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In Full: PM Lee’s farewell speech to President Halimah Yacob

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AFP

SINGAPORE: President Halimah Yacob had her farewell reception at the Istana on Sep 13. Here’s the full speech PM Lee gave:

Mdm President, Mr Mohamed Abdullah Alhabshee,

Distinguished guests, Ladies and Gentlemen,

A very good evening to everybody

We gather today to mark the completion of President Halimah Yacob’s term, and to express our gratitude for her illustrious service to the nation.

Mdm President, you have been a powerful symbol of unity for all Singaporeans.

This is not just because of what the Office of the President represents, but particularly because of how you performed your duties and led us as our President.

Throughout your tenure, you showed the way with grounded leadership, and a warm heart for the people.

Your ability to empathise and resonate with Singaporeans from all walks of life has brought our nation closer together, and reminded us that we all have a role to play to make Singapore a better home.

During the Covid-19 pandemic, you stepped forward amidst the uncertainty, to be amongst the first to take the vaccine, and lead by example.

When we had to be safe-distanced, you kept spirits up by engaging Singaporeans virtually.

Once the situation permitted, you visited frontline workers on the ground, and later hosted them at the Istana to thank them and recognise their sacrifices.

Your presence and concern lifted spirits, and made all the difference.

Seeing our President with us gave everyone hope, showed that every contribution was appreciated, and inspired us to soldier on despite the difficulties and personal sacrifices.

 

Mdm President, you have been an inspiration to all Singaporeans, young and old.

As a woman from a minority community, coming from a very humble family background, you pursued your education, graduated with a law degree, served in the labour movement and in politics, and eventually occupied the highest office in the land.

You showed that our meritocratic system works: that every Singaporean can achieve his or her aspirations, regardless of race, language, or religion, and regardless of family background or station in life.

This happens only in very few countries in the world, and is something that Singaporeans can justly be proud of.

Your own lived experience is surely a major reason you so strongly believe in building a more egalitarian and inclusive society.

As President, you have worked hard to strengthen mutual understanding, trust, and respect across diverse community groups.

You took an interest in many worthy causes, especially those focussed on helping the less privileged, so that they would feel valued and recognised in our society.

One of your passions has been gender equality.

Every year, you inducted women who had made outstanding contributions into the Singapore Women’s Hall of Fame.

As Patron of the Council for Board Diversity and the Singapore Council of Women’s Organisations, you shared your personal experiences in dialogues and encouraged women to push the limits.

Your efforts challenged gender stereotypes and heightened awareness of the biases still faced by women.

You also paid particular attention to those with disabilities.

Under the President’s Challenge Enabling Employment Pledge, you advocated for more inclusive and accessible workspaces and employment policies.

You frequently visited social welfare agencies to understand the challenges faced by people with disabilities, and to encourage employers and Singaporeans to be more accepting and understanding towards them.

You were also concerned about mental health issues, especially amongst our youth.

You launched the Supporting Youth in Community programme to provide youths with psychosocial support. This programme has helped many young people to overcome their mental struggles and emerge from dark moments in their lives.

And naturally, given your close ties with the labour movement, you always looked out for workers’ interests, especially for the lower-wage workers. You launched the Empowering for Life Fund to offer tailored support for skills upgrading and employment assistance to vulnerable individuals.

Last year, you focused the President’s Challenge on “Supporting Lower-income Families” to help the group hit hardest by Covid-19, raising a record-setting S$17.3 million.

All these efforts made us more conscious of our less privileged brethren, and ameliorated their plight.

But beyond your ceremonial and symbolic roles, you also held a custodial role, holding the second key to our nation’s reserves.

During your term, you had to exercise this important duty on an unprecedented scale.

Previously, during the Global Financial Crisis, we had drawn S$4.9 billion from the reserves to support the economy and jobs.

Thankfully, our economy revived on that occasion more rapidly and vigorously than expected, and the government was able to return the full amount into the reserves by the end of its term.

The Covid-19 pandemic was on a different scale altogether.

Over a period of three years, the government had to seek your approval repeatedly to draw upon the reserves.

Advised by the Council of Presidential Advisors, you worked closely with the government to understand the rapidly developing situation, to assess the government’s proposed responses and requests, and to ensure that the requested draws on reserves were necessary and justified.

As the officials involved will attest, you participated actively in a thorough process. Rigorous, but not antagonistic.

I am glad the officials were able to deal fully with your searching queries and clarifications, and address the reservations and concerns that you and the CPA raised.

Cumulatively, you approved drawing up to S$69 billion from the reserves over three years.

In the end, we used only about S$40 billion, but this was still the largest amount drawn since the system of the second key was created.

This enabled the government to move swiftly and confidently to tackle the crisis, without having to take on a heavy debt burden and encumber future generations.

With your support, the government was able to save lives, stabilise the economy, preserve jobs, and ensure that Singapore emerged more resilient and stronger after Covid-19.

This system of “two keys” made all the difference during this crisis.

The robust processes we had put in place, and the steady hands operating the system, allowed us to protect this unique resource, while retaining flexibility to draw what we truly needed in an extraordinary crisis.

