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Missing overseas - how can beneficiary file claim?
2007-12-10 17:25:00
Q I WOULD like to find out more about life insurance protection, especially in the case of overseas travelling. If I am abroad and have an accident that causes me to go missing, based on Singapore law, how many years would it take before the missing person is certified dead? Will the life insurance firm award the policy proceeds only upon receiving my death certificate? Does the law that the country I travel to play any part in the certification of my death? A IN GENERAL, the life insurance policies issued by Singapore insurance companies cover us worldwide. Usually, the claimant will need to produce the death certificate to make a death claim with the insurance company. However, in the case of a missing person, the beneficiary can file an application with the Singapore court to declare this missing person to be legally dead. Under Section 110 of the Evidence Act, the court will presume a person to be dead if it is proved that the missing person has not been heard of for seven...
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Two hearts, one bank account?
2007-12-09 17:20:00
In the first of a four-part series on money matters in the family, The Sunday Times looks at three common approaches Singaporean couples take in handling finances in a marriage. Look out for it weekly. I have summarised this wk’s here: SHOULD you kiss and tell all your money secrets when you get married? No way, say some Singaporean couples who forbid salary and spending topics during pillow talk. But other couples say managing a family’s finances requires spouses to bare all. These opposing views - ‘don’t tell’ and ‘tell all’ - appeal to different people based on their values and upbringing, say credit and family counsellors. Both approaches have their pros and cons. A hybrid approach may accommodate both partners’ preferences, but it also creates more tension as boundaries are not as clear. But in all three models, counsellors say the key to making both the marriage and money work is communication and trust. Many couples would agre...
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How to get your company to receive a grant amount of up to $400,000.
2007-12-08 18:12:00
The enhanced ADVANTAGE! scheme now offers a grant of up to $400,000 to support your company’s initiatives and efforts in the following areas: Recruitment of new workers aged 40 and above, Retention of existing workers aged 55-61, and Re-employment of existing workers aged 62 and above. It also supports initiatives to implement HR systems for the retention and re-employment of mature workers. These may include, but not limited to: · Institution of re-employment policy · Wage restructuring o To move away from seniority-based wages to more job-based, competency-based and performance-based wages · Institution of non-discriminatory recruitment/hiring policy · Provision of career and retirement counseling especially for workers withdrawing their CPF at the age of 55 · Redesigning of medical benefits o Restructuring medical benefits to fixed quantum per workers so as not to disadvantage cost competitiveness of mature workers...
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Annuities: Return of capital under study
2007-12-08 03:11:00
Panel looks into addressing concerns of S’poreans over proposed compulsory scheme SINGAPOREANS who fear they will lose the original sum they put into the impending compulsory annuities scheme could have a way out. The committee studying the scheme is considering letting people have the remainder of their capital payment returned to their families if they died before it ran out. This will effectively remove one of the biggest sticking points over the compulsory annuity. The idea is one of four suggestions emerging from the committee tasked by the Government to design a basic compulsory annuity plan. Another idea is to rename the scheme from Longevity Insurance to something more positive sounding such as Long-Life Income. Yet another suggestion is to get independent actuaries - financial experts who calculate risks and insurance rates - to verify the Government’s data on longer lifespans. The fourth idea is to let people choose when they want to start receiving their ...
More About: Study , Return , Capital , Annuities

How Do I Get Funding Support For Employee Training
2007-12-07 18:10:00
How Do I Get Funding Support For Employee Training Skills Development Fund (SDF) Definition WDA offers broad-based funding support for employees’ training through Skills Development Fund (SDF). The Skills Development Fund (SDF) is one of the funds managed by WDA. It was established in 1979 with the primary objective to encourage employers in upgrading the skills of the workforce. The SDF does this by offering assistance as an incentive to companies to mount training programmes for employees. Skills Development Levy (SDL) Under the Skills Development Levy (SDL) Act (Cap. 306), it is a statutory requirement for employers to make SDL contributions for employees who fall within the salary ceiling for levy contributions. With effect from 1 September 2005, the salary ceiling for SDL contributions is $2,000. The levy rate is 1% and a minimum of $2 is payable where the remuneration is less than $200. The SDL is payable for all employees whose gross remuneration** is less than or equal...
More About: Raining

