Singapore family stand to receive $460,000 over 60years

[makapaaa]

<TABLE class=forumline border=0 cellSpacing=1 cellPadding=3 width="100%"><TBODY><TR><TH class=thLeft height=26 width=150 noWrap>Author</TH><TH class=thRight noWrap>Message</TH></TR><TR><TD class=row1 vAlign=top width=150 align=left>wanderfool



Joined: 11 Aug 2005
Posts: 1051

</TD><TD class=row1 height=28 vAlign=top width="100%"><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD width="100%">Posted: Fri Mar 05, 2010 11:27 pm Post subject: Singapore family stand to receive $460,000 over 60years</TD><TD vAlign=top noWrap> </TD></TR><TR><TD colSpan=2><HR></TD></TR><TR><TD colSpan=2>was very shocked to see this in the newspapers announced in the parliament...

that is a huge sum... almost 0.5 million

wonder how they work out this amount......

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</TD></TR><TR><TD class=row2 vAlign=top width=150 align=left>ltguy



Joined: 05 Jun 2009
Posts: 48

</TD><TD class=row2 height=28 vAlign=top width="100%"><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD width="100%">Posted: Fri Mar 05, 2010 11:46 pm Post subject: </TD><TD vAlign=top noWrap> </TD></TR><TR><TD colSpan=2><HR></TD></TR><TR><TD colSpan=2>Probably the same way the work out the HDB "subsidy."

Even if its true, its not the government money. Higher GST or ERP anyone?</TD></TR></TBODY></TABLE></TD></TR><TR><TD class=row2 vAlign=center width=150 align=left>Back to top</TD><TD class=row2 height=28 vAlign=bottom width="100%" noWrap><TABLE border=0 cellSpacing=0 cellPadding=0 width=18 height=18><TBODY><TR><TD vAlign=center noWrap> <SCRIPT language=JavaScript type=text/javascript><!-- if ( navigator.userAgent.toLowerCase().indexOf('mozilla') != -1 && navigator.userAgent.indexOf('5.') == -1 && navigator.userAgent.indexOf('6.') == -1 ) document.write(' '); else document.write('</td><td> </td><td valign="top" nowrap="nowrap">


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</TD></TR><TR><TD class=row1 vAlign=top width=150 align=left>sci50514



Joined: 05 Feb 2007
Posts: 275

</TD><TD class=row1 height=28 vAlign=top width="100%"><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD width="100%">Posted: Fri Mar 05, 2010 11:52 pm Post subject: </TD><TD vAlign=top noWrap> </TD></TR><TR><TD colSpan=2><HR></TD></TR><TR><TD colSpan=2>The important thing is how much are you paying out to get that amount...</TD></TR></TBODY></TABLE></TD></TR><TR><TD class=row1 vAlign=center width=150 align=left>Back to top</TD><TD class=row1 height=28 vAlign=bottom width="100%" noWrap><TABLE border=0 cellSpacing=0 cellPadding=0 width=18 height=18><TBODY><TR><TD vAlign=center noWrap> <SCRIPT language=JavaScript type=text/javascript><!-- if ( navigator.userAgent.toLowerCase().indexOf('mozilla') != -1 && navigator.userAgent.indexOf('5.') == -1 && navigator.userAgent.indexOf('6.') == -1 ) document.write(' '); else document.write('</td><td> </td><td valign="top" nowrap="nowrap">


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</TD></TR><TR><TD class=row2 vAlign=top width=150 align=left>linbei



Joined: 18 Feb 2010
Posts: 41

</TD><TD class=row2 height=28 vAlign=top width="100%"><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD width="100%">Posted: Sat Mar 06, 2010 12:07 am Post subject: </TD><TD vAlign=top noWrap> </TD></TR><TR><TD colSpan=2><HR></TD></TR><TR><TD colSpan=2>0.5 million seems alot. BUT

It is not even some big shot 's one year salary.

They give u peanuts, u happy like *censored*.</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>

 

[makapaaa]

<TABLE class=forumline border=0 cellSpacing=1 cellPadding=3 width="100%"><TBODY><TR><TD class=row2 vAlign=top width=150 align=left>hybridvestor



Joined: 19 Jun 2005
Posts: 15103
Location: 命里有时终需有, 命里无时莫强求 (許冠傑 - 浪子心聲)
</TD><TD class=row2 height=28 vAlign=top width="100%"><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD width="100%">Posted: Sat Mar 06, 2010 1:24 am Post subject: </TD><TD vAlign=top noWrap> </TD></TR><TR><TD colSpan=2><HR></TD></TR><TR><TD colSpan=2>Quoted from todayonline :

..... overall support could amount to as much as $460,000 over a lifetime for a young family of four in the bottom 20 per cent of household incomes, he explained that about 60 per cent of it would be in the form of subsidies for their education and skills or to help build their assets over the long term - and the other 40 per cent in immediate Workfare payouts, subsidies or financial aid .....


How to calculate har ?

Each person in the family of 4 gets = $460000/4 = $115000

But since this is over a lifetime, so let's take 50 years of living on average : $115000/50 = $2300 per year = $191.70 per month

But 60% of these are in the form of subsidies, meaning, if low-income familes can't afford assets such as the "affordable" housing or the like, then, they are likely not be able to ultilise these subsidies, and so, if this is correct, 60% of $191.70 per month will have to be taken out, leaving 40% of it, which is $76.70 per month for immediate workfare payouts, or financial aid ....