I am confident this system will continue to serve us well in the years to come.

Mdm President, internationally, you represented Singapore on the world stage, and strengthened our relations and friendship with many countries.

While the pandemic caused you to make fewer trips than you would otherwise have done, you made the most of the situation.

You hosted many foreign leaders in Singapore, and made impactful State and official visits, including to several ASEAN countries, the Middle East, Central Asia, China, Japan and Europe.

You helped other countries understand Singapore better, and opened new opportunities for us, such as through the numerous bilateral agreements concluded during your trips.

And you always took special care to engage overseas Singaporeans, and keep them in touch with home.

As Singapore’s top diplomat, you fulfilled all these duties with dignity and grace.

Mdm President, your responsibilities as President have been numerous. But I am sure you will agree that your husband, Mr Mohamed, played a critical role supporting you throughout this journey.

He was constantly by your side as you carried out your official duties, be it engaging foreign dignitaries or meeting Singaporeans.

His calm and informal nature complemented well your own warmth and approachability.

As many of us know, Mr Mohamed has a passion for music, and is a skilled drummer.

He also has a heart for charity, and used his musical talent to perform at charity events, including at a community concert in Marsiling Park in 2019, somewhere in your old constituency.

We thank Mr Mohamed for his invaluable contributions to the success of your Presidency.

Mdm President, as your term of office draws to a close, you can look back on a distinguished and remarkable career in public service, and as our President.

I still remember what you said when you were first elected six years ago: “I am a President for everyone”.

Through your leadership and heart for the people, you have certainly fulfilled your promise.

Your efforts to expand opportunities for all have made for a more united and inclusive Singapore, where all of us belong and everyone has a part to play.

Your commitment to improving our society and your concern for every Singaporean will continue to inspire and guide us all as we refresh our social compact and press forward together.

On behalf of the government and people of Singapore, I thank you for your service to our nation. We bid you and Mr Mohamed farewell, and wish you all the best in your future endeavours.

Thank you.

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Employer Expresses Concern Over Maid’s Sudden Change in Behavior and Forgetting Tasks

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(Photo by ALEX TAN / AFP)

SINGAPORE: An employer took to social media complaining about her maid’s sudden behaviour change three months into her employment.

In an anonymous post to a support group for domestic helpers and employers, a woman wrote: “I am wondering why helper’s behaviour changes after 3 months of joining and they become extremely forgetful. If reminded they show attitude”, she added. The woman said that her maid was tasked to take care of her young child and has suddenly become extremely negligent.

“She has started cooking bad tasting food and anything u ask her to do a standard reply is I forgot. Has anyone faced similar challenges and how did u tackle it. I have already raised this issue very politely with her few times, however don’t see any improvement”, the employer wrote.

Here’s what netizens who commented on the post said:

Some suggested that the maid may be unhappy because of other factors and urged the employer to try speaking to her and finding out the underlying cause.

Earlier this year, an employer was unhappy that her helper would only return after 10 pm on her days off, but other maids felt that this was unreasonable and said, “Remember it’s not time off, It’s day off”.

In an anonymous post to a Facebook group for domestic helpers and employers alike, the woman wrote: “In general, does a helper normally went out on their rest days (Sunday) and return late 10pm onwards or more later”.

She added that her maid would not even inform her that she would be back late. “we’ve a baby we’re already worrying and this helper adds up to that”, the employer wrote.

Maid only returns after 10pm on her days off, employer with baby is unhappy but other helpers say “Remember it’s not time off, It’s day off”

High-rise spitter: Mum angered after spit lands on top of her 3-week-old baby’s stroller

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Photo: FB screengrab/COMPLAINT SINGAPORE

SINGAPORE: After a gob of spit narrowly missed hitting her three-week-old baby, a woman took to social media to express her outrage.

Ms Mulyy Yana, a resident of Ang Mo Kio Avenue 1, wrote on the COMPLAINT SINGAPORE Facebook page on Thursday morning (Sept 14) that while she lives in a rental flat herself, people who spit out of the windows from upper-floor units make rental flat tenants look bad.

“Spit your d**n saliva down the block elsewhere lah! Don’t even bother to see if there’s people walking down ah??” the upset mother wrote, posting photos of the incident, one of which showed spittle on the hood of her child’s pram.

“It’s already bad enough that it hit the top of the stroller. (Thankful it didn’t hit on my kid or me. But what if i didn’t close the stroller cover? It would have hit my newborn baby!” she added.

The mum wrote that she parked her children under the block for a little while to survey the scene. She also saw beer cans that had been thrown out as well.

Unfortunately, she couldn’t pinpoint where the cans had been thrown, as she could not see any people from where she stood. If she had seen anyone, she would have confronted them, she added.

When The Independent Singapore reached out to Ms Mulyy, she told us, “Honestly, I think people like these are uncivilized.” She added that she wasn’t sure whom to complain to, especially since she had not seen where the spitter had come from.

“I wish the authority (would) put those cameras that catch killer litters on my block,” she added.

