Showing posts with label CPF. Show all posts
Showing posts with label CPF. Show all posts

Wednesday, July 4, 2018

Strengthening S'pore's support for Long-Term Care




Faced with falling birth rates, Singapore’s population is now aging (ie: more elderly folks than young kids), and there will be more of us that are likely to need long-term healthcare and support as we age into our golden years.

In addition to your own savings, health insurance plans and family support for your retirement, the Govt has announced that it is introducing 3 new schemes to further strengthen its framework to support S’poreans long-term care needs and expenses.


CareShield Life
This is a new long-term care insurance scheme which has lifetime cash payouts for S’poreans who become severely disabled. Premiums can be fully paid out from your CPF’s medisave account and there will be incentives and subsidies to make the premiums affordable.






MediSave Cash Withdrawals for Long-term Care
S’poreans who are severely disabled will be able to withdraw up to $200 per month from their MediSave accounts to support their long-term care needs and expenses.



ElderFund
This is a new assistance scheme for lower-income, severely disabled S'poreans who are not able to join CareShield Life, or have low MediSave balances and inadequate personal savings to meet their long-term care needs. They will be able to receive up to $250 per month.






  
These new Schemes will be implemented from 2020 and are part of the Govt’s key social policies to strengthen social risk-pooling, facilitate the use of personal and family savings and provide an additional safety net for long-term care expenses.

Taken together, and combined with other Government schemes and personal and family savings, the measures will give Singaporeans better assurance and peace of mind that they will be protected and supported for their long-term care needs, for life.

Click here for the MOH Press Release on these new Schemes. 

For more information, please visit www.careshieldlife.sg






Tuesday, July 3, 2018

With You, For You, For Singapore



While some bodoh idiotic people side with belligerent foreign powers acting against S’pore’s interests, and attempt to re-interpret history to their whims and fancies, the PAP Govt continues on with its work of preparing S’pore for future challenges and making life better for ALL S’poreans.

No one is saying that the PAP Govt is perfect, and yes, there will be times when there are cock-ups (eg: MRT breakdown woes). But at least they learn from their mistakes, fix the problem responsibly and transparently and carry on with the work of building up Singapore for all Singaporeans.

Just have a look at what the PAP Govt is doing for Singaporeans recently. These are not some airy-fairy motherhood statements or plans. These are concrete actions which will have a direct impact on improving the lives of S'poreans.


Sembawang Integrated Hub to be called Bukit Canberra (1 July 2018)

SINGAPORE: The upcoming Sembawang sport and community hub set to open progressively from 2020 will be called Bukit Canberra, announced Sport Singapore on Sunday (Jul 1) at the groundbreaking ceremony. 

The 12 hectare space - first announced in 2016 - will provide amenities such as a hawker centre, indoor and outdoor sport facilities, a polyclinic, a senior care centre, green spaces for community farming and lifestyle related amenities for the community. It is located about five minutes from Sembawang MRT station.

Bukit Canberra will also see the largest ActiveSG gym with indoor and outdoor pools. There will also be 3km of running trails as well as a fruit orchard and healthcare options such as a polyclinic and senior care centre.




Bigger, better Ang Mo Kio Polyclinic officially opens (1 Jul 2018)

The new Ang Mo Kio Polyclinic was given its official opening yesterday, offering greater accessibility to elderly and disabled patients as well as an expanded team-based healthcare system.

The $44 million polyclinic began operations in January after moving from Ang Mo Kio Avenue 8 to a facility in Ang Mo Kio Central 2, which at 8,752 sq m is three times bigger. It sees a total of 1,500 patients every day - 200 more than at its previous site - and more than a third are over 65 years old.

The new polyclinic is designed to cater to this group, with more lifts, handrails, non-slip flooring and wider passageways. It is also fitted with a $70,000 wheelchair tilter, to eliminate the inconvenience of transferring patients who are wheelchair users to a dental chair.

The polyclinic has also expanded its team-based care model, which was introduced at National Healthcare Group polyclinics three years ago. In an effort to avoid disruption to treatment, each patient with a chronic ailment is assigned a specific healthcare team which will manage his or her case.

Each team is made up of two family physicians, a care manager and care coordinator.

