April 29, 2017

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by Ryan Ong

A LOT of Singaporeans think Financial Advisers (FA) only sell insurance, but that isn’t all they do in this day and age. While insurance is part of the financial planning they do, most FAs take a holistic long-term view. Many prefer to work at building lifelong relationships, helping their clients all the way to retirement; and that means they need to do more than sell policies. Here are some other things you can get them to do for you:
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What exactly is a Financial Adviser (FA)?

In Singapore, FAs are licensed by the Monetary Authority of Singapore (MAS) under the Financial Advisers Act.  Depending on the qualifications they’ve received (FAs do plenty of tests and exams to qualify), different FAs are authorised to offer different types of financial products, and dispense different types of financial advice. Insurance policies are just one aspect of their work.

Most FAs can also do the following:


1. Compare insurance products to give you the best s
olution for your needs

It might surprise you to learn that some FAs don’t just sell products from one insurer. Because insurance is just one facet of what they do for you, some FAs are willing to compare different policies for you depending on your lifestyle needs and affordability to suit your needs and get a better deal.

Some Manulife FAs, for example, will compare different insurance policies to make sure you get the right products within your budget. They can end up recommending or selling policies from other insurers, if they feel it’s a better fit for your portfolio*.

This isn’t to say FAs who work with specific insurers are bad; they are just more focused on helping certain demographics. But if you’d feel better with an adviser who will compare across the industry for you, know that there are many who will.

(*That’s why a lot of new FAs, who often seek to help families and friends as their first clients, tend to end up with the Manulife Financial Advisers; it lets them pick from a wider range of options, to deal with the individual cases that they’re intimately familiar with).

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2. Help with your retirement planning

For most Singaporeans, retirement planning is quite straightforward (just decide who gets the house, the car, and nominate someone to get your remaining CPF monies).

However, FAs would be around to help if your legacy planning is more complicated. For example, if you pass away unexpectedly and your 15-year-old child is to inherit the house. Or if you own a business, which is to be inherited by two or more children; and you want to establish rules on whether and when that business can be broken up and sold.

Most FAs know the proper safeguards when handling retirement planning, and can at least refer you to the most appropriate and cost-effective experts to help.

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3. Check up on other investments you’re considering

Different FAs will, depending on their network and qualifications, offer different depths of service. However, all of them understand how to build your portfolio for retirement or other purposes. They will know the right level of risk, and whether a given asset fits your portfolio.

This makes FAs a useful source of advice, if you are considering different investment opportunities. For example, if you want to invest money to help your children open their own café, your FA can determine how this will impact your portfolio, and make changes accordingly (or frankly advise you against it, if that’s what must be done).

FAs can also research alternative investments you’re considering, such as gold exchange-traded funds or property investments, and determine if they are viable additions to your portfolio.

Due to their extensive involvement in the finance industry, FAs are also more aware of potential scams, or entities on the MAS watch list (these entities often rebrand themselves to confuse the public).

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4. Continuously rebalance your portfolio to fit life’s changing circumstances

Proper retirement planning is not done in a single session. You’ll need to rebalance your portfolio (the various assets that make up your wealth) on a regular basis.

One example of this is age: As you get older, your portfolio should shift from growing your wealth to protecting it. This means exchanging riskier, high return assets, such as equities, to safer assets like Singapore Savings Bonds, or even simple fixed deposits.

Also, your changing financial situation can require quick, drastic changes. If you’re suddenly retrenched, for example, you may need to change your insurance policy to something with lower premiums.

You can get your FA to do formulaic and calendar based rebalancing, to deal with these.

Formulaic rebalancing means your FA can recommend changes to the assets in your portfolio, when they no longer meet a planned asset allocation (this happens as a result of changing values among various assets, from stocks to cash).

Calendar based rebalancing is often done annually or semi-annually. Your FA will rebalance your portfolio, will deal with your changing age, along with new needs such as sending your children to university, or buying a new house.


5. O
ne-stop value-added information source

What are the implications to your housing loan when the American Federal Reserve imposes an interest rate hike? What does it mean for Singapore Savings Bonds when the Singapore Government Securities Yield falls?

If you don’t have the time to find out, your FA is a quick source. Besides being able to explain how current events are going to impact your portfolio (or your wallet), FAs are the most common intermediary between the finance industry and the lay person. They’re a good way to get smart about fluctuations in the market, and to better understand the financial world.