Spitting in public in Singapore is prohibited. First-time offenders may be fined as much as S$1,000, and an individual may pay as much as S$5,000 for successive offences.

We have reached out to Ang Mo Kio Town Council for comment as well.

/TISG

HDB resident says his upstairs neighbour has been throwing down water, paint, coffee bags, metal padlock and other items since 2017

 

Resident employment decreases for first time since mid-2020

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Photo: Freepik (for illustration purposes only).

SINGAPORE: The Ministry of Manpower’s (MOM) Labour Market Report said on Thursday (Sept 14) that the number of employed Singapore citizens and permanent residents decreased by 1,200 in the second quarter of this year.

This is the first time the number has fallen since the second quarter of 2020.

“Robust increases in sectors such as community, social and personal services and financial and insurance services were offset by contractions in food and beverage services and retail trade due to outflow from the cessation of seasonal hiring,” said MOM.

However, total employment excluding migrant domestic workers grew for the seventh straight quarter, with 25,500 non-residents getting hired in the second quarter of this year.

The fall in employment numbers is largely due to fewer people working in retail trade and food and beverage services because of seasonal factors, MOM said.

Hiring related to seasonal events goes up. Much of it is temporary work that goes to part-time workers or students.

Manpower Minister Tan See Lung warned against complacency but said, “You may sort of see this kind of lumpy seasonality, so I wouldn’t act on one quarter’s sort of drop.”

“What is important is that there’s still hiring,” the Manpower Minister added.

The director of Manpower Research and Statistics at MOM, Mr Ang Boon Heng, is quoted in CNA as saying, “Usually in the second half of the year, close to September until December, and sometimes stretching a little bit into the Chinese New Year, we have all these year-end festivities as well as we have the (Formula One race).”

The decrease in resident employment is not expected to continue, MOM says. Hiring is expected to rise in the coming months due to the recovery in tourism and the year-end celebrations, although the figures are not likely to go up as much as last year.

/TISG

LinkedIn: Proven skills over college degrees, the next big thing in the labour market — here’s how to stand out to employers in 2023

Check Out The Stars In The 2023 Singapore Grand Prix Entertainment Line-Up

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2023 Singapore Grand Prix Entertainment Lineup
Photo: Singapore GP

SINGAPORE: Are you excited about the 2023 Singapore Grand Prix Formula 1 event? Get ready to elevate your excitement with 88rising’s main stage acts, solo artists, and some added fire from the roving acts for this year’s entertainment line-up.

88rising presents main stage acts

88rising, renowned for curating remarkable musical experiences, is set to deliver a star-studded performance at Zone 4 and Zone 1. Prepare to witness your favourite stars come together to add an extra layer of excitement to your F1 experience.

Zone 4

Sept 15

  • Jackson Wang (CHN)
  • NIKI (IDN)
  • Rich Brian (IDN)
  • XG (JPN)
  • Bibi (KOR)
  • Milli (THA)
  • Warren Hue (IDN)
  • Atarashii Gakko! (JPN)

Sept 16

  • Post Malone (USA)
  • Kings Of Leon (USA)

Sept 17

  • Robbie Williams (UK)
  • Groove Armada – DJ set (UK)

Zone 1

Sept 16

  • Culture Club (UK)
  • The Kooks (UK)

Sept 17

  • Kings Of Leon (USA)
  • Madness (UK)

General stage acts

Get ready to groove to the beats as of these artists and DJs from Singapore and overseas.

Sept 15

  • Dreebsby (SGP)
  • Kalpee (TTO)
  • Matilde G (SGP)
  • Sunwich (IDN)

Sept 15 – Sept 16

  • Jinan Laetitia (IDN)
  • Safia (AUS)

Sept 15 – Sept 17

  • Airliftz (MYS)
  • DJ Aurora (SGP)
  • DJ Jamie Hall (AUS)
  • DJ Mass (LKA)
  • DJ Taaka (AUS)
  • Hijack Hayley (SGP)

Sept 16

  • aswekeepsearching (IND)

Sept 16 – Sept 17

  • Meg Mac (AUS)
  • San Cisco (AUS)
  • JOAN (USA)
  • DJ Nicolette (SGP)

Sept 17

  • Sunwich (IDN)
  • Boy George – DJ Set (UK)
  • DJ Big M (SGP)

Roving acts

The event will not be complete without the additional fun these guys add. Here’s an element of surprise to your Formula 1 experience.

Sept 15 – Sept 17

  • Bloco Singapura (SGP)
  • Brazilian Fantasy (BRA)
  • Brylights (SGP)
  • Celestials (UK)
  • Coming True Fire (TWN)
  • Dom Chambers (AUS)
  • Dr Penguin (USA)
  • Hummingbirds (UK)
  • Los Cucurrus (SGP)
  • Royalusion (SGP)

So, as the countdown begins and the city prepares for an epic weekend, remember that in Singapore, the engines won’t be the only things revving up – your excitement will, too.

Get ready to rev up your excitement for this year’s F1 race!

/TISG

 

The post appeared first on The Independent News.

