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540 retired civil servants rehired
- Thread starter Watchman
- Start date
Govt costs already up significantly with multi million bucks compensations and salaries plus golden car parking costs of 1 MM, 2 SM's & 2 DPM's - doing fuckall but earning fatty fat pay! Some of these bums are responsible for big losses in GIC n Temasick but still earning big income - where is accountablitiy? CSJ cannot claim typo or honest mistake but they can!!
:oIo::oIo::oIo::oIo::oIo::oIo::oIo::oIo::oIo::oIo::oIo::oIo::oIo:
I don't suppose our PM-in-waiting will be kind enough to release a breakdown of re-hires by grade. One common complaint I heard is that many of these re-hires are those old superscale officers who are somewhat reluctant to leave behind the pay and perks of their office. This has caused unhappiness among the younger ambitious officers who want to call the shots.
u heard rite ..... mi uncle one of the higher ups.
but not aware of unhappy upstarts, more like in some dept, the cumulation of 30 plus years of dedicated experience in a specific area made their expertise worth retaining, though succession-planning in general do not preclude exceptions like the longevity of that old man.
u should give ur father pocket money , and he can retire gracefully by leading a simple life style, such as watering plant,do light exercise, meeting up old friends, short tour etc etc, better than going back to the old working place doing the routine....
With the high costs of govt to keep an extravagant Cabinet and civil service, and the losses in GIC and Temasek, how come they still have current year's reserves to spend? Where do the money for the Budget come from? From what are these reserves built from? Are they dipping into previous years' reserves? Who will know? Without the Opp in parliament to query, I am cynical that the President is doing his job. This is important because the PAP has rigged it such that any Opp govt cannot spend last year's reserves, so we better start digging!
National reserves (Net assets)
By Chew, Valerie written on 2009-03-16
National Library Board Singapore
Comments on article: InfopediaTalk
Singapore's national reserves are essentially the net assets (i.e., assets minus liabilities) of the country. Being a small nation lacking in natural resources and relying heavily on external trade, Singapore needs to have ample reserves as its security net - to ensure a stable currency and to provide a cushion in times of crisis. Another purpose of the reserves is to provide a continual stream of income for current and future generations. Recognising the strategic importance of the reserves, the government has judiciously been building up the reserves over the last few decades. To protect this "nest egg" from potential misuse, the government needs the consent of the Elected President before it can draw on past reserves. On 21 January 2009, this approval was given for the first time in the history of the Elected Presidency.
Definition
The Constitution defines "reserves" as the excess of assets over liabilities of the government, statutory boards and government companies. The reserves comprise financial assets (e.g., cash, shares) and physical assets (i.e., land and buildings). The Government of Singapore Investment Corporation (GIC) and Temasek Holdings, both government companies, have been given the mandate to invest some of the reserves with the objective of maximising the long-term value of the assets.
The Constitution also provides the definition of "past reserves", as opposed to "current reserves". Past reserves are those that were not accumulated by the government during its current term of office, including relevant accretions derived from investing the reserves. Current reserves are those not deemed to be past reserves.
Size and Management of the Reserves
The actual amount that Singapore has in its reserves is a closely guarded secret for strategic reasons, but it is widely known to be in hundreds of billions. For a rough idea of how much it could be, analysts often look at the amount of foreign reserves held by the Monetary Authority of Singapore (MAS) to maintain the stability of the Singapore dollar as well as the assets managed by GIC and Temasek. Singapore's total foreign reserves were estimated to be S$252.8 billion at the end of February 2009, while Temasek and GIC officially manage portfolios of S$127 billion (as at 30 November 2008) and "well above US$100 billion", respectively.
System of Safeguarding Past Reserves
In August 1984, then Prime Minister Lee Kuan Yew mooted the idea of giving the President more powers to help safeguard the country's reserves. Six years later, then First Deputy Prime Minister Goh Chok Tong introduced in parliament the Constitution of the Republic of Singapore (Amendment No. 3) Bill that proposed the creation of an Elected President with veto powers to safeguard the national reserves and the integrity of the public services. The Bill was passed on 3 January 1991 and took effect on 30 November 1991. Thus was born the "two-key system" of protecting past reserves, with the government and the President each holding one key. The government would be able to tap on past reserves only if the President agrees to use his key.
Bills passed by parliament become law only after the President has given his assent. As custodian of Singapore's past reserves, he can withhold his assent to any Supply Bill, Supplementary Supply Bill or Final Supply Bill - thereby blocking the Budget for the financial year - if it is likely to draw on past reserves. Similarly, statutory boards and government companies listed in the Fifth Schedule of the Constitution are required to present their annual budgets and supplementary budgets to the President for his approval before the start of each financial year. If a budget is likely to draw on past reserves, he may refuse to approve it.
