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Dear Dr Chee,
I was an SME entrepreneur in the precision engineering industry from 1987 to 1997. In 1997, bad luck hit me at 40. The next 4 yrs from 1998 to 2002 was depression, I was looking for help and answers. There wasn’t any. I had to sort it out myself. Looks like I’m not just one of the unlucky entrepreneurs in Singapore, there are many over the years after the 1997 Asia currency crisis.
Since 1997 to 2005, I have been keeping track of Singapore’s economy. Many Singaporean companies have closed or relocated out to Malaysia, China, Vietnam due to Singapore’s artificially inflated high land, housing and operating cost.As far as my HDB and CPF are concerned, they are locked away by the PAP government. What can the MPs do without strong opposition in parliament to debate what is good for the citizens?
My company banking credit facilities was withdrawn overnight during Asia currency crisis. Disposing my 5-Room HDB at Tampines wasn’t going to help me to jump-start my business as the cash will still go back to CPF. I have 25 yrs of experience in manufacturing industries in aerospace, consumer electronics, and metalworking industries.
I have lived quietly in Japan on my foreign wife small income for the eight years while I seek Singaporean business contacts to invest in this Prefecture. Thanks to the Prefecture who is kind to host me, my family does not need thousands of dollars to live and millions in savings for retirement as we now have great health care benefits and child support for my two children for education.
Small Singaporean entrepreneurs have no merit in terms of their little contribution to Singapore’s economy. In terms of my contribution to during National Service as reservist from 1987 to 1997, loss of personal income (company sales by the thousands of dollars on each in camp during my 15-cycle, high key NS reservist) we have no face value and have been forgotten conveniently.
Should I approach Tampines GRC Irene Ng for help? Looks like her hands are tied too. The alternative way to get my CPF is to give up my Singapore citizenship like the hundreds of thousands of ex-Singaporeans have done, that is, to get the full CPF withdrawal to restart their new life overseas.
I can’t wait from now to when I am 55 or 65 to withdraw my CPF after selling my HDB. I need the money now where I can make good use of this 7 to 17yrs for business. Why I failed in Singapore experience will strength my next new venture overseas.
This time around, “I not stupid” as in Jack Neo film.