Ang Mo Kio Polyclinic initially had four teams helping 20,000 patients but this has now been expanded to six teams looking after 30,000 patients.

The polyclinic is also the first to have a senior care centre located within its premises.




Childcare subsidies to be reviewed (1 Jul 2018)

SINGAPORE: The Early Childhood Development Agency (ECDA) will be reviewing its preschool subsidy framework, announced Social and Family Development Minister Desmond Lee on Sunday (Jul 1).

Currently, eligible households can receive up to S$740 in childcare subsidies per month. The amount a family receives depends on their household income. When last reviewed in 2013, the framework saw an increase of at least S$100 in childcare subsidies.

Speaking to reporters on the sidelines of a visit to a community health and developmental screening event at Boon Lay, Mr Lee said the review will help to ensure that quality preschools remain accessible and affordable to families with young children.




SkillsFuture course ratings to be displayed for all govt-funded courses by 2019 (30 Jun 2018)

SINGAPORE - Users of the MySkillsFuture platforms can now make more informed course selections, as both the web portal and phone app are displaying user ratings for selected courses for the first time.

These ratings are based on two surveys: one on the satisfaction of trainees at the end of each course, and another that measures, six months later, how much trainees have applied what they learned in their work.

The survey findings are translated into a ratings system, which all users can see, said SkillsFuture Singapore (SSG), which operates the portal and app. Qualitative comments by trainees will also be on display.

In his speech, Mr Chee noted that technology is impacting the way Singaporeans live. Resisting it is not an option and new jobs will require workers here to learn new skills and adopt new approaches at work, he said.

"We need to equip our workers with the knowledge to use technology effectively, like how a craftsman is able to use his tools skillfully to get the job done," he said.

This upskilling must be part of a "national culture" which encourages lifelong learning from young, with strong support from employers, unions, and educational institutions.




Tuas Desalination Plant opens, another milestone in Singapore’s water quest (28 Jun 2018)

SINGAPORE — Singapore's first desalination plant owned and operated by the Government officially opened on Thursday (June 28). The Tuas Desalination Plant is the Republic's third and has a capacity of 30 million gallons per day (mgd).

Singapore’s water sustainability came under the spotlight earlier this week when Malaysian Prime Minister Mahathir Mohamad revived a dispute with Singapore over the terms agreed in a 1962 pact.

At the opening ceremony, Minister for the Environment and Water Resources Masagos Zulkifli reiterated that this latest milestone in Singapore's water story "did not come easy". He did not make any reference to Dr Mahathir’s latest remarks.

Mr Masagos said: "Gradually but surely, we will continue to build up the capacity of our desalination and NEWater capacities, so that by 2060, NEWater and desalination can supply a combined 85 per cent of our water needs then."



  
1.6 million Singaporeans to receive S$1 billion GST Vouchers, Medisave top-ups (28 Jun 2018)

SINGAPORE — By next Friday (July 6), 1.6 million citizens will receive notifications about their 2018 Goods and Services Tax (GST) Vouchers and Medisave top-ups, the Ministry of Finance (MOF) said on Thursday (June 28).

Adult citizens who qualify for the one-off SG Bonus of up to S$300 for adult citizens, announced at Budget 2018,will also be notified about their SG Bonus benefits by October.

In total, lower-income Singaporeans will each receive up to S$600 in cash benefits this year, comprising S$300 in GST Voucher to be paid out into their bank accounts on Aug 1, and S$300 in SG Bonus to be paid out by year-end.

Apart from cash, Singaporeans will receive top-ups to their Medisave as well as U-Save rebates under the GST Voucher scheme.

Homeowners of a three-room flat can expect to receive a total U-Save rebate of S$350 per household this year.

On top of this, as announced at Budget 2018, eligible Housing and Development Board (HDB) households will also receive an additional rebate of S$20 a year from 2019 to 2021.

These quarterly rebates are aimed at helping lower- and middle-income HDB to offset their utilities bills.

To help elderly Singaporeans pay for their medical needs, Medisave top-ups will be given.

Some 485,000 Singaporeans aged 65 years and above in 2018 will receive up to S$450 in Medisave top-ups in August under the GST Voucher scheme.

Citizens who are aged 59 and above, who do not receive Pioneer Generation benefits, will also receive a Medisave top-up of up to S$200 between this year and the next.