Medical subsidy cuts for non-citizens
2007-12-06 23:15:00
Permanent residents’ subsidies to be reduced, foreigners will not get any subsidies; but no change for emergency services FROM next month, foreigners will no longer be subsidised at public hospitals. Subsidies for permanent residents will also be reduced. The subsidy cuts, first announced last year, are part of the Government’s move to ‘treat visitors well, but citizens better’, as Prime Minister Lee Hsien Loong had put it. They are aimed at reminding citizens of the benefits they enjoy, and encouraging more permanent residents to take up citizenship. The cuts are expected to amount to savings of $36 million a year, which will be channelled back into health-care subsidies for citizens. The one million foreigners here will now have to pay the full cost of medical treatment at public hospitals. The subsidy cut for the more than half a million permanent residents here will be carried out in two stages. Next month, their subsidy will be cut by five percent...
More About: Medical , Cuts

Enhanced Incomeshield Hike in rider premiums only from Jan 1, 2008
2007-12-06 23:10:00
I REFER to the letter, ‘Premium surged during long wait for Shield plan’ (ST, Dec 4), by Ms Tan Bee Hong. We apologise to Ms Tan for the delay and the inconvenience caused to her with respect to her application for the Enhanced Incomeshield Advantage Plan and the Plus Rider . Ms Tan wrote that the premium rates for the Plus Rider had increased for new policies as of Nov 16. We would like to clarify that the increase in premium rates for the rider will impact only those policies effected on or after Jan 1 next year. Those who applied for the Plus Rider on or before Nov 16 would not be affected by the rate increase. Ms Tan was informed last week that the premium rate for her Plus Rider is unaffected. The revision in rates for the Plus Rider is necessary due to increases in hospitalisation costs in recent years. However, in spite of this increase, NTUC Income’s rates are generally 25-35 per cent lower than those of similar plans offered by other insurers. I have e-...
More About: Hike , Remi , 2008

Is putting all your eggs in the correct baskets a good way of investing?
2007-12-05 17:35:00
WE OFTEN hear the phrase ‘Don’t put all your eggs in one basket’. We think that’s good advice. We always use at least 20 baskets, never putting more than 5 per cent of our assets into any one of them. But it’s all important to check the quality of the baskets. Not all baskets are well constructed. Easter baskets are designed to be pretty. They are okay for carrying a few eggs which are already hard-boiled but they are not suited to carrying a full load of fresh eggs on a daily basis. Not all baskets are appropriate in all climates or for all purposes. A fibre basket that cushions the eggs in a warm climate will turn brittle and crack in a cold one. A plastic-coated wire basket that is ideal for gathering eggs and transporting them a few metres is unsuited to transporting eggs long distances, for which a cardboard box is much better. Some people selling investment advice maintain that you should use all of these baskets for diversity. They speak or w...
More About: Baskets , Eggs , Investing , Putting , Good

What falls under matrimonial assets?
2007-12-05 08:34:00
Q MY COUSIN, who is separated from her husband, was recently told by her lawyer that ‘whether an annuity can be classified under matrimonial assets would depend on whether the policy has a surrender value’. As far as I know, whole life policies also have surrender values, but these policies are not categorised as matrimonial assets. Could you please answer the following questions? (1) Does the single premium paid towards an annuity in cash - not with the minimum sum allocated under the Central Provident Fund (CPF) - form part of a couple’s matrimonial assets if the policy holder has not started receiving monthly payouts from the annuity? (2) If the policy holder has already started receiving monthly payouts from the annuity, and the annuity (purchased with cash) can be terminated and has a surrender value, does the surrender value form part of the couple’s matrimonial assets? (3) Would you be able to provide a comprehensive list of items that are categori...
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How do I make a will that spans 2 countries?
2007-12-04 08:33:00
Q I WAS an Indian citizen before becoming a Singapore citizen. I own quite a lot of property - land and a house in India - which I would like to leave in my will to my four children. Three of them are Singapore citizens but one is an Indian citizen. Can you advise me how and where I should make a will that would be honoured in both countries, bearing in mind that prime real estate is involved? A CROSS-BORDER ownership of assets is increasingly common nowadays. In this age of globalisation, a person could own assets in several jurisdictions. The issue then arises as to which country’s laws should apply in the succession and administration of the person’s assets when he or she dies. As a general rule, the succession and administration of a person’s movable assets are determined by the law in force in the country where the person is domiciled. For immovable assets, succession and administration are determined by the law governing the country in which the assets are...
More About: Countries , Make , Trie

