This article shares with the reader some of the questions to ask your mortgage broker before using his or her service. It lists a good set of Singapore context based questions to filter out unethical brokers.  

I think the govt should allow citizens to own more than one HDB resale flat. The minibond saga has highlighted the fact that there are many Singaporeans who have a decent amount of savings but is unable to make these monies work harder. They end up either being conned of their hard earned savings or invest in risky instruments which they have little knowledge in.

Many mid income singaporeans as well as retirees are not able to enjoy an income stream from their investments such as rental from an investment property as private properties are beyond their reach. If they are able to buy another HDB flat from the resale market, it would effectively create a recurring income stream for these people and allow them to participate in the upside when these flats appreciate in value in the future. For the scheme to work, the following has to be considered; more specifically the additional flat can only be purchased if

1. there is a proper family set up, similar to present schemes to buy a resale flat.

2. the present HDB flat has fully been paid up

3. if cpf is used to pay for the additional HDB flat, the min sum has to be satisfied (in line with present HDB rules for private property)

4. the additional flat can be sold after a certain number of years e.g. 5 or even 10 years. this is to minimise speculation.

5. private property owners are not eligible.

Advantages of such a scheme include:

1. Enable singaporeans to buy HDB flats today for their sons and daughthers instead of 20-30 years later when such flats become more expensive;

2. Allow retirees as well as mid income singaporeans to set up a recurring income vehicle and

3. Allow mid income singaporeans to participate in investment property appreciation which otherwise they will not have a chance in the current scheme of things as private property is beyond their reach.

Had this scheme been introduced, I am certain incidents such as the retiree investing $400K cash in minibonds will not happen. The same retiree will be able to purchase a 5 room HDB flat and rent out the place at around 2K per month. If she is really in need of the monies, she can sell her existing HDB flat and move to her investment HDB flat. the options are varied. 

As mentioned earlier, this is also a good scheme for singaporeans who have additional cash/cpf but is not able to follow what his wealthier counterparts are doing - lives in one HDB flat and rents out a private property to enjoy a recurring income stream. 

Finally with the stringent criteria for the purchase of such flats, there is little danger of HDB prices rising sky high overnight. 

Cheers

Koh Siew Yong (Mr)

HAPPY BOSS DAY

Who is your boss? Are you afraid of him or her or cherish working in the organisation? Do you feel fascinated by the powers that your boss has over you and the people in the organisation? Is your boss a happy person or one who shows seriousness in everything? Is your boss someone attached abroad at the HQ and he sometimes pay a visit to Singapore and you know very little about him?

I have heard many people being not aware of Boss Day. International Boss Day falls on 16 OCT every year. However, in Singapore, Boss Day falls on 1 NOV every year. When I was working in Raffles Place, I use to see a person selling many fresh rose stalks nicely wrapped on Valentine Day and also on Boss Day. One of my colleagues bought a rose stalk to give to his boss but then when he came to office, he was unable to give the wonderful gift to his boss.

It was fear that prevented him to see the boss. He kept the rose with him and then when he left office, he sadly carried the rose stalk home. At home, the wife was pleased with him but he was quiet as a mouse. There was no enthusiasm in his spirit.

One day I saw that a colleague’s hand phone rang at the wrong time: the boss was in the room and thus my colleague whispered to the hand phone that he is busy at the meeting and would call later. At least it is a wise decision, instead of making the boss wait. Please don’t distract your boss when he or she is busy because it could be something very important and your disturbing could affect the organisation.

Counter staff especially in many organisations are afraid to meet with customers complain.  They  feel  afraid  that  they  wish  to  avoid  telling  their  name. If they are wearing a name tag, they wear it in such way that customers could not see properly. A complain from a customer could mean an example of poor service, defective product sold or even cases of misunderstanding.

Some people feel that it is unfair remark to say that ‘a customer is a king’. To enhance corporate image, some organisation hire PRO meaning Public Relations Officer. Then the counter has a name board on the table. It is easier for customers to know who is serving them and it is also easier for feedback or even a letter of appreciation to be directed because the customer knows who is serving. There is nothing to fear from customers if you serve well.

