It affects everyone when the system overpays in whatever ways. One unspoken and may be unnoticed fact is the grotesquely over paying of a super elite group in our system. This group of beneficiaries has members mostly in their 60s, 70s or older. These are very able people who have made good in life, with a lot of wealth and do not need a single cent more to live a life of unbelieveable comfort and convenience. They have everything material in excess. And with their dying years, many of them are going to die very very rich, with a lot of money unspent.
And they are still being paid by huge pensions, chairmanship, directorship fees, association fees, acquaintanceship fees, appearance fees etc etc. Many have long retired, many long past their useful lives, many past their shelf lives. But they are still collecting hundreds of thousands or millions annually, to fatten their bank accounts that they will have serious trouble using them.
For every one of these super elite, the amount paid could have been spread to hundreds or thousands of more needy people and make their lives so much better. On the other hand, paying these elites another million or a few more hundreds of thousands has become meaningless. It does not make a difference in their lives anymore than for them to smile at the bank statements showing how much more they are getting, that is if their face muscles still allow them to smile.
It is not that they are all worthless and not contributing or useless in what they are doing. The point is that they are in semi retirement, in retirement, or some, just passing time attending board meetings. But the most pertinent point is that what they are taking from the system is taking a toll on the income of many people, and making the lives of many people less comfortable. This need not be.
And this pool of super elites is swelling by the days. They are going to live till 80s or 90s, which means that the system must cater a budget to pay them the ransom they are demanding. The system cannot afford to keep feeding a group of super elites, oldies, that kind of obscene payouts for 30 or 40 years each. The money must come from somewhere. Where do you think this money is coming from? Who do you think is paying for them?
This system of paying the super elites crazily when they don’t need the money is best to be toned down, give them a small honorarium for their presence and wisdom. It is already an honour to have them, to give them some purpose and a little contribution, a status, a recognised position, a big title in some cases. What more do they want when money is no longer an issue in their lives?
It is necessary to redistribute the wealth of the country to those who really need them and not to those who don’t need them, those with abundance of money, and doing really very little except to grace the occasion and be in good company, to be adored in reverence.
Chua Chin Leng AKA Redbean
*The writer blogs at mysingaporenews.blogspot.com