REACH 317 - How do you foresee yourself being impacted by the impending GST hike? How confident are you of measures such as the Assurance Package to offset its impacts for vulnerable groups? (SK)
11 Feb 2022 (10am - 7pm)
REACH
[9:44 am, 11/02/2022] +65 8248 8959: Dear Contributors,
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[9:58 am, 11/02/2022] +65 8248 8959: 📢 Topic 📢
The $6 billion Assurance Package that will be rolled out to cushion the impact of the impending goods and services tax (GST) hike is set to cover about 10 times the extra amount some families will spend, said Finance Minister Lawrence Wong on 9 Feb (Wed).
He was addressing people's concerns that the cost of living may go up with the tax increase, which is needed to raise additional revenue for Singapore's growing healthcare and social needs.
💬 How do you foresee yourself being impacted by the impending GST hike? How confident are you of measures such as the Assurance Package to offset its impacts for vulnerable groups?
Giving a better idea of how the $6 billion Assurance Package that is meant to offset the increase will work, Mr Wong said that a couple with two children and earning $5,000 a month will receive around $6,500 in benefits under the package.
Besides these transitional offset measures, the Government will also permanently enhance the GST voucher scheme, introduced in 2012 to offset some of the cash outlays as well as medical and utilities expenses of lower-income Singaporeans, he said.
He added that he would share more details in the Budget statement on Feb 18.
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[10:01 am, 11/02/2022] +Uncle Law: GST should have different rates. Lower rates for daily necessity. Higher rates for luxury goods
[10:01 am, 11/02/2022] +Uncle Law: Lower income families will be worst hit with the increase in GST.
[10:02 am, 11/02/2022] +Uncle Law: Assurance package is only going to be temporary. And only will help in short term
[10:03 am, 11/02/2022] +Sunshine Pooh: lower income families have lots of benefits given. many avenues they can tap
[10:04 am, 11/02/2022] +Sunshine Pooh: the crunch group are the sandwiched middle income
[10:04 am, 11/02/2022] ☸️ Danny 心:
1. The cost of living already increase quite significantly even before announcing the GST increase.
2. Food prices have increased significantly.
Almost every food stalls at my neighborhood have increased cook food, drinks by quite alot even before the GST officially announced implementation.
3. Power electricity increase is the steepest.
4. Transport prices MRT, bus, taxi fare also increase.
5. Global supply disruption have also impacted commercial goods and services such as electrical appliances, e-commerce products.
[10:04 am, 11/02/2022] +Sunshine Pooh: not the higher middle income but the lower to mid levels
[10:05 am, 11/02/2022] +Sunshine Pooh: the cost of living is already very very high. even if the prices of good or commodities increases... it is always mentioned that this is temporal... the prices never comes down
[10:05 am, 11/02/2022] ☸️ Danny 心:
===
Price increases (inflation) in 3 person household
1. Inflation on food = $267 per month, $3,200 per year, (2 days weekend eat out food)
2. Plastic bags (5 cents, 10 cents) X 5 bags X 4 weeks = $2 per month or $24 per year.
3. Power bill = 838KW per mth X ($0.258 - $0.168 = $0.09) = $75.42 per month or $905.04 per year.
4. Transport = $1 per week X 4 weeks = $4 per month or $48 per year.
5. Gst 7% to 9% = ($4,000 per month + $267 + $2 + $75.42 + $4 = ) X 2% = $86.97 per month or $1,043.62
Total price increases (inflation) per month = $267 + $2 + $75.42 + $4 + $86.97 = $435.39 per month
Total price increases (inflation) per year = $435.39 per month X 12 months = $5,224.68 per year.
===
[10:06 am, 11/02/2022] +Sunshine Pooh: a bun that used to cost $0.80 some 6 years back is now double the cost.
yes the size is bigger - but mostly 'filled' with air.... the ingredients inside is definitely much lesser
[10:07 am, 11/02/2022] ☸️ Danny 心:
Just an illustration of food, power bills, plastic bags charges and gst hike - 4 essential items reveal the extent of price increases.