Many organisations provide exit interviews and this is an opportunity to tell the boss what you do not wish to tell while being employed within the firm. However, it is a bad thing to burn the bridge as it means you cannot come back, be affected in future employment because new employer do contact the old boss and most important of all you lose your face if you meet the ex-boss again in the future. Therefore give feedback that would prove useful for the organisation and not something detrimental to your own future.

As I meet some of my ex-bosses, I feel happy that they can still recognise me after many years. There are no more the inhibitions to talk freely because you realise that your bosses are humans too, not the mental image of a fierce tiger you could have been carrying with you all these years. My ex-bosses like to know how I am coping up with life, how are my family members, how is the current job and so on.

Conversation flows smoothly and so do joke and laughter punctuate in occasionally. As I talk with my former bosses, I begin to recall the phase of life I was in and the special moments in the past. The days that are long gone will not come back again and I can’t reverse the time back so that these special humans could be my boss again.

As I think about it, I feel quite sad the years have passed by so quickly. Many of us could be moving towards retirement and this represents a significant life change again. Some of you could become self boss one day; as you do your own business, you then realise the importance of leadership, decision-making and cost consciousness which your bosses use to practise.  

Today I convey my best wishes and hope that all the bosses including my ex-bosses and current one is well-blessed in their life.

A WARM & HAPPY BOSS DAY

Om Nath Panday

1 NOV 2008

FUTURE OF SINGAPORE - Our Future Architect  - The Young Ones

1. Just few days ago, student have come up with water driven energy to power a bicycle and many innovation, the Yong Ones are really a step closer to sci-fi futuritic mode of travelling, life style, housing, innovative education, constraint "land, sea & air space" (in Singapore) and many more transformation of our future in Singapore.  Just Innovate it!!!!!!!

2. As we examine the life we have been through and the innovation that have engineered our daily well being are basically driven by:

2.1 Electricity - thanks to Edison & many superbrain heros inventors through their innovative tranformation of the discovery of electricity into our current global life style of computer age life style.

2.2 Motor - the basic source of machine that converts other forms of energy into mechanical energy and so imparts motion into power, to force, to create the momentum, to move or quantum leap into the beyong (space - next dimension);

2.3 Pump - A mechanical device that moves fluid or gas by pressure or suction. Similarly to our heart to keep us going through till the end of life.

2.4 Connectivity - Mental ability, common sense, brainpower, wit and able to connect all small, big and great things such as orchestra, music. technology, engineering(mechanical, electrical, chemical, nuclear, solar, hydro, robotic, computer, mathematics, environmental, quantum physic, molecular, etc ). Though we may be lowly educated, highly educated, construction workers, engineers, doctors, policy achitect of a country or complexity conscious of status, we need to be able to connect all these basicity for the better condition for our next generation and many more generation to sustain the country's SUSTAINABLILITY, in a general sense, is the capacity to maintain a certain process or state indefinitely.

Future of Singapore is in the hands of our innovation citizens, THE FUTURE ARCHITECT of Singapore - The young ones. ( song by Cliff Richard )

RECESSION WISH LIST

I have the following wish for this current recession which has taken us by surprise:

1.  I hope that the current recession be short. This will help not to derail many of the progressive projects for the nation.

2.  Would the SP be kind enough to temporarily remove the 21% tariff increase on electricity while the recession is on.

3.  Have a government watchdog to monitor price increase especially at food courts or centres. Let the prices be reduced on food and drinks for the time being so as to reduce the suffering of the people.

4. Let the transport fare be reduced especially the buses and trains as a good gesture to help people in this recession. Please remove the 30 Cents surcharge on taxis. Please be merciful on sick, poor, unemployed or handicapped people.

5. Develop a manual or toolkit to deal with recession. Do case studies & research work.

6.  The onus to help the nation lies increasingly on the post 65 generation. Let there be maturity and the passion to solve problems. Come up with new assumptions on economic principles and theories. Build new structures around this new thoughts on economics. 

I hope that others would also join in to add their wish list.