Chin-Siong Seah

My message: Give yourself the permission to try those simple things you dream of, and see if and how it changes your life The video: Back in Black, AC/DC, played 20% faster than original tempo, filmed at DBS Digital Bank in 2019 during lunch, video by my team. Playing quality: mediocre… The point: In my early working years, I only did what I was ‘supposed’ to do. I ignored all those hobbies and interests I had a deep desire to try but were ‘pointless.’ One day that changed, and it all started by learning the drums The story: I saw the movie trailer for Iron Man in Plaza Singapura in 2008. I didn’t say anything to anyone, but I knew: I’m going to play the drums (and I’m learning AC/DC first.) Lesson one was on November 14, 2009. By the time I was watching the opening scene to Iron Man 2 in 2010, I was was able to hold a basic beat and was ignoring the scene, fully tuned into the song (Shoot to Thrill, watch that silly scene here: https://lnkd.in/gFTQHfas), and felt I started something that was both simple and right for me 15 years later: - I’ve become close friends with my teacher, David McGuire. He is not only the best teacher I could imagine, but my life has been a LOT better and more interesting because of our long term friendship - I discovered drums fit my personality and meet a need. Despite being large, inconvenient, and noisy, playing and practice is happy, peaceful, and meditative for me. Coordination takes concentration, and even if you can’t get something right after ~600 tries, the effort and focus clears the mind (and you will get it eventually) - Listening to any music is a great experience. I can either tune in or tune out of the drums. Sometimes I think, I’m going to learn that. And other times I think, how is that possible for a human to play? - I now pursue a lot of interests and dreams, which are harmless because my interests may be odd but they are also usually inexpensive and easy to access. I don’t feel the need to ask for permission, and I find my friends offering tons of support and encouragement, and sharing in the journey - I’ve finally taken this a step further. I’ve applied this idea to the type of work I do now, along with colleagues and friends like Ryan McClure, MBA, Chaitanya Mistry and Devin Karpes 🚀 guiding me in these new and exciting spaces that I used to only read about on LinkedIn, and now we are actually doing Give it a try. For me, 15 years later, it’s a way of life and I’m planning to continue.

235

31 Comments

Have you ever wondered how AI is transforming our world and the ethical considerations behind it? Channel News Asia CNA's new documentary "Becoming Human" takes you on a journey to demystify the incredible use cases of AI and the potential dangers it poses. This compelling documentary features X0PA AI, highlighting the importance of ethical AI and how they are leveraging the AI Verify framework by IMDA. This framework ensures AI remains ethical, responsible, and explainable, keeping crucial checks and balances in place. Discover how AI is reshaping industries, enhancing human capabilities, and the essential safeguards needed to navigate this powerful technology responsibly. Watch the full documentary here: https://lnkd.in/d2YPBvdj #BecomingHuman #AI #X0PA #EthicalAI #AIVerify #IMDA #ChannelNewsAsia #Documentary #Technology #Innovation

19

1 Comment

As directors, we often have a clear understanding of who our stakeholders are, yet there is no universal definition of a stakeholder. This morning, I attended a session on stakeholder collaboration organized by the Singapore Institute of Directors. One of the panelists, Huey Tyng Ooi (IDP-C), encapsulated the definition of a stakeholder perfectly: "it depends." Stakeholders and stakeholder management are critical in the journey to success. For some, stakeholders are investors; for others, they are customers, employees, or the community. Are you a business looking to expand into the Asia Market? I can help you identify and manage local stakeholders, ensure your business compliance, and provide operational support to establish your foundation in Singapore. This allows you to concentrate on growing your customer base while de-risking your investment in the expansion. Let's connect and explore how I can assist you in your business journey. https://lnkd.in/gg-4paFr

52

I was privileged to attend a masterclass on "Transforming Healthcare Ecosystem: The Things We Tend to Ignore and Sometimes Get Wrong" by Dr Abdullahi Sheriff, Managing Director of MSD Singapore, Malaysia & Brunei. The event was organized by the CHI - Centre for Healthcare Innovation 💡 Key Takeaways: - An outstanding health system is critical to sustainable health service. - Specialization is a key innovation accelerator, and its value can be amplified if health is managed as a 'common'. - Health Economics needs to recognize & value the development of the Health System. - Human Capital matters – investing in this at all the right levels is key to a sustainable health system. - Healthier SG can provide the impetus for establishing a robust healthcare ecosystem. Dr. Sheriff emphasized the importance of systems thinking, focusing on the entire ecosystem rather than isolated organizational efforts. Check out the CHI conference on sustainability in healthcare if you want to learn more. https://lnkd.in/g44bSqhb #Healthcare #Innovation #Sustainability #HealthSystem #HealthEconomics #PublicHealth #HumanCapital #HealthTech #QualityCare #HealthierSG #systemsthinking