 

Read also: 

2023 Singapore Grand Prix: F1 Teams and Drivers Gearing Up for An Electrifying Race 

Pop star Pink claps back at hateful birthday message aimed at insulting her

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pink-claps-back-at-hateful-birthday-message-aimed-at-insulting-her

Pop star Pink hit back at a nasty birthday message by an online troll comparing her to British comedian and political activist Suzy Eddie Izzard.

Pink was compared to Izzard and insulted in terms of her appearance. Pink said that she had no time for transphobic trolls and would not let them rattle her at all.

“I just showed my 12-year-old daughter your post. I explained to her that I’ve never met you. I don’t know you and I have no idea why you would go out of your way to be hateful. It was a good lesson in ignorance. Thank you. I still don’t know you. Congrats. You’re no one,” said Pink.

Pink in fact praised Izzard saying she was glowing in the photo and told the troll that if she was trying to demean her by choosing Izzard’s photo to put her down, there were so many other pictures she could have chosen. “At least be creative next time, dum dum,” said the singer.

She also wanted to send a strong message out to her daughter to say that she wants her to know that trolls can be hurtful online and kids should know this. She said that she wanted her daughter to know that her self-esteem does not rely upon the opinions of others nor does it rely upon how many tickers I sell.

The singer turned 44 last week. Pink, whose real name is Alecia Hart is married to road truck racer Carey Hart. The couple have a daughter called Willow and a son named Jameson.

In an interview with People magazine earlier this year, Pink had said that she had been nervous about being a mother at first but now finds it to be an incredible experience.

“I did not know that I was going to have a family. I didn’t picture that for myself because I was terrified that I would be a terrible mother. It’s shocking how responsible I’ve become. I love being a mum, I love music and I’m damn lucky I get to do all these things. I count my blessings every single day,” said the singer.

Pink has always been vocal about supporting the LGBTQ+ community saying that support for queer youth is of utmost importance. She said that when she first came to LA all her friends were gay even though she wasn’t.

Read More News

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The photo above is from Wikipedia

The post Pink claps back at hateful birthday message aimed at insulting her appeared first on The Independent News.

Interest Rates and Returns for Singapore Savings Bonds (SSB) in September 2023

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interest-rates-and-returns-for-singapore-savings-bonds-(ssb)-in-september-2023

With the increased attention towards personal assets, people are looking to strengthen their portfolios by investing in low-risk bonds. Learn more about Singapore Savings Bond (SSB), a bond with a steady rise in interest rates with no capital loss!

Table of Contents:

What is SSB?

The Singapore Savings Bond (SSB) is a bond fully backed by the Singapore Government. No capital loss will be incurred and you can always get your investment amounts back. The SSB is a long-term bond offering step-up interest, meaning that the longer one invests in it, the higher the interest income. It is also flexible, and one can exit the SSB at any time without any penalties.

The SSB has a step-up interest rate system, where the interest rate gets progressively higher for each year of funds staying invested in the bond. This means that, the longer you remain invested in the SSB, the higher interest rates and average yearly returns you will enjoy. For a better understanding of step-up interest, head over to Dr Wealth for a comprehensive explanation of SSB’s interest system.

Features of the SSB

1. Very Minimal Risk

The Singapore Government’s credit rating by Moody’s, S&P, Fitch and R&I are Aaa, AAA, AAA and AAA respectively, which means that the Singapore Government’s investment offerings of SGS bonds, T-bills and Savings Bonds are some of the safest investments to hold, with a very low risk of default, and high creditworthiness.

With near-zero risks of losing your money, the SSB can be a good way for Singaporean investors to diversify their investment portfolios to manage overall risk. It is also a good investment to hold for more conservative investors with its provision of relatively good returns considering its low risk.

2. High Liquidity and Flexibility

Investors may wonder what the difference between SSB and fixed deposits are, since both are low in risks. Well, here is where the shining point of the SSB comes through – investors can exit the SSB without any penalty for early redemption!

Unlike fixed deposits where a penalty fee is usually charged for premature withdrawal, the SSB allows investors to extract their funds anytime, with a waiting period of 1 month. At the initial stage of investing, there is also no need for you to decide on the intended period and duration you wish to invest for. This gives you an opportunity to use the SSB investments as a sort of rainy-day fund, as the money invested can always be taken out anytime should unforeseen circumstances occur.

3. Ease of Investing in SSB

The SSB is also one of the easiest and most accessible investment bonds to invest in. Unlike many other bonds or investment instruments which require you to sign up for accounts on specific trading platforms in order to gain access to certain markets, the application process for SSB is much simpler.

Any individual above the age of 18 is eligible to apply for the SSB. All you need is a local bank account (DBS/POSB, OCBC, UOB) and a CDP (Central Depository) account that is linked to the local bank account. Investors can also invest in the SSB via either cash or SRS.

Simply click here for a step-by-step guide on how to start investing in SSB!

4. Low Minimum Amount

The investment amounts for SSB range from a minimum of S$500 to S$200,000, and the investment sum should be in multiples of S$500. With such a low entry point of S$500, the SSB does make for a readily accessible investment opportunity, especially for beginners and conservative investors.

