There is some optimism and more scepticism on the committee formed to review the ministerial salaries. I wish to share my wishes for the outcomes of the deliberation of the committee. TKL website.
You can share your views in this survey.
Sunday, May 22, 2011
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iShop - enjoy attractive discounts on TKL books
FISCA - read articles on financial planning
Movie Club - join a movie club
Investment Alert - learn about the scams
Transport Club - find better transport to work and home
Easy Ads - put an advertisement or search for an advertiser
Family Life - a game to manage your family life
Financial Plan - prepare your own financial plan
Business Game - a game to learn the skill of running a business.
Review of Minister's salaries
Here is an excellent article by Lucky Tan. Here are some views of netizens. Another view by Yoong Siew Wah.
You can get a good summary of the current issues at Singapore Social Economic Portal (SGEP)
You can get a good summary of the current issues at Singapore Social Economic Portal (SGEP)
Be educated on financial matters
Here is a guide for consumers to be educated on financial matter. They have to spend the time and some money to be educated. See Ask Mr. Tan or click here.
Business Mail
I am now using Business Mail to send out e-mails to FISCA members and non-members to inform them about FISCA events. It takes less than 1 minute to send out 850 e-mails. Business organisations who wish to use Business Mail to send out their flyers can contact ceo@tankinlian.com. More details of Business Mail can be found here: http://easyapps.sg/bm/
FISCA Talk - Understanding and applying fundamental analysis in stock investments
There is a new FISCA talk scheduled for Saturday 2 pm on "Understanding and Applying Fundamental Analysis in Stock Investment". It was arranged on popular demand by past attendees at FISCA talk. More details can be found at http://easyapps.sg/assn/Org/Event.aspx?id=5. This will be preceded by the AGM of FISCA (to be attended by FISCA members only).
Tag our bags and small children
We realised that she had left her bag behind several hours later. We were 100 km away and it was too far and too late for us to go back to look for it.
This tag is also useful to be attached to the pant of a small child who might get lost in crowded stations, ferries or tourist spots. If the child is lost, it is easy for a adult to call the parent.
The next time that I travel with a young child, I would bring along several tags to be used in all the bags and small children. I hope that this tip is useful for you when you travel on a vacation.
Tan Kin Lian
Minimum wage in Sydney
I spoke to a staff at the restaurant where I had breakfast on Sunday. She is a student from overseas and is allowed to work 20 hours a week. She earns A$15 on weekdays and A$20 on weekends. I calculated that she must have earned A$1,500 a month on the part time work. She said that she has to pay taxes but I was told that the rate of tax is only 10% at her salary level (revised).
This is a good income for part time work. Many students are able to earn an income to pay for their education fees and also to have money to spend. They are hard working and provide courteous and good service. The high wage results in higher prices paid by consumers, but as the customers also earn a high income, they find the prices to be affordable.
The tourists may find the prices to be high, but this is also contributed by the high exchange rate. If the country is too costly and uncompetitive, the exchange rate can come down and the competitiveness can be restored.
A minimum wage ensures that all workers can earn an adequate income and have a good standard of living. It reduces the gap between the high and low income earners in the country. It is likely that a high wage country will have lower prices for their properties, relative to the income level - so the consumer prices may not increase as much as the wages.
I find that Australian system, with a high minimum wage and control over the number of hours that can be worked (e.g. by students) to be better in distributing the work opportunities to those who are willing to work. I believe that a minimum wage helps to make a better society - which is why many countries decide to have a minimum wage.
Singapore is one of the few advanced countries that does not have a minimum wage. Although we have the workfare income supplement, I think that the minimum wage system works better.
Tan Kin Lian
This is a good income for part time work. Many students are able to earn an income to pay for their education fees and also to have money to spend. They are hard working and provide courteous and good service. The high wage results in higher prices paid by consumers, but as the customers also earn a high income, they find the prices to be affordable.
The tourists may find the prices to be high, but this is also contributed by the high exchange rate. If the country is too costly and uncompetitive, the exchange rate can come down and the competitiveness can be restored.
A minimum wage ensures that all workers can earn an adequate income and have a good standard of living. It reduces the gap between the high and low income earners in the country. It is likely that a high wage country will have lower prices for their properties, relative to the income level - so the consumer prices may not increase as much as the wages.
I find that Australian system, with a high minimum wage and control over the number of hours that can be worked (e.g. by students) to be better in distributing the work opportunities to those who are willing to work. I believe that a minimum wage helps to make a better society - which is why many countries decide to have a minimum wage.
Singapore is one of the few advanced countries that does not have a minimum wage. Although we have the workfare income supplement, I think that the minimum wage system works better.