I may be wrong in certain assumption in the above, so feel free to correct my calculation ....

Last edited by hybridvestor on Sat Mar 06, 2010 1:34 am; edited 1 time in total</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>

 

[makapaaa]

<TABLE class=forumline border=0 cellSpacing=1 cellPadding=3 width="100%"><TBODY><TR><TD class=row1 vAlign=top width=150 align=left>leeahloong



Joined: 04 Mar 2010
Posts: 22

</TD><TD class=row1 height=28 vAlign=top width="100%"><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD width="100%">Posted: Sat Mar 06, 2010 1:32 am Post subject: </TD><TD vAlign=top noWrap> </TD></TR><TR><TD colSpan=2><HR></TD></TR><TR><TD colSpan=2>ministers earn $460k in < 6 months. $460k in 60 years??? HUH???</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>

 

[makapaaa]

Don't u Sinkees 'feel rich'?

 

[Leongsam]

$460,000 over 60 years is absolute chickenshit!

 

[nickers9]

I gave you $360 a month to buy maggie mee you Sinkies KPKB.

Now Mah Bow Tan tell you all Sinkies that you all have $460,000 every year for 60 years. SO in future if you Sinkies need money, please go and find Mah Bow Tan and not me ok ah????

I have no more money leow, dont look for me, look for Mah Bow Tan ok ah???

 

[Leongsam]

If you save $400 per month in an account that pays 2.5% per annum, your savings after 60 years will be $552,447.71

The interest earned on your savings will be $865,574.99

Your total savings will be $1,418,022.71


If you can achieve a 5% return on your savings, the interest earned will be $3,476,201.92

Your total savings will be $4,028,649.63

That is the power of compound interest!

 

[nickers9]

If you save $400 per month in an account that pays 2.5% per annum, your savings after 60 years will be $552,447.71

The interest earned on your savings will be $865,574.99

Your total savings will be $1,418,022.71


If you can achieve a 5% return on your savings, the interest earned will be $3,476,201.92

Your total savings will be $4,028,649.63

That is the power of compound interest!

Can you outlive me???

100 years later I will still be around cause I am vampire. But you, you are a stupid sinkies.

 

[Goh Meng Seng]

I have written to the Ministry of Finance to ask for a detailed breakdown of their numerical calculations on how they actually come to that assertion that the Minister of Finance Tharman made in recent parliamentary sitting on the Budget Debate.

It is hardly believable that the PAP government is so generous when it comes to providing basic welfare to our needy citizens. It was not so long ago that our memory is still fresh about the "heated" argument presented in parliament over a mere $30 increase in monthly allowance for the needy. Thus, I am really curious to know about the methodology and assumptions made in Minister Tharman's assertion on the seemingly HUGE handouts that the PAP government is going to give every year over the next 60 years (well, providing PAP could be the ruling party for that long) is going to be a "INFLATION ADJUSTED" of a total $460K.

As far as I know, there isn't any "inflation adjusted" methodology in PAP's very limited welfare approach (remember the debate on the increase of mere $30?). So I am all open and curious about the new methodology that they are putting in place.

On the other hand, I know my readers are eager to know what I think about Minister Mah Bow Tan's Mtyhs. I would say that he is living in his own Myths after I read his responses in parliament. I shall devote a few articles in subsequent days on talking about his Myths.

But let's wait for Ministry of Finance response first.

Goh Meng Seng

 

[makapaaa]

I have written to the Ministry of Finance to ask for a detailed breakdown of their numerical calculations on how they actually come to that assertion that the Minister of Finance Tharman made in recent parliamentary sitting on the Budget Debate.

It is hardly believable that the PAP government is so generous when it comes to providing basic welfare to our needy citizens. It was not so long ago that our memory is still fresh about the "heated" argument presented in parliament over a mere $30 increase in monthly allowance for the needy. Thus, I am really curious to know about the methodology and assumptions made in Minister Tharman's assertion on the seemingly HUGE handouts that the PAP government is going to give every year over the next 60 years (well, providing PAP could be the ruling party for that long) is going to be a "INFLATION ADJUSTED" of a total $460K.

As far as I know, there isn't any "inflation adjusted" methodology in PAP's very limited welfare approach (remember the debate on the increase of mere $30?). So I am all open and curious about the new methodology that they are putting in place.

On the other hand, I know my readers are eager to know what I think about Minister Mah Bow Tan's Mtyhs. I would say that he is living in his own Myths after I read his responses in parliament. I shall devote a few articles in subsequent days on talking about his Myths.

But let's wait for Ministry of Finance response first.

Goh Meng Seng

Good work. Keep up the pressure on the FAPee Traitors and expose their deceitful ways!

 

[ChaoPappyPoodle]

What an idiotic statement Tharman made! We should ask the learned Halimah to check on the integrity of Tharman's numbering system.

Only an idiot would make such a ridiculous statement because such numbers cannot really be applied correctly under any true scenario. Even then, the fact that HDB is 'over subsidized ', the family will actually be paying the PAP rather than the other way round. And you should include all the ridiculous taxes and monopistic prices for essentials and any other goods or services that the GLCs are in.

If each HDB flat is over-priced by $200K, then the $460K becomes a decifit once the children purchase their own homes. PAPies really know how to talk cock. :oIo: