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15-09-2021, 03:52 PM
#571
Originally Posted by artemis
Continuum of care is a major selling point for many operators.
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24-09-2021, 06:23 PM
#572
The Retirement Village Residents Association of New Zealand told a parliamentary select committee retirement villages operate almost like "a quasi-Ponzi scheme" and asked the committee to support an urgent review of the relevant legislation.
Doesn't want a multi year review --- immediate change needed
“ At the top of every bubble, everyone is convinced it's not yet a bubble.”
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24-09-2021, 09:42 PM
#573
Originally Posted by justakiwi
Fair enough that for example supermarket workers get 10% extra during lockdown (Countdown) because they're directly in the line of fire of possible Covid infection. Not so sure that retirement village workers are exposed to the same level of danger or are so fully deserving of so called danger money.
"Both say it is to thank staff who are caring for thousands of residents each day". Aren't they just doing their normal job and due to restricted entry to villages are not exposed to anything like the degree of widespread risks that supermarket workers are ?
I get the sense this is simply a bribe to minimize absenteeism and therefore is a commercial decision regarding ensuring continuity of services as compared to being generous per se...or maybe I am an old cynical mutt...probably lol
Last edited by Beagle; 24-09-2021 at 09:43 PM.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
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24-09-2021, 10:01 PM
#574
Originally Posted by Beagle
Fair enough that for example supermarket workers get 10% extra during lockdown (Countdown) because they're directly in the line of fire of possible Covid infection. Not so sure that retirement village workers are exposed to the same level of danger or are so fully deserving of so called danger money.
"Both say it is to thank staff who are caring for thousands of residents each day". Aren't they just doing their normal job and due to restricted entry to villages are not exposed to anything like the degree of widespread risks that supermarket workers are ?
I get the sense this is simply a bribe to minimize absenteeism and therefore is a commercial decision regarding ensuring continuity of services as compared to being generous per se...or maybe I am an old cynical mutt...probably lol
Correct.An old cynical mutt.Time for one of your treats...lol
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24-09-2021, 10:43 PM
#575
I don't think it is intended as "danger money" - more like appreciation for the fact that working through lockdowns has created extra work, additional stress and many staff have had to pick up extra shifts to cover staff off work with cold symptoms - until they have returned a negative covid test. Since first lockdown, I have had three covid tests - all mandatory for staff displaying cold symptoms. Several days off work each time. Someone had to cover my shifts while I was off. Some staff have had to work 6 shifts in a row at times.
So yes, we have been working our usual jobs but things have been far from "normal" for significant periods of time. As an OCA shareholder I have no issue with them showing their appreciation with a financial reward. As a caregiver it would make me feel more valued than a mere " thank you" would.
Originally Posted by Beagle
Fair enough that for example supermarket workers get 10% extra during lockdown (Countdown) because they're directly in the line of fire of possible Covid infection. Not so sure that retirement village workers are exposed to the same level of danger or are so fully deserving of so called danger money.
"Both say it is to thank staff who are caring for thousands of residents each day". Aren't they just doing their normal job and due to restricted entry to villages are not exposed to anything like the degree of widespread risks that supermarket workers are ?
I get the sense this is simply a bribe to minimize absenteeism and therefore is a commercial decision regarding ensuring continuity of services as compared to being generous per se...or maybe I am an old cynical mutt...probably lol
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24-09-2021, 10:49 PM
#576
Originally Posted by winner69
The Retirement Village Residents Association of New Zealand told a parliamentary select committee retirement villages operate almost like "a quasi-Ponzi scheme" and asked the committee to support an urgent review of the relevant legislation.
Doesn't want a multi year review --- immediate change needed
Surely the whole of NZ residential housing has been a quasi-Ponzi scheme for those who can afford to join in.
If I understand it correctly, It has been compulsory for intending residents to have independent legal advice before signing an ORA. Perhaps some residents (and/or their families) now have remorse that they have since missed out on some capital gains from home ownership as the result of the pandemic drop in interest rates?
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24-09-2021, 11:29 PM
#577
Fair enough Justakiwi, appreciate the feedback on what its like on the front line of care. As you say, these are not normal times.
Bjauck = Yes they must get legal advice and there's a 15 working day cool off period as well. Yes to your latter point. Some people want all the enjoyment and camaraderie of living in a retirement village but not the costs that go with it and some family members have an entitlement expectation about their inheritance.
Percy - woof, woof
Last edited by Beagle; 24-09-2021 at 11:31 PM.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
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24-09-2021, 11:38 PM
#578
"a quasi-Ponzi scheme"
cant see how that is correct or anywhere near it.
Its driven by supply and demand and no one has lost any money until the fat lady sings and she hasnt yet. Soon maybe. Even then its not even remotely like a P Scheme.
Last edited by Waltzing; 24-09-2021 at 11:43 PM.
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25-09-2021, 07:27 AM
#579
I don't really see a problem with the retirement structures.
I go into arvida to do work and they do a great job of doing them back up to be like brand new. My only complaint would be the waste of materials that probably still have life in them.
My grandmother moves in to Oceania on Monday into a brandnew one and it looks great. Yes if she lives more than 3 years the rate is 30% off the purchase price but having the (don't have to worry about anything housing wise will be great).
On another note does anyone have any tips about westpac investing. As because she basically has no drivers licence and passport it's a pain on the arse to put her money outside her bank. I'd like to put it into something more than a bank savings.
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25-09-2021, 07:28 AM
#580
Originally Posted by Waltzingironmansinlgescul
"a quasi-Ponzi scheme"
cant see how that is correct or anywhere near it.
Its driven by supply and demand and no one has lost any money until the fat lady sings and she hasnt yet. Soon maybe. Even then its not even remotely like a P Scheme.
True it is quasi, the element of fraud is missing. Everything has legal and government blessing.
Supply - is kept to a trickle by various regulations
Demand - is inflated by The Government (immigration, fiscal and monetary settings) / RBNZ inflation targets that have not adequately taken into account asset inflation /Profitable Bank residential lending (mostly by foreign owned banks as Kiwis have stuffed their money into land)
For how long will interest rates stay so low? Maybe they are the new normal? The Fat Lady has got so very fat. When she sings it could be a belter?
Last edited by Bjauck; 25-09-2021 at 07:42 AM.
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