10

When I think of Theodoric Chew I think of an Independent Doer. He's taken an innovative approach to mental health rarely seen in Asia until now. Especially important in Singapore where almost half of the population place mental health as the biggest health problem facing the country today. That's where his platform, Intellect, comes in. It's an accessible and secure way for individuals to access mental health services. The tech is impressive, providing personalised mental health support, and making it easier for individuals to seek help. You can read more about Theodoric and Intellect on our Spotlight Blog below: https://lnkd.in/gdaHrz-3

9

2 Comments

3 Myths, 1 Lie and 1 Truth Thank you Wee Liang Tan, Prof. for having me at the closing class of the module "Leadership Seminar with CEOs". During the hour, I shared my professional journey since leaving the Singapore Management University 20 years ago - from Revenue Management to Consulting, Digital Marketing to Strategy, Software Product Management to P&L Management; from hospitality to travel to data. And given that it's a Leadership module, I also shared 3 Myths, 1 Lie and 1 Truth about #leadership. Myth 1: Only people managers and team leads are leaders. 🙅 Some of the best leaders I have had the privilege of working with are individual contributors. Individual contributors are subject matter experts who can also be very influential and mission critical (here's looking at you Jeff Miller Bonnie Haupt Amy Heinen Nai Jia Lee Cecile Corda). A leader can be any employee in any role at any level who can galvanise and implement positive outcomes. Likewise, not all people managers are good leaders. In fact, some of them are terrible. Myth 2: To be a good leader, you need to lead from the front and have "red" characteristics i.e. commanding, aggressive, extroverted. 🙅 I believe a good leader is one who has the adaptive ability to flex their styles based on circumstantial needs. To be hard when required, but soft when needed. To have a good blend of IQ and EQ. Myth 3: Being a leader means you need to be the smartest person in the room. 🙅 IMO you are in the wrong room if you're the smartest person in the room. In this age of drastic information and skills disruption, it would be careless and reckless to assume perfect knowledge. A good leader is able to assemble a team of experts who can complement one another so that you are collectively smarter and better informed. However, this requires you to (1) hire well and have the ability to bring the best out of people, and (2) synthesize information, connect the dots and change your mind if necessary. 😈 The Lie: The best person gets the job. It is often not the case that the best person gets the job. Frequently, it is the person who is most willing to do whatever it takes (the good, the bad, the ugly) who gets the job. There is also luck - being at the right place at the right time. Not everything is within our control, and sometimes despite being the best person for the job, you may not get the job for all kinds of reasons including biases and discrimination. That however should not stop you from doing what is right. And finally, the truth? 😇 Leadership is a privilege. Leaders have the opportunity and are in positions to have outsized impact on the people around them. They can make or break careers - they have direct influence on job satisfaction, how much people are being compensated, rewarded, recognised. Great leaders make you believe you are more, while bad leaders can literally kill dreams. Leadership roles are not to be taken lightly. #learnings

107

4 Comments

𝐍𝐚𝐯𝐢𝐠𝐚𝐭𝐢𝐧𝐠 𝐑𝐞𝐰𝐚𝐫𝐝 𝐒𝐲𝐬𝐭𝐞𝐦𝐬 𝐟𝐨𝐫 𝐚 𝐌𝐮𝐥𝐭𝐢𝐠𝐞𝐧𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐖𝐨𝐫𝐤𝐟𝐨𝐫𝐜𝐞: 𝐖𝐡𝐲 𝐖𝐞 𝐍𝐞𝐞𝐝 𝐭𝐨 𝐑𝐞𝐭𝐡𝐢𝐧𝐤 𝐭𝐡𝐞 𝐁𝐞𝐥𝐥 𝐂𝐮𝐫𝐯𝐞 Had an insightful conversation with Rui Qi Chong about the complexities of designing performance reward systems for today’s multigenerational workforce. It’s always refreshing to meet someone with a shared perspective on this topic! Ricky has successfully implemented a tiered reward system through his Vimigo solution —a great example of why flexible, tailored systems are more effective than the traditional bell curve. In a multigenerational workforce, values, motivators, and priorities vary widely. A single-tier reward system struggles to meet these differences, often creating unintended challenges driven by human factors such as: ✅𝐁𝐢𝐚𝐬 𝐚𝐧𝐝 𝐑𝐞𝐬𝐢𝐬𝐭𝐚𝐧𝐜𝐞 𝐭𝐨 𝐂𝐡𝐚𝐧𝐠𝐞: Traditional systems can reinforce biases and maintain the status quo. Many leaders, often disconnected in “ivory towers,” may overlook the cultural and generational nuances that affect employee engagement and motivation. ✅𝐃𝐢𝐬𝐜𝐨𝐧𝐧𝐞𝐜𝐭𝐞𝐝 𝐃𝐞𝐜𝐢𝐬𝐢𝐨𝐧𝐬 𝐨𝐧 𝐭𝐡𝐞 𝐆𝐫𝐨𝐮𝐧𝐝: Without advocating for local contexts, reward systems can feel out of touch. What works in one region or generation might not work in another, creating friction that diminishes employee engagement. Implementing a tiered reward system requires more than strategy; it requires 𝒌𝒆𝒚 𝒔𝒐𝒇𝒕 𝒔𝒌𝒊𝒍𝒍𝒔 𝒖𝒏𝒅𝒆𝒓 𝒕𝒉𝒆 𝒖𝒎𝒃𝒓𝒆𝒍𝒍𝒂 𝒐𝒇 𝒆𝒎𝒑𝒂𝒕𝒉𝒆𝒕𝒊𝒄 𝒍𝒆𝒂𝒅𝒆𝒓𝒔𝒉𝒊𝒑: 1️⃣ 𝑬𝒎𝒐𝒕𝒊𝒐𝒏𝒂𝒍 𝑰𝒏𝒕𝒆𝒍𝒍𝒊𝒈𝒆𝒏𝒄𝒆 𝒂𝒏𝒅 𝑶𝒑𝒆𝒏 𝑪𝒐𝒎𝒎𝒖𝒏𝒊𝒄𝒂𝒕𝒊𝒐𝒏: Empathy enables leaders to genuinely listen to their team’s diverse needs and make informed, thoughtful reward decisions. 2️⃣𝑪𝒐𝒏𝒔𝒕𝒓𝒖𝒄𝒕𝒊𝒗𝒆 𝑭𝒆𝒆𝒅𝒃𝒂𝒄𝒌 𝒐𝒗𝒆𝒓 𝒕𝒉𝒆 “𝑺𝒂𝒏𝒅𝒘𝒊𝒄𝒉” 𝑨𝒑𝒑𝒓𝒐𝒂𝒄𝒉: Leaders may be tempted to rely on the “sandwich” feedback method (positive-negative-positive), but this often feels insincere. True empathetic leadership requires direct, respectful feedback that acknowledges both strengths and growth areas openly, without cushioning tough messages. 3️⃣𝑨𝒅𝒂𝒑𝒕𝒂𝒃𝒊𝒍𝒊𝒕𝒚 𝒂𝒏𝒅 𝑪𝒖𝒍𝒕𝒖𝒓𝒂𝒍 𝑺𝒆𝒏𝒔𝒊𝒕𝒊𝒗𝒊𝒕𝒚 : Understanding regional and generational values ensures the reward system is inclusive and avoids assumptions or stereotypes. At a time when workforce expectations are changing rapidly, revisiting traditional reward structures is more than a progressive move—it’s a strategic necessity. Companies can build a dynamic and inclusive culture by recognizing individual strengths, offering flexible reward options, and aligning rewards with diverse employee needs. Grateful to have connected with Rui Qui to exchange insights on creating tailored rewards that resonate across generations. How have you seen reward systems impact engagement in your organization? 

