The government’s rationale for importing immigrants is because Singapore needs foreign talents to support the economy. Our unemployment rate has been consistantly low for the past few years, hovering about 2-3%. Yet many Singaporeans, especially PMETs, have complained that foreigners compete with them for jobs in recent years. This made me wonder aloud whether the influx of immigrant should be calibrated.
Month: January 2013
Importance of protection
I am not an insurance agent and I don’t work in the finance industry. But you might be aware that in my previous articles, I have always encouraged my readers to insure themselves adequately. It is also important to educate yourselves on the type of insurance that best suit your needs. In my father’s case, when he was healthy, he ignored the importance of buying insurance. It was only after he suffered from stroke, then he regretted and realised his mistake. By then, no insurers would offer to protect him because he was considered a high-risk personnel to insure. Even Great Eastern rejected his Dependent Protection Scheme and returned his pro-rated premiums. So do make sure you are protected adequately and purchase insurance policies when you are healthy. My view is that term insurance
On 5th Jan 2013, Dad passed away peacefully at home. He was only 58 years old. His demise ended 20 years of suffering from stroke. I am writing this article to pay tribute to a great man who had struggled and sacrificed so much for my family.
My father did not receive much education and worked as a lorry driver in his youth. He was a very hardworking man and worked every single day of the year, except for Chinese New Year. As he was the sole breadwinner, he was also very careful with his money but always ensure that my siblings and myself received good education. There were frequent quarrels with my mom over money issues but he always ensure that my mom has enough to spend for the household. In the eighties and early nineties, Singapore construction was booming with many projects in the pipeline. Dad’s small lorry business began to do well and we were not doing too bad either. There were frequent family outings and durian treats at home. In those days, under the old scheme, COE was even higher than today, but my dad managed to buy a second-hand Toyota family car. Things were looking
The report confirmed my view that in order to draw a better salary and climb up the ladder, there is a need to switch job. Typical salary increments in Singapore average about 3-5%. With this kind of increment, normal salaried Singaporean can barely meet the inflation and maintain a comfortable lifestyle.
The report stated that the majority of the respondents
Today, the Singapore government announced a slew of measures to cool the residential property market. It also introduced a Seller’s Stamp Duty on industrial properties for the first time, to discourage speculative activity in the industrial market.
Measures Applicable to all Residential Property
The following measures will take effect on 12 January 2013:
a) Additional Buyer’s Stamp Duty (ABSD) rates will be:
i) Raised between five and seven percentage points across the board.
ii) Imposed on Permanent Residents (PRs) purchasing their first residential property and on
Singaporeans purchasing their second residential property.
b) Loan-to-Value limits on housing loans granted by financial institutions will be tightened for individuals who already have at least one outstanding loan, as well as to non-individuals such as companies.
c) Besides tighter Loan-to-Value limits, the minimum cash down payment for individuals applying for a second or subsequent housing loan will also be raised from 10% to 25%.
Married for the wrong reason?
Firstly, I can understand what the person is going through. After all, I live in a 5 room flat, is a sole breadwinner, my wife is a full time housewife, have a baby girl, support my parents, support my in-law and own a car. So the burden on my shoulder is no less than the person in question, albeit I drew a much higher salary.