In personal finance, bad decisions often come from a lack of understanding; FAs explain situations, which reduces drastic mistakes like selling off your assets in a panic.

If something in the news alarms you, be sure to call them before you react.

 

This is an editorial series done in partnership with Manulife Financial Advisers.

 

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by Mahita Vas

IN OCTOBER 2015, my husband and I contacted one of the participating insurance agencies about signing up for the Integrated Shield Plan (IP). We were keen on a better coverage than what was offered on our MediShield Life plans. Within days, we heard that my husband’s application had been approved. Mine was rejected, but the agent said she would appeal. Less than a week later, I was told the appeal was also rejected. No other option was offered.

I tried all the other agencies. At that time there were five – AIA, Aviva, Great Eastern, NTUC Income and Prudential. I was rejected by all of them. Great Eastern told me not to bother applying because my application would definitely be rejected.

Disheartened, I pointed out that I was fit and healthy. I exercised regularly and was careful about what I ate. Neither a smoker nor a drinker. Minimum eight hours sleep. But the answers were all the same – nope. Not approved.

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All because I share one thing in common with these people – Catherine Zeta-Jones, Graham Greene, Winston Churchill, Nina Simone, Lee Joon, Demi Lovato, Carrie Fisher and Eason Chan. The list goes on: Mel Gibson, Stephen Fry, Edgar Allan Poe, Abraham Lincoln, Virginia Woolf, Ernest Hemingway, Amy Winehouse, Vincent Van Gogh, Friedrich Nietzsche, Ludwig van Beethoven, Charles Dickens, Isaac Newton, Florence Nightingale. The list does go on but I’ll stop here.

They are amongst the greatest artists, musicians, performers, writers and thinkers who ever lived. I cannot, dare not, compare myself to any of these leaders in their respective fields, being nowhere nearly as accomplished as any of them. Great as their achievements have been, they are also, first and foremost, people. Just like me. And like about 2 per cent of the world’s population, including Singapore’s.

People with a dreadful illness once known as manic depressive illness, now known as bipolar disorder. An illness marked by extreme mood swings, where patients go from feeling overly happy to feeling empty. Bipolar disorder is indiscriminate, incurable and requires lifelong medication. With diligent medication and visits to the doctor, it is possible for patients to function as normally as anyone.

When I appealed to the insurance companies, I provided them with a doctor’s report from the Institute of Mental Health, which stated that I was compliant with medication and in full remission. Still, my appeals were rejected. I questioned the discrimination – after all, they could simply provide exclusions for any psychiatric treatment or injuries arising from my condition, for instance, injuries sustained in a failed suicide attempt. Some of the agencies raised the issue of two other minor and common ailments but when challenged, agreed that without bipolar disorder, I would get an IP with exclusions for those ailments. The rejection was blamed squarely on bipolar disorder.

Discrimination forces people to keep fighting for equitable treatment. So, on a friend’s advice, I went to see my MP at a Meet-The-People Session armed with an appeal letter, along with all the rejection letters. I didn’t get to meet my MP but his team of volunteers who looked into my case were very helpful. They said it was unlikely that any of the international agencies would bother about a letter from an MP, and advised focusing on NTUC Income as it was my best chance. I left feeling hopeful because my MP was none other than Minister Chan Chun Sing.

Several weeks later, I received a letter which said this, among the usual official phrases:

“We hope you understand that it is our duty to underwrite each case according to our underwriting guidelines consistently so as to be fair to the others who contribute to the risk pool.”

Please help me understand how I could be at a greater risk than someone who drinks and smokes heavily and may even be obese? Risk of what, exactly?

Followed by this:

“Moving forward, we are willing to assess your coverage in future, when you have fully recovered and have been discharged from your follow up for your bipolar disorder condition without the need for medication.”

Brilliant. The day I am discharged from my follow up, when I no longer need medication, will be the day I die. Bipolar disorder is incurable.

Mental illness has no known comorbidity with physical illness. By rejecting my application and appeals, these insurance companies are deliberately denying me coverage for illnesses such as cancer, heart disease and diabetes, all of which have no relation to my mental state.

I made a random check with the overseas offices of two of the international insurance agencies which rejected my application. All offered critical illness plans for psychiatric patients, though with exclusions. Some plans offered supplementary coverage for psychiatric care. So why exclude psychiatric patients in Singapore? Because they can?