Pioneers, on the other hand, will receive Medisave top-ups of between S$200 and S$800 in July.



Friday, January 15, 2016

Alex Tan / STR / ASS twists NUS Economist's words

The amazing liar Alex Tan Zhixiang has yet again done what he is best at: twisting other people's words out of context.



===================================================================
From Fabrications About The PAP

Joe Augustine interviewed Prof Chia Ngee Choon on the misrepresentation of her lecture on CPF by StatesTimesReview & A.S.S. :

Something didn't smell right about this extensively shared article, so I tracked down the economist referred to in this article - to clarify if this was indeed what has been opined. And guess what? As far as she's concerned it is a complete misrepresentation - not only taken out of context, but placed into a new wholly made-up context.

In response, she wrote, "Just want to place on record that I did not slam, lash out and criticise as the article suggested". In fact, the gist of her presentation is completely the OPPOSITE of what is portrayed here. (The word "SLAM" was used in another headline to promote this story on the A.S.S. and their FB page - which was quoting this article).

This is what she DID say. "Young entrant workers they can look forward to achieving an income replacement rate (an indicator of retirement adequacy) that is comparable to OECD countries as long as they work consistently and made prudent choice on housing purchase ie buying a home within their means."

Also, she said that she "highlighted that the CPF has tried to enhance adequacy of older workers by increasing contribution rates for workers age 50 and above and giving higher return - 6 percent for the first 30k of CPF monies for those age 55 and above."

"Then I presented a simulation study on the viability and fiscal sustainability of giving basic pension support to the bottom 20 to 30 percent of the elderly, subject to means testing. The results show that having a robust economic growth is key to sustain such a system."

I don't know if you find it necessary to share THIS post with your friends - but I DO hope more people will take a moment before they become inadvertent propagators of untruths.










Saturday, January 9, 2016

Leong Sze Hian & WP mouthpiece tries to pull a fast one over medical subsidies


It's really bullshit nonsense when the opposition-wannabes like Leong Sze Hian (LSH) tries to twist and bluff and scare the public about the amount of medical subsidies that the Govt provides for.

LSH's caption for the above bill screams:
“B2 ward Hospitalisation and medicine – $3,267 – MediShield Life pay $300”


wah... sounds scandalous right? After all, for a medical bill of $3267, a MediShield Life payout of $300 is only a paltry 10%.  Damn sad right?

But is that really true? Let's examine the facts as set out by the bill above.

In the bill, the total charges is $5,532.33 before any subsidy. (Where did LSH's figure of $3267 in his caption come from?)

Then we have the Govt Grant of $3263.62 for B2 wards kick in. (Did LSH confuse himself?) That's almost a 60% outright subsidy of the bill!

And bear in mind, this subsidy is NOT an insurance payout, or even money from the CPF medical insurance schemes. It is a outright govt grant towards the bill.

So the patient actually has to pay a balance of $2,333.51 after the Govt Grants. (GST is absorbed by Govt) But that's not the end.

This is where Medishield Life insurance kicks in and reduces the medical bill by another $300.16, which works out to be 12.8% of the balance $2,333.51.  And the Patient has received a total subsidy of (Govt Grant $3263.62 + GST Absorbed $158.80) = $3422.62.

The final payable amount of $2,333.51 is paid using the Patient's CPF (Medisave) account.

Yes, the MediSave money is NOT a govt subsidy but from the Patient's own (compulsory) savings. But remember, 17% of the Patient's CPF contribution comes from the Employer. And the MediSave account earns 4% pa interest on the savings- guaranteed.

So now, the Patient doesn't even have to fork out a single cent of cash, instead using the CPF savings to pay the bill.

Healthcare will never be cheap, and the costs will keep on rising. And this is a global phenomenon. You can't just look at the absolute amount that you are paying and scream "expensive" without comparing it to something.

Here are some experiences of those who have used our healthcare system.



Do you own homework and work out the maths. And then think about how much a similar hospital stay / treatment would cost you in another country.

Don't just let other stir your emotions and cloud you judgement.





Read more here:

Lovely Singapore - MediShield: The Independent misleading the public that no subsidies for $900 medicine using an old hospital bill

Saturday, October 24, 2015

More misleading half-truths about CPF


Trashy, anti-govt "media" websites like TRE continuously mislead people by spreading half-truths about the CPF system.

