There are three strategies for a company to make profit:
1. Operate efficiently, reduce cost, offer good value to customers and make a fair margin.
2. Exploit the market situation and customer ignorance to increase profit
3. Design products to "rip off" the customer; pay high commission to people to market the product.
I want to encourage businesses to adopt stragegy 1 (i.e. the ethical approach). It is very sad to see more businesses adopt the other two strategies.
Thursday, December 27, 2007
Avoid high charges
Dear Mr. Tan,
Should I go for those linked with investment (XXX Life Manager Plus) or those (YYY Guaranteed 15 for Life) that only need to pay for 15 yrs and covered for life?
REPLY
Both of these policies have high charges. A large portion of your premium goes to pay the commission of the agent.
My advice is to buy Term insurance and invest the difference in a low cost, diversified equity fund.
Read the following FAQs.
http://www.tankinlian.com/faq/fptips.html
http://www.tankinlian.com/faq/savings.html
http://www.tankinlian.com/faq/ilp.html
http://www.tankinlian.com/faq/term.html
Should I go for those linked with investment (XXX Life Manager Plus) or those (YYY Guaranteed 15 for Life) that only need to pay for 15 yrs and covered for life?
REPLY
Both of these policies have high charges. A large portion of your premium goes to pay the commission of the agent.
My advice is to buy Term insurance and invest the difference in a low cost, diversified equity fund.
Read the following FAQs.
http://www.tankinlian.com/faq/fptips.html
http://www.tankinlian.com/faq/savings.html
http://www.tankinlian.com/faq/ilp.html
http://www.tankinlian.com/faq/term.html
Feeder Bus Service
Some commuters do not like the feeder bus system. They consider it a hassle to take a feeder bus, change to a train, and take another feeder bus. They prefer to have no transfer, if possible.
I find a feeder system to be acceptable, if:
1. Waiting time for the feeder bus is less than 5 minutes
2. Walking distance is short
3. The feeder bus goes directly to the destination, with minimal detour.
By accepting transfers, we can have a more efficient system, with better connections, less waiting time, and lower cost.
In 2000, I took the train in Switzerland from Zurich Airport to St Moritz in the mountains. The journey involved two transfers of train. I have to take the airport train to Zurich main station, change to another train to the foot of the mountain and make a further change to go up to the mountain.
All the transfers were done on the same platform of the station. I get down a train and wait less than 10 minutes for a connecting train. It was quite convenient and easy, although it was my first time to take the train in Switzerland.
The train journey cost about SGD 50. If I took a limousine, the fare would be more than SGD 1,000.
I find a feeder system to be acceptable, if:
1. Waiting time for the feeder bus is less than 5 minutes
2. Walking distance is short
3. The feeder bus goes directly to the destination, with minimal detour.
By accepting transfers, we can have a more efficient system, with better connections, less waiting time, and lower cost.
In 2000, I took the train in Switzerland from Zurich Airport to St Moritz in the mountains. The journey involved two transfers of train. I have to take the airport train to Zurich main station, change to another train to the foot of the mountain and make a further change to go up to the mountain.
All the transfers were done on the same platform of the station. I get down a train and wait less than 10 minutes for a connecting train. It was quite convenient and easy, although it was my first time to take the train in Switzerland.
The train journey cost about SGD 50. If I took a limousine, the fare would be more than SGD 1,000.
Taipei Rapid Transit System
From Wikipedia, the free encyclopedia
Began operation March 28, 1996
System length In service: 74.4 km
No. of lines 8
No. of stations 67
Daily ridership 1,214,728 (in November 2007)
Operator Taipei Rapid Transit Corporation (TRTC)
Taipei Rapid Transit System
Traditional Chinese: 台北大眾捷運系統
Estimated cost: US$ 32 billion (phase 1 and 2)
The Taipei Rapid Transit System, also known as the MRT (Metropolitan Rapid Transit), or by locals simply as the Metro Taipei is a rapid transit system connecting the Taipei metropolitan area. The system is currently operated by the Taipei Rapid Transit Corporation (TRTC).