If I could bring Isaac Newton, Beethoven or Charles Dickens back to this future, living in Singapore and requiring an IP, I wonder if these companies would deny them coverage.

I also wonder why NTUC Income thought it fit to use me, specifically my condition, on their first Future Peek campaign, and yet think I am unworthy of their insurance policy. Use my condition for marketing but spit me out when I want to buy an IP. Such hypocrisy.

NTUC Income’s website states “Insurance Made Simple, Made Honest, Made Different” and with great emphasis, “People. First”.  I wonder what they really mean by those claims.

 

Mahita Vas is the author of ‘Praying To The Goddess Of Mercy: A Memoir Of Mood Swings’. She spends her time on advocating mental health issues and pursuing personal interests including reading and writing.

 

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Mr Zainudin Nordin, President of the Football Association of Singapore; marking StarHub's appointment as official broadcaster and principal sponsor of the LionsXII in 2012.Image by HealthSX at English Wikipedia [CC BY-SA 3.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons

by Bertha Henson

THERE’S something to be said about having free and open elections: It allows questions to be aired in the expectation that answers will be given.

I am not a football fan but the saga surrounding the Football Association of Singapore’s (FAS) upcoming April 29 elections has been riveting. Some might say that challenger Mr Bill Ng’s questions regarding a $500,000 donation he (or his Tiong Bahru FC) made was a distraction and that more attention should be paid to the plans of both teams that are contesting the election.

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I don’t think so.

What it shows is that an electoral process brings more scrutiny and urges more transparency from office-holders and those vying for the job. So world football governing body Fifa finally realised that for decades, the FAS was breaking the rules by having officers appointed by the G. After seven years on the job, Mr Zainudin Nordin has stepped down to pave the way for elections. FAS is usually headed by an MP, and the past list included those who have made it into ministerial ranks such as Mr Mah Bow Tan and Mr Ho Peng Kee.

Doubtless, the FAS is a tough organisation to manage given its myriad clubs, tournaments, programmes as well as the attention paid to it by people at the grassroots. That the G has a hand in its running isn’t surprising since it gives out grants to sports bodies, that is, taxpayers’ money of more than $2 million annually to FAS. Its other major donor is the Tote Board, which used to disburse some $25 million to the FAS annually, but which will now do so through Sport Singapore (SportSg).

Members of the public who are interested in the management of FAS can turn to its annual reports but in the main, the concern is about crowd turn-out, football rankings and whether goals of the football kind are being delivered given the resources poured into the sport. It takes an electoral process to bring matters out in the open, whether among those with a stake or the community at large. Of course, like all elections, there will be agendas and strategies, like rubbishing the old to make way for the new.

Now the FAS is embroiled in controversy with questions raised over the past year about its handling of money, including donations. There have been particularly feisty exchanges between Mr Ng and the FAS through the person of General Secretary Winston Lee over what happened three years ago. To put it bluntly, they are accusing each other of lying.

So what are the issues involved?

The key point is whether Mr Ng knew where the $500,000 donation was going to go. He claims it was for local football but it went to the Asean Football Federation (AFF). There’s no question that the AFF received the money – although it fumbled about whether the money was from the FAS or Mr Ng’s Tiong Bahru FC. The FAS has a paper trail, including a letter setting out the terms of the donation, which Mr Ng, rather improbably said was drafted by the FAS and which he was somehow made to sign.

In any case, even if the money had always been intended for AFF, the question is why such a big sum, which is about half the income of an S-League club, should go to outside entities at a time of a struggling football scene here.

Another issue is whether the sum was properly recorded somewhere. So far, not a single person in past councils has come out to say he had knowledge of the sum. What’s worse is that most people evinced surprise.

Then comes the question of why Mr Ng chose to raise the matter now instead of three years ago. Is this an election gambit to allege improprieties in the FAS which he, a challenger, will want to clean up?

In the middle of it all is the deafening silence of ex-chief Zainudin, which the FAS said was the person who solicited the donation. Mr Ng, however, denied this and pointed his finger at Mr Lee.

Mr Zainudin must know by now that he would have to say something lest gossip and misinformation fill in the blanks, thereby impugning his reputation. To say nothing because he is not standing for the upcoming election is a bad excuse for something that happened during his tenure.

Which brings me back to the point of having democratic elections. They are complicated and fussy affairs and there might even be those who say that such “disagreements” should be dealt with behind closed-doors so as not to give Singapore football a bad name. If so, they forget that it was “closed-doors” which gave rise to the current controversy.

