Read more at https://www.channelnewsasia.com/news/singapore/ndr-pm-lee-cost-of-living-housing-at-national-day-rally-2018-10626800
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Ricky Lim
Yes cost of living and housing are bothering many Singaporeans.
Good that the Government is tackling this 2 issues head-on.
Hopefully Singaporeans will be reassured of friendly policies that help Singaporeans to cope.
Good that the Government is tackling this 2 issues head-on.
Hopefully Singaporeans will be reassured of friendly policies that help Singaporeans to cope.
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Ricky Lim
Andrew Wang - are you privy to what the PM have to say - that will make Singaporeans hopping mad?
If not, you are not speaking based on facts.
If not, you are not speaking based on facts.
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Andrew Wang
I make a guess... If there is a change of people in charge and new batch of people make do with $500,000 of gross salary per year, I think we can reduce at least 20% off the current prices we have been paying.. That is what I say new thinking and new normal of living costs.
Ricky Lim
I think your calculation has no basis at all and does not reflect the true picture.
You mention that if Minister fetch $500,000 of gross salary per yer, it will reduce at least 20% off the current prices.
Assume $30million is saved from the salary to be distributed to 5.61 million Singaporeans and residents.
This means only $5.35 cents are given to each Singaporeans and residents per year.
How does you come out with the conclusion that Singaporeans can reduce at least 20% of the current prices?
Your hypothesis does not reflect the facts.
Can you please enlighten us?
You mention that if Minister fetch $500,000 of gross salary per yer, it will reduce at least 20% off the current prices.
Assume $30million is saved from the salary to be distributed to 5.61 million Singaporeans and residents.
This means only $5.35 cents are given to each Singaporeans and residents per year.
How does you come out with the conclusion that Singaporeans can reduce at least 20% of the current prices?
Your hypothesis does not reflect the facts.
Can you please enlighten us?
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Ricky Lim
If your comments want to be taken seriously, speak based on facts or strong good arguments.
Don't based on guesstimate that are way out of the truth.
Your hypothesis is only used to stir emotion - but are not solving the root cause of the problem.
Don't based on guesstimate that are way out of the truth.
Your hypothesis is only used to stir emotion - but are not solving the root cause of the problem.
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Ricky Lim
Andrew Wang - So if Singaporean citizens are about 3.5 million and not giving to residents - $30 million per year is about $8.57cents per person.
So the fact is still not right.
So the fact is still not right.
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Ricky Lim
To tackle the cost of living, there are always 2 sides of the coin :-
(1) Increase your own revenue and earnings.
(2) Reduce your expenses.
--- in order to maintain your standard of living and contain your cost of living.
This is the right way on how to tackle the cost of living.
By focusing how to :-
(1) increase individual household revenue or earning - by own effort &/or through government or collective help to focus on earning through passive income (eg. Singapore Saving Bond is one good eg., CPF interest is another good example.). Can we have more of such --- to help individual household boosting their income in this manner to tackle high cost of living.
(2) by reducing household expenses on non-essential expenses.
are ways to contain cost of livings and maintain standard of livings.
(1) Increase your own revenue and earnings.
(2) Reduce your expenses.
--- in order to maintain your standard of living and contain your cost of living.
This is the right way on how to tackle the cost of living.
By focusing how to :-
(1) increase individual household revenue or earning - by own effort &/or through government or collective help to focus on earning through passive income (eg. Singapore Saving Bond is one good eg., CPF interest is another good example.). Can we have more of such --- to help individual household boosting their income in this manner to tackle high cost of living.
(2) by reducing household expenses on non-essential expenses.
are ways to contain cost of livings and maintain standard of livings.
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Ricky Lim
Thinking aloud :-
Every year, with good Economy, the Government will give GST voucher to help household defray the cost of living.
But this time, will the Government consider dividing GST rebate into 2 parts every year:-
(1) GST voucher to defray cost of living
(2) GST capital to earn dividend (*new) - eg. each household is given say $1000 to be put as GST capital to earn interest of say 4% pa.
