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LIE KY LHL PAP cluelessly out of touch with Singaporean realities, offer non-solutions that fail critical reasoning

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  • Robert HO
    Where Bears Roam Free Tuesday, 12 February 2008 Like Father Like Son - Let them buy (unbranded) annuity
    Message 1 of 1 , Feb 13, 2008

      Tuesday, 12 February 2008

      Like Father Like Son - Let them buy (unbranded) annuity plan!

      In my last article. Let Them Eat Cake, I discussed how out of touch Lee Junior is. Today, in the Straits Time article, MM Lee on taking individual responsibility, we see the same characteristic of the Emperor who is out of touch with his subjects.

      Excerpts from MM Lee's speech above –

      If you spend a lot of money and you're left penniless and your children look the other way, you have to turn up at the Meet-the-People Session and then we will tell you: 'But you are asked to buy a longevity insurance and you turned it down.'


      Emperor Lee thinks that longevity insurance (actually the proper term is "annuity plan") is the answer to all of Singapore's aging woes. Typical "one size fits all" solution from the PAP.

      Not everyone is able to even afford the premiums to buy annuities that will last a lifetime. Annuities are not moneymaking instruments for insurance companies. In order to have a decent payout for the customer, the premiums have to be high. If annuities premiums are made low so as to make them affordable, the payouts will also be low. That might not be enough for the aging person.

      Annuity plans, like insurance plans are best started when you are young. The younger, the better. However the immediate concern is not the young, but the graying population. Retirees in the 60s are now worried about the future. With a life expectancy of 80 or more in Singapore, that would be about another good 20 years.

      It is suggested that the payout starts at 85. So what do these retirees do before 85? Eat non-branded cake? On the other hand, if insurance companies pay out before 85, they expect higher premiums from these retirees. Can the retirees afford that?

      So here is the Catch 22 situation for the aging population. Starve now so that you can afford to buy annuities and enjoy later (that is if you survive the starvation now), or enjoy what you have now and hopefully you drop dead before your bank account does.

      As for those who don't even have enough money today to survive, MM Lee has this to say to you – You were not wise enough to save when you were young. You should have eaten non-branded cake. Cake is after all, cake.

      Like Lee Junior who feels that the cost of living can be tackled by eating non-branded bread and rice, Lee Senior thinks the aging population's problems can be solved with annuity plans. True to PAP's style, a one-size-fits-all advice is given!


      Let them buy unbranded annuity plan. Annuity is annuity. Hahahaha

      6 comments:

      Anonymous said...

      The sad reality in Singapore is that there are people who ate airflown fresh seafoods, beef, mutton etc, etc prepared by renown chefs. And when they get old, they leave behind tons of SIN Dollars to their succeeding generations.

      On the other hand, we have citizens with INSUFFICIENT MEANS to make a living been told to prepare for the road far ahead.

      If there is anything funny in this world, it must be that a 'FIRST WORLD' TINY COUNTRY telling a proportionately small percentage of its' citizens to 'take care of tomorrow' when their today is saddled with problems of 'survival'. This country is full of shits, sins and gracelessness. saintmoron.

      camper said...

      Always, I mean always, when the younger leaders failed to convince people to accept tough policies, you get this old man coming out and putting weight on the whole issue.

      It just proved that our current leaders cannot really cut it. But, realistically, the old man also cannot cut it anymore too.

      On the ground, the older generation which used to support the party is also starting to lose faith in our old man here. He thinks that people are easily fooled like the early years. Well, he is damn wrong.

      Anonymous said...

      For one there is the internet, One can always break the illusion weave by propagandist by searching relevent articles.

      Solo Bear said...

      The sad thing about the longevity plan is that it only works if you have the money in your CPF by 55. If you don't have the money by then, or if you are currently in your 60s and have no money, that much heralded plan does not help you one bit.

      Those who "benefit" from the scheme are those who have money when they retire. But these people don't need help. The irony is that those who need help most, ie those without funds for their old age, are still left in the lurch.

      As I said, PAP is good in giving a one-size-fits all advice, never mind it does not fit everyone.

      anonymous12feb said...

      Did you read this today? http://www.straitstimes.com/Latest%2BNews/Singapore/
      STIStory_206197.html
      I think the govt should just stop trying to 'placate' the masses... this line of reasoning is just getting too ridiculous!

      Frozen vs fresh meat... hmmph!


      --
      RH:   MY ACQUAINTANCE, MR DAVID DUCLOS, A FORMER POLICE INSPECTOR, AND HIS LAWYER FRIEND, EYEWITNESSED LEE KUAN YEW RIGGING THE 1997 CHENG SAN GRC ELECTION.  READ MORE AT MY BLOG ENTITLED "I CAME, I SAW, I SOLVED IT" :

      http://i-came-i-saw-i-solved-it.blogspot.com/

      [ALSO AT THE ABOVE BLOG, LIE KUAN YEW's LIES, CORRUPTION, WRONGFUL JAILING, TORTURE AND BEATING TO DEATH OF INNOCENT POLITICAL PRISONERS LIKE MR CHAN HOCK HUA]

      READ ALSO MARTYN SEE's INTERVIEW WITH ME AT:

      http://singaporerebel.blogspot.com/

      ALSO AT:

      http://i-came-i-saw-i-wrote-it.blogspot.com/2007/03/filmmaker-martyn-see-interviews-robert.html

      FOR QUICK, IRREVERENT REASONS WHY LIE KY DESERVES A NOBEL:

      http://i-came-i-saw-i-solved-it.blogspot.com/search/label/Not%20nominated%20for%20a%20Nobel%20so%20LIE%20KY%20gives%20himself%20many%20others

      MY ARCHIVE OF WORKS AT:

      http://i-came-i-saw-i-wrote-it.blogspot.com/
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