5. Non-Transferrable

SSB is non-transferrable and cannot be traded in the open market, traded on the Singapore Exchange or pledged as collateral.

Only in certain situations, such as the death of the bondholder, can the SSB be transferred to the rightful beneficiaries under the bondholder’s will or under the intestacy law.

6. Relatively High Interest Rates

At an average yearly return of 3.16% for a tenure of 10 years, the SSB may not have the highest interest rates and returns for an investor looking for high capital gains. However, the return rates have been steadily increasing over the past few years as the economy is bouncing back. An average yearly return of 3.16% is close to the peak in 2018-2019.

Additionally, coupled with its very minimal risk, the SSB’s rate of return could already be seen as rather ideal.

Illustration of SSB September 2023 Interest Rates

Man typing on calculator

This month’s bond, SBOCT23 GX23100T, which has the application closing date of 26 Sep 2023, an Issue Date of 01 Sep 2023 and a Maturity Date of 02 Oct 2033, will have an interest rate of 3.05% to 3.48% per annum, and an average yearly return of 3.16% if an investor holds the bond for 10 years.

This is some of the highest returns of the past few years, which signals to investors a healthy recovery of the Singaporean economy. It is also higher than last month’s issuance which had an average yearly return of 3.06% if held for 10 years.

The below table illustrates the interest % for investors who are invested in the SSB for the specified number of years.

For example, if you have invested a certain amount, say S$1,000, into SSB and redeemed it after 1 year, the interest on the S$1,000 would be 3.05%, and the amount you can get back would be approximately S$1,035. This table applies to the SSB with the issue date being 02 Oct 2023, SBOCT23 GX23100T.

Year from Issue Date 1 2 3 4 5 6 7 8 9 10
Interest % 3.05 3.05 3.05 3.05 3.05 3.05 3.10 3.36 3.48 3.48
Average return per year % 3.05 3.05 3.05 3.05 3.05 3.05 3.06 3.09 3.13 3.16

If you are interested in investing into the SSB, and wondering how much returns you can get for your desired investment amount, feel free to navigate to this nifty calculator for easy visualization of your future yearly earnings.

Simply select the month of bond issuance, then input the amount you would like to invest. The calculator returns the yearly payouts depending on the cases where you hold to maturity or make a decision to redeem early.

Alternatives to SSB

How does the SSB compare to other alternatives? Here we have a chart to illustrate some of the key differences between the SSB for September 2023, a Fixed Deposit Account offering one of the highest interest rates and returns, as well as the Singapore Government Securities (SGS).

Features SSB Fixed Deposit (CIMB) SGS
Interest Rates 3.16 % p.a. if held to year 10 3.45% p.a. Varies
Tenure 10 Years 6 months 2, 5, 10, 15, 20 or 30 years
Liquidity Redeem anytime, no penalty Bank charge may be imposed No early redemption
Minimum Deposit Amount S$500 S$10,000 $1,000
Maximum Deposit Amount S$200,000 S$3,000,000
Risk Level Low

From the above, we can see that the SSB offers a lower interest rate at 3.16% but at a much lower minimum deposit amount, at S$500, than the Fixed Deposit Account which has an interest rate of 3.45% and a minimum deposit amount of S$10,000. However, the tenure for the SSB is also much longer, at 10 years, as compared to the tenure for the Fixed Deposit Account which is just 6 months.

SGS, similar to SSB, is also a type of government-issued bond issued by the Singapore Government. There are various categories of the SGS, each with different tenures, interest rates and coupon rates. Some key differences between SGS and SSB are as follows:

1) SGS can be funded by Cash, Supplementary Retirement Scheme (SRS) funds or CPF Investment Scheme (CPFIS) funds, unlike the SSB which does not support funding by CPFIS funds.

2) SGS is transferable and can be traded on the secondary market – at DBS, OCBC, or UOB branches; or on SGX through securities brokers.

3) No early redemption of SGS is allowed, unless SGS is sold on the secondary market.

The fixed income investment vehicles as above are all viable options for any investor. Depending on your risk appetite, desired tenure and preference for liquidity, any of the alternatives could be a good addition to your investment portfolio.

Step-By-Step Guide on Investing in SSB

Decided to invest in the SSB but not sure how? We have all the steps and what you need laid out below, so that you can invest in SSB easily and on the go!

Any individual can apply for the SSB. However, you need to be 18 and above in order to have a Central Depository (CDP) account, which is required for the application.

A new SSB is issued on the 1st business day of each month. The minimum amount to invest is S$500 and the maximum is S$200,000.

There are 2 simple ways to apply – either via Cash (DBS/POSB, OCBC, UOB ATMs or Internet Banking and OCBC’s mobile banking application) or via Supplementary Retirement Scheme (SRS) by the internet banking portal of your SRS operator.

By Cash

1. You Will Need:

a) A bank account with DBS/POSB, UOB or OCBC.

b) An individual CDP Securities account with Direct Crediting Service (DCS) activated.