It does not include other luxury items.
[10:07 am, 11/02/2022] +Sunshine Pooh: diesel prices had gone up 3 times in 1 months
[10:08 am, 11/02/2022] +Sunshine Pooh: thanks.. this is prudency... have not factored in school going kids
[10:10 am, 11/02/2022] ☸️ Danny 心:
1. The greatest hits will impact the:-
a. Retirees
b. Lower income group
c. Middle income group
d. Unemployed.
[10:10 am, 11/02/2022] +Caleb: ya
[10:11 am, 11/02/2022] +Sunshine Pooh: e. pre covid - dual income family . during covid: single income family
[10:11 am, 11/02/2022] +Caleb: seems like got no support for c. Middle income group
[10:11 am, 11/02/2022] +Caleb: no focus to help on this
[10:11 am, 11/02/2022] +Sunshine Pooh: unemployed is also subjective. - some do not want to hold full time job by choice
[10:11 am, 11/02/2022] +Sunshine Pooh: esp younger generation
[10:12 am, 11/02/2022] +Sunshine Pooh: i strongly agree
[10:25 am, 11/02/2022] +Gcml: +1
[10:25 am, 11/02/2022] +Gcml: Agree
[10:27 am, 11/02/2022] +Uncle Law: Essential items such as oil, rice, vegetables should be kept at a much lower GST rates
[10:27 am, 11/02/2022] +Caleb: but salary no increase, means is a decrease of income
[10:30 am, 11/02/2022] +JC: the only thing that's assured is the increased cost of living is going to hurt.
I will be looking very closely at how govt is going to spend this $ collected and whether there's any benefit after all to the middle class.
- Will healthcare subsidies be improved, without sacrificing quality of care?
- Will cost of tertiary education be better subsidized?
- Will there be more avenues and subsidies for mid-career education?
- Will there be better support for families requiring long-term care (e.g. elderly, sick, etc.)
[10:30 am, 11/02/2022] +Caleb: +1
[10:34 am, 11/02/2022] +JC: Rather than just increasing spend, Govt should also take a hard look at where it should cut spending - and I don't mean blanket cuts across the board. Spending in some areas are warranted and supported by the people. However, we prob can spend less money on things like... Youth Olympics, F1, National Steps Challenge, comfort amenities for NS men, or bailing out failing companies like SPH.
[10:34 am, 11/02/2022] +Sam: I feel that we should separate the issue of GST increase and inflation. For GST increase, there is an assurance package to minimise the impact to the lower and middle income. Inflation and increase in cost of living may due to many other factors such as increase in oil price, supply chain disruption, shortage of workers, commodity price hike etc. The question to ask is how government going to rein in the price inflation .
[10:36 am, 11/02/2022] ☸️ Danny 心:
Coffee shops announce price increases without waiting for GST hike.
https://theindependent.sg/coffee-shops-announce-price-increases-without-waiting-for-gst-hike/
[10:36 am, 11/02/2022] ☸️ Danny 心: https://www.channelnewsasia.com/singapore/why-singapore-inflation-rising-prices-higher-what-can-be-done-2463081
'A perfect storm': Why inflation is rising in Singapore and what can be done.
[10:36 am, 11/02/2022] ☸️ Danny 心: https://news.google.com/articles/CAIiEP_AyUEP5eIUM2uTFbuGKT4qMwgEKioIACIQQ24p9EuTWONuR0HxPvDVISoUCAoiEENuKfRLk1jjbkdB8T7w1SEwlrbLBg?uo=CAUiANIBAA&hl=en-SG&gl=SG&ceid=SG%3Aen
Singapore inflation rate 2022: What is it and why does it matter?
[10:36 am, 11/02/2022] ☸️ Danny 心:
Singapore all items inflation - 4%.
