Government to introduce old age pension benefits for all senior citizens.”
He expressed concerns that there may be increasing demands on the government to use more of its reserves to care for Singaporeans:
“It always starts like this: the Government is rich; we can afford to carve out a small percentage of our gross domestic product or utilise a small percentage of our reserves. This is the beginning of a slippery slope. The moment you have a government that embarks on such a course, you better start worrying about the future. We are worried about an entitlement mentality. Today, people know that the primary responsibility to provide for their lives falls on themselves; and secondly, their families.”
Though Singapore is the second richest nation in Asia after Japan in terms of GDP per capita income, Singaporeans enjoy few social welfare benefits from the PAP which has always eschewed “welfarism” in preference for “self-reliance”.
While the cash-flushed state is able to lose billions of dollars of national reserves via its two sovereign wealth funds to bail out ailing U.S. and European banks, it balks at providing more aid to needy and poor Singaporeans.
When asked by MP Lily Neo in 2007 to increase the monthly Public Assistance allowance so that its recipients can have three basic meals a day, Minister for Community, Youth and Sports Dr Vivian Balakrishnan retorted:
“How much do you want? Do you want three meals in a hawker centre, food court or restaurant?”
He added that “one limiting factor must be the sum that we give through public assistance cannot be so generous as to erode the work ethic.”
[Source: Channel News Asia, 9 March 2007]
The Straits Times reported of late that there were only 11 successful PA applicants between July 2008 and Deccember 2009. MCYS said that the low numbers showed that Singaporeans want to be as “self-reliant” as much as possible.
Dr Vivian Balakrishnan earns nearly $2 million dollars a year, or more than 4 times the annual salary of U.S. President Barack Obama. He had already earned a few thousand dollars in his pocket by making this speech at NUS.
don't understand why we worry for us cos we are lesser mortals
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I have read the article of Vivian posted by the TS from the newspaper also.Basically,Dr Vivian was trying to "portrait" how good it is CPF scheme were introduced to Singaporeans by the PAP.
But i have different view.If CPF scheme is really that good,why do more n more Singaporeans want to leave this place or born less babies for this country?Why do more n more medium n low income Singaporeans feel that their earnings cant catch up with the cost of living here n that their hard earn money were locked inside the CPF board by the PAP?
CPF scheme is actually a "double-bladed sword",if use it correct,it can "more or less" help to lessen the burden of a government for taking care of her countrymen or women financially.BUT,if misuse the scheme,like what the PAP is doing right now,it can cause ppl hated the scheme n protest the government by doing the "opposite" of what the government urge them to do,like being a "Quitter" n migrate to other countries or born less babies,since we cant protest in this country which owned by the "Lees".
The CPF scheme in Singapore require Singaporeans to "contribution" too much of their potion of money into the board,20% from employees n around 12% from employers.Meaning that,if a person in a country without CPF scheme can take $1000 from his job,Singaporeans can only take $800,minus the employer's potion,which the salary could be higher taking home.
So,our money basically is locked in the CPF board n can only use them to buy houses or retirement.In term of emergency,even if it means dealing daily expenses,we cant use it.So,what is the use?
Besides,if the PAP can "help" Singaporeans save for their "rainy days" using CPF scheme.They can also,lock up our money when the feel that they have "help" Singaporeans too much n that they are in a bad mood due to long term health problem,like LKY who must have suffered right now,from the look of his sh!tty face.Or act like a dictator n feel that Singaporeans are not obediant n want to punish us n lock up our money,which LKY n LHL are doing right now.
Simple questions,why are most Singaporeans feel that their money is being locked up in CPF board if the CPF is really that good?
Why are more n more Singaporeans taking their CPF money n migrate to other countries,say "bye bye" to this country?
Why more n more Singaporeans refuse to born more babies due to the stress of the escalating cost of living n that they cant use the CPF money in daily expenses?And that our birth rate is one of the lowest,if not the "lowest",among developed countries?
If CPF is really that good,what do all these "nightmares problem" that a politician can ever have appear in this country?Why?
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More money will be locked in CPF if they implement the selling HDB flats, money from sale goes to CPF. More will "cry father cry mother".
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And also,a person should have the rights to manage his or her own money.If he happens to lose all his money n without a penny in his old age due to various reasons,then too bad,this is his/her fault.
There is no way the government can help them using the CPF scheme other than providing "Social welfare",which many countries are implenting them n is much more useful than our CPF scheme.
The number of ppl leaving this country n "Extremely" low birth rate are already a sign telling the PAP from Singaporeans,:"Your bad dictatorship management n CPF scheme are the reason why we leave you for good".
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Originally posted by Dondontan:
More money will be locked in CPF if they implement the selling HDB flats, money from sale goes to CPF. More will "cry father cry mother".
I wont cry,...i will find every way n means to get out of this stupid country,even if it means i will have to wait until i get old n sit on a wheelchair then i can fulfill my dream.LOL!!!
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Originally posted by Howlheje:
And also,a person should have the rights to manage his or her own money.If he happens to lose all his money n without a penny in his old age due to various reasons,then too bad,this is his/her fault.
There is no way the government can help them using the CPF scheme other than providing "Social welfare",which many countries are implenting them n is much more useful than our CPF scheme.
The number of ppl leaving this country n "Extremely" low birth rate are already a sign telling the PAP from Singaporeans,:"Your bad dictatorship management n CPF scheme are the reason why we leave you for good".
They don't give a damn to whether Singaporeans leave the country and providing social welfare. To provide social welfare is "losing" money on their part. If there come a time when providing welfare means earning money, they will do it.