The GST capital cannot be drawn out, but the interest earn can be drawn out or accumulate back to the capital to earn more interest.
GST capital in fact become the passive income that the Government help each household to build to improve their earning to defray the higher cost of living.
Every year Government can give this 2 parts to every household - and the GST capital as passive income for each household can grow every year to earn more interest.
Every year, with good Economy, the Government will give GST voucher to help household defray the cost of living.
But this time, will the Government consider dividing GST rebate into 2 parts every year:-
(1) GST voucher to defray cost of living
(2) GST capital to earn dividend (*new) - eg. each household is given say $1000 to be put as GST capital to earn interest of say 4% pa.
The GST capital cannot be drawn out, but the interest earn can be drawn out or accumulate back to the capital to earn more interest.
GST capital in fact become the passive income that the Government help each household to build to improve their earning to defray the higher cost of living.
Every year Government can give this 2 parts to every household - and the GST capital as passive income for each household can grow every year to earn more interest.
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Ricky Lim
To make GST Capital easy to manage - the Government can consider to open another account in CPF - in addition to Ordinary, Special, Medisave and Retirement Account.
The GST Capital cannot be draw out by the CPF members.
But the 4% interest earn by the GST Capital at the end of the years can be drawn out by the CPF members through GIRO that are credited directly to each members bank account.
The GST Capital can be top up by the Government every year depending on the growth of the Economy - and can be used to offset higher cost of living as well as future GST increase.
This GST Capital is an initiative to build a "Passive Income" for each CPF member - to build their earnings or revenue as defined below to tack the cost of living :-
"To tackle the cost of living, there are always 2 sides of the coin :-
(1) Increase your own revenue and earnings.
(2) Reduce your expenses.
--- in order to maintain your standard of living and contain your cost of living."
This GST Capital - will also seek to encourage Singaporeans to have a stake in the Singapore Economy to do well - so that they can work hard to grow the Economy - in order to earn this "passive income" for themselves.
The GST Capital cannot be draw out by the CPF members.
But the 4% interest earn by the GST Capital at the end of the years can be drawn out by the CPF members through GIRO that are credited directly to each members bank account.
The GST Capital can be top up by the Government every year depending on the growth of the Economy - and can be used to offset higher cost of living as well as future GST increase.
This GST Capital is an initiative to build a "Passive Income" for each CPF member - to build their earnings or revenue as defined below to tack the cost of living :-
"To tackle the cost of living, there are always 2 sides of the coin :-
(1) Increase your own revenue and earnings.
(2) Reduce your expenses.
--- in order to maintain your standard of living and contain your cost of living."
This GST Capital - will also seek to encourage Singaporeans to have a stake in the Singapore Economy to do well - so that they can work hard to grow the Economy - in order to earn this "passive income" for themselves.
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Ricky Lim
Accumulated GST Capital after 10 years can be use to topup the 3 CPF Accounts of Ordinary, Special and Medisave to continue to earn CPF interest as passive income.
The purpose of GST Capital is to operate as passive income like insurance saving plan as investment and not for instant gratification.
The 10 years GST Capital is to be look at similar to 10 years insurance saving plan and every year topup is the government regular premium.
It is also similar to the 10 years Singapore Saving Bond to help Singaporeans earn passive income to contain the cost of living.
The purpose of GST Capital is to operate as passive income like insurance saving plan as investment and not for instant gratification.
The 10 years GST Capital is to be look at similar to 10 years insurance saving plan and every year topup is the government regular premium.
It is also similar to the 10 years Singapore Saving Bond to help Singaporeans earn passive income to contain the cost of living.
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Ricky Lim
This GST Capital has the following advantages :-
(1) It is not a one off rebate to tackle cost of living - but an insurance plan to cushion yearly cost of living.