One of the highest in history.
[10:38 am, 11/02/2022] +Sunshine Pooh: on this note, it is also import to look at the other spectrum of the budget. how much of budget approved vs ACTUAL money spent/disbursed. there might be a imbalance.
every year, AGC office brings out their report card and shows areas where exssessive or under-spending is carried out... look at these nos holistically and then crunch out the more realistics nos.
[10:47 am, 11/02/2022] +JC: Some of these things are hard to call out... for example recently my HDB estate had a new BIG signage built. Calling my estate XXX Towers. some fancy condo like names. It's completely unnecessary.
[10:47 am, 11/02/2022] +Caleb: 😂
[10:48 am, 11/02/2022] +Caleb: guess this is under town council?
[10:48 am, 11/02/2022] +JC: AGC just calls out cases of obvious wastage.
[10:48 am, 11/02/2022] +Caleb: not gov $?
[10:48 am, 11/02/2022] +JC: Town council grow money on trees??
[10:48 am, 11/02/2022] +JC: where do u think their money come from?
[10:48 am, 11/02/2022] +JC: lol
[10:48 am, 11/02/2022] +Caleb: residents
[10:48 am, 11/02/2022] +Caleb: and shops
[10:51 am, 11/02/2022] +RH: Essential food items as abv shd be...
Zero GST?
Since ther is a revision in rates, why not adjust the system?
This way, everyone is taken care of. No nd to talk abt which grp needs help or is better off.
Adjust the GST system, such tt u still get 'close to' the desired effect.
Zero GST on Daily Essentials like, rice, cooking oil, fresh veg, milk, eggs, bread... and other selected items tt r our staple diet here in SG.
My math is not good but surely, with a 9% GST on other goods, the Gov can consider this 2-tier option instead?
🤔🤔🤔
[10:57 am, 11/02/2022] +RH: As far as GST is concerned, this is the kind of 'balance' tt wl be more 'palatable' for us.
And keep the Zero rate for as long as possible.
[11:00 am, 11/02/2022] +Rama: This is unacceptable
[11:04 am, 11/02/2022] +Uncle Law: You can choose not to patronise these places
[11:08 am, 11/02/2022] ☸️ Danny 心:
Everywhere food stalls price increases.
I have not encountered any hawker centre or coffee shops that have not increase their food prices.
Also if don't patronise our neighborhood, where else can we eat?
[11:14 am, 11/02/2022] +Dan: Everywhere food stalls price increase can be explained by inflation. But I'm appalled by Fairprice charging customers more than it should and explaining its merely human error and try to close it with "Thank you for your feedback and we will improve our process"
The recent debacle of NTUC cheating customers has bigger implications than it thinks, especially during a time before you announcing GST raise or inflation.
The comparison of how NTUC weigh their haschicken as compared to Sheng Siong and Cold Storage had made it even worse.
The latter two had considered factors such as water retention and gave more food than actual weight but NTUC who always pride themselves as the household brand, gave exact or less weight of food people paid for.
Fairprice will need to put in more effort in gaining back the trust of customers.
[11:24 am, 11/02/2022] +Joseph: One of the largest contributing component to food/retail prices is RENTAL Costs.
I think the Govt should focus on this area because it is something that can be managed and controlled with proper policy/regulation.
Commercial/F&B rental costs had been rising largely because Monopolistic practices have been left unchecked for too long.
In the past, it was Coffeeshop operators like "KopiTiam". Then, Commercial REITs came onto the scene and turbocharged the entire process.
These organisations indiscriminately bid up Commercial property prices with the obvious intention to "corner" the market. Individual/Small businesses have no chance to compete as these organisations have better access to credit. There is no economies of scale. The higher prices are simply passed no to tenants at ever increasing rates until the business fails and a new entrant comes along to try their luck. The high fixed costs in fact work in the favour of these companies since the high cost/risk to small/individual businesses is too high and the reduced competition means they have ever more say over how much to charge consumers.
