Voluntary Medisave Top Up for Workfare Income Supplement Scheme Results in Huge Liability

In order to qualify for the Workfare Income Supplement Scheme (WIS) for $320, my babysitter mother making $400 per month made a voluntary Medisave account contribution of $67 last year. To her horror, CPF board enrolled her into the Medisave For Self-Employed Scheme backdating from 2003 to present, meaning she has to make a further cash top-up of $2813 for the premiums due.

It gives little incentive for the most needy group to top-up their Medisave because the cash liability clearly outweighs the supplement received mostly in CPF accounts. In fact they are penalized financially in terms of their cash flow and I shudder to think of compounded late payment fees that will eventually reduce the WIS amount received to nought.

I hope the CPF board and the relevant authorities will comment on this substantial consequent Medisave cash liability, the benefits to the needy, and how the backdating was determined to start from 2003.

Jerald Lim

2008 New Year Resolutions

A little late but better than never to make resolutions for 2008. For this year I wish for:

1. Pink of health for all my loved ones;
2. My dear and I be ever more loving;
3. Be disciplined in my finance and achieve 5% returns;
   
4. To be the no. 1 LTA in SBAB, giving the best for my men and bosses;
5. Regain good physical fitness - IPPT silver and complete marathon 2008 under 6H;
   
6. Strike TOTO!

Happy Chinese New Year to all!!

2007 Resolutions Post Mortem

Tuesday, January 02, 2007

Another New Year Resolutions

I wish for

1. First class honours in EEE DONE
   
2. Someone special DONE happily!
   
3. A great grad trip to Taiwan or Korea Went to Thailand instead, but DONE
   
4. Perform well for ALOC Reasonably DONE
   
5. Healthy bank balance come 2008 Reasonably DONE
   
6. Pink of health for my family and loved ones Yeah all's well!
   
7. STRIKE TOTO NOT YET!