Here are the survey results.
Monday, March 30, 2009
Restructuring of the bonus
Dear Mr. Tan
NTUC said that the restructuring of the bonus allowed them to maintain the bonus last year. What does this mean? How does the restructuring help the policyholders get a better return?
REPLY
I do not understand their statement. I suggest that you attend the annual general meeting of NTUC Income and ask the chairman to explain this statement.
Here is my guess. As Income has reduced the bonus sharply last year, perhaps there is no need for them to make a further reduction. But, I suspect that the special bonus will be cut this time, quite drastically.
But, for the older series which was not affected last year, I read that the bonus will be restructured this year, i.e. the bonus will be cut as well.
Generally, it is fair for bonus to be reduced in a bad year, provided that the reduction is done fairly. I did not like the approach taken in the bonus restructuring, as it is difficult to maintain transparency and fairness. Some policies were cut, and others were not. Some were cut more than others. I also do not like the high expenses that were incurred and paid out of the insurance fund.
This is why I decided to terminate two of my policies where the bonus were cut, even though I had to suffer a penalty. I am now considering to terminate my remaining life insurance policies.
NTUC said that the restructuring of the bonus allowed them to maintain the bonus last year. What does this mean? How does the restructuring help the policyholders get a better return?
REPLY
I do not understand their statement. I suggest that you attend the annual general meeting of NTUC Income and ask the chairman to explain this statement.
Here is my guess. As Income has reduced the bonus sharply last year, perhaps there is no need for them to make a further reduction. But, I suspect that the special bonus will be cut this time, quite drastically.
But, for the older series which was not affected last year, I read that the bonus will be restructured this year, i.e. the bonus will be cut as well.
Generally, it is fair for bonus to be reduced in a bad year, provided that the reduction is done fairly. I did not like the approach taken in the bonus restructuring, as it is difficult to maintain transparency and fairness. Some policies were cut, and others were not. Some were cut more than others. I also do not like the high expenses that were incurred and paid out of the insurance fund.
This is why I decided to terminate two of my policies where the bonus were cut, even though I had to suffer a penalty. I am now considering to terminate my remaining life insurance policies.
Bad working experience with a global bank
Hi Mr Tan
I joined an insurance company recently and left within a year. The way the head of the life division managed was totally unacceptable to me. Due to the financial crisis, they reduced the headcount by half. I took the retrenchment package and left.
It was a very bad experience to work with this global bank but realised that the dark side of the truth. I am not surprised why the world financial system came to a sudden breakdown. Many so-called highcaliber management were only keen to spend, take fat bonus and use creative was to present result and figures. They cover up the losses and shown the revenue figures. To me, the bubble should have been burst long ago.
I joined an insurance company recently and left within a year. The way the head of the life division managed was totally unacceptable to me. Due to the financial crisis, they reduced the headcount by half. I took the retrenchment package and left.
It was a very bad experience to work with this global bank but realised that the dark side of the truth. I am not surprised why the world financial system came to a sudden breakdown. Many so-called highcaliber management were only keen to spend, take fat bonus and use creative was to present result and figures. They cover up the losses and shown the revenue figures. To me, the bubble should have been burst long ago.
Sunday, March 29, 2009
Intelligence Quiz
Try this quiz. This is based on the quiz created by Albert Einstein. Sign up and account and login.
Saturday, March 28, 2009
Survey: Ministers in the Prime Minister's Office
Are we having too many ministers in the Prime Minister's Office, including senior ministers? Survey.
Here are the survey results.
Ministers in PM Office
Lee Hsien Loong
Goh Chok Tong
Lee Kuan Yew
S Jayakumar
Lim Boon Heng
Lim Swee Say
Lim Hwee Hua
Ministers in PM Office
Lee Hsien Loong
Goh Chok Tong
Lee Kuan Yew
S Jayakumar
Lim Boon Heng
Lim Swee Say
Lim Hwee Hua
Thought for the week - Anger
Contributed by Ho Cheow Seng
Thoughts for the Week
"He who is not angry when there is just cause for anger is immoral. Why? Because anger looks to the good of justice. And if you can live amid injustice without anger, you are immoral as well as unjust." Aquinas
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"I don't know a more irreligious attitude, one more utterly bankrupt of any human content, than one which permits children to be destroyed."-- Daniel Berrigan
"I don't know a more irreligious attitude, one more utterly bankrupt of any human content, than one which permits children to be destroyed."-- Daniel Berrigan
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"I have the audacity to believe that peoples everywhere can have: three meals a day for their bodies, - education and culture for their minds - and dignity, equality and freedom for their spirits" Dr. Martin Luther King, Jr.
"I have the audacity to believe that peoples everywhere can have: three meals a day for their bodies, - education and culture for their minds - and dignity, equality and freedom for their spirits" Dr. Martin Luther King, Jr.
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