Since Taipei Metro joined the Nova International Railway Benchmarking Group and the Community of Metros (Nova/CoMET) in 2002, it has started collecting and analyzing data of the 33 Key Performance Indicators set by Nova/CoMET in order to compare them with those of other metro systems around the world, as a reference to improve its operation. Taipei Metro also has gained keys to success from case studies on different subjects such as safety, reliability, and incidents, and from the operational experiences of other metro systems.
According to a study conducted by the Railway Technology Strategy Centre of Imperial College, and data gathered by Nova/CoMET, the Taipei Metro has ranked number 1 in the world for three consecutive years in terms of reliability, safety and quality standards.
The Taipei Metro is one of the most expensive rapid transit systems ever constructed.
Since its completion, the TRTS has reduced travel time from one end of Taipei to the other from up to three or more hours to less than an hour, and has been effective in relieving some of Taipei's traffic congestion problems.
The TRTS also includes several public facilities such as Maokong Gondola, underground shopping malls, parks, and public squares. Modifications to existing railway lines to integrate into the MRT are underway.
Began operation March 28, 1996
System length In service: 74.4 km
No. of lines 8
No. of stations 67
Daily ridership 1,214,728 (in November 2007)
Operator Taipei Rapid Transit Corporation (TRTC)
Taipei Rapid Transit System
Traditional Chinese: 台北大眾捷運系統
Estimated cost: US$ 32 billion (phase 1 and 2)
The Taipei Rapid Transit System, also known as the MRT (Metropolitan Rapid Transit), or by locals simply as the Metro Taipei is a rapid transit system connecting the Taipei metropolitan area. The system is currently operated by the Taipei Rapid Transit Corporation (TRTC).
Since Taipei Metro joined the Nova International Railway Benchmarking Group and the Community of Metros (Nova/CoMET) in 2002, it has started collecting and analyzing data of the 33 Key Performance Indicators set by Nova/CoMET in order to compare them with those of other metro systems around the world, as a reference to improve its operation. Taipei Metro also has gained keys to success from case studies on different subjects such as safety, reliability, and incidents, and from the operational experiences of other metro systems.
According to a study conducted by the Railway Technology Strategy Centre of Imperial College, and data gathered by Nova/CoMET, the Taipei Metro has ranked number 1 in the world for three consecutive years in terms of reliability, safety and quality standards.
The Taipei Metro is one of the most expensive rapid transit systems ever constructed.
Since its completion, the TRTS has reduced travel time from one end of Taipei to the other from up to three or more hours to less than an hour, and has been effective in relieving some of Taipei's traffic congestion problems.
The TRTS also includes several public facilities such as Maokong Gondola, underground shopping malls, parks, and public squares. Modifications to existing railway lines to integrate into the MRT are underway.
Taxi Fares for 5 km trip
Here is a rough comparison of taxi fares for a 5 km trip during the peak hours.
Taxi fares are no longer cheap in Singapore. The most expensive is London.
London GBP 9 SGD 30
Sydney AUD 12 SGD 16
New York USD 8 SGD 12
Singapore SGD 7 (plus ERP and CBD)
Hong Kong HKD 40 SGD 8
Taipei NT 160 SGD 8
Taxi fares are no longer cheap in Singapore. The most expensive is London.
Shops in Hualien
Hualien is a tourist town in the east of Taiwan. The shops are closed in the day. The roads are almost deserted. There are only a few cars moving around.
The shops open for business at night. The streets are busy.
I have never seen a town operate like this before. In many places in Europe, the shops are open during the day and closed at night.
The shops open for business at night. The streets are busy.
I have never seen a town operate like this before. In many places in Europe, the shops are open during the day and closed at night.
Taxi Fares in London
Taxi fares in London are quite complicated.
The meter calculates the maximum fare based on:
Time of day
Distance travelled
Taxi speed
The passenger will be expected to pay the full fare displayed on the meter at the end of the journey unless the driver and passenger agree on the final fare to be charged before the start of the journey.
