Unethical act for financial advisors to SECRETLY activate the voice recording function during conversation
Referring to the letter from an anonymous on the topic of voice recordings between Prudential agents and agency boss. After understanding the content of the situation, this is extremely unethical to do such act and very unsecure to such situation from now on.
With the convenience of our smart phone to activate the voice recording function on a touch of our fingers, everything can be recorded secretly. With this in mind, how can we be assured that what we do are not monitored by someone in secret. And also with respect to this, does this mean all these acts are infringing on our privacy and does the Privacy Act comes into place?
Another important point is that the agents had clearly betrayed their agency boss. This act of betrayal can be seen in many situations and especially apparent at workplace where many ferocious battles take place. It is indeed quite disgusted by their actions to even plan this to ‘eradicate’ their agency boss. The incident seems like typical scene in a period drama in a palace. It is easy to see that the evil side of humans already existed a very long time ago for a simple reason. Power. The power which can bring about fame, money and many other things. What they forgot is that with the ill intention and the things they carried out, karma may strike back. Do good and be rewarded, do evil and be punished!
What most of the Singaporeans view financial advisors is their duty to keep the confidentiality of their clients to themselves. This is ought to be the basic principles of what advisors should be upholding. While the two financial advisors can do this breach of confidentiality within their company and within its own agency, many seriously questioned the trust that we, as the policyholders, placed in them, and sincerely have doubts of Prudential as an insurance company to keep the financial details of all their customers. As professionals serving customers and keeping the confidentiality of their customers, the two financial advisors have breached the trust the customers have placed in them. This incident would surely make most of the Singaporeans look at Prudential and their financial advisors at a totally different light.
As one of the Singaporeans, we believe all insurance agencies will uphold its integrity and transparency so as to strengthen all consumers’ confidence. Remember that trust is hard to find but easy to lose.
Above letter was posted to JustClick by a angry anonymous.
For the fresh graduates out there, if you think you are going to land a place in an MNC or big company, think again. Competition is tough. You have to fight with fellow Singaporeans and most importantly foreigners who are equally good as you. Or even better.
Expatriates work in Singapore on Employment Passes (EP). Numbers taken from Ministry of Manpower website shows that there were 187,700 foreigners on EP., read HERE They are mostly professionals, managers and executives who earn at least S$3,600 a month. Big firms are willing to spend the big bucks to engage specialized professionals so that their company can perform. Now think about how much can a fresh grad earn?
Expats in Singapore receive some of the most generous expatriate salary and benefits packages. The value of a typical package for Middle Managers in Singapore is S$316,600, including salary, benefits and tax components, according to source HERE
For the expats, they reported a 42% increase in their annual income to an average of S$160,000, according to the findings from HSBC's latest annual Expat Explorer report, which polled 27,587 expats across the world, including 476 foreign nationals in Singapore. That is more than S$13,300 a month!
As we can see, the main bulk of the package is the benefits, which includes accommodation, international schools, utilities or cars. Read HERE.
Let’s put it into comparison and perspective.
For example a local manager who earns S$6,000 per month and has a BTO housing loan of S$1,200 per month and a car loan of S$1,600. The expat earns S$7,300 more, and need not worry about his accommodation and car. Even his families are heavily well taken care of. Our poor local manager will have to save more for his children’s education and other financial plans.
What’s more is that expat are also beginning to invest in property, making the already rich even richer. To add on to the misery, "Expats are not leaving Singapore in large numbers, or larger numbers than at other times. Expats are actually staying longer and putting down roots," commented DR YVONNE MCNULTY, a SIM University senior lecturer who specialises in expatriation and global mobility. You can read more HERE.
The rights of the Singaporeans should be protected. Organizations should favour the Singaporean in terms of employment instead of those EP. Local big firms should take the lead in protesting our rights. We should also enjoy higher housing grants and benefits and also the chance to continually upgrade and improve our standard of livings, and not work like a slave with little returns.
For the young adults (or heaven forbid, adults that seem have lived their entire life under a rock) that may not know how your HDB flat work in Singapore, here’s a message to wake to up – HDB flat are not owned by you, they are a lease and will have to be returned back eventually, in some form or another, sooner or later. For many of us staying in Singapore, that “sooner” situation of a hot potato will land on our hands before we expire. Here’s an article for you to read up: HERE
Most people would like to think that they are proud flat owners, but with all due respect you are in need of a serious wake-up call. Perhaps many of you have known about this when you signed the 99 year-lease and are just struggling to come to terms with it by rejecting the unpleasant reality. But all you’re doing is just simply deluding yourself, like what our older generations did when they signed their leases. The only issue now is that with the lease period ticking away, people are starting to realize that their HDB flats are not the perfect investments that they once thought, and are more like “depreciating assets”, with its value dropping every quarter.
In fact most of you reading this either knows this is actually happening, or has already made the smart move of selling your HDB flat 5 years ago.
But if you actually thinking about it, “buying” (more like leasing) a HDB flat, expecting it to be resold 30 to 40 years later at a profit is simply unrealistic expectation to speak off. As Eugene Lim, an ERA Realty Key Executive officers says, “Owners of leasehold properties need to realise that the value of their properties is indeed the value of the remaining lease. When the remaining lease is depleting, it is not realistic to expect the prices to remain high.” The price decline of any item as time passes is simply inevitable.
If that’s the case, why not just buy a condo right? If you think about it, most condos are either freehold or have a 99 or 999 year lease in Singapore which means they’ll not depreciate as badly as HDB flats, are easier to rent out, and nowadays most HDB flats are just slightly less expensive than condos anyway, right?
Well, no. For those who’ve been watching the news and have seen the Budget 2018, you’ll have heard about the increase of stamp duty from 3 to 4 percent for any property worth more than S$1 million. For those of you who’ve been researching condos to live in, you’ll understand that this will most likely apply to 99% of the condos in Singapore. Here’s an article to check out: HERE
While a 1 percent increase may not seem like much, 1 percent on just S$1 million alone would mean an additional cost of S$10,000 which safely assume is way more than most people’s monthly (or 3 months’ worth of) salary. You know, rather than buying any property in SG, maybe we can start considering other places of venues around that is so much more effective.