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Latest Posts By pharoah88 - Supreme      About pharoah88
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22-Nov-2010 17:22 Others   /   TRADE FREELY & LiVE LONGER       Go to Message
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Melt over these cheeses
The Straits Times - November 21, 2010
...increased our range of cheeses by more than 10 per cent over the past three years...Butchery adds that sales of cheeses at his establishment have 'almost doubled over a span of two years...focusing strongly on Swiss cheeses, we have gradually...
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22-Nov-2010 17:05 User Research/Opinions   /   &&&& LIFE INSURANCE FRAUDS &&&&       Go to Message
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Monday, November 15, 2010

Misconceptions about insurance

Misconceptions about insurance
ST Forum | Updated today at 06:00 AM
I REFER to the ongoing discussion on insurance products (Mr Gideon Lee, "Buyers, not agents, decide the products they want..."; Nov 5), and would like to highlight some misconceptions.

Whole-life policies that "give back" the premium come with higher price tags. For a young healthy male who is just starting his career, a coverage of $500,000 for term insurance costs around $2,000 a year, whereas a whole-life policy with the same coverage could cost around $10,000 a year.

The difference in the premiums between the term and whole-life policy is invested by the insurance company and a significant portion is pocketed by the company before the remainder is returned to the customer.

Whole-life insurance policies provide only the illusion of "giving back" some of the premium paid. It is akin to pulling money from your right pocket, taking some of that for myself, and putting the remaining amount back in your left pocket. I simply do not see how this is a good deal when consumers can pocket the difference, save and invest the money by themselves.

The claim that many customers prefer a policy that "gives them" something at the end shows their lack of understanding of the purpose of insurance - that it is meant for protection against catastrophic effects and not for savings. So one should not expect anything back if the catastrophic event does not occur.

Garrett Goh

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Why term insurance makes sense now

Why only term insurance plans make sense now
ST Forum | Updated today at 06:00 AM
MR GIDEON Lee ('Buyers, not agents, decide the products they want'; last Friday) asked why I am advocating term insurance when the insurance cooperative that I headed had been selling whole-life and investment-linked policies for 30 years.

During my time, the whole-life and endowment policies were sold with distribution costs that were much lower than comparable products in the market.
The effect of deduction was about 20 per cent over 25 years, compared to the 40 per cent for most policies today.

In the past, the cooperative also distributed high rates of bonuses out of the surplus, giving a high yield to policyholders on these old policies.

The letter writer quotes the example of a term insurance premium that charges $200 a month. This is an exaggeration.

A young person can buy $300,000 in sum assured under the Singapore Armed Forces (SAF) group insurance scheme and pay only $38.40 a month. This is available to SAF soldiers and operationally ready national servicemen, and their spouses. To buy this amount of protection under a whole-life or unit-linked policy, the consumer usually has to pay a premium that is 10 to 20 times higher.

Some dishonest agents deliberately quote a higher cost for term insurance to persuade the consumer to buy the alternative policy that charges a higher premium and pays a fatter commission.

Mr Lee said correctly that the distribution cost is not paid entirely as commission to the agent. Part of it is paid to the agent's manager and spent on lavish overseas trips and other sales incentives. Regardless of how the money is spent, the consumer does have to pay the total distribution cost.

The writer said the commission is given for selling the product and not for advice. If this is the case, why are these people called financial advisers, consultants or other impressive names and not life insurance salesmen?

The writer is wrong in saying that I am advocating a one-size-fits-all solution. My aim is to educate consumers to invest their savings in a low-cost investment fund, rather than a life insurance policy, to earn a better long-term yield and achieve greater flexibility.