158

7 Comments

"𝙎𝙤𝙢𝙚𝙩𝙞𝙢𝙚𝙨 𝙬𝙚 𝙣𝙚𝙚𝙙 𝙩𝙤 𝙡𝙤𝙤𝙠 𝙖𝙩 𝙝𝙞𝙨𝙩𝙤𝙧𝙮 𝙩𝙤 𝙗𝙚 𝙖𝙗𝙡𝙚 𝙩𝙤 𝙥𝙧𝙚𝙥𝙖𝙧𝙚 𝙛𝙤𝙧 𝙩𝙝𝙚 𝙛𝙪𝙩𝙪𝙧𝙚." Over coffee with my father's old friend he recounted the 𝐏𝐚𝐧-𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐒𝐚𝐠𝐚, which has come back into the limelight due to the recent CNA TV series (https://lnkd.in/devZ6vDe). As head of one of the stock broking firms, he was a casualty of the crisis but saw how things unfolded firsthand. He gave me unique insights on how my father and MUI were also being investigated by Prosecutor Glenn Knight. 𝗧𝗵𝗲 𝗙𝗮𝗹𝗹 𝗼𝗳 𝗣𝗮𝗻-𝗘𝗹𝗲𝗰𝘁𝗿𝗶𝗰 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝗶𝗲𝘀: 𝗔 𝗤𝘂𝗶𝗰𝗸 𝗥𝗲𝘄𝗶𝗻𝗱 Pan-Electric Industries was once a flagship conglomerate with diversified operations spanning property development, shipbuilding, and construction. But in 1985 over-leveraged forward contracts and a liquidity crisis eventually tipped the company into insolvency. The ripple effect was immediate and unprecedented. For the first time, Singapore and Kuala Lumpur stock exchanges were shuttered for three days, sending shockwaves through the region and laying bare the vulnerabilities of interconnected markets. At the time, 𝐌𝐚𝐥𝐚𝐲𝐚𝐧 𝐔𝐧𝐢𝐭𝐞𝐝 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐞𝐬, under 𝐊𝐡𝐨𝐨 𝐊𝐚𝐲 𝐏𝐞𝐧𝐠, was a stakeholder in Pan-Electric. While MUI and my father were not implicated in any wrongdoing, the financial crisis were felt far and wide. It was a difficult period, and one that we eventually recovered from. But my father's friend said this left an indelible mark on my father, who was at the height of his powers in the 80s. For many years my father never stepped foot into Singapore... 𝗟𝗲𝘀𝘀𝗼𝗻𝘀 𝗶𝗻 𝗟𝗲𝗮𝗱𝗲𝗿𝘀𝗵𝗶𝗽 𝗮𝗻𝗱 𝗥𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝗰𝗲 The collapse of Pan-Electric wasn’t just a financial crisis—it was a governance failure. It highlighted the dangers of unchecked ambition and financial mismanagement. But one must remember that the stock market during those days was a little bit like the Wild Wild West - unchecked and self-regulated. The reforms that followed strengthened the financial systems in Malaysia and Singapore, creating a foundation of transparency and accountability that benefits businesses and investors to this day. These lessons have shaped MUI’s journey as we focus on sustainable growth and responsible governance to this day. 𝗔 𝗖𝗮𝗹𝗹 𝘁𝗼 𝗔𝗰𝘁𝗶𝗼𝗻 𝗳𝗼𝗿 𝗟𝗲𝗮𝗱𝗲𝗿𝘀 For today’s leaders, the Pan-Electric saga is a powerful reminder that governance is not a box-ticking exercise—it is the cornerstone of sustainable success. As CEOs and directors, we must ensure that every decision is underpinned by accountability, transparency, and trust. Looking back at history has taught me that resilience is not about avoiding adversity—it is about learning, adapting, and emerging stronger. #Leadership #Thoughtleadership #Governance #CorporateResilience #RiskManagement #Trust #SustainableGrowth #BusinessLeadership #HistoryLessons #ResilienceInBusiness

31

11 Comments

In the The Straits Times today. Yes Income Insurance Limited has a social mission but reading between the lines, it seems like that’s a mission it is finding increasingly hard to fulfil. I’ve posted about my friend’s case where payout was denied for one side of the mastectomy and reconstruction surgery when she found lumps in both breasts, one of which had turned cancerous. Her mother and sisters are all breast cancer survivors. I’ve heard apocryphally that this insurer is particularly tight fisted when it comes to admitting claims. The reason for this may be financial and today’s positive business performance does not mean that it has the wherewithal to operate effectively as a small player in an increasingly global sector. Singapore’s greying population will add more strain to the situation. Older people have more medical needs and may already be drawing on finite savings. The industry as a whole may need some revamping, starting with the ability to get insurance coverage even for the deductible portions of insurance claims. This has removed the moral hazard of trying more speculative treatments (we might think twice if we have to co-pay). There may be other changes to be considered eg universal coverage so that employees do not lose insurance when changing jobs. There will be more fees to pay. It’s all very well to have a social mission if the insurer can afford it. That’s the question I think needs an answer.