Singaporeans live longer but 8 years of poor health
2007-12-03 01:43:00
MOH study shows main causes of sickness are diseases that could be prevented early on IF YOU needed another reason to lead a healthy lifestyle, here it is: A study shows that Singaporeans may be living longer now, but they are also sick for more years than people in some other countries. The main culprits are heart disease and stroke, cancer, diabetes and even mental illness. Now, the average Singapore woman should live to 81.8, but she will spend eight of those years ill or disabled. Men too will spend eight of their 78 years in poor health. So while Singapore does well on life expectancy charts, a different picture emerges when good health is tracked. The Ministry of Heal th study confirmed that a lot of suffering and premature deaths come from diseases that could be prevented - such as heart attacks, stroke and diabetes. Some cancers too could be caught early. The prevalence of such diseases also suggests that more should be done to tell people what they can do to save themselves ...
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Indication of Inflation: Food retail prices set to rise
2007-12-03 01:41:00
This is an indicatin of inflation. In october this year, Singapore Inflation projected to be 3.6%. Next year 2008 is projected to be 5%. GST is also a sign of inflation indicator. Food retail prices set to rise as supplies cost more. Supply price index for food jumped 10% in October over last year. Article below. THE price of a meal out seems set to rise as food supply costs, especially for imports, soared for the second month in a row. Many eateries have yet to pass on the higher charges to customers, but economists believe they will not be able to hold out much longer, given the severity of the cost hikes. Official figures released last week showed that Singapore’s domestic supply price index (DSPI) rose 4.9 per cent in October from a year ago, and its food component, 10.3 per cent. This followed a 10 per cent jump in September. While its more famous cousin, the consumer price index (CPI), tracks price rises faced by end-consumers, the lesser- known DSPI tracks the prices of...
More About: Retail , Rise , Indica

Why there is an adjustment for Enhanced Incomeshield Riders?
2007-12-02 17:10:00
Just got this off the MOH website FAQ section. Think it’s good to share with everyone regarding the changes. For your onward action. Cheers! Subsidy (Hospitalization) for Non-Citizens Rationale and Impact of Policy Revision 1. Why is implementation date for the revised subsidy for non-citizens changed from Oct 2007 to 1 Jan 2008? The shift in the implementation date to 1 Jan 2008 is due to feedback from employers that they require more time to prepare for the change, in particular to arrange for adequate financial coverage for their foreign workers 2. What is the change in policy? Who will be affected? MOH will be revising the hospital subsidy for non-citizens from 1 Jan 2008, so as to provide a clearer distinction in health benefits between citizens and non-citizens. From 1 Jan 2008, Permanent Residents (PRs) will continue to be subsidised for hospital services, but at 5 percentage points less than Singapore citizens. Another 5 percentage points reduction will be appli...
More About: Adjustment , Rider , Riders

Shield Plans Comparison / Private Medical Insurance Schemes List
2007-12-02 02:49:00
List of all the private medical: Shield Plan Comparison Listinsurance schemes: Bookmark to:
More About: Medical , Insurance , List , Plans , Private

Is Enhanced Incomeshield Plus Rider still available if Policyholder Upgrade
2007-12-02 01:00:00
With respect of 15th Nov, there is a change of the Enhanced Incomeshield rider to the Enhanced Incomeshield Assist Rider . A policyholder asks me of the following qn: QN: Could I just confirm with u if PH is from Plan Advantage with Plus Rider and wishes to upgrade to Plan Preferred with Plus Rider, are they still eligible for Plus Rider upon the upgrade? Or when upgrade, they can only take up the Assist Rider? ANS: In this case, since ph already with Plus rider, we will process with Plus rider unless ph told us to issue under Assist. Bookmark to:

