Read more at https://www.channelnewsasia.com/news/singapore/trade-offs-unavoidable-in-social-policy-msf-10887896
(Updated: )
Ricky Lim
On average, resident households received S$4,433 per household member from various Government schemes in 2017 while households in HDB one- & two-room flats received S$10,245 per household member.
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(1) There are 1,289,900 household in Singapore
(2) 5.8% are 1 to 2 room flat = 74,814 household.
(3) 1 to 2 room flat receive S$10,245 per household x 74,814 household = $766,471,479 benefits.
(4) 1,215,086 household received S$4,433 per household = $5,386,476,238 benefits
In total = $6.152 billion are given as benefit per year to Singaporeans.
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(1) There are 1,289,900 household in Singapore
(2) 5.8% are 1 to 2 room flat = 74,814 household.
(3) 1 to 2 room flat receive S$10,245 per household x 74,814 household = $766,471,479 benefits.
(4) 1,215,086 household received S$4,433 per household = $5,386,476,238 benefits
In total = $6.152 billion are given as benefit per year to Singaporeans.
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Ricky Lim
So the Government did not stinge or did share the Economic benefits with Singaporeans --- except this is not apparent to many Singaporeans.
Look like the Government will have to :-
(1) Communicate more to Singaporeans on the breakdown of the benefits received by Singaporeans.
(2) Focus more on improving :-
a. the aggregate income of Singaporean household
b. ensure cost of livings are contained
-- and need to communicate how this can be done ---- to see how each household generally see improvement in their savings and wealth.
This is the only way to ensure social mobility, closing income gap, improve the wealth of Singaporeans and improve the standard of living of Singaporeans.
Look like the Government will have to :-
(1) Communicate more to Singaporeans on the breakdown of the benefits received by Singaporeans.
(2) Focus more on improving :-
a. the aggregate income of Singaporean household
b. ensure cost of livings are contained
-- and need to communicate how this can be done ---- to see how each household generally see improvement in their savings and wealth.
This is the only way to ensure social mobility, closing income gap, improve the wealth of Singaporeans and improve the standard of living of Singaporeans.
Like · Reply · 1m
Paul Tan
Ricky Lim agreed! why would government be stingy when all the money are collected from tax payers. I don't think anyone had debated the rent transfer to benefit the less well off households. But this is not substainable.
The situation now is severe as education as a path to level up the poor has become less effective. This is due to high cost of private tuition and all opportunities in SG are opened to the entire world. These countries pay little for education and could compete on less salary.
The situation now is severe as education as a path to level up the poor has become less effective. This is due to high cost of private tuition and all opportunities in SG are opened to the entire world. These countries pay little for education and could compete on less salary.
Ricky Lim
Paul Tan - I agree that all social benefits must be sustainable.
While Singapore need to be compassionate - and need to share the wealth with Singaporeans --- there must always be mindful that it must be sustainable.
Policies that put in place must help to grow the Economy and Economy must be doing well years after years - in order to share the Economic Wealth with Singaporeans.
A large part of the policies should be "giving the skillsets to Singaporeans - to fish, rather than sitting there to be fed with fish".
Thus I propose that emphasis should be :-
(1) Looking at policies to Singaporean household to earn higher income for their household - like focus on education, upgrading skillsets, matching people to jobs, encourage entrepreneurship, encourage innovation and R&D etc.
Another thing is to look at how to grow the savings of Singaporeans - such as putting them into safe, guaranteed passive income to grow their wealth especially for retirees and working adults.
I also notice and acknowledge that at some points in time, some workers, mature workers will be hit by some career crisis such as retrenchment, business transformation that impact jobs or disruptive tech that make some workers lose jobs.
Government should step in and I think Government is actively stepping in to help workers to get jobs, or help workers to get new skills to go for new jobs. But it take 2 hands to clap, while the Government is helping, workers must stay proactive and positive to work with the Government to help themselves.
