The central bank says Singapore has been prepared for the market volatility ensuing Brexit, and will continue to be vigilant and stay in close contact with fellow central banks and regulators, as uncertainty is likely to persist following the referendum outcome.
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Singapore banking system remains sound following Brexit outcome: MAS
The low-down on POSB's new Save as You Serve programme for NSFs
I know of at least one relative who has passionately vowed to ensure her son never does NS. I know she’s passionate because she’s been talking about it since she found out it was a boy. 20 years ago. Yes, we’re all quite excited to see what happens when he tio the saman letter from CMPB anytime now.
But maybe my relative shouldn’t need to worry. Yesterday, POSB announced a new Save As You Serve programme, one that is supposed to encourage full-time National Servicemen, better known as NSFs, to start saving with POSB as soon as they enlist. And to sweeten the deal, POSB is offering interest rates of an extra 2 per cent per year on your monthly savings.
Wah! An extra 2 per cent interest per year is a lot! Quick, tell me how to get it.
Obviously you have to be a NSF first. It doesn’t matter which vocation you’re in – other than the Army, Navy, Air Force, Police and Civil Defence NSFs are all eligible. Also, you have to make sure your NS allowance is going into a DBS or POSB savings account.
Then, you have to open a separate POSB Save As You Earn account. This is the account that you will contribute to monthly. For regular Singaporeans, this POSB Save As You Earn account (or SAYE) usually earns a pretty pathetic 0.05 per cent interest per year (you can earn up to 0.25 per cent interest per year if your monthly savings amount is higher). Just how pathetic is that? Let’s see – if you put in $100 regularly into the SAYE account each month, after 2 years you will have saved $2,400. Your interest after 2 long years? $1.25. Even a single MRT ride can cost more than that these days.
But for NSFs, now you get an additional 2 per cent interest per year in your SAYE account, on top of the normal 0.05 per cent rate. This means, if you save $100 each month, you will enjoy a total of $51.80 after 2 years. That’s more than half your monthly contribution!
You can change the amount you save anytime you want, but the monthly amount can only be between $50 and $3,000 each month.
Is there a catch? What’s to stop me from just dumping in all my piggy bank savings to enjoy the extra 2 per cent interest?
Other than the fact that you can only contribute a maximum of $3,000 each month, and that you can’t withdraw from your SAYE account without forfeiting all your interest? Nothing’s stopping you from putting in as much money as you can to enjoy the high interest rate.
Plus, you can change the monthly contribution amount as often as you want, so don’t feel like you’re forced to commit the same amount each month.
That said, the extra 2 per cent interest per year is only valid as long as your NS allowance is being credited into the DBS or POSB savings account that the SAYE account draws from. That means, once you stop getting your NS allowance, you will stop earning the extra interest. So if you defer your NS, or serve less than 2 years, you’ll only enjoy the extra 2 per cent interest for the time you spent serving your country.
But just in case you think that extending your NS obligation will help you earn more money, this extra 2 per cent interest per year is capped at 2 years.
Okay, let’s be practical here, just how much should I, an NSF, be saving each month with POSB?
If I had my way, I’d say you should put up to 90 per cent of your entire NS allowance with POSB! At the risk of sounding like an old fart, It’s insane just how much NSFs are getting in their monthly NS allowance these days. Recruits (or trainees, if you’re with the Police) are now getting $560 each month!
Whatever do you need so much for? You spend at least 5 days each week in camp, with your meals all provided for. If your sergeant doesn’t like your face, then you spend all 7 days in camp, with your meals taken care of. You’ll never get a chance to spend that money! So unless you need that money to start some illegal gambling operation in camp (the golden rule: do whatever you want, just don’t get caught) you’re probably better off putting as much as $500 of that allowance into your POSB SAYE account.
Assuming you save $500 a month from the time you enlist, till the day you ORD 2 years later, let’s look at how much you’ll earn in interest. After 24 months, you would’ve saved $12,000! Because you save $500 each month, your POSB SAYE interest rate is 0.20 per cent per year. And since you’re an NSF, you’ll get 2 per cent interest per year on top of that. So at a 2.20 per cent interest rate per year, that’s about $275 you can earn in interest after 2 years.
Of course, this assumes you don’t withdraw from this SAYE account for the two years of service, otherwise you’ll forfeit all your interest earned.
So how do I maximise my benefits if I’m going into NS?
You should apply for the SAYE account within the month when your first NS allowance is credited into your account. That way you’ll enjoy the full 2 years of extra interest. If you’re already serving NS, you should still apply for the SAYE account as soon as possible, but remember that the extra interest is only credited while you’re still getting NS allowance.
If you’ve already ORDed? Don’t worry, you can still enjoy more than 2 per cent interest with these savings accounts.
This article first appeared on MoneySmart.
MoneySmart.sg is Singapore’s leading personal finance portal, and aims to help people maximise their money with powerful tools and engaging content.
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Friday, June 24, 2016 – 15:31
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Taiwan China Airlines strike leaves 20,000 without flights
TAIPEI – A strike by staff from Taiwan’s largest carrier China Airlines left 20,000 passengers without flights Friday in the first industrial action by cabin crew in the island’s aviation history.
The airline was forced to cancel all flights out of the two main airports in the capital Taipei, with the only exception a chartered service for President Tsai Ing-wen who left for a state visit to Panama and Paraguay Friday morning.
Crowds of passengers queued up at CAL counters in Taipei’s Songshan and Taoyuan airports Friday morning as the airline tried to get them onto different flights.
