During 2011, when the Greece economic crisis was brewing, I remember an interesting conversation with my Greek colleague in his early 30s.
This colleague came from a privileged background - let's say his parents were the equivalent of the Bukit Timah landed class.
My colleague questioned his dad on how his dad's generation has fuxxed-up the whole country...
His dad admitted to the many mistakes they made upon Greece joining the EU in 2001.
With access to cheap credit, Greece went on a spending spree. Both in the public and private sectors.
It was boom time charlie as the Greeks spent USD15 billion for the 2004 Athens Olympics - most of the venue infrastructures are now abandoned or rusting away...
During my 3 years there from 2009 to 2011, there were announcements to lower the taxes each year. Not that I was complaining.
Of course the planned tax reductions did not materialise in 2011 and I had to participate in the extra Solidarity Tax (nice name to mean a tax to bail out the country) when the government admitted to EU they had "cooked the books".
I had to cough up the tax savings I received during 2009 to 2010 - sounds a bit like some Singapore REITs doesn't it?
The retirement age in Greece during 2011 was 57 years young. And for selected class of workers (if you meet the requirements), the retirement age can be as young as 50!
That's what another of my Greek lady colleague did at age 50 in 2011. She told me she better do so before the rules get changed. Now that's savvy! The berry in my pocket is worth two in the bush.
Of course taxes got raised, pensions got cut as part of the austerity program imposed on to the new Greek government in return for EU bailouts. If you are a German tax payer, would you want to subsidise your Greek neighbour?
During my last months in 2011, suicides there started picking up, soup kitchens sprang out everywhere, and rioting and strikes were common affairs. Entitlements easy to give; hard to take back.
Everyone suffered. But those retired Greeks age 50 and above at least got to enjoy 10 years of generous pension benefits from 2001 to 2011 till the party ended.
Imagine the sense of betrayal if you were in your mid 40s as a Greek during 2001? Now in 2011 they say you must work longer, and by the way, the pension benefits will be a fraction of what were promised by the politicians that are now longer around...
And if you are in your mid 20s, retirement is far from our consciousness when youth unemployment is more than 50% today. I think you have more pressing issues to focus on.
I will be 47 years young end of this year. The recent CPF thingy don't really affect me. It's a case of heads I win; tails I win.
But if I am 25 this year, I don't think I would be carrying any placards at Hong Lim Park. Even if the rules changed, 30 years is a long time. My queue number is quite a bit far off.
If I withdrew every CPF cents at 55, and come crying back at 60 that I've lost everything to wine, women, and song, would you make it whole to me again? What say you for those 25 years young now?
Don't be so like that lah!
Weren't you the same one who cried murder when you saw senior citizens collecting cardboard cartons and clearing dishes at food centres?
Put your money where your mouth is.
Pay for my 2nd bite of the retirement cherry?
I promise. This will be my last time asking you for bail-outs.
Singapore Man of Leisure (welcome to my blog; just google it!)