In addition, the Minister for Finance, Accountant-General and Auditor-General have to inform the President of any proposed transaction by the government that is likely to draw on past reserves. The same requirement is applied to the Fifth Schedule entities, which are the Central Provident Fund (CPF) Board, Housing and Development Board (HDB), Jurong Town Corporation (JTC), MAS, GIC, Temasek Holdings and MND Holdings. If the President objects to the proposed transaction, he may exercise his veto.
The President's veto is final, with one exception. The Constitution requires him to consult the Council of Presidential Advisers (CPA) before he makes his decision on a possible drawdown of past reserves. If he withholds his assent to a Supply Bill, Supplementary Supply Bill or Final Supply Bill against the recommendation of the CPA, the government may overrule his decision with a resolution that is supported by at least a two-thirds majority in parliament.
After the President approves a request to draw on past reserves, he must convey his opinion to parliament in writing, thereby making his opinion public as it will be published in the Government Gazette.
To help the President monitor the past reserves, the government provides him with detailed accounts regularly. Under the Constitution, the President may request for additional information and the relevant agency has to comply.
Former President Ong Teng Cheong had worked with the government to develop a set of working principles in 1999 to guide the actual implementation of the constitutional safeguards. The resulting white paper titled The Principles for Determining and Safeguarding the Accumulated Reserves of the Government and the Fifth Schedule Statutory Boards and Government Companies was approved by the Cabinet on 13 May 1999 and tabled in parliament on 2 July 1999. However, it was not made legally binding so as to keep the procedures flexible enough to deal with the countless possible scenarios.
Major Constitutional Amendments
There have been two major constitutional amendments in relation to the amount of investment returns being channelled into past reserves. The first was enacted on 23 January 2001. The Constitution of the Republic of Singapore (Amendment) Act 2001 included an amendment to protect the Net Investment Income or NII derived from past reserves. NII refers to the interest and dividend income earned from investing the government's reserves. With the amendment, the government would be able to spend only up to 50% of NII derived from past reserves each year because at least half of it would be regarded as part of past reserves and thus protected. Before the amendment, there was no such cap. However, the amendment did not apply to reserves under the Fifth Schedule entities.
The second amendment involved a more fundamental change - a revision of the framework under which the government was allowed to spend the returns gained from investing the reserves. In effect, the changes increased the amount of investment returns that the government could spend each year while retaining the 50% limit. After much debate in parliament, the Constitution of the Republic of Singapore (Amendment) Act 2008 was enacted on 29 October 2008.
Before the amendment, NII was the basis for determining the amount of investment returns that could be spent. Following the amendment, a broader definition of investment returns known as Net Investment Returns or NIR was adopted. NIR is made up of the total returns on reserves invested by GIC and MAS as well as the NII from other assets, mainly those managed by Temasek. While NII consists of actual dividends and interest earned each year in nominal terms, total returns include capital gains/losses and are calculated based on the real expected returns over a long-term period of 20 years. The government will use the additional funds gained from the amendment to pay for the country's growing needs in various areas such as education, healthcare, transport and social services.
Author
Valerie Chew
By Chew, Valerie written on 2009-03-16
National Library Board Singapore
Comments on article: InfopediaTalk
Singapore's national reserves are essentially the net assets (i.e., assets minus liabilities) of the country. Being a small nation lacking in natural resources and relying heavily on external trade, Singapore needs to have ample reserves as its security net - to ensure a stable currency and to provide a cushion in times of crisis. Another purpose of the reserves is to provide a continual stream of income for current and future generations. Recognising the strategic importance of the reserves, the government has judiciously been building up the reserves over the last few decades. To protect this "nest egg" from potential misuse, the government needs the consent of the Elected President before it can draw on past reserves. On 21 January 2009, this approval was given for the first time in the history of the Elected Presidency.
Definition
The Constitution defines "reserves" as the excess of assets over liabilities of the government, statutory boards and government companies. The reserves comprise financial assets (e.g., cash, shares) and physical assets (i.e., land and buildings). The Government of Singapore Investment Corporation (GIC) and Temasek Holdings, both government companies, have been given the mandate to invest some of the reserves with the objective of maximising the long-term value of the assets.
The Constitution also provides the definition of "past reserves", as opposed to "current reserves". Past reserves are those that were not accumulated by the government during its current term of office, including relevant accretions derived from investing the reserves. Current reserves are those not deemed to be past reserves.
Size and Management of the Reserves
The actual amount that Singapore has in its reserves is a closely guarded secret for strategic reasons, but it is widely known to be in hundreds of billions. For a rough idea of how much it could be, analysts often look at the amount of foreign reserves held by the Monetary Authority of Singapore (MAS) to maintain the stability of the Singapore dollar as well as the assets managed by GIC and Temasek. Singapore's total foreign reserves were estimated to be S$252.8 billion at the end of February 2009, while Temasek and GIC officially manage portfolios of S$127 billion (as at 30 November 2008) and "well above US$100 billion", respectively.