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Originally posted by Dondontan:
If there come a time when providing welfare means earning money, they will do it.
Thats like demanding a "pig" perform a fly to the sky trick,LOL!!!!
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I think,the PAP should follow Malaysia,that is contribute a small portion of the salary to the CPF board from emplyees.And provide social welfare scheme for those who temporary cant work,due to health or whatever reason.
P.S.But the PAP surely wont do that,they thought they are the "Elites" and everyone else(including other advance countries politicians),are idiots.LOL!!!!
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Can you spot Dr vivian in picture?>>>>>>>
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IN SOUTHKOREA, IF CITIZENS GO UNEMPLOYED...THEIR SOUTH KOREAN GOVERNMENMT PUT THE ON SOCIAL WELAFRE IMMEDIATELY TILL THEY GET A JOB IRREGARDLESS IF THEY ARE MANAGERS, WELDERS,RICH OR POOR.
THIS WAS SEEN IN THE CASE OF ONE OF THE SOUTH KOREANS I MET WITH IN THE PAST.HE CLAIMED HIS MOM WAS A MANAGER AND EARNED $5K/MTH AND WAS RETRENCHED AND SHE WAS GIVEN MONEY BY THEIR OWN GOVT IN KOREA TO SURVIVE EVERY MONTH .
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I HAVE NEVER COME ACROSS ANY CIVILISED DEVELOPED COUNTRY IN THE WORLD THAT DONT HAVE A WELFARE SYSTEM TO THEIR OWN CITIZENS.
ONLY PLACE THAT HAVE NOT MUCH WELFARE SYSTEM BY GOV ITSELF WOULD BE ON THE MOON OR PLACES WITH NOT MUCH OF A GOVERNMENT AT ALL.THE PEOPLE ON THE MOON DONT GET ANY WELFARE AT ALL TOO..
SINGAPORE MUST BE PART OF THE MOON OR SOMETHING!
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Million dollar salaries.
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the CPF system is a farce now, what with its low interest rates, high HDB prices, compulsory CPF Life scheme.
What used to be a win-win system has now become a win-lose. Let me tell u the generation of those children of baby boomers will have almost zilch in their CPF when they retire.
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talk to that guy once....he is just another recorder but with the abilities to re-play quickly infront of people.
If you asked indepth question to him....sorry his reply will be text book answers so really nothing extraordinary from him but again he will stay on because the party need this type of people to trumpet political message.....
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i dont understand what vivian claim us to have entitlement mentality.
The CPF money belong to us, we should be able to decided how to use them.
if everyyear , more singaporeans are migrating to greener pasture oversea, then obviously the greener pasture taht our govt is painting in singapore is either artificial grass or a mirage.
ppl leave for a good reason. more on freedom than financial gains.
The PAP should be gracious enough and not be self profiteering at the expense of good singaporeans leaving, opening the floodgate to substandard foreigners!!
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Originally posted by reyes:
i dont understand what vivian claim us to have entitlement mentality.
The CPF money belong to us, we should be able to decided how to use them.
if everyyear , more singaporeans are migrating to greener pasture oversea, then obviously the greener pasture taht our govt is painting in singapore is either artificial grass or a mirage.
ppl leave for a good reason. more on freedom than financial gains.
The PAP should be gracious enough and not be self profiteering at the expense of good singaporeans leaving, opening the floodgate to substandard foreigners!!
CPF money has suddenly become somebody else's money.
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Originally posted by reyes:
i dont understand what vivian claim us to have entitlement mentality.
The CPF money belong to us, we should be able to decided how to use them.
if everyyear , more singaporeans are migrating to greener pasture oversea, then obviously the greener pasture taht our govt is painting in singapore is either artificial grass or a mirage.
ppl leave for a good reason. more on freedom than financial gains.
The PAP should be gracious enough and not be self profiteering at the expense of good singaporeans leaving, opening the floodgate to substandard foreigners!!
Bottomline........ they ran out of ideas.....
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the CPF and HDB thing is a classic way on how the govt can transfer $$ from left pocket to right pocket.
How to secure the CPF pocket? Delay the payout age, make it compulsory to put $$ in annuity and then a sweeping imply that Singaporeans can't take care of themselves when they're old LOL.
How to secure the HDB pocket? Keep raising HDB prices and tell us that we are all sitting on an "asset" (when we actually lease from the govt for 99 years).
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Originally posted by Rock^Star:
the CPF and HDB thing is a classic way on how the govt can transfer $$ from left pocket to right pocket.
How to secure the CPF pocket? Delay the payout age, make it compulsory to put $$ in annuity and then a sweeping imply that Singaporeans can't take care of themselves when they're old LOL.
How to secure the HDB pocket? Keep raising HDB prices and tell us that we are all sitting on an "asset" (when we actually lease from the govt for 99 years).
Shhh.
Some people still don't know that mah.
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actually, Singaporeans are worried about the "entitlement mentality" of the ministers
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Originally posted by Rock^Star:
the CPF and HDB thing is a classic way on how the govt can transfer $$ from left pocket to right pocket.
How to secure the CPF pocket? Delay the payout age, make it compulsory to put $$ in annuity and then a sweeping imply that Singaporeans can't take care of themselves when they're old LOL.
How to secure the HDB pocket? Keep raising HDB prices and tell us that we are all sitting on an "asset" (when we actually lease from the govt for 99 years).
Yap! CPF if you look at ownership and control perspective it is the largerest con I have ever seemed....
A govt source of feeder fund.