Yes, the interest rates for CPF are between 2.5% and 4% (depending on which account you are referring to). But these are returns which are guaranteed by the SG Govt, the only AAA-rated (by Standard & Poor’s, Moody’s and Fitch) government in Asia, and is absolutely risk free.

If TRE wants to complain that the interest rates are not good enough, then don't just complain. Show us what alternatives you can come up with that have:
(1) Higher returns than CPF
(2) Is guaranteed
(3) Is Risk Free.

And better yet, if our CPF system was so bad, then explain why are more people putting more money into their CPF accounts voluntarily?

And CPF skeptics should read read the HSBC article and do their own research on retirement planning. The plain facts are that due to the increase life expectancy and expected inflation - we just simply need to put more money aside for our retirement.
"According to the HSBC-commissioned independent research study into global retirement trends, The Future of Retirement: A balancing act, future retirees in Singapore foresee their savings to last only 13 out of an average of 23 years in retirement.
The study, which involved more than 16,000 people from 15 countries including 1,000 Singapore respondents, also found that the key reasons for a retiree's savings shortfall are: lack of financial preparation during their working years, negative impacts of economic downturn as well as other life events.

The global report by HSBC also examines the pressures surrounding working age savers and retiree spenders, their different approaches to secure a desired standard of retirement life and also global retirement trends."
HSBC Research: Singaporeans financially unprepared for retirement
http://business.asiaone.com/news/singaporeans-financially-unprepared-retirement-hsbc-research#sthash.l6XbrJhS.dpuf


=========================================================

More making voluntary contributions to CPF accounts

SINGAPORE: More Singaporeans are making voluntary contributions to their Central Provident Fund (CPF) accounts. According to the CPF Board, these top-ups amounted to about S$500 million last year, up 25 per cent compared to 2013.

One such Singaporean is former investment analyst Lim Chin Yong, who retired in 2012. The 56-year-old has been making voluntary contributions to his own CPF account for the past two years, to earn higher interest on his savings.

Last year, he also topped up his wife's retirement account, so that she can be eligible for the CPF LIFE Scheme.

"CPF LIFE to me - at the time when I was looking at it, in 2014 - when you contribute, a minimum of S$148,000, it will guarantee you something like S$1,000 to S$1,200 from 65 until (you turn) 80 or 85, or until you die. S$1,000 to S$1,200 - it doesn't take you far, so I decided to put money into my wife's account so that she can have her own income stream of S$1,200 when she retires,” said Mr Lim.

Mr Lim is not alone. According to the CPF Board, there were nearly 74,811 top-ups last year, up 24 per cent compared to 2013.

Said Associate Professor Jeremy Goh from the Singapore Management University’s Lee Kong Chian School of Business: “When people make decisions like topping up their CPF accounts and looking at how much are the rates that are being paid, they are also looking at what the alternatives are. So if the alternatives out there are not as attractive as the one offered by CPF, then they will choose to top up. When people top up their CPF accounts, it just signals to me at least, that the rates seem pretty attractive.”

If what you want are risk-free returns and a higher annuity payout after retirement, financial advisors say you may be better off putting your spare cash into your CPF accounts. But for those with no spare cash on hand, it might be best to increase your income, experts recommend.

Said Mr Tan Siak Lim, financial advisory director at Financial Alliance: "There are not a lot of solutions, to be honest, other than to try to increase their income, because everything starts from your income. If you don't have excess funds, obviously you'd want all your money to be out, for your daily bread-and-butter necessities."

Currently, Singaporeans with sufficient balances in their Retirement Accounts at age 55 will automatically be placed under the CPF LIFE scheme. This is S$60,000 at the payout eligibility age for those turning 55 on Jan 1, 2016 or after.

For those turning 55 between Jan 1, 2013 to Dec 31, 2015, there must be at least S$40,000 in the Retirement Account at 55 years old, or at least S$60,000 in the Retirement Account at payout eligibility age, which is currently at 65.

According to the CPF Board website, those with insufficient funds can also apply to join CPF LIFE.

- CNA/dl



Sources:

Image: Shut Down TRS Facebook

Channel News Asia - More making voluntary contributions to CPF accounts