System of Safeguarding Past Reserves
In August 1984, then Prime Minister Lee Kuan Yew mooted the idea of giving the President more powers to help safeguard the country's reserves. Six years later, then First Deputy Prime Minister Goh Chok Tong introduced in parliament the Constitution of the Republic of Singapore (Amendment No. 3) Bill that proposed the creation of an Elected President with veto powers to safeguard the national reserves and the integrity of the public services. The Bill was passed on 3 January 1991 and took effect on 30 November 1991. Thus was born the "two-key system" of protecting past reserves, with the government and the President each holding one key. The government would be able to tap on past reserves only if the President agrees to use his key.
Bills passed by parliament become law only after the President has given his assent. As custodian of Singapore's past reserves, he can withhold his assent to any Supply Bill, Supplementary Supply Bill or Final Supply Bill - thereby blocking the Budget for the financial year - if it is likely to draw on past reserves. Similarly, statutory boards and government companies listed in the Fifth Schedule of the Constitution are required to present their annual budgets and supplementary budgets to the President for his approval before the start of each financial year. If a budget is likely to draw on past reserves, he may refuse to approve it.
In addition, the Minister for Finance, Accountant-General and Auditor-General have to inform the President of any proposed transaction by the government that is likely to draw on past reserves. The same requirement is applied to the Fifth Schedule entities, which are the Central Provident Fund (CPF) Board, Housing and Development Board (HDB), Jurong Town Corporation (JTC), MAS, GIC, Temasek Holdings and MND Holdings. If the President objects to the proposed transaction, he may exercise his veto.
The President's veto is final, with one exception. The Constitution requires him to consult the Council of Presidential Advisers (CPA) before he makes his decision on a possible drawdown of past reserves. If he withholds his assent to a Supply Bill, Supplementary Supply Bill or Final Supply Bill against the recommendation of the CPA, the government may overrule his decision with a resolution that is supported by at least a two-thirds majority in parliament.
After the President approves a request to draw on past reserves, he must convey his opinion to parliament in writing, thereby making his opinion public as it will be published in the Government Gazette.
To help the President monitor the past reserves, the government provides him with detailed accounts regularly. Under the Constitution, the President may request for additional information and the relevant agency has to comply.
Former President Ong Teng Cheong had worked with the government to develop a set of working principles in 1999 to guide the actual implementation of the constitutional safeguards. The resulting white paper titled The Principles for Determining and Safeguarding the Accumulated Reserves of the Government and the Fifth Schedule Statutory Boards and Government Companies was approved by the Cabinet on 13 May 1999 and tabled in parliament on 2 July 1999. However, it was not made legally binding so as to keep the procedures flexible enough to deal with the countless possible scenarios.
Major Constitutional Amendments
There have been two major constitutional amendments in relation to the amount of investment returns being channelled into past reserves. The first was enacted on 23 January 2001. The Constitution of the Republic of Singapore (Amendment) Act 2001 included an amendment to protect the Net Investment Income or NII derived from past reserves. NII refers to the interest and dividend income earned from investing the government's reserves. With the amendment, the government would be able to spend only up to 50% of NII derived from past reserves each year because at least half of it would be regarded as part of past reserves and thus protected. Before the amendment, there was no such cap. However, the amendment did not apply to reserves under the Fifth Schedule entities.
The second amendment involved a more fundamental change - a revision of the framework under which the government was allowed to spend the returns gained from investing the reserves. In effect, the changes increased the amount of investment returns that the government could spend each year while retaining the 50% limit. After much debate in parliament, the Constitution of the Republic of Singapore (Amendment) Act 2008 was enacted on 29 October 2008.
Before the amendment, NII was the basis for determining the amount of investment returns that could be spent. Following the amendment, a broader definition of investment returns known as Net Investment Returns or NIR was adopted. NIR is made up of the total returns on reserves invested by GIC and MAS as well as the NII from other assets, mainly those managed by Temasek. While NII consists of actual dividends and interest earned each year in nominal terms, total returns include capital gains/losses and are calculated based on the real expected returns over a long-term period of 20 years. The government will use the additional funds gained from the amendment to pay for the country's growing needs in various areas such as education, healthcare, transport and social services.
Author
Valerie Chew
are you serious? Have you not read reports of people dying faster after they retire? I gave my father money but I would rather he goes back office to do some work.
As long as his colleagues are treating him with respect and his boss is not slagging him off, I think it is all right
Three scores and 10. That's perfect. As long as capabilities are not diminished, go all the way. Look at the old man, 80+ and still wants most of the actions.
Oh shit !!! Don't we ever learns ...
