Tuesday, September 28, 2010

Create your own Moon Shots!!

Dear friends,

Before my class started yesterday, I happened to come across this must read article by Thomas Friedman entitled "Their Moon Shot and ours" in Today page 19.

What is a "Moon Shot"?
Well it is not a tequila shot. It is big multi-billion dollar, 25-year horizon, game-changing investments.

Examples of moon shots by China:-
  • building a network of ultra modern airports;
  • a web of high speed trains connecting its cities
  • buying and using 128 DNA sequencers (one of the world largest collections of such equipment)
The author contrasted that with an example in US ie. a consultant trying to sell its firm's intellectual knowledge on tackling terrorism to US government. He said we should be in race with China and not with Al-Qaeda. I am sure it is not all doom and gloom in US but perhaps we can see our future by looking at US now. While Asia could still be in its economic prime for many years to come, it is not forever.

Singapore too has been quietly and surely building its own moon shots eg. reducing its reliance of imported water by investing in purification plants and network of sewage systems to recycle waste water.

While personally I am not in the league of multi-billion game changing moves for my own career, nonetheless it is important for each of us to invest in ourselves for our ST and LT future. We need to see beyond the horizon and make ourselves relevant to that horizon beyond this horizon.

Create your own moon shots!!!

Sunday, September 19, 2010

Why Woman's Charter?

The Ministry of Community Development, Youth and Sports (MCYS) proposed a series of changes to the Women's Charter. The Charter was last revised in 1996. The profile of society has changed so much and the laws have to keep up.

A summary of the recommended changes are as follows:-

1. Maintenance / Alimony
  • MEN ie. divorcees, who are thinking of remarrying (Edgar - which I wonder why after the first horrifying marriage/divorce) will be required to declare their maintenance debts to their prospective spouses. [Edgar - For the prospective spouses, it would serve as a strong indicator of the type of man she is marrying.]
  • The court will be empowered to order a defaulter to post a banker's guarantee against future defaults. The guarantee will be valid for up to three years from the date of the order for up to three months of maintenance.
  • To enforce maintenance payments, the Family Court will be authorised to issue attachment of earnings orders more frequently, where direct deductions will be made from the defaulters' wages. [Edgar - I fully agree as this will really make the collection process efficient. Will your employer become aware of your tardiness/mess in your personal life as thus affect your career?]
  • The defaulters are also required to undergo financial counselling and serve a 40-hour community service order under certain conditions.
  • Claimants will also be allowed to report to credit bureaus unpaid maintenance arrears, which are monetary debts that can be reflected in a person's credit report for assessment of credit worthiness. [Edgar - Many may not realise such negative reports on their credit history have a long and expensive repercussions on their property loans, car loans, credit cards applications and even business loans. I often advise debtors to pay up especially for relatively small outstanding.]
Edgar - I do agree with the need for such measures. I have seen the ex-husband of my friend driving around a car in the 6-figure price range but has been very tardy in keeping up with the alimony to maintain wife and son. My friend had to take leave from work to attend Court trying to enforce collection while her ex-husband can't even be bothered to turn up.

Another suggestion - The alimony should also be pegged to some inflation indicators.

2. Preventive Measures
To mitigate the divorce problem in Singapore particularly among couples who are minors and those who had been divorced previously, the government will require these couples to attend marriage preparation courses before issuing a marriage licence or a special marriage licence.

Edgar - I recently read in the paper about this newly-wed couple sleeping in separate rooms for reason that one can't sleep with air-con and the other can only sleep without air-con/fan. Of course, during the lovey-dovey period of courtship, you may try to live with the idiosyncrocies of partner. And as marriage is a long term contract, small irritants, gnawing at you daily, could eventually be the sparks for divorce.

3. Children
Children, being the most innocent party of any divorces, compulsory counselling and mediation to address child-related questions are also required for all divorces involving children below 21 years, in order to safeguard children's interests. [Edgar - I strongly agree.]

4. Inter-national marriages
With rising globalisation and cross-border mergers and acquisitions, new measures are proposed to facilitate marriages of overseas Singaporeans and Singapore PR couples ie. waiving a 15-day residence requirement for these couples who wish to marry in Singapore. But that requirement will continue to apply to couples where at least one party isn't a Singaporean or Singapore PR.

Concluding remark - In this modern age where women ask to be treated equally and that modern women have actually achieved a matching standing with men, should there be a set of laws to protect a particular sex?

There is also an increasing phenomenon of men being house-husbands. These group of men actually accept the idea that the best person should do the respective job of either of being a bread-winner or home-minder. So if a man is good at minding the home and children while the woman excels in her career, shouldn't the law protects these men too.

It should not just be called Woman's Charter but Human's Charter!!