Tan Kin Lian
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22-Nov-2010 16:51 User Research/Opinions   /   TALENT PETERS At Its LIMIT # CITIZENS in PERIL       Go to Message
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lOw  bank  interest  rates  +  low  corporate  income  tax  rate

rIdIcUlOUs  bUdget  defIcIts  +  enOrmOUs  natIOnal  debt
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22-Nov-2010 16:48 User Research/Opinions   /   TALENT PETERS At Its LIMIT # CITIZENS in PERIL       Go to Message
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Agendas clash in Irish rescue ballet

Reuters | 11:14 PM,Nov 15,2010

By Paul Taylor and Noah Barkin PARIS/BERLIN (Reuters) - In the murky ballet over a financial rescue for Ireland, the agendas of the key players in Europe are often at odds, clouding the message to markets and deepening the sense of crisis in the euro zone. The latest country in the currency bloc to come under bond market pressure over its finances, Ireland is resisting a push from some European officials to apply for assistance out of an avowed determination to preserve its sovereignty, but probably also due to electoral considerations. The European Commission and the European Central Bank have an interest in an early resolution to prevent contagion causing a wider euro area meltdown, as it threatened to do at the height of Greece's debt crisis in April. Ireland's position is different because it is fully funded to mid-2011 and does not need to tap the markets immediately. But its state-guaranteed banks, weighed down by bad loans granted during a property boom, are largely shut out of inter-bank lending and heavily reliant on ECB funds. Dublin's European partners have mixed motives, with fears of contagion balanced by domestic resistance in Germany to another bailout, and a tactical interest among weaker euro zone states in keeping market and EU attention focused on Ireland rather than on their own problems. Here is a look at some of the avowed and unavowable motives of the players in Europe's Irish stew. IRISH GOVERNMENT The government says it is defending the independence of the Irish Republic, which celebrates 88 years of freedom from British rule on Dec. 6, a day before a crucial austerity budget. "It's been a very hard-won sovereignty for this country and this government is not going to give over that sovereignty to anyone," Batt O'Keefe, minister of enterprise, trade and innovation, told national broadcaster RTE on Sunday. Prime Minister Brian Cowen's battered cabinet is especially keen to avoid the humiliation of having to go cap-in-hand to the European Union and the International Monetary Fund before a crucial by-election on Nov. 25, Irish politicians say. Finance Minister Brian Lenihan is putting the finishing touches to a four-year 15-billion-euro deficit cutting plan to be announced later this month. While EU officials are involved in those discussions, they would have more power to set the terms if Ireland were under an EU-IMF programme now.

Like other countries on the brink, Ireland may be able to obtain easier rescue conditions by playing for time and using the contagion risk if aid is delayed to wring concessions.

The government may also want to pin the blame on Brussels or Berlin for unpopular spending cuts or humiliating tax rises such as any increase in Dublin's iconic ultra-low 12.5 percent corporate tax rate.

IRISH OPPOSITION




lOw  bank  interest  rates  +  low  corporate  income  tax  rate
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22-Nov-2010 16:37 User Research/Opinions   /   TALENT PETERS At Its LIMIT # CITIZENS in PERIL       Go to Message
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Saturday, November 20, 2010

Perils of banking on the young and careless

Gabriel Chen
697 words
20 November 2010
Straits Times

Rookie bankers blamed for fallouts between banks and rich clients
BANKS and rich clients go together like champagne and caviar, but there are times when the cosy relationship can sour.
Take the latest fallout between a private bank and its clients. It involves the Singapore arm of Swiss bank UBS taking legal action against two customers it alleges owe about $9 million.
Such cases have been more frequent in recent years because high net worth individuals are angry at the hit they have taken from the financial crisis.

Three months ago, for example, the Singapore High Court ruled that Merrill Lynch had been defrauded by a former private banking client. It ordered the client and his company to pay US$9.4 million (S$12.2 million) plus interest to the bank.
'When they lose money, they say they were given bad advice. When things go well, they are fantastic clients,' said the regional head of a private bank.

To partly account for how once silky smooth relationships can turn toxic, you need to go back to the hiring binge of the 2004 to 2007 boom. UBS and Credit Suisse alone have almost doubled their staff in the region since 2005.

One of the biggest news items in early 2007 was the infamous round of industry 'musical chairs' with private bankers hopping from one bank to another, lured by pay rises of 30 to 90 per cent.

Foreign banks with newly set-up operations here had aggressive poaching campaigns. In 2006, almost one-third of OCBC's Private Bank team were poached.

But the recruitment surge meant some banks hired armies of often inexperienced bankers to serve Asia's growing pool of millionaires - a move that industry insiders admitted could have led to 'a strong culture diluted, with more carelessness'.