A blueprint will help you match your portfolio to your goals
2007-11-30 17:50:00
WHEN you select funds without taking a step back and thinking about what you are trying to achieve and how you are going to achieve it, that is a little like trying to build a house without a blueprint. You are likely to end up with a hotchpotch of various funds that might make reasonable investments on their own but do not add up to a pleasing whole. The investing equivalent of a blueprint is an asset-allocation plan - your own target mix of stocks and bonds, as well as cash holdings, that you can rely on to help you achieve your goals. If you are tempted to make emotional, maybe even irrational, moves in response to short-term shifts in the market, an asset-allocation framework can help keep you steady. Start by thinking about how various asset classes tend to behave. In terms of returns over the long haul, stocks offer better prospects than bonds and cash, but they also carry a lot more risk. If you have a long time horizon, say, more than 10 years, you will probably want to ...
More About: Portfolio , Goals , Match , Blueprint

Stock News Summary- Nov
2007-11-30 15:59:00
NOV Alibaba.com IPO Merilyn Lynch and CITIBANK CEO stepped down becos of Sub Prime SIA Airbus new plane launched Gay Laws reviewed inSingapore Gold Prices above $800 at highest OIl Prices near to $100 a barrel S’pore GGove delays $28 public transport SPH ranks first SembMarine hasn’t recover from Forex losses by key employee Yahoo tries to buy Alibaba backfires Temasek to look into buying India Bank ICIC Temasek to profit taking from China companies: Bank of China Cosco (on 30th Nov) Temasek looking to couner nationalism companies (1. Avoid investing in ‘iconic’ 2. Tie-up with local partners 3. Opt for minority stakes) Bookmark to:
More About: News , Stock , Summary

Annuities central to any retirement plan : Nobel laureate
2007-11-29 17:49:00
This is a contribution from my collegeue Michelle Tan who is very kind to share this with us. She has been encouraging to me in her insurance industry and this is what she has to say: Our annuity is one of the best in the local market. With 715 market share, we cannot be wrong. Our annuity plan is participating and is eligible for an annual bonus; ph do not have to worry about rising inflation as this will be taken care The speaker did not only share his view on annuities; he has also shared some tips on retirement planning. Here are some of the important points : - annuities ought to be the centrepiece of any retirement plan - annuities pay the holder a regular income for the rest of his life after he retires - is a helpful tool, as it provides a peace of mind for the policyholders who want to MAINTAIN their standard of living when they retire - annuities are similar in structure to a defined benefit pension scheme that pays retirees a steady stream of income for life ...
More About: Retirement , Central , Plan , Nobel , Aurea

They may be rich men, but they have cheap habits
2007-11-29 03:38:00
Some billionaires might have the money, but prefer to live frugally. This is a good habit to learn from the successful and rich who knows how to manage their finances while enjoying their lives. It is the first step towards a good financial planning goal. In the recent seminar I attended at T. K Haver. He shared the concept of Financial Management style in proportioning one’s finance into separate “jars” or accounts to use, namely: 1) GIFTS and Chartiy Account (5%) 2) FINANCIAL FREEDOM Account (10%) 3) NECESSITY Account (55%) 4) EDUCATION Account (10%) 5) LTSS Account (10%) 6) Lastly and of course for Playtime and Enjoyment (5-10% of one’s finances) Enjoy the article below: —————&mdash ;—————&mdas h;—————&mda sh;—————- NEW YORK - BRITISH billionaire John Caudwell may pack a pretty penny in his bank account, but he shuns the likes of Gucci and P...
More About: Rich , Habits , Cheap , Habit

Insurance broker cries foul after losing 2,000 clients to rival
2007-11-29 03:32:00
The Independent Financial Advisory Firms usually has their own way of charges, for unit trusts, at different rates. It is not uncommon to see the IFAs agents who move one platform of agents to another platform. The news below —————&mdash ;—————&mdas h;—————&mda sh;—————- SHOCK: Customers’ CPF investments moved to another firm without their consent. SHOCK: Some may have been hit with charges they never authorised. By Lorna Tan, Finance Correspondent SHOCKED clients of one of Singapore’s largest insurance brokers say their financial nest eggs have been shifted to a rival firm without their consent. Police confirmed yesterday a number of reports had been filed over the matter. Funds of 2,000 clients of the financial advisory arm of Acclaim Insurance Broker s were shifted to Leadenhall Insurance Brokers in July. Brokers are middlemen between clients and insur...
More About: Clients , Client