To a spectator, the FAS looks like the Augean stables. It might be better for the challengers to discuss sweeping and mopping up operations first, before moving on to pronouncing grand visions. SportSg has ordered FAS to give a full account of the donation. Hopefully, it will be done before the elections so that there will be more clarity.

Good luck to Singapore football.

by Abraham Lee

YOU, at work, not getting enough exercise, not eating right and stressing out. That’s going to cost you – years of life and insurance money, compounded by a medical inflation rate of 15 per cent in 2015. It’s going to cost your employer – lower productivity from the time you spend, sick days and medical claims. It’s going to cost the nation – more than $1 billion from diabetes alone in 2010, and expected to be over $2.5 billion by 2050. 12 per cent of Singapore’s population is pre-diabetic- it will get worse.

But who should be concerned about employee health? Employers currently have the most control over workplace culture, but how can employers, human resource professionals, and even employees, build a healthy culture at the workplace?

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No budget? No problem. While the first step to building a healthy culture in the workplace requires commitment from the company’s (or the department’s) leadership, it can be simple and cheap to implement. Mr Alexander Yap, Global Rewards Director at United Test and Assembly Center, shared about how his department, after talking about losing weight and getting healthier for ages, decided to set team health as one of their Key Performance Indicators.

Mr Yap said that it “starts with an awakening” and leading by example. He formed a cycling team at work and started off with just short routes around the company premises. Over time, the team cycled longer distances and more often, at times covering 200km a week. In just five months, Mr Yap lost 16kg, and every member of his team clocked some healthy weight loss.

Offering smart incentives is also key to guiding workers towards developing healthier habits because of the short-term judgement errors likely to be made when it comes to decisions on health. Mr Yap highlighted that since the company became an existing AIA customer, the corporate AIA Vitality programme encouraged him and his colleagues to pursue healthier choices.

Encouraging a culture of health can also come from the choice architecture of our office spaces. For example, placing prominent staircases in the layout of an office building can encourage employees to climb stairs. Low uptake on the free fruit basket? Simply moving the complimentary fruit from the corner pantry to a well-lit, accessible part of the office would increase consumption two-fold. Introducing standing desks will encourage workers to get off their bums more often.

The panel experts also emphasised the importance of not procrastinating and taking small, repeatable actions. Dr Derek Yach, Chief Health Officer of Vitality Group, talked about how physical activity triggers more healthy activity and encourages healthier habits, and that this cycle can lead to more success.

He shared data showing how companies that participated in the AIA Vitality programme saw fewer medical certificates being taken and produced lower rates of absenteeism. There was also a correlation between companies with more active participants in the programme and those that saw lower medical costs. Healthier employees are also more productive and motivated at work.

Senior Consultant of the National Heart Centre, Dr Carolyn Lam echoed these sentiments and said that “we have to start somewhere” and that “that feeling of being on the right track… is addictive”. As a cardiologist, she was more eager to preventing heart disease than treat it, and started encouraging the medical staff on her shift to walk up and down the stairs between wards instead of taking the lift.

These small, measurable changes, she said, help to build habits and it is best when these habits are reinforced with small rewards. When asked how long results take to be seen, Dr Lam said, “We expect a response to lifestyle measurements in terms of the reduction in blood pressure or reduction in cholesterol levels and so on, within three months.”

Perhaps it’s time we started taking our workplace health as seriously as we do our careers. The end of a career is retirement, usually at 63, but our health choices stay with us until the very end of our lives.
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This story is part of a series with AIA Singapore.

AIA Singapore is invested in the health and wellness of Singaporeans and has launched AIA Vitality, a comprehensive wellness programme that rewards members for taking small, everyday steps to improve their health.

 

Featured image by Sean Chong.

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by Erin Chua

“AUNTY, do you have any items that are selling for 10 cents or less?” I asked the stall owner. She threw her head back, laughed a little and replied, “I doubt you can buy anything for 10 cents nowadays.”

On March 16, the Monetary Authority of Singapore announced that it was seeking public feedback on the proposed new legal tender limit of 10 coins per denomination across all denominations in a single transaction. In response to the aforementioned, a proposal to stop the circulation of 5 cent coins in Singapore surfaced. We thought that it might be too tough to find 5 cents worth of anything in Singapore today but saw a possibility of shopping with 10 cents.