Taxi fares
There are three tariffs, as follows:
Tariff code 1: Monday to Friday 06:00 - 20:00
Tariff code 2: Monday to Friday20:00 - 22:00, Saturday and Sunday 06:00 - 22:00
Tariff code 3: Every night 22:00 - 06:00 and Public holidays
Fare for tariff code 1:
1 mile £4.20 - £6.20
2 miles: £6.60 - £9.40
4 miles: £11 - £15
6 miles: £14 - £20
For tariff code 2 and 3, the fare is upto 20% higher than tariff code 1.
There is a minimum fare of £2.20 at all times.
Extra charges
Extra charges must be added on the meter at the start of the journey. There are no extra charges for luggage or additional passengers.
Telephone Bookings: up to £2 if the taxi is booked by telephone
Heathrow extra: £2 for journeys that start from Heathrow Airport ranks
Christmas and New Year: £4 for journeys
Bank cards: 10 per cent and 15 per cent of the metered fare
The meter calculates the maximum fare based on:
Time of day
Distance travelled
Taxi speed
The passenger will be expected to pay the full fare displayed on the meter at the end of the journey unless the driver and passenger agree on the final fare to be charged before the start of the journey.
Taxi fares
There are three tariffs, as follows:
Tariff code 1: Monday to Friday 06:00 - 20:00
Tariff code 2: Monday to Friday20:00 - 22:00, Saturday and Sunday 06:00 - 22:00
Tariff code 3: Every night 22:00 - 06:00 and Public holidays
Fare for tariff code 1:
1 mile £4.20 - £6.20
2 miles: £6.60 - £9.40
4 miles: £11 - £15
6 miles: £14 - £20
For tariff code 2 and 3, the fare is upto 20% higher than tariff code 1.
There is a minimum fare of £2.20 at all times.
Extra charges
Extra charges must be added on the meter at the start of the journey. There are no extra charges for luggage or additional passengers.
Telephone Bookings: up to £2 if the taxi is booked by telephone
Heathrow extra: £2 for journeys that start from Heathrow Airport ranks
Christmas and New Year: £4 for journeys
Bank cards: 10 per cent and 15 per cent of the metered fare
Taxi Fares in Sydney
Current Fares - Effective From 27 August 2007
Hiring Charges: $3.00
Distance Rate:
Tariff 1: $1.79 per kilometre Between 6 a.m. and 10 p.m. daily
Tariff 2: Tariff 1 + 20% Between 10 p.m. and 6 a.m. daily
Radio Booking fee: $1.60 surcharge in addition to the fare.
Waiting time: $46.20 per hour (72.17c per minute - less than 25.77 KPH)
Luggage Rates:
First 25kg no charge - then 10c for each subsequent 25kg or part thereof. Maximum payable 55c
Toll and ferry Charges:
The hirer must pay all road, bridge, ferry, tunnel and airport tolls that apply to the journey.
Maxi Cabs:
Except in the case of a multiple hiring, where 75% of the authorised fare applies, all the above maximum fares and charges apply only in the case of the maxi-cab hire from a taxi zone or hailed on the street to carry up to 5 passengers. For any other hiring (except a multiple hiring) up to 150% of the above maximum fares and charges may be charged.
Note: A return toll is payable on the Sydney Harbour Bridge and in the Sydney Harbour Tunnel. Any electronic toll administration fee is not payable by the hirer.
Hiring Charges: $3.00
Distance Rate:
Tariff 1: $1.79 per kilometre Between 6 a.m. and 10 p.m. daily
Tariff 2: Tariff 1 + 20% Between 10 p.m. and 6 a.m. daily
Radio Booking fee: $1.60 surcharge in addition to the fare.
Waiting time: $46.20 per hour (72.17c per minute - less than 25.77 KPH)
Luggage Rates:
First 25kg no charge - then 10c for each subsequent 25kg or part thereof. Maximum payable 55c
Toll and ferry Charges:
The hirer must pay all road, bridge, ferry, tunnel and airport tolls that apply to the journey.
