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Singapore- The Financial Nanny State Or Is It Really?

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esplanadenight Everything is regulated here in Singapore. From a fine for littering and jaywalking, a ban on chewing gum, to even the age and the amount you can withdraw when you reach retirement.

The government even goes into regulating how much money you got to have in your retirement account before you can use it for investment. Which is $20,000 in your ordinary account if you didn’t know. With all these rules and regulations governing our finances, you would have thought that every thing here is fine and dandy.

Scratch a little deeper, you will find something weird going on. It is perfectly ‘alright’ for the civil servants to lost millions and billions in speculative investments into financial firms in USA in 2008 at the height of the financial meltdown. However, when one of the more humane Member of Parliament, Dr Lily Neo, wanted to increase the amount given to the poorest as financial assistance, she was scolded by millionaire minister Dr Vivian Balakrishnan who berated her for asking for more. “How much do you want!” A bit of Oliver Twist in there.

So the moral of the story is to prepare for your retirement yourself. No help is forthcoming from our ‘superior’, millionaire ministers who are high and mighty and would question every dollar given to the destitute and scold citizens who quibble over mere millions given to them.

Sources: TGIF Up Till The Spring Equinox…

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