Leong Sze Hian
According to The Australian, “The stock exchanges of Australia and Singapore are preparing to unveil a historic $14 billion alliance that will accelerate financial links into Asia.”
When the The Online Citizen’s Chief Editor, Andrew Loh, asked me to write something about the implications of the alliance, the first thought that came to my head was since the news report was entirely positive about the proposed merger, I had nothing to write.
But, the mind works in strange ways, sometimes.
You see – just before Andrew’s email, I was “thinking hard” about a friend’s medical issue.
So, allow me to talk about my friend’s “medical encounter of the third kind”, and then I shall talk about its connection to the Singapore Exchange news report – like a mystery novel, you will have to bear with the “medical ghost story” first.
My friend had two growing cysts, and went to a polyclinic for medical treatment.
After spending more than three hours at the polyclinic, the doctor referred her to a Government restructured hospital, whereby the earliest appointment was about two weeks later.
At the Government restructured hospital, she was advised to have the cysts removed, and was given another appointment about a week later.
The cost of the day surgery quoted was $561, under the lowest subsidised rate.
In fact, she had chosen to go to the polyclinic because she was told that only polyclinic referrals are automatically entitled to subsidised medical treatment.
Had she gone to a private clinic, she was advised that she may not be eligible for subsidised medical fees.
At the Government restructured hospital, she was asked why she preferred subsidised treatment, as her medical record showed that a previous unrelated treatment about two years ago was on the non-subsidised option.
It was also explained to her that subsidised patients would be operated by the Medical Officer of the day, and the patient cannot choose her preferred specialist doctor.
My friend explained that she was no longer in full-time employment, and thus was no longer covered by employees’ medical insurance.
She subsequently went to a private hospital, and was operated on, on the spot by a surgeon, in a 15 minute day surgery, costing only $287.
The total costs of the polyclinic consultation ($9.50), Government restructured hospital consultation ($29 after a $57 subsidy) and day surgery, were $600. Since there are no subsidies in private hospitals, it is puzzling why a simple 15 minute cysts removal day surgery at a Government restructured hospital’s subsidised rate is more than double that of a private hospital.
Also the additional time of the polyclinic consultation, referral to the Government restructured hospital and scheduling of the day surgery took longer than at the private hospital, which did everything at one go.
So, what has the issue of rising medical costs that are so-called “subsidised” got to do with the Singapore Exchange merger?
Well, the largest shareholder of Singapore Exchange is SEL Holdings Pte Ltd with 249,991,184 shares or 23.45 per cent, valued at about $2.4 billion.
I understand that SEL Holdings Pte Ltd is ultimately owned by Temasek Holdings.
So, here’s a fictional story:
Singaporeans contribute to CPF – CPF Board buys non-marketable Government bonds at 2.5 and 4 per cent coupon to match the interest paid on the various CPF accounts – maybe some of the funds end up with the Government Investment Corporation (GIC) and Temasek – state funds or assets are transferred to Temasek – huge Initial Public Offerings (IPOs) like the recent Global Logistics Trust gets a lot of Singaporeans to invest $3.9 billion – how much more money will be invested when the subject proposed Singapore and Australian Exchanges deal is placed on the Singapore and Australian bourses?
As practically every private sector, quasi-public sector, public sector, Government-linked company (GLC) become increasing “obsessed” with making “more and more” money – could this be a contributing factor to the strange situation of a subsidised treatment in a public hospital costing more than double that of a private hospital?
And in the wider sense, what does the never ending accumulation of money, and our reserves, mean to ordinary Singaporeans?
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My friend also showed me his consultaton bill in a Govt Restructured hospital. It comes out to nearly $60 and after “hefty subsidies” from the govt, he paid $29. Note the bill doesn’t include medication otherwise he would have paid even more. I told him to seek private clinic because, based on my general experiences, the consultation in provide clinci, including medication usually cost less than what my friend paid to govt hospital. Now I wonder, this hefty subsidy is probably a “ghost figure” to make the govt looks good which in actual fact we have already paid more than the market price to govt hospital for simple consultation. Than it boils down to other subsidy by the govt, like Town council monthly conservancy fee (which we paid almost close to Privat condo maintenance), HDB “subsidies”….
