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14 November 2007 In line with the revision of Annual Values (AV) of properties from 1 Jan 2008, the AV criterion for older low wage workers to qualify for the Workfare Income Supplement Scheme (WIS) will also be adjusted. 2. To qualify for WIS for work done in 2007 and 2008, the recipient must live in a property with AV at the end of 2006 and 2007 respectively of not more than $10,000. There is no change to the AV criterion. 3. For work done in 2009, the AV of the recipient

The following letter is NOT written by me but EXTRACTED from ST forum. I am posting this so that people will think twice about having a business relationship with them. I totally agreed with what Mr How said in his last paragraph. What pissed me off is that this letter to the forum is only available online and not on the printed copies .

ST 21/4 N A reversal of an unpopular long-standing practice, NTUC Income will soon sell motor insurance that allows car owners to have repairs carried out at any motor workshop. This is part of a new strategy unveiled by Income's new chief executive, Mr Tan Suee Chieh - installed in February - to regain its prized No. 1 motor insurance position in Singapore. Income is rolling out two new products next month - including one that allows repairs to be done at any workshop, for about 25 per cent more in premiums. The strategy is a marked departure from the approach taken by former Income boss Tan Kin Lian, who had insisted that policyholders should have repairs carried out only at workshops approved by Income. This was introduced in 2002 to cut inflated motor claims - which it did. But Income paid a price as market share fell because many car drivers prefer to have repairs done at non-Income authorised workshops. Income also faced difficulty penetrating the new car market as distributors of new cars insisted that repairs be carried out at their own workshops. In May last year, Income relaxed the practice by allowing policyholders to have repairs done at distributors' workshops, if they paid a higher premium. This option was meant for cars less than three years old and still under the manufacturer's warranty. But Income managed to insure only 12,000 or about 10 per cent of the 117,000 new cars here last year. It is now in talks with two car distributors regarding possible tie-ups. Next month, Income customers will be able to choose between two plans. The 'drivo Premium' plan will allow car repairs at any workshop while the 'drivo Classic' plan will require repairs to be conducted at Income's authorised workshops. 'Classic' plan premiums will be maintained at current rates - about 20 per cent below the published rate for most customers. The 'Premium' rates will be industry competitive and will be priced 25 per cent above those for the 'Classic' plan, Income said. At a press conference yesterday, Mr Tan said Income's market position has been challenged by intense price competition, under-representation in the new car market and lost intermediary business. But the new boss ruled out engaging in a price war as a means of regaining market share - arguing that stability in premium rates is the best way to go. Income's two new motor plans mean customers will have more options while loyal policyholders who want to continue having repairs done at Income's workshops are assured of affordable premium rates. Mr Tan hopes to raise gross motor premiums to $220 million for this year, up from $165.4 million last year. If the target is achieved, it would translate into a potential market share of 30 per cent. The firm's market share slipped to 24 per cent last year, compared with 30 per cent in 2005 and 37 per cent in 2004. Current top motor insurer AIG's market share was only slightly higher than Income's, at 24.8 per cent last year. Over the next 12 months, Mr Tan expects 15 per cent to 20 per cent of motor premiums to be generated by 'drivo Premium' plans. Last year, Income's motor underwriting profit was $5.1 million, less than half of the $10.9 million posted in 2005. Its gross motor premiums also fell, from $206.5 million in 2005 and $255.3 million in 2004. As part of its motor strategy, Income will be working with car distributors and intermediaries such as external and in-house agents, and stepping up its marketing efforts. Under the new plans, annual premiums for a new two-litre Toyota Camry will come to $1,600 under the 'Premium' plan and $1,281 under the 'Classic'. The rates are based on the assumption that the policyholder is a 35-year-old new driver.