These new private bankers were also young - in their late 20s or early 30s - and would likely have been junior bankers if they were based in Europe.

That accounts for the joke during those heady days when the stereotype of the private banker was said to be no longer the greying Swiss-style industry veteran but an attractive young charmer.


Charm or gravitas, it is a case of whatever works to snare the client in what is a hugely lucrative - and highly competitive - market for local and foreign banks.
Clients typically need at least US$1 million in investable assets to qualify as a private banking customer. Once one is identified, the personal pampering starts. He is courted by a senior relationship manager, who ropes in 'experts' such as investment consultants and foreign exchange specialists to meet and advise the client.
Advice is crucial given these clients can invest in anything, from stocks and bonds to art and wine. And while the bank may issue recommendations, the client makes the call to buy or sell unless he gives a 'discretionary mandate' to cede trading authority to the bank.
'It is possible that some relationship managers, in their zeal to sell a fund or stock, didn't highlight sufficiently what the risks were,' said a veteran private banker. 'Some relationship managers could also have traded without their clients' approval - in which case... they should have been fired.'
The same private banker cited a client who wanted to sue but the bank opted to settle out of court. 'Our bank did not want to be embroiled in a lawsuit as the reputation risk is terrible,' he added.
Banks usually protect themselves by ensuring that all recommendations and decisions are documented by the client's signature or telephone recordings.
A private banking chief said it is never just about the client and the relationship manager. 'It's a triangle relationship,' he said, referring to the bank as the third party. 'It depends on how aggressive and ambitious the bank is and how hard it pushes the relationship managers.
'But post-crisis... there has been more training for relationship managers and banks have put in more effort in making the private banker-client relationship more transparent. In a sense, this relationship has become closer today.'

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22-Nov-2010 16:29 User Research/Opinions   /   TALENT PETERS At Its LIMIT # CITIZENS in PERIL       Go to Message
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TALENT  PETERS  at  its  LIMIT

Every  Talent  Reaches  its  Own  Level  Of  INCOMPETENCE

The  PETER  PRINCIPLE 
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22-Nov-2010 16:23 Others   /   ?= #* @^ &%+ H A P P I N E S S () {} [] :; "' <>       Go to Message
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November 10, 2010

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22-Nov-2010 14:28 User Research/Opinions   /   Laws Of The SECRET       Go to Message
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The  SECRET

"Being Justice Minister is easy as I have to remember only two phrases,

 either of which I can us in Parliament whenever I'm stuck for an answer ...

 They are,

 'I refrain from making comments on a specific issue' and

 'We're dealing with the matter based on laws and evidence'."

JAPANESE  JUSTICE  MINISTER  MINORU  YANAGIDA
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22-Nov-2010 14:23 User Research/Opinions   /   Laws Of The SECRET       Go to Message
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Calls for Japanese minister to resign




Kwan Weng Kin
The Straits Times
Publication Date : 20-11-2010


Japan's justice minister Minoru Yanagida (AFP Photo)



 

Japan's justice minister Minoru Yanagida, who has come under fire for comments that critics said belittled Parliament, may be forced to step down to minimise the political fallout to the already embattled Kan administration.

The Liberal Democratic Party (LDP), the main opposition group, on Friday (November 19) decided to submit a censure motion against the minister in the Upper House on Monday over his recent remarks as he showed no sign of stepping down immediately.

On Sunday, Yanagida had told supporters in his constituency in Hiroshima that his minister job was an easy one because, if stuck for an answer in Parliament, he could repeat one of two standard phrases:

"I refrain from making comments on a specific issue" and

"We're dealing with the matter based on laws and evidence".

Opposition lawmakers immediately expressed outrage and accused him of being disrespectful of parliamentary deliberations. As other opposition parties have expressed support for the LDP's censure motion, it is expected to sail through the opposition-dominated House.

But Yanagida Friday indicated he was not ready to quit. "I will sincerely respond to deliberations in Parliament, and I wish to fully perform my duties," said Yanagida, who is said to have the backing of Premier Naoto Kan.