2. Apply either via ATMs or Internet Banking Portals.

a) Log in to your bank’s internet banking, ATM, or OCBC’s mobile banking app. Be sure to have your CDP account number with you.

b) Upon application, the amount invested will be deducted from the bank account tied to your ATM card or Internet banking account.

c) A S$2 transaction fee applies for each SSB application request.

Note: requesting for an SSB application does not guarantee an allotment of the SSB.

3. SSB Allotment Results

a) MAS will allot the latest SSB to the applicants on the third last business day of each month (known as Allotment Day). You may check the application results on MAS’s website at 3pm on Allotment Day.

b) The SSB will then be issued on the first business day of the following month.

c) CDP will notify you (by mail) of the amount of SSB that has been allotted to you. You can also check your allotment and holdings through the CDP Internet service or by calling (65) 6535-7511.

d) You can manage all your SSB holdings on the My Savings Bonds portal.

4. Refunds for Partially or Non-Filled Applications

a) You may not be allotted the full amount you applied for, since there is a possibility that the total SSB application amount exceeds the total SSB amount on offer in a particular month.

b) The excess cash will be refunded by the end of the second last business day of the month.

c) The S$2 transaction fee charged by the bank is non-refundable.

5. Interest Payments

a) Interest will be paid to the bank account linked to your CDP account.

b) Interest is paid out every six months, on the first business day of each month.

c) The cash payments will be reflected in your CDP statement.

By SRS

1. You Will Need

a) An SRS account (you can open an SRS account by visiting one of the three SRS operators (DBS/POSB, OCBC, UOB).

2. Apply via Internet Banking Portals

a) Apply for SSB via the internet banking portal of your SRS operator.

b) The SRS funds will be locked or earmarked when you apply.

c) There will be a $2 transaction fee charged for each application request.

Take note that application requests cannot be amended and canceled. SSB also cannot be applied for at the bank counters.

3. SSB Allotment Results

a) MAS will allot the latest SSB to the applicants on the 3rd last business day of each month (Allotment Day). You may check the application results on MAS’ website at 3pm on the Allotment Day.

b) The SSB will then be issued on the 1st business day of the following month.

c) Your SRS operator will notify you by mail, of the amount of SSB that has been allotted to you. You may also choose to check your allotment and holdings with your SRS operator.

d) You can also manage all your SSB holdings on the My Savings Bonds portal.

4. Interest Payments

a) Interest will be paid into your SRS account.

b) It will be paid out every 6 months, on the 1st business day of each month.

c) The cash payments will be reflected in your SRS statements.

If you are planning to buy in the SSB this month, be sure to take note of the below application and redemption timelines. The closing date for the Sep 2023 round of applications for SSB will be at 9pm on 26 Sep 2023.

Application Timeline SSB September 2023

How to Redeem
If you already have holdings of SSB and are wondering what the process is like for redemption, feel free to refer to the below steps, whether you want to redeem your SSB or hold till maturity.

Hold To Maturity
When you have held your SSB for the full term of 10 years, the principal amount and the last interest payment will be credited into your bank account (cash applications) or your SRS account (SRS applications).

No action is needed and there will not be any $2 bank transaction fee charged.

Early Redemption
You can redeem your Savings Bonds in any given month before the bond matures, with no penalty for exiting your investment early.
Early redemption of SSB before its maturity will not result in any penalty being imposed.

1) If you have made a cash application for your SSB, simply log in to DBS/POSB, OCBC, or UOB internet banking or ATMs, or OCBC’s mobile banking application.
2) If you have made a SRS application, log in to the internet service provided by your SRS operator.
3) Submit the early redemption request by the closing date. You can redeem in multiples of S$500, up to the principal amount. You can redeem more than 1 bond every month.

The Redemption Timeline is as follows, with the important dates highlighted for your attention, should you wish to make an early redemption of your SSB.

Redemption Timeline SSB September 2023

Who Should Invest in the SSB?

Elderly couple sitting on a bench

Anyone can invest in the SSB, as it undoubtedly offers many benefits for different groups of investors.

1. Peace of Mind with Low Risk of Losing Money
You may be an investor desiring high flexibility and liquidity, especially if you are a retiree. The SSB being an investment bond having nearly no risk would be a great choice for you, lending you peace of mind as it secures your capital and maintains its value.

2. Ability to Access Funds Anytime
Deciding where to park your money is never easy. With the SSB offering the option to redeem and access your funds within a month without any penalty, it makes for an ideal rainy day fund for the more conservative investors.

3. Acts as a Source of Risk-Diversification
For active investors, allocating some funds to SSB could help you hedge against the volatility and risks associated with stocks and other investment classes.

Kick-Start Your Investment Journey

Now that we have a fuller understanding of SSB, you might want to continue the lookout for more investment instruments and alternatives! Visit our investments page for tips and beginner-friendly guides for you to kick-start your investment journey! We offer guidance on all things investment-related, such as stocks, bonds, options, forex and a whole lot more!