Hence, my quest for 10 cheap (and rare) finds in the midst of constantly increasing prices.

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1. Using the public toilet 

When asked what one can still get for 10 cents in present day Singapore, most would reply that 10 cents will gain you an entry to a public toilet at hawker centres, wet and dry markets.

 

2. Selected assorted sweets .    

You can get assorted sweets from some provision shops at 10 cents each. Fortunately, I managed to find sweets at this price at Jumbo Minimart (5 Dover Crescent) and Selvi Stores Pte Ltd (Tekka Centre). However, you may not find sweets costing 10 cents at every provision shop and you definitely will not be able to buy all brands of sweets (individual) at that price!

 

3. A packet of Bee-Bee Snack 

This orange packet of Bee-Bee Snack is a childhood snack that most remember and love. That said, finding this gem priced at 10 cents at Jumbo Minimart was an extremely rare find!

 

4. Photocopying at Bras Basah Complex

Located on the first floor of Bras Basah Complex, the Music Book Room offers one of the best photocopying deals in the building. The first 20 copies are charged at 10 cents each and the subsequent pieces cost 5 cents each. But do take note that this deal only applies to A4 size photocopying.

 

5. A pen

This pen was bought from the soon-to-be-extinct Sungei Road Thieves Market. Although its original price was 50 cents, you can try bargaining it down to 10 cents with a little skill.

 

6. A fork

As with the pen, the fork was bought at 10 cents after some tough bargaining at aforementioned the Thieves Market. However, it is very rare for a vendor to be willing to cut down the price of an item to 10 cents. In fact, the starting price of most of the items sold range from $2 to $5 each.

 

7. A screw

.Another steal from the Thieves Market. Most vendors sell used screws and other metal parts. Since the Thieves’ Market will be closing for good on July 10 this year, you might want to visit Singapore’s oldest and largest flea market for the last time.

 

8. Using the payphone (for two minutes)

With the increased use of mobile phones, the number of public payphones in Singapore has dropped to just over 2,000 as of last year. According to Singtel, local calls using a Singtel payphone are charged at 10 cents per two minutes but the same do not apply to all overseas calls. Exceptions are calls made to Malaysia and China which are priced at about 10 cents per minute.

 

9. A matchbox

You can get a matchbox from a provision shop for 10 cents.

 

10. A small packet of betel nut

This is an item more commonly sold in provision shops in Little India. According to the owner of Selvi Stores, her customers wrap the betel nuts in leaves and chew them. It is worth noting that chewing on betel nut is highly addictive and potentially detrimental to one’s health.
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Surprisingly, I did not find any items sold at 10 cents in wet and dry markets. Instead, most of the items were sold by weight at the markets.

During my little adventure, many of the stall owners I approached responded to my inquiry with amusement. They said matter-of-factly that it’s impossible to buy something with 10 cents unless we are living in the past. Their replies are revealing of the resignation towards the high costs of living in Singapore. 

So… does anyone have 10 cents to spare?

 

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Featured image by Flickr user Ray_LAC CC BY 2.0

by Abraham Lee

DIABETES isn’t a disease you “catch”, and that means that nobody can “give” it to you. But it’s not far-fetched to say that your job could put you at risk. Lifestyle factors form many of the risk factors for developing diabetes, and since we spend about a third of our day working (and for some of us another third of our day thinking about work), your job, work environment and the people around you become key factors in the war against diabetes.

Singaporeans work among the longest hours in the world. In 2015, we worked “an average of 2,371.2 paid hours” – longer hours than those in reputedly ‘workaholic’ nations like South Korea and Japan. Work habits and culture have a great deal of influence over our lives simply because we spend so much of our time at work.

While great habits at work can promote positivity, bad ones can debilitate other areas of our lives, especially our health. Singapore ranks second among developed nations for diabetics as a proportion of the population, with 11.3 per cent of Singapore residents suffering from diabetes in 2010. That number is projected to rise dramatically to 20 per cent by 2050.

None of us wants the lifetime burden that diabetes promises. The incurable disease is also the gateway to heart disease, stroke, blindness and other complications. The most common strain, Type 2 diabetes, is largely due to lifestyle factors and is usually seen “in people aged 40 and above who are overweight and physically inactive”.

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So what are the riskiest things about our job, diabetes-wise?