Chief Cabinet Secretary Yoshito Sengoku has pointed out that a censure motion is legally non-binding. In 2008, then Premier Yasuo Fukuda ignored a censure motion against him and carried on in office. Last year, then Premier Taro Aso did likewise.

But some Democratic Party of Japan (DPJ) politicians are said to be eager for Yanagida to step down so as to minimise the damage to the administration, whose public support has dipped to 27 per cent, largely over Kan's handling of territorial disputes with China and Russia, as well as the struggling economy.

Yanagida's gaffe comes in the midst of the government's attempt to get a 1.5 trillion yen extra budget Bill for additional stimulus measures through the Upper House. If he refuses to quit, the opposition is likely to boycott deliberations on the Bill, barring its swift passage.

Although the Japanese Constitution provides for automatic passage 30 days after a Bill is sent to the upper Chamber even if it is rejected, a delay in its passage will prove to be a blow to Kan's attempts to lift the sluggish economy.

The LDP, ousted by the DPJ last August, has of late been trying every trick in the book to delay the passage of the extra budget Bill, in the hope of bringing down the government and forcing an early election.

Yanagida's slip is the latest in a seemingly endless series of dubious remarks and conduct by Cabinet ministers that have made the Kan government look silly and have given the opposition chances to take shots at the ruling party.

On Thursday, in the Upper House budget committee, Chief Cabinet Secretary Sengoku made his own gaffe, calling the Self Defence Force, Japan's de facto military, an 'instrument of violence', prompting the opposition to demand his resignation. Sengoku later retracted his comments.

The opposition has also renewed attacks on revitalisation minister Renho for a fashion photo shoot she posed for in the hallways of the Parliament building last month.

Economic and fiscal policy minister Banri Kaieda on Friday distanced himself from the justice minister, saying: "Whether he stays or goes as a politician is something for him to decide."

But there are concerns that Yanagida's departure could increase pressure on other embattled ruling party politicians like Sengoku to resign.

Reports in the nation's major dailies Friday pointed out that when ministers succumbed to verbal gaffes in the past, it often signalled the beginning of the downfall of an administration.

When the LDP was in power, the then opposition DPJ had come down very hard on offending ministers, often forcing their resignations.

Said the largest-circulating daily Yomiuri Shimbun: "Now that the tables are turned, the people will find it hard to understand the DPJ's stance."
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22-Nov-2010 14:08 User Research/Opinions   /   #### INaction #### & **** IN ACTION ********       Go to Message
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22-Nov-2010 14:07 User Research/Opinions   /   #### INaction #### & **** IN ACTION ********       Go to Message
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India vows to punish 2G scam guilty

In this file photo, Indian Communications and Information Technology Minister Andimuthu Raja gestures while replying, on being cornered by journalists at a press conference in New Delhi, India. (AP)

By WALID MAZI | ARAB NEWS



The 2G spectrum scam mainly centers on the country’s former Telecom Minister Andimuthu Raja, who is accused of selling mobile phone licenses at “unbelievably low prices” in 2008.

“There should be no doubt in anyone’s mind that if any wrong thing has been done by anybody, he or she will be brought to book,” said Singh on the sidelines of an event held in New Delhi.

Separately, the Indian government on Saturday filed an affidavit in the Supreme Court on behalf of the prime minister, rejecting the charge of inaction on the part of his office in dealing with the request of sanction for prosecution of Raja in the 2G spectrum issue.

The 10-page affidavit, filed by the office of Attorney General of India G.E. Vahanvati, stated that there was no inaction on part of the prime minister’s office (PMO) on a complaint filed by Janata Party leader and former Law Minister Subramanian Swamy seeking permission to initiate proceedings against Raja over improper allocation of 2G frequencies.

The affidavit, which lists how Swamy’s letters to the premier were adequately dealt with, also said the PMO had sought the views of the Law Ministry on Swamy’s plea, which could not be granted as the Central Bureau of Investigation was investigating the case.

The Telecom Regulatory Authority of India (TRAI) recently advised the country’s Department of Telecommunications to scrap 69 of the 130 licenses given for 2G phone services since December 2006.