Tan Kin Lian
Fun Sunday - concession price one day pass
My family went on a tour of Sydney on a Fun Sunday ticket. It is a one day travel pass on trains and buses and can be bought for a concession price of A$2.50. We took the ferry from Darling Harbour to Circular Quay and another ferry to Manly and back and a train back to our apartment. The normal fare for these trips would have been A$15. The concession price is really attractive. Many families went on an outing on this Sunday to use the concession tickets. I do not know what role the government played to encourage this type of useful social activity - but I suspect that some leadership from the government is required to make this happen. A lesson for Singapore?
Free shuttle bus in Sydney
There is a free shuttle bus that operates in the Sydney CBD,. It runs on a route of about 3 km and takes passengers along George Street and Elizabeth Street between Circular Quay and Central Station. It connects the main railway stations in the CBD.
The service is free. This is useful for visitors who do not know where to buy the pre-paid bus tickets. It is used by the locals and the visitors and runs quite frequently on weekdays. It is well used but not crowded. I am able to get a seat on all of my trips.
Who funds the free shuttle service? It is the government, i.e. the taxpayers. There is nothing wrong about spending tax payers money to provide a free shuttle bus. The state has to pay the salaries of policemen and other public officers. A free shuttle service is just one of the public services that are well appreciated.
Singapore can learn from the experience of other cities and provide free shuttle service to bring people from their homes to the MRT stations and bus terminals. This will encourage more people to travel by public transport, instead of using their cars on congested roads and packing the parking lots.
The service is free. This is useful for visitors who do not know where to buy the pre-paid bus tickets. It is used by the locals and the visitors and runs quite frequently on weekdays. It is well used but not crowded. I am able to get a seat on all of my trips.
Who funds the free shuttle service? It is the government, i.e. the taxpayers. There is nothing wrong about spending tax payers money to provide a free shuttle bus. The state has to pay the salaries of policemen and other public officers. A free shuttle service is just one of the public services that are well appreciated.
Singapore can learn from the experience of other cities and provide free shuttle service to bring people from their homes to the MRT stations and bus terminals. This will encourage more people to travel by public transport, instead of using their cars on congested roads and packing the parking lots.
Remember and compare - Goh Keng Swee
I received this message that was purported to be sent by Mrs. Goh Keng Swee. I knew of Dr. Goh's circumstances after his retirement and stroke and can confirm personally that these facts are true. Tan Kin Lian.
What never? Goh Keng Swee after he completely retired from public service, had no driver but was always driven around by his wife. Whenever he went to SGH for medical treatment, his wife and he were often denied a reserved parking lot and was told that the lots were for VIP only. Once when he was warded, his wife had to be given a lecture by a sister on the proper use of a syringe when she asked the staff nurse to use a $1.25 syringe for cleaning
him. Whenever he was warded in SGH, his wife was with him throughout his stay, very often acting like his nurse. All this while she slept on a sofa/recliner chair in the room at night.
When a Singapore GLC (set up by GKS) learnt that he was living on a net monthly income of S$8500/- per month, offered a cheque for S$500K to his wife under the guise of a lump sum loyalty payment for a book they wrote on him, his wife instantly cancelled the cheque and wrote to the CEO to thank him for his kind gesture, and explained that she couldn't receive the cheque because what her husband had done for the company was not for money, not for power, not for glory, or even to be honoured, but for Singapore and Singaporeans.
Maybe Goh Keng Swee's official status cannot be compared to any Head of State, but his contributions to his country are just as sincere and honest as that of any honest and caring political leader.
What never? Goh Keng Swee after he completely retired from public service, had no driver but was always driven around by his wife. Whenever he went to SGH for medical treatment, his wife and he were often denied a reserved parking lot and was told that the lots were for VIP only. Once when he was warded, his wife had to be given a lecture by a sister on the proper use of a syringe when she asked the staff nurse to use a $1.25 syringe for cleaning
him. Whenever he was warded in SGH, his wife was with him throughout his stay, very often acting like his nurse. All this while she slept on a sofa/recliner chair in the room at night.
When a Singapore GLC (set up by GKS) learnt that he was living on a net monthly income of S$8500/- per month, offered a cheque for S$500K to his wife under the guise of a lump sum loyalty payment for a book they wrote on him, his wife instantly cancelled the cheque and wrote to the CEO to thank him for his kind gesture, and explained that she couldn't receive the cheque because what her husband had done for the company was not for money, not for power, not for glory, or even to be honoured, but for Singapore and Singaporeans.
Maybe Goh Keng Swee's official status cannot be compared to any Head of State, but his contributions to his country are just as sincere and honest as that of any honest and caring political leader.
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