Blogger Roy Ngerng, bard of CPF matters, will be allowed to pay the $180,000 (including the costs of the hearing) in damages he owes to Prime Minister Lee Hsien Loong interest-free (as long as he makes each payment on time) in instalments. The terms of his instalment plan are as follows:
- 16 Mar 2016 – $30,000 upfront
- April 1 2016 to April 1 2021 – $100/month
- April 2 2021 onwards – $1,000/month till full sum is paid
Ngerng has agreed to the terms and has started crowd-funding efforts, calling on supporters to help defray the cost by transferring money into his bank account.
Sweet chap has even said that he is “thankful to have reached the settlement with the prime minister.”
What does this mean and why do we care?
- Ngerng can still stand for future elections as he is not a bankrupt
- If he challenges the PM again during future elections, he will have to do so knowing that he still owes the guy money
- PM Lee is currently 64. In 2021, he will be 69, past his re-employment age. If PM has retired by then, Ngerng would essentially be contributing to PM’s retirement fund as a supplement to his CPF