Temasek's Net Income Falls 29% as Stake Sales Dwindle (Update1) By Jean Chua Aug. 2 (Bloomberg) -- Temasek Holdings Pte, Singapore's state-owned investment company, said full-year profit fell 29 percent after it sold fewer assets and wrote down the value of its stake in Thai telecommunications operator Shin Corp. Net income was S$9.1 billion ($6 billion) in the year ended March 31, from S$12.8 billion a year earlier, Temasek said in its annual report released today. Total assets under management rose 27 percent to S$164 billion after Temasek bought shares in companies including Standard Chartered Plc. Temasek's acquisition of stakes in India's ICICI Bank Ltd. and Bank of China Ltd. helped increase overseas assets to 62 percent of its portfolio, and the company last week said it will invest about $2.3 billion in Barclays Plc. ``They are pretty good banks with decent returns, so if you're a big fund, it makes sense to buy them now,'' said Jorry Noeddekaer, who helps manage about $1.5 billion of Asian stocks at New Star Asset Management Ltd. ``You're able to ride through the ups and downs, and maybe in five, 10, 15 years, these may become really big banks.'' Temasek's expansion has been less successful in Thailand, where the value of its shares in Shin Corp. slumped 34 percent in the year ended March. Temasek, owned by Singapore's finance ministry, has given a return on investment of more than 18 percent by market value since its inception in 1974, the company said today. Maintaining that growth rate will be ``challenging,'' Yap Chwee Mein, the company's managing director for investment, told reporters. Shin Corp. Stake The company sold S$5 billion of assets in the past year. The year before, the company sold S$13 billion of assets, including stakes in Singapore companies SMRT Corp., CapitaCommercial Trust, Singapore Telecommunications Ltd. and developer CapitaLand Ltd. Temasek said profit also fell because of a decline in the value of its stake in Shin Corp., the Bangkok-based company founded by former Thai Prime Minister Thaksin Shinawatra. The company last year bought control of Thaksin's mobile- phone and satellite group. The deal exacerbated protests and a political stalemate in Thailand that led to Thaksin's ouster in the Sept. 19 coup. Losses from associated companies totaled S$830 million in the year ended March, compared with profit of S$1.16 billion a year earlier, according to the report. The company didn't say how much of the loss was caused by its investment in Shin Corp. ``In spite of the impairment, the portfolio as a whole hasn't been affected,'' said Ng Yat Chung, managing director of portfolio management. Shin Corp. ``is an investment we're still holding. The underlying business is a sound one.'' Rising Returns Temasek's annual total shareholder returns, measuring dividends received from investments and changes in the market value of its portfolio, was 27 percent. That compares with a 24 percent gain in the MSCI AC Asia Pacific excluding Japan Index and the 28 percent rise in Singapore's Straits Times Index. Shares in Hong Kong billionaire Li Ka-shing's Hutchison Whampoa Ltd., which is invested in ports, phone companies, real estate developments and energy, rose 5.6 percent over that period. U.S. billionaire Warren Buffett's investment firm Berkshire Hathaway Inc. gained 21 percent in the same period. The highest returns came from Temasek's largest investments. Bank of China Ltd. shares rose 14 percent between the time it went public last year till March 31, and China Construction Bank stock gained 66 percent. Shares of India's ICICI Bank Ltd. rose 45 percent in the year ended March 31. Shares of Standard Chartered gained 2.2 percent in the year ended March. Temasek owns 14 percent of the U.K. lender, which gets most of its money from Asia. Singapore Assets Temasek has paid an annual dividend of at least 7 percent of its capital since its inception, Ng said, without giving details on the size of Temasek's capital. The company spent S$16 billion on acquisitions, compared with S$21 billion in the year ended March 2006. Temasek controls seven of Singapore's 10 biggest publicly traded companies, including Singapore Airlines Ltd., Singapore Telecommunications and DBS Group Holdings Ltd. ``The institutions that Temasek has minority equity stakes in are doing well, but in the medium to long term, it's more important to look at how they grow the institutions in which they have majority control, as it's a more stable form of asset appreciation,'' said Emmanuel Daniel, president of The Asian Banker, which provides research to financial services companies. Bank Acquisitions The company, run by 54-year-old Chief Executive Officer Ho Ching, said financial services swelled to 38 percent of total assets from 35 percent a year earlier. The company owns shares in ICICI Bank, India's second-biggest lender, and banks in Indonesia, Singapore, South Korea and Pakistan. Telecommunications accounts for 23 percent of Temasek's total assets, from 26 percent a year earlier. Temasek also owns stakes in Bank of China, the nation's second-biggest bank, and China Construction Bank, the third biggest. Investments in Organization for Economic Cooperation and Development countries other than South Korea remained unchanged at 20 percent of its portfolio. Investments in Asia, excluding Japan and Singapore, rose to 40 percent from 34 percent. To contact the reporter on this story: Jean Chua in Singapore at [email protected] . Last Updated: August 2, 2007 07:51 EDT http://www.bloomberg.com/apps/news?pid=206...kmp4&refer=asia He said: "The cure for all this talk is really a good dose of incompetent government... your asset values will disappear, your apartments will be worth a fraction of what it is, your jobs will be in peril, your security will be at risk and our women will become maids in other persons' countries - foreign workers." so is this the famous dose of incompetent gahmen? http://www.channelnewsasia.com/stories/sin.../268475/1/.html

From ST Forum Today: [reply] Income fought third-party claim WHILE some insurers may settle third-party claims to avoid litigation, NTUC Income had done the reverse. In December 1999, I hit the rear of a police car when the officers were attending to an accident. The police car surged forward and hit the rear of a private car that was involved in the earlier accident. The police car sustained damage to its rear as well as its bonnet, whereas the private car had a damaged bumper. The cost of repair for the police car was $3,000-$6,000, including loss of use. The claim by the owner of the private car, via a lawyer, was almost $17,000. NTUC Income fought the case and reached a settlement of around $3,000. So, drivers, go for the insurer that looks after your pocket. Aaron Tan Jik Peng What is the logic behind Mr Tan's reasoning? - the claim from the private car was eventually reduced from $17,000 to $3000 - not sure how much excess Mr. Tan has to pay but definitely the max. in this case - his next year insurance premium will surly rise - new premium calculation is adjusted based on overall industry claim history This only showed NTUC has saved $14,000 from their insurance payout Now, compare NTUC and the other motor insurance's premium, they seems to be about the same. So, the only thing I can deduced from this case is that NTUC has save themselves $14,000. When the motor insurance industry claimed that the past year's insurance payout has rise, all the underwriters raise their insurance premium afterward. So, how did NTUC looks after Mr. Tan's pocket?

http://motoring.asiaone.com.sg/owners/20061226_012.html *sigh*

I understand alot of people have differing views on this. But what do you personally think if a fair % of your income, considering that I am single and have no big obligations. Some people say less than 20% of your total income (take home or otherwise), some people say 30%. Some people say as long can survive and scringe on the other stuff can already, all not wrong, but just wanna find out what the general public thinks.. cos if the ownership of a car works out to be $15-16k per year for a 1.5-1.6l car, I was wondering how much would smoeone single need to be earning to be able to maintain it Comfortably?

Hi pals, just curious to see how we all stand in terms of overspending or underspending on cars. can you all compute the annual car depn/annual income % and do the poll?