53

3 Comments

Suicide remains a pressing issue in global health, and Asian societies are particularly vulnerable due to the stigma surrounding mental health. Projects like Singapore’s Project Hayat aim to combat the rising tide of suicide through multi-sectoral collaboration and a holistic approach. But could technology like Artificial Intelligence (#AI) play a role in identifying, supporting, and ultimately reducing suicide rates? As this essay explores, the integration of AI into mental health initiatives like Project Hayat could offer a groundbreaking approach to monitoring, nurturing, and providing continuous support to at-risk individuals. Anthea Indira Ong Rayner Kay Jin Tan Jared Ng Audrey Quek New Straits Times National Council for Mental Wellbeing Singapore Association for Mental Health Mental Health Care- Singapore

6

Singapore system runs on pragmatism. a post I made in our Straits Times newspaper today. The recent Rotary International Convention brought 14,000 delegates from all over the world to Singapore. The foreign delegates marvelled at how well-organised we are as a society, and at our efficiency, safety, politeness, cleanliness, greenery, transport infrastructure, housing policy, national reserves and multiculturalism. Several delegates asked me, a local delegate, how we achieved this success. I told them it wasn’t always like this and our GDP per capita was only US$500 in 1965. We progressed rapidly because we had a stable government formed by the same political party since 1959. They were shocked. They asked me if we were a democracy or a dictatorship. I told them Singaporeans do not measure our leaders according to dogmas or ideologies. We measure leadership according to the improvements in our quality of life. Over the years, our lives have got better and so the ruling party has won elections every time. Competent leadership includes competent civil servants, civil society leaders and industry leaders. So what is the Singapore system called? It’s called pragmatism. Nation-building is an inclusive process. Our citizens can take ownership of initiatives and have dialogues with the Government to make the necessary refinements. In January, the Singapore Government Partnerships Office was launched, allowing anyone with ideas who wants to work together with the Government to do so more easily. There are also opposition parties to keep the ruling party honest, and social media which lets us voice our views. Our government is not flawless, but we have constructive channels for redress.

14

3 Comments

It’s Time to Look After Your Health As a board member of the Singapore National Olympic Council, I believe that ‘Health is Life.’ To be fully alive is to be healthy. Without good health, you cannot live the best of life. As the saying goes: Many people never appreciate good health until they come face to face with sickness. When they are confronted with illness and disease, they often regret not having done more to live a healthy life. In the final analysis, you are the primary cause of your ill health. You are also the ultimate starting point for curing your negative conditions. Think about it. There is no other place you can ever be than in your own body. Therefore, living a healthy life is one of the best gifts you can give yourself. Health is more than just the absence of sickness. It is about having the fitness, energy, and vitality to achieve worthwhile goals. Total well-being is not just about physical health. It also includes emotional, mental, social, spiritual, financial, lifestyle, and environmental health. Any of these dimensions can affect your life, livelihood, and lifestyle. The best “medicines” are well within your reach and can be easily applied in your life. They include the following factors. Tick ☑️ them if you are committed to making them an integral and vital part of your life. ☑️ Having a worthwhile vision, ☑️ Eating healthy food, ☑️ Practicing gratitude, ☑️ Getting proper rest and recreation, ☑️ Enjoying fresh air, ☑️ Drinking clean water, ☑️ Engaging in appropriate exercise, ☑️ Embracing laughter and cheerfulness, ☑️ Soaking up adequate sunshine, ☑️ Participating in positive activities. The best time to start living a healthy life is “now.” Any other factors to achieve overall wellbeing? Are you ready to start? Yes/No? Follow me for more strategies on how to be happy, successful, and wealthy. Share my post to help others too. #business #investment #wealth #leadership #wellness #happiness #health #success #lifelonglearning #charity #brandbuildertalents #LinkedInFamily #LinkedInConnections #LinkedInCommunity #LinkedIn

