Fund managers see rich pickings in Asia

Jan 28, 2007

Fund managers see rich pickings in Asia

If you plan to stay invested, the ride may well turn bumpy. Diversifying can help you lower your risks

By Leong Chan Teik

AFTER last year's exhilarating rise in the stock market, the historical lesson is this: Don't get too excited. Stocks are risky and they aren't that cheap anymore.

That message was repeated to 1,400 enthusiastic people who packed a Raffles City ballroom on Thursday night to hear fund managers talk about what to invest in and where.

The prognosis is that growth in the United States is slowing, dampening demand for Asian exports; the global economy is also expected to slow.

Stock markets everywhere are at record highs and risk falling sharply, but there are plenty of reasons to stay invested - if you know where.

Broadly, Asia is where the best growth potential is, with Singapore a particularly popular pick.

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Rule change sees Medisave claims jump

Jan 28, 2007

TOP OF THE NEWS

Rule change sees Medisave claims jump

By Melissa Sim

THE use of Medisave to pay for outpatient treatment of chronic diseases is catching on, with $3.1 million worth of claims made since the rules were changed in October last year.

The number of claims has been climbing ever since the Government changed tack and decided to allow the use of Medisave for certain outpatient treatments.

About 11,500 claims were made this month, amounting to about $1.2 million, up from 7,000 claims the month before.

The jump is attributed to the fact that the list of chronic conditions was expanded at the beginning of this month to include high blood pressure, high cholesterol and stroke.

When the rules were first changed, only diabetes patients were eligible to use Medisave.

The Government's rationale is that medical costs will be held down in the long term if patients managed their chronic conditions properly with the guidance of their family doctor.

People suffering from these conditions, they believe, will be more willing to make the frequent trips to the doctor if some of the payment came from their Medisave rather than entirely out of their own pockets.

Diabetes treatment accounted for 75 per cent of the claims this month, followed by 20 per cent for high blood pressure.

Health Minister Khaw Boon Wan thinks the number will rise as people start getting used to how the scheme works.

'I think our estimate is that we have about a million people with one of the four conditions. Now we are seeing about 12,000 a month, but I'm sure there are many more such cases.'

A patient can use up to 10 Medisave accounts belonging to him and his immediate family to pay for treatment, up to a limit of $300 a month.

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Retirement planning low on S'poreans' priority list

Jan 27, 2007

Retirement planning low on S'poreans' priority list

They are more prepared for medical, housing and education expenses: Poll

By Grace Ng

MOST Singaporeans are prepared for short-term financial emergencies and big expenses such as their mortgage and children's education. However, such planning falls well short in other areas like retirement.

Those were the key findings of a new survey on how ready people are for financial challenges. The answer, when it comes to life insurance coverage and retirement planning, is not nearly enough.

Only 40 per cent of those surveyed by insurer AIA and Singapore Press Holdings (SPH) say they are building a retirement fund of at least 10 times their annual income. And 64 per cent do not have life coverage of at least 10 times their annual salary.

On other fronts, however, the findings were more encouraging. Sixty per cent of respondents say they have critical illness coverage of at least twice their annual income.

And most of them are prepared for short-term emergencies, such as job loss, with 68 per cent saying they have enough cash to tide them over for at least six months.

It is also clear that Singaporeans place a high priority on properly insuring their property, with 83 per cent confident their home will be fully paid for if they die or suffer permanent disability. And 72 per cent say they will have more than enough money to pay off a mortgage if they sell their home.

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Fires caused by children doubled in 2006

Jan 26, 2007, 12.34 pm (Singapore time)

Fires caused by children doubled in 2006

DON'T mess with fire - that's the Singapore Civil Defence Force's (SCDF) message to the public, as fire caused by children doubled to 73 cases last year, up from 37 in 2005, and resulted in four casualties.

This has prompted the SCDF to design a fire safety training kit for 480 kindergartens.

From April, fire-fighters will also visit primary schools to educate students on fire safety.

SCDF Commissioner James Tan expressed concern over the numbers.

He appealed to parents and guardians to educate the young on fire safety, citing carelessness and lack of parental supervision for the spike in child-related fires.

However, the SCDF's message on fire prevention appears to have been heard - it responded to just 4,702 fire calls last year, the second lowest figure in the last 20 years.

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GST hike likely to be at one go: PM

Jan 25, 2007

GST hike likely to be at one go: PM

Better to do it sooner and move on, says Mr Lee; he also gives strong indication of a rise in employers' CPF contribution

By Peh Shing Huei

TAKE your medicine sooner, said Prime Minister Lee Hsien Loong yesterday. By that he meant the Goods and Services Tax (GST), which looks set to be raised at one go, rather than over two phases.

But there is also something sweet for Singaporeans, as he gave the strongest confirmation yet that their Central Provident Fund (CPF) savings would be bumped up as employers have to cough out more in contributions.