The few alternatives - Non-REIT or F&B group controlled - commercial/F&B options available, will have rentals costs that are benchmarked against REIT/F&B groups. So there is no way to escape the high rental costs.
This in turn, will have to be passed on to consumers in the form of higher prices.
Look at how BreadTalk group, Paradisse Group, Crystal Jade restaurants are in EVERY shopping mall. As a landlord (usually REITs controlled), every other F&B rental charge will be benchmarked (in fact marked higher, since these groups will probably enjoy preferential rates) against theirs. Anyone who has tried to rent a space in any of the malls that are REIT-controlled, would have had the surreal experience of annual rental hikes, profit-sharing with a minimum "target" on top of the monthly rental charge etc.
In some countries, certain businesses/industries can only operate on a "Business Owner" model ie. the business can only be registered in the name of the person running it and it cannot be applied to multiple outlets. This prevents a "winner-takes-all", "win-at-all-cost" mentality and allows other entrants to the market. Most of all, it prevents uncontrolled rental hikes since passing on the charges to consumers is less likely/possible when you are not "cornering" the market.
If scale is not translating into savings and lower prices for consumers/end-users, then what is the purpose of allowing a private Monopoly/Oligopoly? That is the state of our economy/markets now. Look around. The vast majority of businesses/industries, is controlled by only a few major "players" who has the ability to influence prices and snuff out competition.
Stop distracting everyone with a discussion on a 2% GST hike. If you simply restrict monopolies/oligopolies from overwhelming everyone else, commercial rent will fall. That in turn will lead to healthier competition and a lower price equilibrium even if GST were raised up to 10% or 15%.
[11:43 am, 11/02/2022] +JC: +1 totally agree with every point. Govt is very silent on this.
[11:47 am, 11/02/2022] +BL: Gov could provide education on how to make more money from overseas. We live in a global economy and need to look outside our borders in order to produce more income to offset global price rises. This is not a Singapore problem, this is a global problem.
[11:47 am, 11/02/2022] +BL: Shipping, energy, food (and more) prices are increasing everywhere, not just in Singapore.
[11:48 am, 11/02/2022] +BL: https://www.theguardian.com/business/2022/feb/10/the-rise-in-global-inflation-the-hit-to-living-standards-across-the-world
[11:48 am, 11/02/2022] +BL: US inflation at 7.5%
[11:49 am, 11/02/2022] +BL: Germany 4.9%, Pakistan, 13%, UK 5.4%, Italy over 4% etc etc
[11:50 am, 11/02/2022] +BL: Singapore is doing well on the Global scale, let's try to remember that.
[11:50 am, 11/02/2022] +BL: It doesn't help of course, but it's important to understand the problem first, in order to solve it
[11:50 am, 11/02/2022] +BL: https://www.bankofengland.co.uk/knowledgebank/will-inflation-in-the-uk-keep-rising expecting 7% by Spring
[11:51 am, 11/02/2022] +BL: So the question is - how do we help Singaporean increase their income, to combat rising global inflation?
[11:53 am, 11/02/2022] +Gcml: A viable alternative. Worth putting time to explore.
[11:53 am, 11/02/2022] +BL: We can't just look at spending more without finding ways to increase income.
[0:06 pm, 11/02/2022] +JC: Agree. Now that govt is increasing income (which I agree is needed), I think the people should hold govt accountable for how they are planning to spend it.
[0:07 pm, 11/02/2022] +JC: So far the plan has been to use our GLCs to do that but I am not sure if we've been very successful in doing that...
[0:42 pm, 11/02/2022] ☸️ Danny 心:
1. I have no issues with GST increase - as we need to be financially prudent - to ensure balanced fiscal budget.
As well as to recover the drawing out of reserves that are spend on tackling the economic contagion brought on by covid pandemic.