Apart from suggesting cancelation of licenses of new operators, TRAI also recommended censure for nearly 40 licenses owned by seven companies, including Tata Teleservices and Vodafone.

In Etisalat DB’s case, the TRAI suggested that the Indian government should impose liquidated damages in 13 circles for delays in meeting rollout targets and cancelation of licenses in all 15 circles.

“Even among those reported to have complied with the obligation, it is seen that in several cases the licensees have either not started the service or the number of base station/subscriber is negligible. The very purpose of mandating the rollout obligation is to ensure that the license and the spectrum given is effectively utilized to provide services to the public,” the TRAI said in its report to the DoT.

In the case of Tata Teleservices, TRAI has suggested the company missed its rollout obligation in Assam, Jammu & Kashmir and the northeastern states by two weeks to 14 weeks and, therefore, the DoT should impose a penalty. Vodafone has also missed rollout targets in Bihar, Jammu & Kashmir and the northeastern states.

The license conditions stipulate liquidated charges at the rate of 500,000 to 70 million rupees based on the length of delays.
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22-Nov-2010 14:01 User Research/Opinions   /   #### INaction #### & **** IN ACTION ********       Go to Message
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INaction  =  faIlIng  tO  act

IN  ACTION  =  Real  ActIOn
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22-Nov-2010 10:21 Genting Sing   /   GenSp starts to move up again       Go to Message
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Monday:  21 11 2010 

CNA  8:10am

KELVIN  SCULLY  NRA Capital

Market  OUTLOOK  for  China  and  Singapore is POSITIVE

STI  PE: 14 ~ 15 is cheap

STI  EPS  8%  is  impressive

STI  Target  3,500 ~ 3,600  1Q 2011

Bank  Interest  Rates  remains  Abnormally low

Recommendation:  Buy  Growth  Stocks  including  selective  growth S-chips
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22-Nov-2010 09:49 Others   /   TRADE FREELY & LiVE LONGER       Go to Message
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21-Nov-2010 12:15 Others   /   ?= #* @^ &%+ H A P P I N E S S () {} [] :; "' <>       Go to Message
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新加坡打工族不快乐

(2010-11-21)
早报导读
  作为一名新加坡打工族,你快乐吗?

  根据跨国管理咨询公司合益集团(Hay Group)一项调查,亚太区的员工对工作的满意指数最低,少于60%。

当中满意度最低的是日本,接下来是香港和新加坡。

  ……

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21-Nov-2010 12:04 Others   /   TRADE FREELY & LiVE LONGER       Go to Message
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2010-11-21

  • 建造高铁、城轨车体铝型材 他搭上中国高速列车
    上市公司麦达斯控股(Midas)总裁周华光在8名兄弟姐妹当中排行第七,大哥周亚峇是实大控股(Sitra Holdings)总裁,三哥周华盛是莱佛士教育(Raffles Education)总裁。他曾先后在两名哥哥的公司服务,最后自立门户。

     
  • 专家解盘 利用布林带买低卖高
    我们开车时,RPM指标会在换档时,先跌落后反弹。股市就跟开车一样,在牛市里,股票的价格不会像一条直线般一直往上升,它会出现一些小滑落,然后回弹。
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    21-Nov-2010 12:01 Genting Sing   /   Traders Lounge - Daily opportunities for everyone       Go to Message
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    2010-11-21

  • 建造高铁、城轨车体铝型材 他搭上中国高速列车
    上市公司麦达斯控股(Midas)总裁周华光在8名兄弟姐妹当中排行第七,大哥周亚峇是实大控股(Sitra Holdings)总裁,三哥周华盛是莱佛士教育(Raffles Education)总裁。他曾先后在两名哥哥的公司服务,最后自立门户。

     
  • 专家解盘 利用布林带买低卖高
    我们开车时,RPM指标会在换档时,先跌落后反弹。股市就跟开车一样,在牛市里,股票的价格不会像一条直线般一直往上升,它会出现一些小滑落,然后回弹。
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    21-Nov-2010 11:59 Others   /   ?= #* @^ &%+ H A P P I N E S S () {} [] :; "' <>       Go to Message
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    新加坡打工族不快乐
    作为一名新加坡打工族,你快乐吗?
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    21-Nov-2010 11:54 Others   /   ?= #* @^ &%+ H A P P I N E S S () {} [] :; "' <>       Go to Message
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    然而,要将“幸福”量化非常不简单。

