Interesthink @ The Lunch

Continue from previous two entries

We had catered lunch for an hour, to encourage more mingling, with Kelvin trying his best with his rather unconvincing tone to convince people like me to mingle 😛

Next was famous local movie director Kan Lume who promotes having your own objective and go for it. He told it using his own life story, in a totally cinematic manner:

In primary school, got this guy called Mok the Kuay (i really have no idea how to spell). Smelly, never brush teeth. Kangkung on teeth. Ww wondered if the father sold Ang ku kuay. He like soccer. Once he ran up the bus, a old grandma shouted “an zhua ani chao eh” (why so smelly)?

Secondary school, and met the same guy. The school ranked classes by grades, 1A 1B 1C … we were in 1M (last class). Later found out that those class famous for gangsters and repeat student. There was a notorious student called Vincent, strong guy, a gangster. A relief teacher walked in the class – real teacher scared of the class. She came in, stared and say “Rule 1: When I talk, nobody talked”. By the time the 10th commandment is done, bell rang. Next, art teacher, also screamed at them. Spit at them.

The more reinforced that they were naughty students, they more naughty they became. Burn newspapers in longkang. M for Mafia, M for Monkey, M for mad. Even though we had a principle who gave us respect wasn’t much effect.

Sec 4, got a new class teacher who were genuinely belief that positive attitude. Vincent was given the task of being the class monitor, and fought hard for the class. She was also the math teacher. Gave remedial, but no one showed up. But she was relentless. She patiently thought the class from primary 5 standard. Later got people came. The test results took some time to improve, from 80% fail to 80% pass, even Vincent went to someone who failed and give gangster style warning to buck up.

Then there was a camp, there was a Tug-of-War match in the school. We won the first match because we were united as to the collective success in math. But we were told to play again. By the end of the day, played 4 matches and got into the finals, when other class only did 2. Finals was between A and M class. For the first time we looked at each other, and thought M can mean something other than “Misbehavior”.

It was the longest 30 seconds of our life. Even as the A class is skinny, M class was tired. Suddenly, Vincent fell to the ground, and everyone fell into the mud. Vincent stood up, went to the competitor and shook their hand, and we played some mud. In the 3 days in camp, there was no congratulations for the A class.

Later in church, found a girl, took a year to get acquainted. Want to marry her. Family say bad things behind back. Later want to get a degree. Went to a Australia to want to do a 2 year programme in 1 year and still got on the dean’s list. But got lots of disagreement initially with family, but manage to commit. Very little money, but also manage to pull it off.

Started working in production house, almost died in accident. Got a job in China, but was abhorred by the fact that one can calculate the amount one will get at the end of life. Wanted a multiplication effect, not a plus effect.

No sidetrack by corporate video. Only going to do narrative video. Ask father – 35 years what to learn? Nothing. Save for retirement, something that can be read from MRT poster.

Made a real tattoo to remind myself. Violinist from SSO say: how to be world class when we’re only doing this part time? Took 2 times to win the Fly by Night. Also took sometime before breaking into SIFF (Singapore International Film Festival), Asian Film Symposium, etc.

Film should evoke emotions. Aim is to polarize Singapore audience. Film is a powerful art form. Tech 1st world, but dreams 3rd world. Film was the 7th and final art form, as in incorporate all other elements.

The power of belief, like the teacher to change the life. Don’t miss out on the opportunity to change one person’s life. Vincent is now a policemen. Mok the kuay is now a lawyer in big law firm. And the supposedly “novelist” is now a filmmaker.

The last speaker for the day, Leong Sze Hian, a financial guru to me, admitting that there are no part time Political Commentator in Singapore, because someone say you have to join politics to talk politics. His talk proper was about the recent Budget and the new CPF Life Scheme and what’s wrong with it:

Everybody get some money budget. For future budget, should look at whether the budget addresses the major problems Singaporeans get today. Retirement. Healthcare. Housing. Not just making everyone happy.