(2) Should be conscious in containing cost of living --- eg. I am very please that the Government adopted Open Market Electricity to many power providers - that will drive down power cost, Social entrepreneurship in hawker centre with at least 1 cheap dish (though now have some teething issues that need to resolve) etc.
While Singapore need to be compassionate - and need to share the wealth with Singaporeans --- there must always be mindful that it must be sustainable.
Policies that put in place must help to grow the Economy and Economy must be doing well years after years - in order to share the Economic Wealth with Singaporeans.
A large part of the policies should be "giving the skillsets to Singaporeans - to fish, rather than sitting there to be fed with fish".
Thus I propose that emphasis should be :-
(1) Looking at policies to Singaporean household to earn higher income for their household - like focus on education, upgrading skillsets, matching people to jobs, encourage entrepreneurship, encourage innovation and R&D etc.
Another thing is to look at how to grow the savings of Singaporeans - such as putting them into safe, guaranteed passive income to grow their wealth especially for retirees and working adults.
I also notice and acknowledge that at some points in time, some workers, mature workers will be hit by some career crisis such as retrenchment, business transformation that impact jobs or disruptive tech that make some workers lose jobs.
Government should step in and I think Government is actively stepping in to help workers to get jobs, or help workers to get new skills to go for new jobs. But it take 2 hands to clap, while the Government is helping, workers must stay proactive and positive to work with the Government to help themselves.
(2) Should be conscious in containing cost of living --- eg. I am very please that the Government adopted Open Market Electricity to many power providers - that will drive down power cost, Social entrepreneurship in hawker centre with at least 1 cheap dish (though now have some teething issues that need to resolve) etc.
Like · Reply · 1m · Edited
Ricky Lim
Foong Mun Loh - you seems to "cut and paste" your same uncouth comments in every news article.
Your mind and intellect only has this few phrases - and nothing constructive to contribute?
If you want to keep repeating your unproductive statement - suggest you can automate it by writing a program code --- and this can save you from typing the same thing in each news article.
Your mind and intellect only has this few phrases - and nothing constructive to contribute?
If you want to keep repeating your unproductive statement - suggest you can automate it by writing a program code --- and this can save you from typing the same thing in each news article.
Like · Reply · 1m
Paul Tan
Ricky Lim the biggest cost is housing not eletricity bill. There is no point saving $30 dollars but have to pay hundred of thousand for HDB.
The biggest issue is that the entire financing scheme for housing purchase is not kept up with changes and time. Every working adult is likey to face retrenchment a few times in their work life and yet these loan would take you up to 25 years to pay up, it wrongly assume that the borrowers always have the same cash flow. The whole banking and real estate industry and government are happily sucking the blood of the HDB buyers.
The biggest issue is that the entire financing scheme for housing purchase is not kept up with changes and time. Every working adult is likey to face retrenchment a few times in their work life and yet these loan would take you up to 25 years to pay up, it wrongly assume that the borrowers always have the same cash flow. The whole banking and real estate industry and government are happily sucking the blood of the HDB buyers.
Ricky Lim
Paul Tan - I think this is a good point raised on housing finance - especially if retrenchment is more frequent.
Just a guess,
At personal level :-
if in a household where there are 2 adults working (husband and wife) - at least one can temporarily take over the finance while the other who is out-of-job take times to look for new jobs or upgrade the skill before looking for new job -- could be an interim measure to finance the housing loans.
At macro level :-
Probably the Government is now alerted to this problem - and can look at it whether the housing loan can be stretched or restructured - when retrenchment hit.
Maybe writing into REACH can help to expedite into this matter - so that MND and HDB can look into it - I guess.
Just a guess,
At personal level :-
if in a household where there are 2 adults working (husband and wife) - at least one can temporarily take over the finance while the other who is out-of-job take times to look for new jobs or upgrade the skill before looking for new job -- could be an interim measure to finance the housing loans.
At macro level :-
Probably the Government is now alerted to this problem - and can look at it whether the housing loan can be stretched or restructured - when retrenchment hit.
Maybe writing into REACH can help to expedite into this matter - so that MND and HDB can look into it - I guess.
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