    幸福(happiness)这个词汇源于“偶然发生的事情”(hap),言下之意是“快乐往往是一种凑巧的事情,强求不来”。

      我认为,“幸福指数”应该分两方面,要考虑的元素包括:生活水平、教育普及率、薪金、就业率、健康与医疗状况、环境卫生及可持续性、社会治安保障等客观条件,和主观的满意感、情绪愉悦程度、精神紧张程度、生活压力、身份认同等元素。

    生活成本  cOst-Of-LIvIng

    若从客观的角度来看,新加坡就业率高、环境干净卫生、医疗设备现代化、社会治安良好、人人有机会接受教育并通过自己的努力改善生活素质,新加坡人应该可以算是很幸福了。

    但这方面的调查还是有必要的,各部门依然能够通过收集民意,改善政策的细节。许多部门也确实有这么做。

      主观的部分比较棘手。新加坡人未必觉得自己快乐,面对的生活压力也很大,一些国人对于身份认同感、国家归属感也有疑虑。无论是否正式推行“幸福指数”,这些都是政府应该正视的课题。

      (作者是《我报》采访主任)
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    21-Nov-2010 11:44 Others   /   ?= #* @^ &%+ H A P P I N E S S () {} [] :; "' <>       Go to Message
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    英国政府内部人士近日透露,英国将引入“幸福指数”,评估国民的心理健康状况和对环境的满意度,以便未来制定新政策时,把这些因素考虑在内。

      看到这则新闻时,我心想,

    如果新加坡要推行类似政策,该如何进行,得到的结果如何?

      “幸福指数”近年来是经济学的热门话题。今年4月,诺贝尔经济学奖得主约瑟夫尤金·斯蒂格利茨(Joseph Eugene “Joe” Stiglitz)和阿马蒂亚·森(Amartya Sen)联合24名顶尖经济学家发布了一份研究报告,呼吁各国政府不要过度依赖GDP等纯经济指标,建议在政策制定和评估过程中参考类似“幸福指数”的新标准。

      英国并非第一个注重国民“幸福指数”的国家

    之前,法国、加拿大等国家政府已开始引入更多反映民众幸福程度的参数。不丹更早在上世纪七八十年代,就已提出了“国民幸福总值”的概念,并据此展开了诸多改善民生的实践。

      市面上不乏各种测量和比较各国生活数量的调查报告。个别国家推出属于自己的一套幸福指数,有什么好处?

      国际的衡量标准未必符合个别国家的需要,也无法准确反映民情。例如,一个称为“开心地球”的调查,就把很大的比重放在一个国家是否重视环保,是否拥有许多危害环境的工业、汽车、家电,比较重视“这国家的政策是否令地球开心”,而不是“政策是否令人民开心”。

      不同国家的国情不同,所面对的最棘手问题也不一样。因此,与其进行“横向比较”,与其他国家相比,一个国家如何评估和对比自己的过去、现在和未来的“纵向比较”显得更重要。

      政府若决定推行“幸福指数”,也能向人民传达“政府关心你的幸福”的信息。当然,这也可能是一把双刃剑,人民也许会通过这个指数,向政府表达强烈的不满,因此得到的数据结果,也许会令政府很尴尬。例如,不少英国媒体就预测,英国在削减多部门预算的当儿推出幸福指数,收集到的结果也许人民怨声载道,政府这么做,有如拿石头砸自己的脚。

      不过,正因为这类风险,推行“幸福指数”更能显示一个政府愿意听取民声的决心,以及愿意顺民意改变政策的开放心态

    当然,有些政策属于苦口良药,人民也许不高兴,但政策对他们的长远利益是有帮助的。政府能否在明知政策在短期内不会受欢迎的情况下,依然咬紧牙根继续推行,并在过程中努力向人民解释政策的长远好处,尝试改变他们的心态,这就很考这个政府的勇气与魄力
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