Recently I went to the Ministry of National Development building in Maxwell Rd. To pay fine to BCA for not replacing casement window bolts deemed unsafe.
Went to the 2nd floor BCA address as directed. Saw counter many middle age to senior employees. The signs not clear, so i started to open mouth.. ' go press for a ticket first!' came the 1st advice.
Looking around, trying to get my bearings... ticket machine where? I ask & they said: right in front... Oh, there it is.
Wit ticket, then waited. My turn came. This kind looking Malay clerk ask: how you pay? I said: cash can? 'Sorry here, nets or visa only, cash go 16th floor'.
Chopped the round RECEIVED stamp on my summons then said, pay already must get the cashier to initial & return this initialed copy to him.
OK, so return to lift lobby. Security guard ask: go where? 16th floor, must change pass, IC? oh well....
Reach 16th floor. Saw the reception counter manned by one 60s looking Chinese lady. What is prominent is her PC Monitor showing her own CNY family photo as wallpaper? Wah, so central IT dept allow so personalised wallpaper?
So, she ask me, I reply, she summon a malay colleague from inside, came out & collect money for fine. While waiting, Chinese woman who is deployed as receptionist (very rare, a 60s woman at front desk), chit-chatted told me her service extended, bettwer work than stay at home....
Fine paid, summons initialed, return to 2nd floor, reclaim my IC return pass, return signed form to malay uncle, he photostat then gave me a copy....
As I left, I was hoping how I wish I can be in their shoes when I am at their age..... instead of looking forward to being cleaners or security guards.
Can our govt succeed in preparing a dignified work-life environment for our aging population ? I can only pray.
Went to the 2nd floor BCA address as directed. Saw counter many middle age to senior employees. The signs not clear, so i started to open mouth.. ' go press for a ticket first!' came the 1st advice.
Looking around, trying to get my bearings... ticket machine where? I ask & they said: right in front... Oh, there it is.
Wit ticket, then waited. My turn came. This kind looking Malay clerk ask: how you pay? I said: cash can? 'Sorry here, nets or visa only, cash go 16th floor'.
Chopped the round RECEIVED stamp on my summons then said, pay already must get the cashier to initial & return this initialed copy to him.
OK, so return to lift lobby. Security guard ask: go where? 16th floor, must change pass, IC? oh well....
Reach 16th floor. Saw the reception counter manned by one 60s looking Chinese lady. What is prominent is her PC Monitor showing her own CNY family photo as wallpaper? Wah, so central IT dept allow so personalised wallpaper?
So, she ask me, I reply, she summon a malay colleague from inside, came out & collect money for fine. While waiting, Chinese woman who is deployed as receptionist (very rare, a 60s woman at front desk), chit-chatted told me her service extended, bettwer work than stay at home....
Fine paid, summons initialed, return to 2nd floor, reclaim my IC return pass, return signed form to malay uncle, he photostat then gave me a copy....
As I left, I was hoping how I wish I can be in their shoes when I am at their age..... instead of looking forward to being cleaners or security guards.
Can our govt succeed in preparing a dignified work-life environment for our aging population ? I can only pray.
I don't think anyone is begruding the civil service rehiring old Div 3 officers.
The problem lies with the senior superscale officers (no referring to ur uncle here). Many are reluctant to leave office. As such, they purposefully do not do sucession planning and hold back the promotions of the younger officers. Come retirement time, they declare that they are irreplacable and thus get themselves an extension.
If you are director/HOD level, there is no check and balance to stop this kind of behaviour.
It across the board. This has been going on for sometime. Politically its a winning strategy as it keeps these people occupied and onside when it comes to voting. Cost of living is high and the pension scheme has been removed since the 1980s. An internal study does reveal issues of maintenance if released from service.
The Govt even went to the extent of creating new positions in schools for ex army and police personnel.
At the end of the day, people who are rehired know that as long as the PAP is in power they can draw an income and it has nothing to do with productivity.
The largest payroll of the government is the teaching service. Singapore teachers are the highest paid in the world. This is despite poor articulation and lack of awards such as booker price and nboel price. The achievements of few in RJC, Hwa Chong is not a reflection of the rest of singapore students. Its a captive voting block and they know it. There is no monetary benefits such as fully paid uni studies, post grad qualifications and sabbaticals.
The Govt even went to the extent of creating new positions in schools for ex army and police personnel.
At the end of the day, people who are rehired know that as long as the PAP is in power they can draw an income and it has nothing to do with productivity.
The largest payroll of the government is the teaching service. Singapore teachers are the highest paid in the world. This is despite poor articulation and lack of awards such as booker price and nboel price. The achievements of few in RJC, Hwa Chong is not a reflection of the rest of singapore students. Its a captive voting block and they know it. There is no monetary benefits such as fully paid uni studies, post grad qualifications and sabbaticals.
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