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8/31/2007

Annuity = old men's club

I have a great uncle from my maternal side of the family when I was young, he was paralysed from neck down. He was quite a friendly person whenever we went to visit him in Ipoh.

There were some occasions when I was curious as he was special. The family lived in a big bungalow with his sons and daughters being sent oversea for studies while he laid in his bed for close to 20 years, without work and no family business. It was a wonder that the family can finance all these without any income, and that was in the 70s and 80s.

I discussed with my father about his origin, although he was not close to the family, my father knew quite a bit about what they did. He was paralysed because of an accident, but before that he was in a business venture with another great uncle of mine ( maternal side ) some where during the 20s. My father mentioned to me that they were engaged in an "Old Men's Club" business, he did not elaborate what the club do.

It was also strange to me whenever he mentioned about the "Old Men's Club", he felt disgusted and he even despised the characters of these 2 uncles of mine. He added," they were conning old people of their money. The accident is a retribution to him." I did not follow up to gain more understanding at that point of time as it was not in my interest.

With the recent proposal of Annuity by the Government, this great uncle just flashed back into my mind. As the concept of Annuity is getting clearer, it became clear to me about what this great uncle was doing during the 20s. The Anuity concept is the "Old Men's Club" where you get a bunch of old men to join in a pool of fund to buy insurance for their future, and they will get financial support from the pool should they cross a certain age level.

Anuity is regard by our predecessors as con job to get old folks money. Those who involved in such scam were spit at for their foul morality. As I gain more understanding about the compulsory annuity, I can't help but to wonder what is really behind the government's intention on this proposal.

It seems to me that they are in the first step of joining the con artists in the past to use the same scheme to get money from poor old men. It is even more despicable that they are doing it in a grand scale, they do not even need to do much on marketing their scheme because they can use their authority and abuses the people's ( at least 66.6% ) trust.

I for one disagree on this scheme because it is a con job to get my money. For a government with ministers asking for astrological salary, it is detestful for anyone within to churn up this scheme "to help their people". I start to wonder, " do they really deserve it?" If these people are in the private sector, I am sure their bosses will be eager to have them sack.

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