53

23 Comments

BREAKING NEWS: SNEF President Resigns Amid Governance Lapse! 🚨 Dr. Robert Yap, a stalwart of Singapore's business community and president of the Singapore National Employers Federation (SNEF) for the past decade, has abruptly resigned following a "governance procedural lapse" discovered during a routine internal review. But here's the burning question: What are they hiding? 🤔 SNEF's statement is a masterclass in vagueness, leaving us all wondering: - What exactly was the governance lapse? - How deep does this rabbit hole go? - What are the real implications for SNEF's 3,300 member companies and their 800,000 employees? The Ministry of Manpower (MOM) has been informed and is waiting for the review's outcome. But are they just as much in the dark as we are? And what about the financial implications? SNEF claims there are none thus far, but how confident can we be without transparency? This is not just about one man's resignation. It's about the integrity of our institutions and the trust we place in them. Should we be demanding more accountability and transparency from SNEF and similar organizations? 💬 What do you think is really going on here? Should there be a more rigorous public disclosure? How will this affect the future of SNEF and the businesses it represents? #LeadershipCrisis #Governance #Transparency #SNEF #BusinessIntegrity #Accountability

17

18 Comments

Singapore’s Leadership Succession System Leadership succession plans and processes are part of Singapore's sociopolitical culture. They have been made public and are generally accepted by Mr. Wong's colleagues and other key stakeholders. This would be the third time that a smooth transition has been put in place, allowing the next generation of leaders to build on the progress made and take the country to a higher level. This is in line with research that shows that leadership succession plans and processes are crucial for ensuring the stability and effectiveness of governments and organizations. They also contribute to better outcomes, outputs, and impacts. Singapore's national leaders, from the first generation to the fourth generation, understand that effective organizations depend on strong leadership and teamwork. Therefore, they have implemented a rigorous system and continuously improved it to identify, select, test, groom, mold, and shape leaders not only for the public sector but also for other sectors and at every level of society. They have established an unprecedented succession system in the sociopolitical arena to ensure that Singapore will always have capable leaders to serve both the present and the future. Just as importantly, they are aware that many effective leaders do not volunteer themselves or aspire to be national leaders. They recognize the biblical insight that leaders are often those who may not seek leadership roles. This line of thought has been supported by thought leaders throughout history. Socrates posited that the best people have to be forced to rule. Plato suggested, in an unintuitive manner, that the most important qualification for a leader is to not desire leadership. Lao Tzu, in 'Dao De Jing,' proposed that good leaders may not seek prominence. Leadership guru Warren Bennis was quoted as saying that most people who become good leaders do not set out with the intention of becoming leaders. The national leaders of Singapore make significant efforts to cast a wide net and seek out the best talents. They inspire, influence, persuade, and encourage these talents to step out of their comfort zones and make sacrifices to contribute to society by assuming national leadership positions, thereby building a brighter future for the current and future generations. When there are honest and effective leaders, it becomes easier to earn the trust of the people. According to the 2023 Edelman Trust Barometer, the Singapore government remains one of the most trusted institutions in the world. When these competent leaders work effectively as a team, they create a synergistic effect that can have a positive and growing impact on the economy and society. This is why Singapore is ranked number one in the world for government effectiveness, according to the Chandler Good Government Index. Singapore's… https://lnkd.in/gxtqzgVG

6

Singapore has one of the most balanced and comprehensive national healthcare programs in the region. This is supported by high quality, accessible healthcare infrastructure, individual savings (Medisave) and government backed insurance that covers all Singaporeans for Life (MediShield Life). Our population has been increasing at a rate of 4% a year in the last three years, but the number of MediShield claims has been increasing at a higher average rate of 6% for the same period. It is also observed that the number of claims each year as a percentage of total population has been holding steady at 14% in the last three years. The amount claimed for the same 3 year period, however, has also been on the rise, (averaging at 10% each year), but this is offset by the increasing rate of premiums collected (averaging at 12% each year), resulting in a surplus of approx 27% of premiums collected vs amounts claimed in the same year. This is before the expected 22% increase in premiums as announced today. It will help pay for the increase in benefits which includes increased claims limits, enhanced outpatient coverage, increased coverage to include high cost treatments for serious conditions etc. Medisave can also be used to pay for deductibles and co-insurance. On top of that, there will be premium subsidies over 3 years by the government, including pioneer generation, majulah package and bonuses. Here are a few key considerations: 1. Those above 65 years old. This demographic group takes up 17% of our total population and the % is increasing year on year. The 22% increase in premiums will eat into their retirement funds/income. Are the top ups sufficient? 2. Medisave. Or lack thereof. We cannot assume everyone has sufficient funds in their Medisave. The increase in premiums will hit into cash savings for those with zero Medisave. 3. Rising medical costs and claims. Someone still needs to address this root cause. It's not just the big Pharma profits, and the Dr Bad Apples who overcharge, or increase the number of unnecessary procedures or choice of expensive medications. 4. Rollover impact on private integrated shield plans. The increase in premiums will not just be limited to MediShield Life. It is also expected to snowball with private integrated shield insurers. 5. Surplus premiums. What is being done, or what else can be done, with the surplus premiums collected each year since this scheme is administered by CPF Board instead of for profit insurers? 6. What happens after 3 years government premium subsidy support, especially for the pioneers and the vulnerable? Source: #MOH, #CPF, #TheStraitsTimes