He was speaking at the inaugural Singapore Tripartism Forum, a new annual platform to strengthen ties among management, workers and the Government. Tripartism is a cornerstone of the Singapore economy, ensuring a strife-free system of close cooperation from all sides.

So it was only fitting at the forum that issues that have been in the public mind recently, and affecting all three partners, received an extended airing.

The GST hike was a hot topic, with several participants querying the need for it.

'Is it better to take your medicine sooner or to stretch it out? And do you want to take medicine once or two times? I prefer to take my medicine early,' said Mr Lee in reply to a unionist urging that the hike be staggered.

The GST is due to go up from 5 per cent to 7 per cent. Details will be in the new Budget to be unveiled on Feb 15.

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Fresh look at SRS needed to spur retirement savings

Jan 22, 2007

COMMENTARY

Fresh look at SRS needed to spur retirement savings

Contribution limit should be raised as take-up rate remains low despite tax perks

By Goh Eng Yeow

MY FRIEND had a wonderful surprise recently when he received the annual statement for the supplementary retirement scheme (SRS) account he opened with a local bank four years ago.

His investment was almost double the total contributions he had made, giving him an average gain of about 19 per cent a year.

Any fund manager would be shouting from the rooftops if he managed such a spectacular return, yet my friend's good fortune can't hide a couple of clouds on the SRS front.

One is that just not enough people here are aware of SRS accounts and how good they are at imposing a level of discipline on savers, as my friend would attest.

The other more serious problem is that the incentive to save via SRS accounts is being inadvertently eroded by a government policy that has cut the total tax-free amount that can be invested a year.

The SRS was started in 2001 to complement the Central Provident Fund (CPF) by giving wage earners an incentive to save for their retirement and, like CPF contributions, cash invested into an SRS account is tax-free.

But a saver can invest no more than $11,475 a year.

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Deductible for enhanced MediShield plans to be cut

Jan 22, 2007

Deductible for enhanced MediShield plans to be cut

Private patients can expect higher payouts, with raised premiums

By Salma Khalik, Health Correspondent

PATIENTS going to A-class wards or private hospitals can expect higher payouts from insurance.

Changes to MediShield - expected in the second half of this year - will come with a cut in the initial amount those covered under enhanced MediShield plans for A-class wards need to pay.

This amount, called the deductible, is likely to revert to $2,500, the previous amount before it was upped to the current $3,000 in 2005.

To make lower deductibles - and higher payouts - possible, premiums can be expected to go up.

The minimum deductible, which is charged on a yearly basis and not on each hospital visit, is set by the Ministry of Health (MOH) for insurance bought using Medisave money.

It varies with the ward classes the various MediShield schemes are pegged to. For example, patients under the basic MediShield schemes pegged to the highly-subsidised C-class ward pay $1,000 before insurance kicks in for the year.

An individual who is hospitalised three times in the same year, running up a $1,000 bill each time, will have insurance kick in by the second hospitalisation.

Deductibles are based on the amount run up in medical bills over each year a patient is under cover.

Insurers can impose higher deductibles, and some do so.

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General insurers turn to Govt as workplace injury claims rise

Jan 23, 2007

General insurers turn to Govt as workplace injury claims rise

They seek increase in benefit limits under Workmen's Compensation Act

By Lorna Tan, Finance Correspondent

A SPATE of costly lawsuits by construction workers seeking bumper payouts has prompted general insurers to seek government action.

General insurers have asked the Ministry of Manpower to increase the benefit limits stipulated under the Workmen's Compensation Act. The limits have not been reviewed since 1995.

Insurers believe that if payouts under the Act are bumped up to be in line with much bigger common law payouts, then this costly litigation would be discouraged.

The move by the General Insurance Association (GIA) comes amid rising workmen claims which have plunged the already unprofitable business of insuring building firms deeper into the red.

On Saturday, The Straits Times reported that more workers are turning to lawyers to sue employers for work-related injuries instead of claiming under the Act.

This is because workers who succeed in suing their employer or main contractor under common law for breaching safety regulations stand to get higher payouts than they could receive under the Act.

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Ongoing review to help grow CPF nest egg

Jan 23, 2007

Ongoing review to help grow CPF nest egg

By Sue-Ann Chia

A STUDY to help Singaporeans earn higher returns on their Central Provident Fund (CPF) savings and enlarge their retirement nest egg is still ongoing, said Manpower Minister Ng Eng Hen.

Only four in 10 active CPF members - those earning an income - who turned 55 in 2005 had the minimum sum of $90,000 in their CPF at the end of last year.

The minimum sum is for retirement needs. For instance, a CPF member will receive monthly payments from his minimum sum when he turns 62, until the funds run out.

But more than six in 10 would have accumulated the minimum sum, if not for the fact that members can withdraw half of their CPF balances when they turn 55, said Dr Ng.

Responding to Madam Halimah Yacob (Jurong GRC), Dr Ng said the minimum sum is 'adequate for subsistence living' for about 20 years after age 62.

