Those with the least get the most, but that doesn’t mean those with more don’t get anything: Chan Chun Sing
The Minister for Trade and Industry says different groups of Singaporeans have different concerns and no single measure will address all cost-of-living pressures fully.
Ricky Lim
“We try to help everyone in Singapore by making sure that those with the least get the most, but that doesn’t mean that those with more don’t get anything. It’s just a tiering of the help schemes that we have.”
Mr Chan then outlined the Government’s eight-point strategy for managing the cost of living in Singapore: By keeping the economy competitive; managing the Singapore dollar; diversifying sources of supply; promoting competition; managing the cost of doing business; focusing help schemes to do more for those with less; enabling consumers’ choice and lastly leveraging social enterprises.
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Posted on :- 07 Jul 2018 06:28AM (Updated: 07 Jul 2018 06:30AM)
Ricky Lim
Thinking of ways to :-
(1) Earning and enlarging the economic pies - will means there are more budget to spend on social spendings.
(2) Set aside a budget to help those in lower and middle income - will help to close up income and social inequality.
(3) Setting aside another budget to give to all Singaporeans - irregardless of income status - is a way to show appreciation to all income groups that have contributed to the Economy of Singapore - so that higher income group don't feel they are left out or not appreciated for their effort in the contribution to the Economy.
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Mr Chan then outlined the Government’s eight-point strategy for managing the cost of living in Singapore: By keeping the economy competitive; managing the Singapore dollar; diversifying sources of supply; promoting competition; managing the cost of doing business; focusing help schemes to do more for those with less; enabling consumers’ choice and lastly leveraging social enterprises.
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Posted on :- 07 Jul 2018 06:28AM (Updated: 07 Jul 2018 06:30AM)
Ricky Lim
Thinking of ways to :-
(1) Earning and enlarging the economic pies - will means there are more budget to spend on social spendings.
(2) Set aside a budget to help those in lower and middle income - will help to close up income and social inequality.
(3) Setting aside another budget to give to all Singaporeans - irregardless of income status - is a way to show appreciation to all income groups that have contributed to the Economy of Singapore - so that higher income group don't feel they are left out or not appreciated for their effort in the contribution to the Economy.
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Ricky Lim
Mr Chan added that certain items consumed daily, such as water and transport fares, could produce a disproportionate psychological impact despite not having the biggest absolute impact.
“The ‘bunching' of price increases, like the increases in water and electricity prices this month, can also have a disproportionate psychological impact,” he said.
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The assessment is correct.
(1) PUB bills are less than $200 per month ($2,400 per year) for most households - but a slight increase in prices for water and electricity - will produce the highest protest noise.
(2) Transport cost are less than $300 per month ($3,600 per year) - but a slight increase in bus fare or train fare - will similarly produce the highest protest noise.
Believe the highest decibel will come - when GST increase is announced.
Thus, it is important to cushion GST increase with appropriate measures to mitigate any rises in cost of living when it happens - that affect Singaporean's lives.
“The ‘bunching' of price increases, like the increases in water and electricity prices this month, can also have a disproportionate psychological impact,” he said.
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The assessment is correct.
(1) PUB bills are less than $200 per month ($2,400 per year) for most households - but a slight increase in prices for water and electricity - will produce the highest protest noise.
(2) Transport cost are less than $300 per month ($3,600 per year) - but a slight increase in bus fare or train fare - will similarly produce the highest protest noise.
Believe the highest decibel will come - when GST increase is announced.
Thus, it is important to cushion GST increase with appropriate measures to mitigate any rises in cost of living when it happens - that affect Singaporean's lives.
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