Coma- An Overview
2007-11-28 15:59:00
Coma is nothing but s a profound state of unconsciousness. Actually coma is a serious condition that has nothing to do with sleep. If an individual is suffering from COMA, he willl not respond to any sounds, voices, or any sort of activity going on around him. Although his brain is functioning at its lowest stage of alertness, he is in the stage of deep sleepness. He is still alive and also nothing to worry immediately. You can’t wake up a person who is in COMA and also not possible to shake him up who is in the stage of incordination. Causes Of Coma The main reason for COMA is Stroke. Even the overdosage of medicines or other drugs also have an impact in the occurrence of Coma. Due to lowered oxygen suppply to the brain, seizures, and severe injury to the head, which hurts the brain. Bookmark to:
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Causes of Acute Kidney Failure
2007-11-28 03:48:00
Acute kidney failure occurs without any symptoms. The main function of kidney such as eliminate waste material and excess fluid from your blood will be affected which lead to serious consequences including death. Kidney failure is the result of complicated surgery performed after severe injury or kidney blood flow is stopped. Although acute kidney failure is serious, this condition can be reversible. Whereas chronic kidney failure will kill you slowly. If you’re in good health, the surgeons can bring back you to normal within few weeks.But acute kidney failure requires intensive care for at least a week. Causes 1. Low blood volume 2. Poor heart function 3. Extremely Low blood pressure 4. Disorders that hinders kidney blood supply 5. Bladder obstruction 6. Ureter obstruction 7. Toxic injury 8. Hemolytic uremic symptoms 9. Inflammation of kidneys 10.Low intake of water Bookmark to:
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What is Deferment Bonus (D bonus) and Voluntary Deferment Bonus (V bonus)
2007-11-27 08:52:00
What is D and V Bonus ? Deferment Bonus (D-Bonus) A one-off payment is given by the government to help affected members who are in their 50s to cope with the raise in the draw-down age. Members who are born between 1950 - 1957 would get the bonus. Voluntary Deferment Bonus (V-Bonus) A Payment given by the Government to encourage CPF members to voluntarily defer the draw-down of their CPF minimum sum. Members who are born between 1944 - 1953 may get the bonus for each year of deferment until they reach 65. Example 1 CPF Minimum Sum D-Bonus and V-Bonus Calculator Based on your inputs of Jan 1944 birth date and $40,000.00 Retirement Account balance: Draw-Down Age Your Draw-Down Age is 62 years old. Voluntary Deferment Bonus If you have not started your Minimum Sum monthly payouts and you voluntarily defer your payouts further, you may get bonus payment into your Retirement Account. If you defer until you reach 65 years old, you can get: $600.00 in January 2009 Example 2 CPF Mini...

Treatment of Kidney Failure
2007-11-26 17:00:00
Do you know the functions of a kidney? The main function of the kidney is to purify the blood by filtering out extra water and wastes. If your kidney become ischemic, your body withhold fluids, which is followed by increased blood pressure. Apart from this harmful wastes will build up within your body. You may experience loss of appetite, nausea, and fatigue. Once you have  noticed these symptoms, you require immediate therapy for your failed kidneys. The treatment of kidneys include- Hemodialysis Peritoneal dialysis Kidney Transplant In hemodialysis, the process of purifying your blood by removing excess water and harmful wastes will be carried out mechanically. Usually the treatment of dialysis will be performed thrice weekly. Each treatment will last long for 2 to 4 hours. During treatment, you can watch TV, talk, sleep, write and read. Peritoneal Dialysis This is another procedure of dialysis that uses the lining your abdomen to filter your impurities of the blood. By this p...
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Can you do anything for the new changes for CPF changes by govt?
2007-11-26 00:15:00
1.Higher return on CPF savings by 1% point for the first $20,000 in the Ordinary Account, and up to a cap of S$60,000 for all CPF accounts combined This part of money is not allowed for use for the CPF investment after 1st January 2008 because the Government will treat it like retirement funds. CPF members who have already made investments using their OA or SA will not be required to sell their investments. 2.Remove the 4% guarantee and float the interest rate of the CPF Special, Medisave and Retirement Accounts pegged to the yield of 10 year Singapore Government Securities and an extra 1% would be added to this rate. 3. In summary, under the new rules, members will receive additional interest of 1 percentage point on the first $60,000 in their accounts. Thus, an interest rate of 3.5 per cent will apply to the first $20,000 in the Ordinary Account (OA); and about 5 per cent will apply to the next $40,000 in the Special, Medisave and Retirement accounts (SMRA). If CPF OA placed ...
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Breast milk content may affect child’s obesity risk
2007-11-25 11:03:00
NEW YORK - MOTHERS who breast feed and have high levels of a protein secreted by lipids in their milk may be increasing the risk that their child will be overweight, German researchers report. Dr Maria Weyermann of The German Cancer Research Center in Heidelberg and her colleagues found that a child’s likelihood of being overweight by age 2 rose with the amount of adiponectin in his or her mother’s milk. The significance of these findings remain unclear, Dr Matthew W. Gillman and Dr Christos S. Mantzoros, Harvard Medical School, Boston, point out in an editorial accompanying the study, because infants may not be able to absorb the adiponectin contained in breast milk. Also, they add, high levels of adiponectin in adults actually reduce heart disease and diabetes risk, making it ‘counterintuitive’ that high levels would contribute to excess weight in children. The jury is still out on whether nursing does protect children from becoming overweight, Dr Weyerm...
More About: Obesity , Milk , Content , Breast , Risk