I already smell fish somewhere about make-believe subsidies the ruling party has been boasting about.
Market subdidy or cost subsidy…?
Angmos to run SGX-ASX?
On behalf of many Singaporeans, we are ok for SGX to acquire ASX, if it makes sense based on shareholders’ value. But, make no mistake, don’t make it another board of angmos running a Singapore Company. Government people is too anglophile in allowing re-colonisation by the white people. We celebrated National Day every year, voicing our patriotism and that we have come so far as a nation of Singaporeans. Pls pls, we are not a British colony.
I must admit that I feel good whenever I see all the subsidies figures got printed on the receipt and that I have save some money. But to be honest, I dont really know whether I truly save or just save for not having to pay more to the organisation.
The only true subsidies I know is when I paid only $7 for my son’s surgery at govt hospital but then he is in NS so free labour so to speak and injured in NS. Do you then count this as subsidies or not?
Of course, the govt needs to make monies.
Without it, how to feed such an expensive govt?
The thing is even at such a low interest rate (over 30 years) of 2.5% and 4%, the pigs are lowering it to 2.5%.
They intended to do that next year but out of fear for the elections, they postponed it til the year after next.
just look at the rate of interest rate, these pigs cannot even make enough to cover that interest rate.
Subsidised kidney dialysis is not available at restructure hospitals or polyclinics. If you need dialysis and earn more than what qualifies you for subsidised care at NKD or KDF, you have to go to a private dialysis centre and pay $160-$180 a session (typical dialysis is three times a week).
Restructure hospitals operates like department stalls – jack up the price and then announce there is a SALES with great discount.
Or 7-Eleven – all the price are more expensive and so even if they offer discount – it is still not cheaper. May be at most on par to conventional shops normal price.
If you believe in govt subsides, you are either daft or was only born yesterday or must be living in another planet.
this is an xcerpt from today paper from shutmudgum the minister
…………….
people can lose thousands in a day by the hour….
so minmum sum in the cpf is a MUST….
he gave dr lilyneo the thumbsup..the Oppositions must made their calculations and you hav an xtreme wellliked mp(refer to lilyneo or himself?)
…………….
1st of all shutmudgum the eatricewasteseed minister..
you mentioned TODAY..we are lossin and is hungry TODAY…yet you want to make sured we hav a min savin in the cpf till we dropped dead..right?
you shutmudgum can make calculations mey?
which part?
frickin selfinflated idiot…
just liked drbalekampong…
Currently going to a restructured hospital for treatment of my knee problem…
Subsidized but they just make me come back time and time again – just see me for a minute and send me for x-ray and tell me to come back next week etc…in the end, the whole process is probably more expensive than consulting a private hospital!
Straits Times – page A6
Facts that are worrisome:
a. “a bold move by SGX as it TRIES TO BATTLE DECLINING VOLUMES and a LACK OF NEW LISTINGS.” — read this as desperate measure by SGX management
b. “undertaken by a CEO who has been in the job for LESS THAN A YEAR.” — read this as doubt on whether he really know what he is doing, was a thorough study done before committing SGD 11 BILLION to enrich ASX shareholders.
c. “Mr Bocker (CEO of SGX) with ASX CEO Robert Elstone, whom he knows for MORE THAN 10 YEARS.” — compare this with Bocker’s less than a year with SGX
Benefits to SGX shareholders — still unclear to us. Benefits to Singapore???
GLCs use more and more state fund to invest wildly. When they lose money, we have to foot the bill. When they make money, nothing was plough back into the benefit of the citizens. When GLC makes tons of money from the people, they will pay tons of money to the board and CEOs. This is legal corruption.