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The article Rising Interest Rates and Returns for Singapore Savings Bonds (SSB) – Should You Start Investing In It? originally appeared on ValueChampion.

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POFMA order issued to East Asia Forum over article written by NUS academic on July scandals

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SINGAPORE: The Government issued correction orders under the Protection from Online Falsehoods and Manipulation Act POFMA to the East Asia Forum on Wednesday (Sept 13) in response to an article written by academic Ying-kit Chan.

Mr Chan is an assistant professor at the National University of Singapore’s (NUS) Department of Chinese Studies and his piece, titled “A spate of scandals strikes Singapore”, was published on the East Asia Forum on Aug 18. The article received considerable interest online and was shared by both netizens and a number of online publications.

Historian Michael Barr, who has contributed extensively to research on Singapore’s political landscape, had even called the op-ed a “well-aimed article” on the Singapore scandals that unfolded in July this year.

He was referring to the controversy over two ministers’ rentals of two state-owned bungalows – which were later declared above board by the anti-graft agency – as well the extramarital affair involving two ruling party MPs and the ongoing corruption probe against the Transport Minister.

The Government, however, has taken issue with Mr Chan’s piece and has asserted that the article contains false statements of fact.

The Prime Minister’s Office (PMO) noted that the article claimed that Prime Minister Lee Hsien Loong had conflated marital infidelity and corruption. Asserting that this is untrue, the PMO said that PM Lee’s comments on both subjects were related only to the timing of their public disclosure, not their substance.

It added that PM Lee had also made clear distinctions between allegations of corruption and personal misconduct during a Ministerial Statement on Aug 2.

The PMO also said that the article alleged that the Corrupt Practices Investigation Bureau (CPIB) was not independent because it reported directly to the Prime Minister and that the Prime Minister had the power to refuse approval for investigations.

Refuting these claims, the ministry highlighted that the CPIB is not legally required to seek the Prime Minister’s consent before conducting investigations. Investigations can proceed unless the Prime Minister explicitly refuses consent, and the President’s concurrence can enable investigations to continue even if the Prime Minister objects.

The PMO also said that the article suggested a cover-up of wrongdoing in property transactions involving former Minister Richard Hu, Lee Kuan Yew, and Lee Hsien Loong.

Asserting that this matter had been openly debated in Parliament in 1996, with full disclosure of facts and a debate on the issue, the Government said that investigations conducted by various authorities did not reveal any wrongdoing or impropriety.

Finally, the PMO said that the article claimed that Senior Minister Teo Chee Hean, rather than the CPIB, investigated the lease of the two state-owned properties at Ridout Road. The ministry clarified that the CPIB had indeed conducted a thorough investigation and found no evidence of corruption or wrongdoing.

It said that Senior Minister Teo Chee Hean’s subsequent review of the matter supported the CPIB’s findings, and both reports were publicly disclosed while Parliament also openly discussed these investigations in July 2023, with no dispute over the CPIB’s findings.

The Government reiterated its commitment to maintaining a clean and incorruptible system and emphasised its willingness to investigate allegations of wrongdoing, with findings reported to the public. The PMO said:

“Whilst the author is free to express his views on the above matters, his article makes false and misleading statements while omitting key facts on these matters of public interest.”

The Minister in the Prime Minister’s Office, Indranee Rajah, has instructed the POFMA Office to issue a correction direction to the East Asia Forum. This direction requires the recipient to insert a notice against the original post, providing a link to the Government’s clarification.

The East Asia Forum has yet to issue a response to the correction orders. Mr Chan’s article remains on the website, without the correction direction attached.

Read also:

JOM maintains it did not make false statements despite losing POFMA appeal – Singapore News

POFMA order issued to Spotify podcast that carried hacker’s claim that he infiltrated MINDEF computer systems | The Independent Singapore News

Jom loses appeal against POFMA orders issued regarding Ridout Road statements – Singapore News

Do you find the 2023 Singapore F1 race very quiet?

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2023 Singapore F1 race
Photo: Facebook / Singapore Grand Prix

SINGAPORE: Are you excited about the 2023 Singapore F1 race this weekend? Whether you are an F1 fan or not, maybe you have the same sentiments as the guy on Reddit who asked, “Do you find the F1 race in Singapore (2023) very quiet/muted this year?”

He added, “It’s just weird that it’s not being hyped up. It’s this weekend isn’t it? Not much crowd either.”

Several Redditors shared their thoughts, and it turns out many blame the ticket prices.

One shared, “Yeah a few reasons: 1) Iswaran, 2) Red Bull dominance, 3) Increase in tix prices, 4) Mediocre entertainment lineup besides Post Malone (Jackson Wang is alright but his fans here would have alr seen him just 8 months ago)”

Another agreed saying, “I agree. The difference between watching for free on TV and being there is really just the concerts. Being trackside is nice but you don’t get the helicopter view that TV has.”

One mentioned, “I miss when they aired the concerts on TV as well.”

One person shared their experience from last year’s F1: “Paid $288 for a three day Padang grandstand pass last year. Same pass is $800 this year.”