Working late can disrupt your mealtimes, sleep patterns, and heighten stress levels. Irregular meal times from skipped meals or late lunches or working late “are linked to a higher risk of metabolic syndrome”, a group of factors that increase the risk of heart disease and problems like diabetes.

Stress from work also messes up your hormone levels, including cortisol which increases appetite and can lead to overeating when its levels remain elevated due to continued stress.

Entertaining clients over drinks, or going out drinking with colleagues, if done too frequently, can also become a hazardous habit as alcohol intake is linked to Type 2 diabetes.

Your work posture can cause tension in your muscles which in turn changes our hormone levels. Sedentary, desk-bound work also lowers our activity levels, which puts us at risk of weight gain, which can lead to diabetes.

Fatigue from work often discourages us from spending time in the evening exercising – it’s much more tempting to veg out in front of the computer or TV, and then go to sleep.

While workers should take responsibility for their own choices, companies are also key stakeholders in promoting healthy lifestyles for employees through healthier work culture. Promoting work life balance, encouraging workers to exercise more and reminding them to practise self-care will result in healthier and more productive employees.

It’s not all that difficult to do either. The Health Promotion Board (HPB) has led the way with healthy eating campaigns and the National Steps Challenge which encourages walking 10,000 steps per day with in-kind rewards. In its second season, it introduced the Corporate Challenge pitting companies against each other with cash prizes at stake and setting up a platform for intra-company challenges.

Complementing HPB’s National Step Challenge is AIA Vitality, a comprehensive wellness programme, launched by AIA Singapore to help users make real change to their health. The programme offers weekly rewards to members when they meet their weekly physical activity targets, cashback, discounts on gym memberships, airfares and more to incentivise them in making healthy choices. This wellness programme is also made available to companies who wish to have it as part of a comprehensive health and wellness benefit for its employees.

It’s going to be a tough fight to live a healthy lifestyle at the workplace, but with the commitment from both the public and private sectors to create a healthier workforce, we can win the fight against diabetes. In the end everyone stands to gain – us, the G, employers and our children.

 

This story is part of a series with AIA Singapore.

AIA Singapore is invested in the health and wellness of Singaporeans and has launched AIA Vitality, a comprehensive wellness programme that rewards members for taking small, everyday steps to improve their health.

 

Featured image by Flickr user Ray_LAC. (CC BY 2.0)

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by Daniel Yap

THE late Mr Lee Kuan Yew worked out for about an hour each day, including during lunchtime. President Barack Obama exercises for 45 minutes, six times a week. Vogue editor-in-chief Anna Wintour plays tennis daily. The “Oracle” Warren Buffet exercises regularly as well, and they all swear it makes them more productive at work, in addition to the obvious health benefits.

It’s something companies have caught on to as well. As a matter of fact, the short-term productivity benefits of regular exercise – happy workers and sharper minds from naturally-produced endorphins and stimulants – are significant enough for bosses to start consider exercise to be part of a workday.

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Those of us who have worked at Japanese or Chinese firms may have experienced a bit of that “workout” workplace culture – stretches and simple calisthenics at the start of each workday. But many companies are taking it further than that.

One study of more than 200 workers at three sites: a university, a computer company and a life insurance firm, showed that 30-60 minutes of exercise resulted in a 15 per cent boost to work productivity that day – that’s 6-12 per cent of an 8-hour workday in exchange for a 15 per cent boost.

On top of that, workers felt better about their work and about themselves after exercising, which could have longer-term benefits in terms of worker retention and mental wellness.

In the long-term, a 2011 study published in the Journal of Occupational and Environmental Medicine showed that replacing 2.5 hours of work with exercise in six healthcare workplaces led to a noticeable reduction in absences, higher productivity and more patients seen.

Locally, OCBC, AIA Singapore and KPMG have launched programmes to reward employees who exercise regularly. The advent of wearable fitness trackers has enabled easy and accurate tracking of employee activity and disbursement of incentives, which can be worth as much as $100 a month.

But what’s the cost to set up such a programme for other firms, especially smaller ones? Building an in-house gym may be out of reach for most, and gym memberships can be costly to reimburse, and usage hard to track.

Some HR consulting firms can help plan a programme for a fee, or one could turn to a growing number of fitness incentive apps from vendors in Singapore and abroad.

The AIA Vitality wellness programme, which is exclusive to AIA policyholders at $36 a year, is also made available to companies that wish to have it as part of a comprehensive health and wellness benefit for its employees.