Hundreds of flight attendants staged a sit-in outside the firm’s headquarters in Taipei overnight, protesting a new requirement that they report for work in Taoyuan – on the outskirts of Taipei – rather than downtown Songshan.
They say the measure was brought in “unilaterally”.
“(It) pressures us to work even more overtime and will seriously affect flight safety,” the Taoyuan Flight Attendants Union said in a statement on its Facebook page.
The union is also calling for other improvements to conditions, including double pay for working on national holidays.
The official strike started at midnight. Protesters continued to sit-in outside the CAL office Friday.
Both the president and the chairman of CAL were replaced on Thursday after tendering their resignations before the strike.
Incoming chairman Ho Nuan-hsuan is due to take office Friday when his appointment is officially approved by the board of directors.
Ho, appointed by the transport ministry, which is CAL’s largest shareholder, is reportedly in favour of granting the union’s request to drop the new requirement for crew to report in to Taoyuan.
In a statement Friday, CAL urged the government to intervene to bring the strike to a “smooth end”, saying the union was unwilling to negotiate.
It described the strike as an “unauthorised surprise attack” on the airline.
Tsai gave her thanks to the flight attendants during a short speech before her departure and vowed the government would defend their labour rights.
CAL’s vice president said Friday it was trying to get passengers onto other flights but that it was difficult in peak summer season.
Flights from the southern cities of Kaohsiung and Tainan were unaffected Friday.
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Friday, June 24, 2016 – 15:20
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Paradise Group fined S$530,000 for tampering with gas meters
The restaurant chain had tampered with the gas meters at its outlets, and used more than S$600,000 of gas without paying for it, the Energy Market Authority says.
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Former TRS editor Yang Kaiheng found guilty of sedition
SINGAPORE – Yang Kaiheng, who co-founded sociopolitical site The Real Singapore, was convicted on Friday (June 24) of six counts of sedition involving articles published on the now-defunct site.
The 27-year-old faces up to three years’ jail and/or a fine of…
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Nike Special Clearance at Zalora from 24 – 28 Jun 2016
NIKE clearance sale at Zalora till 28 June
Nike Special Clearance at Zalora from 24 – 28 Jun 2016
Nike is going at special clearance offers at Zalora for a limited time. Find selected Nike Clothing, Shoes, Accessories, Sports and Bags going at bargain prices
No Singaporeans affected by tornado in China: MFA
No Singaporeans have been affected by the tornado that hit China’s Jiangsu province yesterday (June 23), the Ministry of Foreign Affairs (MFA) said in a statement.
At least 98 people have died and about 800 injured after winds of up to 125 kmh struck around Yancheng city.
78 dead, 500 hurt by storms in China’s Jiangsu
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AFP, Reuters
On behalf of Singapore, the MFA has sent “deep condolences” to the families of the victims and wishes those injured a speedy recovery.
It added that the Singapore Consulate-General in Shanghai is in touch with the local authorities and is contacting Singaporeans who have e-registered with the Consulate-General.
Singaporeans in Jiangsu who are in need of consular assistance can contact the Singapore Consulate-General in Shanghai or the 24-hour MFA Duty Office at:
Singapore Consulate-General in Shanghai
Tel: +86-21-6278 5566
Email: singcg_sha@mfa.sg
MFA Duty Office
Tel: +65 6379 8800 / 8855 (24-hour hotline)
Email: mfa_duty_officer@mfa.gov.sg
huizhen@sph.com.sg
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Friday, June 24, 2016 – 15:08
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Trash cans barricade badly parked car in China
Have you ever had the urge to take passive-aggressive revenge against drivers who park their cars haphazardly?
A group of sanitation workers in China did just that recently when they saw a car parked on a pedestrian pavement.
Shanghaiist reported that after unsuccessfully attempting to call the driver to move his car, the workers decided to teach the driver a non-violent lesson: they arranged 16 trash cans around the badly-parked car.
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Sina Weibo
The smelly trash cocoon was small punishment for the driver who ended up pushing the bins aside before driving away.
There’s no confirmation if the driver learned a lesson, but he or she will hopefully think twice before parking on a pavement next time.
In February this year, The Star reported that a lorry driver, whose path was blocked by many cars at a market in Taman Berjaya in Malaysia, rammed through to clear a path.
He damaged 18 vehicles in the process. Fortunately, there were no injuries reported.
The angry driver was nowhere to be found, although the lorry was found at a nearby banana plantation.
18 cars rammed by angry driver who got stuck at jammed market
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Sina Weibo
Road rage has also seemed to become an increasing problem in recent days. Remember the battle of bulldozers that took place in China in April this year?
According to Shanghaiist, the street brawl occurred because of a conflict between two construction companies. What ensued was a duel to rival any Michael Bay movie.
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screengrabs
In June 2014, a driver in China reportedly tipped an illegally-parked Buick on its side as it was blocking his path on a one-way street.
The owner of the Buick arrived at the scene an hour later, only to see his car being towed away.
It was reported that the car was not damaged.
prabukm@sph.com.sg
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Friday, June 24, 2016 – 13:29
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New financial scheme for Indonesian domestic workers in Singapore
Employers of Indonesian domestic workers in Singapore will no longer need to fork out placement fees and other costs upfront, and domestic workers will not be charged any fees when they change employers.
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TRS trial: Yang Kaiheng pleads guilty to sedition charges
The 27-year-old admits he had used The Real Singapore website to “promote feelings of ill-will and hostility” and to fan anti-foreigner sentiments in Singapore.
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