Another commented, “But there will always be takers willing to shell out the money. Eventually you’ll figure out that you are not part of the target demographic envisioned by the event organisers. Willing buyer, willing seller as what we all like to say in this sub”

Another mentioned, “I was in orchard yesterday, half the crowd was angmoh.”

An F1 fan added, “I’m a hardcore f1 fan (Mercedes) this year I can’t be bothered.. it’s too expensive.”

Another agreed, “not hardcore if price is the issue.”

As the Singapore F1 race approaches, the debate about its quieter vibe continues.

Whether it’s the high ticket prices, Red Bull’s dominance, or the attractiveness of the entertainment lineup, one thing’s for sure – F1 fans and event organisers are grappling with the changing face of this iconic event in the Lion City.

Read also:

Singapore F1 Grand Prix 2023: Time to warm up those engines!

LTA: Road closures for F1 preparation around Marina Centre and Padang areas | The Independent Singapore News 

Singaporean Artists Light Up Formula 1 Grand Prix 2022 with Electrifying Performances

Singapore’s F1 Grand Prix: A Spotlight on Local Talent Amidst Racing Thrills

POFMA order issued to Spotify podcast that carried hacker’s claim that he infiltrated MINDEF computer systems

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MINDEF FB

SINGAPORE: The Ministry of Home Affairs has issued correction directions under the Protection from Online Falsehoods and Manipulation Act (POFMA) to a podcast channel for carrying a hacker’s claim that he had breached the Ministry of Defence’s (MINDEF) computer systems.

Hacker James Raj Arokiasamy claimed in an interview with the channel, Plan B, on 6 Sept that he had invaded the computer systems of MINDEF and other Government agencies. He added that his actions had embarrassed the Government.

In a Facebook post on Monday (11 Sept), MINDEF clarified that the hacker’s remarks were untrue and that the Government’s systems were not compromised.

The ministry said: “It has come to our attention that a member of public, James Raj Arokiasamy had claimed to have hacked into MINDEF on a podcast by Plan B which aired on 6 Sep. This is untrue. MINDEF’s systems were neither hacked nor compromised as claimed.”

It added: “MINDEF will continue to stay vigilant and maintain a stringent and proactive approach in detecting and defending against potential cyber threats.”

The MHA has since stepped in, ordering the podcast channel to make corrections on both its Spotify and Instagram accounts.

Noting that three podcast episodes (#614, #615 and #616) which were uploaded to Spotify on Sept 6 contained several false statements made by James, MHA said that some of these false statements were also reproduced on Plan B’s Instagram posts on Sept 7.

MHA said: Plan B will be required to carry correction notices on their Spotify and Instagram accounts. These notices will state that the said podcast and videos contain false statements of fact and provide a link to the Government’s clarification. This will allow readers to read both versions and draw their own conclusions.”

Asserting that the Government takes a serious view of the deliberate communication of malicious falsehoods, MHA added that James had made additional falsehoods and allegations in several TikTok videos. It revealed that TikTok has banned his account and that the videos are no longer accessible.

James, who also goes by the username “James Messiah”, was sentenced to four years and eight months in prison in 2015 for hacking into the websites of at least seven organizations. These include the People’s Action Party Community Foundation, Ang Mo Kio Town Council and City Harvest Church.

The MHA issued a comprehensive statement addressing James Raj’s history and debunking the false claims made in the podcast. It clarified the following key points:

  1. Charges Against James Raj: James Raj was not arrested due to fear of retaliation, as he had claimed in the podcast. Instead, he was issued a stern warning for an altercation in a shop in 2021. The decision was based on various factors, including the fact that he was not the aggressor and suffered a more serious injury.
  2. Remand Isolation: James Raj falsely claimed that he was isolated and deprived of human interaction during his remand. The MHA refuted this, stating that he was housed with other inmates during remand and had regular visits from family members and lawyers.
  3. Reasons for Arrest: Contrary to his claims, James Raj was not arrested for protesting Internet censorship. He was wanted for absconding from bail after being arrested for drug offences and was eventually repatriated to Singapore.
  4. Plea Deal: The government clarified that James Raj was not offered a plea deal for 39 charges to cover up his hacking activities. He faced a total of 161 charges, of which 40 were proceeded with. The systems he hacked into were publicly disclosed in the charges.
  5. Hacking into SLA’s Systems: There was no evidence of James Raj hacking into the Singapore Land Authority’s systems. Investigations revealed that he had scanned SLA’s servers but did not successfully breach them.
  6. Hacking into MINDEF’s Systems: MINDEF’s cyber and security agencies confirmed that James Raj never breached their systems.

MHA added, “We advise members of the public not to speculate and/or spread unverified rumours. The Government takes a serious view of the deliberate communication of malicious falsehoods.”

Read also:

China denies US allegations over military ‘hackers’ – Singapore News 

Damn dangerous! Man warns against posting photos of S’pore passport with boarding pass — shows you how hackers access personal info including last 4 digits of credit card – Singapore News 

Data scientist proves IMDA’s protection scheme against SMS phishing is still vulnerable to hackers – Singapore News