Nevertheless, a determined worker shouldn’t let the lack of a company policy stand in the way of better performance. Aim for a 20-30 minute activity during your lunch break, which should give you time to cool off and grab a quick bite before getting back in the hot seat.

The science is clear: It’s high time we considered fitness and exercise to be part of the job.

 

This story is part of a series with AIA Singapore.

AIA Singapore is invested in the health and wellness of Singaporeans and has launched AIA Vitality, a comprehensive wellness programme that rewards members for taking small, everyday steps to improve their health.

 

Featured image by Sean Chong.

If you like this article, Like The Middle Ground‘s Facebook Page as well!

For breaking news, you can talk to us via email.

 

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by Daniel Yap

SINGAPORE is engaging in a long-term war, with high stakes. It’s the war for our health and overall well-being, and for disease prevention which has long-run payoffs – better quality of life, reduced costs, lower risks. The details of NurtureSG, a Ministry of Health plan to instill healthy habits in our children, will be announced later this year, but any plan needs to consider potential obstacles.

The first thing standing in the way of healthier children is unhealthy adults. We need no reminding that children are most influenced not by what they are told by their parents and teachers to do, but by what they see their parents and teachers doing. Thus, any aim to change the health-wise behaviour of the next generation must take into account the behaviour of this generation.

It may be straightforward enough to try to drill healthy habits into our children, but how then can we incentivise adults, whose habits have already been formed and practiced for decades, to change? We would not want to train our children up a certain way only to have them slip back into an unhealthy adult lifestyle because they were following their parents’ footsteps.

Adults need to replace old habits by forming new ones, and new habits are formed by repetitive behaviour. Without long-term goals, such sustained change would be difficult.

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For starters, we need to address the psychology that defeats long-term goals: affective bias, risk discounting, and hyperbolic discounting.

Affective bias, that is, bias that is rooted in our emotions, causes us to hear only what we want to hear. For example, the strong emotion associated with comfort eating can cause us to put too much stock in a “reduced fat” label on an unhealthy snack…and there goes the diet.

Uncertainty about the goals we set is what leads to risk discounting, where we downplay the risky effects of our behaviour. If you didn’t know how much you needed to eat to lose weight, would you have chicken nasi briyani for dinner, and a large bag of potato chips at the movie afterwards? Probably. But if you knew you had to eat under 1700 calories a day to lose weight, then it would be immediately clear to you that the 900 calorie nasi bryani and the 1000 calorie bag of chips would completely wreck your goals, especially if you already had a typical 500 calorie breakfast and “diet” 400 calorie lunch.

Hyperbolic discounting is the cognitive bias that favours short-term gains – why someone would choose to get $50 now than $1,000 a year later. It is why diet plans fail, why savings plans fall through, why we won’t cut our carbon footprint even though we know we put the future in peril.

How can children and adults get past these roadblocks to a healthier life? First, the emotional appeal of a long-term healthy lifestyle needs to stay strong. We need constant reminders that this is good for our family, good for our children and good for our silver years. Strong campaigns and culture-building are key to achieving this.

Then, we need instant gratification for our efforts. This is the short-term counter to short-term temptations, and this has so far been the hardest to achieve on a national scale.

This is why people post their workouts and gym bods on social media – to soak up the likes and encouragement as fuel for the next workout. This is why wearables are effective, because they are a constant reminder on your wrist of whether you’ve covered your 20,000 steps today, or gotten enough sleep, or pushed your heart rate frequently enough this week.

Instant gratification is why we need incentive programmes like the national steps challenge, in-house corporate fitness or weight-loss competitions, or programmes for individuals like AIA Vitality to reward workouts with vouchers, send encouragement, form support groups, set reminders, and do anything necessary to keep our eyes on the short-term goal for as long as it takes to reach the long-term one.

We are all, in one way or another, attracted by short-term gain. And if healthy living isn’t attractive in the short-term, then unhealthy living will win out. And what happens in the short term determines who wins the long-term war for our well-being. If we lose the war for our own well-being, we’ll be putting unnecessary obstacles in the way of the G’s push to make our children healthier.

 

This story is part of a series with AIA Singapore.

AIA Singapore is invested in the health and wellness of Singaporeans and has launched AIA Vitality, a comprehensive wellness programme that rewards members for taking small, everyday steps to improve their health.

 

Featured image by Sean Chong.

