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Additional CPF Life option, investment scheme for CPF members

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SINGAPORE – Two years after being set up, the Central Provident Fund (CPF) advisory panel has returned with its second and final set of recommendations tackling the rising cost of living, and offering more flexibility for members with an appetite for higher…

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CPF payouts and returns: Proposals focus on providing flexibility

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The second set of recommendations from the CPF advisory panel focuses on providing more options and greater flexibility to CPF members with differing risk appetites and lifestyles.

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New CPF Life option to let members start with lower payouts that increase over time

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SINGAPORE – With concerns among Central Provident Fund (CPF) members that current CPF LIFE plans could not protect them from inflation or cost of living hikes during their retirement years, a new option providing lifelong payouts that increase over time has…

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China sinkhole swallows passers-by

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Beijing – A huge sinkhole opened up in China, swallowing a section of road and passers-by and leaving at least one person missing, state media reported Wednesday.

At least three people fell into the 30 metre (99 feet) long, 20 metre wide and nine metre deep sinkhole, which appeared during heavy rain in downtown Zhengzhou, in the central province of Henan, the Beijing Youth Daily said, citing witnesses.

An initial investigation showed the collapse might have been caused by water pipes buried under the road breaking up due to the rain, provincial firefighters said in a social media posting.

A man and a woman were brought out by rescuers after the sinkhole opened up but another woman, who was riding an electric bicycle with the man, was swept away by a raging torrent, the Beijing Youth Daily said.

Zhengzhou’s city government said it was unclear how many people fell into the hole, the paper added.

Rescuers searching for the missing found three electric bicycles, bags, slippers and some clothes in the cavity on Tuesday.

Sinkholes are not unknown in China, where they are often blamed on construction works and the country’s rapid pace of development.

In 2013, five people died when a 10 metre wide sinkhole opened up at the gates of an industrial estate in Shenzhen, which neighbours Hong Kong.

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Wednesday, August 3, 2016 – 17:15
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Woman charged with trying to bribe police officer

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Zhu Kuai, 42, offered S$10,000 to Assistant Superintendent of Police Chan Wai Hoong to cease investigations into her involvement in other possible offences under the Women’s Charter. 

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Uber: $5 Rides to Anywhere with uberPOOL (Fridays, 7am to 7pm) from 5 – 26 Aug 2016

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$5 UberPOOL rides are back every Friday this month

Uber: $5 Rides to Anywhere with uberPOOL (Fridays, 7am to 7pm) from 5 – 26 Aug 2016

Missed the $5 ride promotion? It’s back again. This August, say hello to more savings. Uber is extending the $5 POOL rides to every Friday of the month!

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Bishan maid murder: Suspects taken to alleged crime scene

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Prema S Naraynasamy, 58, and her daughter Gaiyathiri Murugaiyan, 36, were accused of killing Myanmar maid Piang Ngaih Don at the family’s ninth-floor Bishan flat. 

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Beef sets, lavish free meals off limits in South Korea graft crackdown

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SEOUL – Lavish free meals, rounds of golf and expensive gifts of beef and ginseng will soon be off-limits for civil servants, teachers and journalists in South Korea under a law aimed at clamping down on graft that has long been pervasive in professional life.

The anti-corruption law that takes effect next month imposes spending limits on entertainment and gifts, curbing a tradition of hospitality that many restaurants, retailers and farmers worry will deal a blow to business.

“It’s making it illegal for those who have the money and are willing to pay more. This is nonsense,” Yoo Byoung-hee, 45, a cattle breeder in Jecheon, south of Seoul, told Reuters by telephone.

Yoo was among farmers who protested against the law last month in front of parliament.

Boxed sets of beef, especially the prized domestic hanwoo variety, can cost hundreds of dollars and are a staple of gift-giving during the Chuseok holiday next month, as well as during Lunar New Year.

Less-expensive gift sets feature items ranging from apples and Spam to shampoo.

The anti-corruption law had been debated since 2011 and has been welcomed as a tool to clean up professional life in a country that ranks 37th out of 168 on Transparency International’s corruption perceptions index.

But many worry about its impact on a sputtering economy.

The law could wipe out 11.6 trillion won (S$10.43 billion) in revenue for sectors including food, golf, consumer and retail goods, the Korea Economic Research Institute said in June.

Some groups, including the agricultural ministry, have called for an easing of the rules, which limit the value of gifts to people in the targeted categories to 50,000 won and meals to 30,000 won.

Gifts, meals and entertainment that are paid for in a personal capacity are not covered by the law.

It does not apply to members of parliament or much of the private sector.

SCANDALS

President Park Geun-hye said on Tuesday it was important to mitigate the negative impact of the law while maintaining its core purpose.

“Once the law is implemented and transparency and fairness in our society are improved, the effectiveness of our economy will increase and South Korea’s potential growth may be improved,” she told a cabinet meeting.

According to a survey by the Anti-Corruption and Civil Rights Commission last year, 59.2 per cent of South Koreans believed the country was corrupt.

Graft scandals are common.

Last year, former Prime Minister Lee Wan-koo was convicted after receiving 30 million won in a shopping bag during a parliamentary election in 2013, according to prosecutors. He is appealing.

Since the Constitutional Court ruled in favour of the law last month, many restaurants and retailers have been scrambling to adjust, tweaking meal offerings and downsizing gift sets.

Dave Yoon, head of Haewoori, the country’s biggest seafood restaurant chain, said it would introduce a 30,000 won multi-course meal once the law takes effect. “Revenue is probably going to go down but we made this decision because we feel like we have no other choice,” he said.

“We’ve had so many customers come to us worrying about the law because many of our clients come to Haewoori for business. You have to do what you can to keep customers coming.”

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Wednesday, August 3, 2016 – 16:31
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POSB brings back iconic Save-As-You-Earn scheme

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First launched in 1974, the programme was introduced to encourage Singaporeans to cultivate a habit of setting aside a portion of their salary as savings.

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Hacken Lee and Joey Yung to perform in Singapore Oct 9

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Cantopop fans rejoice – two of Hong Kong’s most popular singers Hacken Lee and Joey Yung are set to bring their popular duet concert to Singapore.

While Lee and Yung are veterans in the Chinese music scene, both found their careers revitalised after taking part in popular celebrity singing competitions in China recently.

The singers first collaborated on the “Joey Yung X Hacken Lee Music is Live Concert” in 2005.

Last year, they reunited for the “Hacken Lee & Joey Yung Live Around The World” concert series, and subsequently brought it to cities in the US and China.

On Aug 3, Unusual Entertainment said it would be bringing the concert to the Resorts World Convention Centre on Oct 9.

Tickets are priced from $128 to $288, and will be on sale through Sistic from Aug 10.

ljessica@sph.com.sg

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Wednesday, August 3, 2016 – 16:29
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