16

6 Comments

Appreciating the Past, Enjoying Life I was born even before Singapore became a nation. I have sung three national anthems in my lifetime, and I don’t plan to sing a fourth one. Through the ups and downs of life, I have learned to appreciate hardship enough to value and enjoy my life. Both my parents worked very hard, leaving me virtually alone. I grew up in a simple and carefree kampong lifestyle. Frankly, I don’t even remember having a commercial toy. I made most of my toys and games on my own. I roamed the streets and played with anyone and everyone. I grew up without any modern luxuries. I had little money. In fact, for most of my childhood, I didn’t even have a single cent in my pocket. I lived relatively simply, and I still live simply. I did not miss anything. Nothing could stop me from enjoying my life. I served my National Service in the army, where the officers tried to “break you and then put you back together in better shape.” Sometimes, they broke you and then left you to figure out how to put yourself back together again. Despite all this, I enjoyed my time in the army. When I went to work as an employee, I addressed my bosses as Mr. or Madam so-and-so. There was a lot of fear about what bosses could do to disrupt my livelihood. There were many challenges at work. You know what? I still found ways to enjoy my working life. Looking back, I found meaning, happiness, and significance in every event in my life. We may live different lives. There is absolutely no comparison, and we should never compare who lives a better life. Everything in my life and in yours happened as a learning lesson and for a higher purpose. These experiences drive us to serve a worthier cause. Please do not condemn your future by harboring contempt for the past. Brighten your future by being grateful for and appreciating it. You can be happy, have fun, and enjoy your life in whatever situation you find yourself in. Happiness is already inside you. Live it out. #business #investment #wealth #leadership #positivepsychology #success #lifelonglearning #socialcontribution

26

7 Comments

There is one sure way to reduce the ever-rising cost of healthcare in Singapore but no one wants to tackle it head-on. Instead, everyone is dancing around the problem and skirting the main issue. The sick elephant in the room: The health insurance plan called “as charged”. Depending on what your needs are, an “as charged” plan can either be the best thing you ever signed up for or a national financial disaster. To understand why this is so, you have to go back to its beginnings, in 2005 when a newcomer to health insurance in Singapore, Aviva, introduced this novel plan.

3

Singapore has a rapidly aging population, looking around on the bus and at hawker centres is relatively easy to spot older adults with walking stick or on a wheelchair. With good healthcare in a senze (pun intended) life span is also extended on average to 83 years. Frailty though is mostly inevitable. Eldercare is somewhat similar to infantcare ... for those who have experienced caregiving, considering the expense of diapers and milk powder - nutrition supplement needed due to swallowing difficulty. My family experienced firsthand, before both parents passed on in their eighties. One of the difficulty faced by retirees is ability to pay, and the often heard refrain - shouldn't the government step in? My guess is there's a limit to subsidies, when in a couple of years 1 in 4 will be aged 65 and above. So then, is there any easy and affordable solution? We feel one possibility is through enhancing CoC Communities of Care, which is built on people with tech as an enabler. Join us on our journey as SenzeHub embarks to solve a social challenge and subscribe to updates at CaresforSeniors.com or sign up as a volunteer at our site. We also welcome ideas and partners to work together or if you've recently retired, to reach out to [email protected] to help us make an impact.

16

4 Comments

👩‍💼 32% of women are in senior leadership positions... *not great*... ♿ 6% of people with disabilities are in senior leadership positions... *shockingly bad* 👩‍⚖️ ♿ females with a disability don't even get a stat in terms of leadership roles.... *embarrassing*. These are 3 stats that need to change... but how easy is it to do? That's what we will be talking about at the Unfiltered Event at 1880 Singapore together with Neil Patwardhan Grace Kerrison and Uma Thana Balasingam. Come on down if you are in Singapore... going to be a great night - even if you are not an 1880 member, let me know if you are interested and I will add you to the list.

36

1 Comment