Symptoms Of Kidney Failure
2007-11-24 17:01:00
Before diagnosing the kidney failure, the symptoms of the kidney failure forces you to meet your physician. Hence it is mandatory to get know about the symptoms. The common symptoms include- Bookmark to:
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October Singapore Inflation hits 16 year high at 3.6%
2007-11-24 05:29:00
Figure surprises economists, who say Govt may do more to cool economy By Bryan Lee CONSUMER prices rose at their fastest pace in 16 years last month as food, housing and transport costs all accelerated their rate of increase. Inflation hit 3.6 per cent, resuming an upward trend after September’s 2.7 per cent breather. Yesterday’s figure caught out virtually every economist in town - ‘I almost fell off my chair,’ said DBS Bank’s Irvin Seah - and sent them scrambling to raise forecasts. Last month’s number beat all estimates in a Bloomberg News survey of economists. ‘We thought we had a high forecast at 3 per cent as the market was at 2.8 per cent,’ said HSBC’s Robert Prior-Wandesforde. Analysts said the Government may do more to cool the red-hot economy, but the pain of rising living costs will be felt for some time as these measures do not have an immediate effect. ‘This is way beyond market analyst expectations,&rsqu...
More About: Singapore , High , Hits , Year

Higher motor premiums likely as insurers’ loses balloon
2007-11-24 05:15:00
Motor account chalks up worst quarterly showing in 5 years and full-year figure could top $100m LOSSES are mounting so fast for motor insurers in Singapore - figures have almost quadrupled in the September quarter - that premiums for drivers are certain to rise soon. The red ink for the three months ended Sept 30 rose to the $40 million mark, up from $10.3 million in the same period last year. It was the worst quarterly loss in five years, said the General Insurance Association of Singapore (GIA) yesterday, and the third consecutive quarter of losses this year. GIA president Derek Teo warned that the full-year loss from the motor account could exceed $100 million, mainly because of underpricing by insurers to gain market share, increasing claims costs arising from higher repair charges and exaggerated claims. He expects higher premiums soon but declined to suggest a benchmark figure as price decisions rest with individual insurers. He noted that only the three largest motor insu...
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Employers, have a heart
2007-11-24 05:00:00
Group leads move to encourage social responsibility in private sector Job hunting is never easy for former offenders such as Mr Mohamed Rizal. The 33-year-old went through ‘interview after interview, only to face rejection’ by prospective employers when they heard about his blemished past, he said. Facing the same plight are low-skilled workers, the handicapped and dropouts. Trying to change this is social enterprise Employers With A Heart (EWH). Founded early last year by Mr James Chua, the chief executive of private education provider Harriet Educational Group, it aims to encourage firms to take a more active role in social work. ‘The cost of living is going up, and so is competition from foreign workers. Yet, some Singaporeans still lag behind,’ he said. With the help of EWH, Mr Rizal landed his first proper job in 10 years, as a sales assistant, when Swedish furniture store Ikea decided to give him a chance. Under a work-and-study programme, he and ot...