Maxi Cabs:
Except in the case of a multiple hiring, where 75% of the authorised fare applies, all the above maximum fares and charges apply only in the case of the maxi-cab hire from a taxi zone or hailed on the street to carry up to 5 passengers. For any other hiring (except a multiple hiring) up to 150% of the above maximum fares and charges may be charged.
Note: A return toll is payable on the Sydney Harbour Bridge and in the Sydney Harbour Tunnel. Any electronic toll administration fee is not payable by the hirer.
Taxi Fares in New York
Taxi FaresCabs are cash only. While cabs are relatively expensive for a single person, they can actually be a bargain with 3 or more riders. The rates for taxicabs are as follows (last updated 2007-07):
Initial fare.............$2.50
Each 1/5 mile (4 blocks).$0.40
Each 1 minute idle.......$0.40
Peak surcharge...........$1.00 (after 4pm until 8pm Mon-Fri)
Night surcharge..........$0.50 (after 8pm until 6am)
Tolls....................$extra
Additional riders........FREE
Pay only what's on the meter, plus a 15-20 percent gratuity. There are additional charges for crossings outside the metropolitan area and New Jersey. Passengers are required to pay one way. If you are going to airports, there are set fees plus toll and tip.
Initial fare.............$2.50
Each 1/5 mile (4 blocks).$0.40
Each 1 minute idle.......$0.40
Peak surcharge...........$1.00 (after 4pm until 8pm Mon-Fri)
Night surcharge..........$0.50 (after 8pm until 6am)
Tolls....................$extra
Additional riders........FREE
Pay only what's on the meter, plus a 15-20 percent gratuity. There are additional charges for crossings outside the metropolitan area and New Jersey. Passengers are required to pay one way. If you are going to airports, there are set fees plus toll and tip.
Easy to get a taxi from Taipei Main Station
On returning from Hualien, my wife and I hailed a taxi at the roadside outside Taipei Main Station. Although this was a busy time of the night, a taxi picked us within 1 minute. Surprising, but it is true.
The journey to our apartment in Taipei was 6 km. It cost NT 180 (about SGD 9). Most of the journey was on the expressway, which was fast flowing (unlike the congested expressways in Singapore).
The traffic system in Taipei is definitely much better than Singapore. It is time for us to learn from Taipei.
The journey to our apartment in Taipei was 6 km. It cost NT 180 (about SGD 9). Most of the journey was on the expressway, which was fast flowing (unlike the congested expressways in Singapore).
The traffic system in Taipei is definitely much better than Singapore. It is time for us to learn from Taipei.
Train from Taipeh to Hualien
I took the train from Taipei to Hualien. It was an interesting experience.
My train ticket showed the train number and time of departure from Taipei Main Station. I asked the station staff for the platform and was given clear direction.
At the platorm, a passenger advised me to look at the coach and seat number printed on the ticket and to locate the right section of the platform to board the coach. There is a number in the platorm to indicate the coach number.
There is a digital sign to indicate the departure time of the train that is currently on the platform.
In case the previous train is late, the sign will indicate that the train is the previous train and the passenger can be alerted to avoid boarding the wrong train.
On the return journey from Hualien to Taipei, I have no dificulty in getting the right platform, train and coach. I enjoyed the journey.
My train ticket showed the train number and time of departure from Taipei Main Station. I asked the station staff for the platform and was given clear direction.
At the platorm, a passenger advised me to look at the coach and seat number printed on the ticket and to locate the right section of the platform to board the coach. There is a number in the platorm to indicate the coach number.
There is a digital sign to indicate the departure time of the train that is currently on the platform.
In case the previous train is late, the sign will indicate that the train is the previous train and the passenger can be alerted to avoid boarding the wrong train.
On the return journey from Hualien to Taipei, I have no dificulty in getting the right platform, train and coach. I enjoyed the journey.
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