The one off GST rebate to tackle current cost of living - is taken care off by the 1st part - GST voucher, U-save.
GST Capital - is meant to :-
(a) build resilence against yearly cost of living
(b) provide a stake for Singaporeans to work hard to boost Economic growth so as to earn more GST Capital
(c) double gain for Singaporeans - GST capital + GST capital interest
(d) after 10 years is up, the GST capital is transfer to CPF accounts to boost retirement, medical and housing benefits.
(e) GST Capital interest earned - can help to supplement GST voucher, U-save to tackle yearly cost of living.
(f) GST Capital help Singaporeans to invest and save wisely.
(1) It is not a one off rebate to tackle cost of living - but an insurance plan to cushion yearly cost of living.
The one off GST rebate to tackle current cost of living - is taken care off by the 1st part - GST voucher, U-save.
GST Capital - is meant to :-
(a) build resilence against yearly cost of living
(b) provide a stake for Singaporeans to work hard to boost Economic growth so as to earn more GST Capital
(c) double gain for Singaporeans - GST capital + GST capital interest
(d) after 10 years is up, the GST capital is transfer to CPF accounts to boost retirement, medical and housing benefits.
(e) GST Capital interest earned - can help to supplement GST voucher, U-save to tackle yearly cost of living.
(f) GST Capital help Singaporeans to invest and save wisely.
(g) Investing GST Capital - will help to boost Singapore as another source of wealth management - and create jobs for investment managers.
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Ricky Lim
Some people ask, how to fund the GST Capital?
Is it to increase GST to fund it?
Let us look at it differently :-
(1) Singapore Economy generate US$555billion a year of GDP.
If we are able to work hard to generate just 1% more of GDP - we will get US$5.55 billion more.
Singapore has 3.5 million Singaporeans - assume half 1.75 million are adults = S$1.75 billion will be needed to fund the GST Capital - and we have US$5.55 billion - which can more than cover.
(2) Also setting aside S$1.75 billion for GST Capital - is in effect creating another S$1.75 billion of wealth management fund to be invested by investment manager - which in effect creating another source of economy growth and boost job
Is it to increase GST to fund it?
Let us look at it differently :-
(1) Singapore Economy generate US$555billion a year of GDP.
If we are able to work hard to generate just 1% more of GDP - we will get US$5.55 billion more.
Singapore has 3.5 million Singaporeans - assume half 1.75 million are adults = S$1.75 billion will be needed to fund the GST Capital - and we have US$5.55 billion - which can more than cover.
(2) Also setting aside S$1.75 billion for GST Capital - is in effect creating another S$1.75 billion of wealth management fund to be invested by investment manager - which in effect creating another source of economy growth and boost job
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Ricky Lim
Singaporeans income can be 2 parts.
Through jobs or business - the 1st main part.
The 2nd parts will be through passive income.
With the advent of disrputive tech, AI, robotics, drones automation, AI, machine learning, deep learning, big data --- business increasingly automated.
This will help Singaporeans to get higher pay to develop, innovate and operate the automation.
At the same time, to build a second part of income for Singaporeans (the passive income) - is in fact to build insurance similar to Universal Basic Income (whereby automation helps human to earn income).
So Singaporeans can reap and share the fruits of automation, globalisation, trade - without succumbing to protectionism, unilateralism that are experienced in US, and some headwinds from Europe.
Through jobs or business - the 1st main part.
The 2nd parts will be through passive income.
With the advent of disrputive tech, AI, robotics, drones automation, AI, machine learning, deep learning, big data --- business increasingly automated.
This will help Singaporeans to get higher pay to develop, innovate and operate the automation.
At the same time, to build a second part of income for Singaporeans (the passive income) - is in fact to build insurance similar to Universal Basic Income (whereby automation helps human to earn income).
So Singaporeans can reap and share the fruits of automation, globalisation, trade - without succumbing to protectionism, unilateralism that are experienced in US, and some headwinds from Europe.
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