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MediShield affordable even with fee hike

Jan 23, 2007

MediShield affordable even with fee hike

Health Minister addresses concerns over health-care schemes and costs

By Salma Khalik, Health Correspondent

MEDISHIELD will remain affordable even with the proposed premium hikes, promised Health Minister Khaw Boon Wan.

This national insurance scheme, which covers 77 per cent of the population, is due for some changes in the next few months. The purpose: to increase coverage from the current 60 per cent of big bills to 80 per cent.

The increase in premiums will not exceed $10 a month.

Mr Khaw assured Madam Halimah Yacob (Jurong GRC): 'If it's not affordable, what's the point? It may be a good plan on paper, but if most people are excluded, then it doesn't serve its main purpose.'

He told Parliament yesterday that he was more concerned about people having too little Medisave for their old age needs.

Singaporeans have an average of about $12,000 in their Medisave accounts by the time they retire. This should be enough to cover 10 'normal' hospitalisations at the subsidised B2 class ward.

With the higher withdrawal limits of $400 a day allowed from April last year, patients in the subsidised wards can use Medisave to pay almost their entire hospital bill.

The higher limit has not caused a shift of patients to more expensive ward classes, he said.

But $12,000 is not a big sum, especially with people living longer, Mr Khaw said.

This is why he has to act as the 'unpopular gatekeeper' and turn down requests from members to use Medisave to pay for a host of treatments.

Dr Lim Wee Kiak (Sembawang GRC) asked if allowing the use of Medisave for chronic illnesses would deplete people's savings.

Since late last year, up to $300 may be withdrawn from Medisave each year for outpatient treatment of diabetes, high blood pressure, high cholesterol levels and stroke.

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Hospital prices fell after bills were made public

Jan 16, 2007

Hospital prices fell after bills were made public

· A study found a drop in the cost for 25 of the 29 more common treatments in the five public hospitals.

· The biggest drop was for the treatment of pneumonia, which fell 21.6 per cent in B2 class and 24.3 per cent in C class.

Cheaper prices not at the expense of patient care or length of stay, says study

By Salma Khalik, Health Correspondent

THE cost of many hospital treatments has fallen for subsidised patients since bills from various hospitals were made public.

On average, C class patients paid 9.6 per cent less and B2 class patients 4.1 per cent less between January 2004 and April 2005, according to a survey reported in the Singapore Medical Journal this month.

In September 2003, the Ministry of Health started to publish actual hospital bills to help patients and their doctors estimate treatment costs and, perhaps, compare prices.

The bills for the 70 treatments, which account for two-thirds of all hospital admissions, include all costs, such as hospital stay, medicine, surgery and any tests.

The disclosures resulted in immediate price cuts at hospitals that were clearly more expensive than others.

The study, however, examined how prices moved over a longer period, and found that for many treatments, the costs have been whittled down.

The study by three doctors, led by Changi General Hospital chief operating officer Wong Chiang Yin, focused only on the more common treatments. They chose treatments where all five public hospitals had at least 30 patients per ward class a year.

Only 29 of the 70 treatments in the B2 and C classes qualified. But even so, 46,000 cases were looked at. Subsidised patients in these ward classes make up two-thirds or more of public hospital patients.

The team found a drop in the cost for 25 of the 29 treatments. They attributed this to competition arising from publicity given to hospital pricing.

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Greater China funds chalk up best returns for 2006

Jan 13, 2007

Greater China funds chalk up best returns for 2006

Worst-performing unit trusts were invested in smaller Japanese firms

By Lorna Tan, Finance Correspondent

SINGAPORE investors who shrugged off fears that China's booming economy might hit the skids last year have been amply rewarded.

Results just in for all of 2006 show that locally available funds invested in China posted sterling returns - as the economic giant kept powering ahead.

The six top-performing funds were invested in the Greater China region - mainland China, Hong Kong and Taiwan - according to the figures, compiled by unit trust distributor Fundsupermart.

This was thanks to China's red-hot stock market, which shot up almost 60 per cent over the full year.

Compare that to Singapore's Straits Times Index, which had a bumper year but paled in comparison with gains of 27.3 per cent.

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Loan not repaid, so wife of late nightclub owner loses house

Jan 4, 2007

Loan not repaid, so wife of late nightclub owner loses house

By Crime Correspondent, K.C. Vijayan

A YEAR after Madam Kok Pooi Leng's husband was killed before her eyes, she has lost the house she intended to take refuge in.

Her husband - nightclub boss Lim Hock Soon, 41 - was shot dead, execution-style, in his four-room Serangoon Avenue 4 Housing Board flat last February.

Madam Kok, traumatised by the killing, could not bear to continue living in the same flat and planned to move to the Serangoon Gardens semi-detached house.

But the bank holding the mortgage has taken possession of the property because loan repayments have not been made. It will put up the house for auction again on Jan 18, after an earlier one last week did not attract bids at the opening price.

The house is reportedly not covered by mortgage insurance, which would have allowed Madam Kok to keep the 3,600 sq ft single-storey property.

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