At 34.5%, Singaporean save the most in the world. But has the least disposable income in the world in the end. Disposal income after expenses is $100 in Singapore, vs $2000 in United States. The other “Squeezed Standard of Living” which was slated to talk was canceled by the venues for fear of an offending talk.

From CPF, average balance of at retirement 55 years is $66,000, but estimated only $20,000 at the median (excluding medisave). Topping up medisave account is offset by Healthcare inflation (highest in December). Higher HDB housing grant is less than the price of HDB flat increased.

If you cannot pay your loan, then you forfeit your home, might make a bankrupt. Then there’s a scheme to sell back your HDB. But $138,000 for what if there’s no place to stay. Major problem is that one can’t wait 30 months to rent or buy another HDB flat.

We raised GST 2% to help the poor. But HK didn’t implement sales tax, end up with larger surplus to help the poor.

The “endowment fund” style subsidy doesn’t help, because the fund doesn’t take into account the size of the population that’s drawing from it. It’s not like there’s an increase of the help you get, just the fund, so if there’re more people going after the fund, everybody take back less on average.

CPF Life is compulsory, unless if you have less than $40,000. Which brings to the joke: the only country in the world where the bottom 25% of the population is EXCLUDED from the social safety net.

Comparison on papers say new scheme better. But interest rates different. Can’t compare apple to apple.

For the old scheme, you get:

• At 4%: $600 / mo
• 5% $720
• for 20 years

For the new scheme, you get:

• $604 Male – for Life
• $702 Female – for Life

A big assumption was that at least 60% of active members of CPF have $67,000 by 2013. But looking at statistics, how can 50% of active members with $20,000 + Extra 1% = 60% of active members having $67,000 ?

One of the big movement now is to get the lower income to opt in. But for the average destitute with $215 income will take home only $176 per month – cannot survive.

The new rates are based on a study that shows life expectancy male 78, female 82.8, but what about people who are 50 today.

There’s an element of uncertainty when interests rate is fluctuating.

(From here, had to skip quite a bit of the presentations, because there’s a genuine lack of time… I think a lot of his comments are on the papers, if not on theonlincitizen)

Assume that your life expectancy: 80; By 2030, 4 in 10 will be 65 and older; there are studies (in UK) showing that the least-deprived group live 4.5 years longer.

How many 85 and older are living in destitute? Using 9.3% living in 1 & 2 room flats as proxy, then approx 2000 people will be poor in 2043. The first $40,000 cannot invest, implications at 3.5% interest: $100,000++, at 8% interest: $900,000++. The workfare income scheme (WIS) is not working. 40000 people cannot pay for their house.

Bottom line: Too low a return on CPF.

Finally, how to retire with $1 million when you earn $1,500 a month, no pay increase for the rest of the life? A person 25 years old earning $1,450 contributing $500 per month will have $1.6 million at 5% (do the math).

Moral of story… don’t leave your CPF money for others to invest.

The day ended with lots of thank-yous but lack the bang. Few others brought their agenda forward and stayed, only a few really dashed on the moment it hit 3pm. I think they were recalled for service suddenly, maybe for Malaysia elections? No idea.

I don’t really feel like rewriting the minutes in proper sentences, but I think with some many people young and old willing to spend their Saturday on an event like this is remarkable. It’s not everyday that we can see so many social entrepreneurs, and masters of various disciplines, come together and (really or pretend to) discuss matters that are of varying importance to everyone, so that everyone goes home learning a piece of someone else.

One thing though, I think the fundamental difference between TED and Interesthink, is that one cannot feel the explosive feeling of participation from the audience. Maybe most, like me, expected to just see see look look – I didn’t attend the last VillageTalk thing so I wasn’t clear what to expect. Maybe there’s a difference between FREE and $6,000 entrance pass, especially if it’s out of your own pocket (not from some company).