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by Bertha Henson

I HAVE been swimming four times a week for the past four years. Okay, I’m lying. I have bouts of down time which usually last a couple of weeks. The last bout lasted two months, until the middle of February.

I suppose I can trot out the usual excuses like no time, crowded pool, rain etcetera to justify my sloth. Truth is, as anyone who exercises regularly knows, it’s so hard to get back into the groove if you’re out of it so long. So during the two months of inactivity, I did what I’m sure no doctor would recommend: I ate less. I figured that less exercise should be accompanied by less calorific intake. After all, my mantra is, I exercise so that I can eat whatever I want.

People say that even if the rain was pouring down or the pool filled with screaming kids, there’s always the gymnasium or other exercises that are weather and child-proof. I agree. Except I think swimming is the least disruptive of all exercises both pre-and post-wise. At least for me.

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I just change into my costume, drape a towel around myself and my feet in flip flops and take the lift to the ground-floor to the condo swimming pool. I do so in the mornings, when children are already in school and tai tais haven’t readied themselves for public exposure. Neighbours always ask me the same question when they see me in the pool: “Isn’t it cold?” I tell them it’s cold only if you decide to stay put in the pool, which is surely not the point of the activity.

I am no swimmer, frankly. I’ve always feared water and won’t get into a pool where my feet can’t feel the floor. I swim breast-stroke only and keep my head above water all the time. I do not wear goggles or a swimming cap. I find them “fussy”.

While I don’t know how to tread water, I am very good at walking, jogging and doing a whole bunch of exercises in the pool. I don’t know if they qualify as aqua-aerobics but they are, believe me, tiring.

When I am done, usually in 40 minutes, I get out of the pool, drape a towel and proceed home for a bath. It’s so much easier than getting into jogging gear with socks and the right shoes. And then having to get out of them.

How did I get myself back in the groove? By that most mundane of methods: looking in the mirror. People who exercise look healthier. I look thinner but unhealthy. Then there’s the other big difference between people who exercise and those who don’t: watch the way they walk. The fitter person seems to float on air while the sloth drags his weary body. I was starting to “feel’’ heavy.

Then there are the eight sets of swimming costumes that lie un-used in my wardrobe. I hesitate to get into them because I’m worried about looking flabby. Yet I know I will get flabbier if I don’t get into them. I did the next best thing: I bought myself another swimming costume. Now…if you buy something, you will use it. I don’t regret paying for the new costume because of what I have been able to receive in terms of healthier skin and lighter feet.

It also means I can eat more.

 

Featured image by Sean Chong. 

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Tengku Dato' Sri Zafrul Aziz (Group Chief Executive Officer, CIMB Group) and Shahnaz Jammal (Group Chief Financial Officer, CIMB Group) at the CIMB Group Holdings Berhad 2016 Full Year Financial Results Press Conference in Kuala Lumpur

by Daniel Yap

CIMB is setting their sights on the SME market with the new BusinessGo account, a high-interest current account which waives many banking transaction charges.

The announcement came just ahead of CIMB’s FY16 group performance report, which was headlined by a record group revenue of RM$16.07 billion (S$5.09 billion). CIMB’s Singapore profits shrank by 36.2 per cent to RM241 million (S$76.32 million), however, on the back of slower loans growth and higher commercial banking provisions.

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In Singapore, CIMB hopes to capture SMEs with attractive terms under BusinessGo. It offers 0.78 per cent interest on accounts that meet the minimum monthly average of $30,000 and an additional 1.1 per cent on the first $100,000 as long as the company makes $20,000 of outward telegraphic transfers a month. This beats typical business current account interest rates that hover at or are barely above 0 per cent.

Fee waivers are also part of the BusinessGo offer. Cheques are free, as are GIRO and payroll transactions, while outward telegraphic transfer fees are waived on transactions above S$5,000. Banker’s guarantee commissions, which can be as high as 1.5 per cent at other banks, will also be waived if the client places an equivalent-sum fixed deposit.

Ms Ng Wee Lee, Head of Commercial Banking at CIMB Bank Singapore, said that the bank is able to offer this deal to customers because of its low overheads – CIMB runs only two retail branches in Singapore. She added that the bank would “just barely break even” on this offering.

Ms Ng said that SMEs are typically unable to access better banking terms because they are considered too small for banks to spend time customising solutions for, and that CIMB hopes to be able to offer them cost savings in hard times so that they will remain loyal customers when times get better.

 

Feature image courtesy of CIMB Group.

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