2. It is the horrid inflation, the widespread rise in prices in almost all goods and services grossly outpacing income that I am concern about.
[0:49 pm, 11/02/2022] ☸️ Danny 心:
1. As government financial budget need to be prudent and balance - whereby income must keep pace with spending - so that we will not land the government into debt.
2. Likewise, individuals and households also need to maintain a balance budget - to ensure spending does not outpace our income.
At the same time, maintain a reasonable savings for rainy day as well as save for our retirement.
3. But the current hyper inflation - greatly deplete our income as well as savings.
4. Inflation is the biggest problem triggered by the pandemic. Announcement of GST hike, manifest the inflation further.
5. Assurance package is a good counter measure to cushion the impact of GST hike.
But not sure does it address the runaway inflation.
[0:55 pm, 11/02/2022] +Sunshine Pooh: +1 . These are taboo areas that the govt doesn't even review. But it's very impt
[1:30 pm, 11/02/2022] +Joseph: Rising income is not the answer to combating inflation.|
In fact, rising income CONTRIBUTES to rising inflation because higher wages means you have more $ to chase after that same (scarce) asset.
Govts that run huge deficits intentionally engineer inflation - printing more $, lowering interest rates, allowing speculative bubbles to form. Eventually, the aim is to inflate away the debt they owe creditors - which by the way, includes the citizens pension funds 😉
[1:35 pm, 11/02/2022] +Joseph: There are only 2 ways prices can fall:
1. Demand falls eg. fat belly televisions, because no one wants those anymore, so prices drop ie consumers' willingness to pay
2. Prices are so high, that consumers cannot afford it anymore eg. GCBs ie. consumers' ability to pay
[1:38 pm, 11/02/2022] +Joseph: Somehow I knew this was coming... 😂😂
I didn't ask the Govt to control rent .. i said stop REITs/F&B Groups/PR funds from using the cheap funding they so easily get, to indiscriminately buy up any available rental space, at any price, and then charge that to tenants who have no other alternatives/options.
Big difference...
[1:39 pm, 11/02/2022] +Joseph: Artificial floors / ceilings cannot be held permanently without adverse outcomes
[1:40 pm, 11/02/2022] +Smiley face: Written by Melvin Tan - 27 February, 2001
During the colonial days in 1947, the Control of Rent Act was introduced in order to protect tenants from unscrupulous landlords during the housing shortage of post-war years, and to surb the landlord's right to increase the rent of or remove the tenant from rent-controlled property. The Control of Rent Act was then enacted in 1953.
In 1970, the PAP Government introduced the Controlled Premises (Special Provisions) Act to allow landlords to recover their let property for redevelopment purposes, and at the same time, compensate their tenants after their premises are vacate. In order to do so, a landlord has to first submit an application to the Tenants' Compensation Board (TCB) to recover the rent-controlled property. The TCB requires the landlord to compensate his tenants only if they are eligible for such compensation.
Then, on 3 April 1997, the Government announced on that rent control would be abolished on 1 April 2001. In Parliament recently, the Control of Rent (Abolition) Bill 2001 is about to be passed to abolish rent control in three stages.
Firstly, the Control of Rent Act will be abolished effective from 1 April 2001. Meanwhile, the Controlled Premises (Special Provisions) Act will remain with the purpose of allowing the TCB to settle outstanding matters. Finally, the Controlled Premises (Special Provisions) Act will be eradicated totally and the TCB dissolved.
[1:46 pm, 11/02/2022] +Smiley face: https://www.businesstimes.com.sg/brunch/count-the-costs-which-comes-first-wages-or-rents
[2:30 pm, 11/02/2022] +REACH: Dear Contributors
We’d love to hear more from you on today's topic 😊
We have had good feedback and hope that we can keep the discussion robust and active!
Megan
[2:36 pm, 11/02/2022] +Joseph Yap: 💬 How do you foresee yourself being impacted by the impending GST hike? How confident are you of measures such as the Assurance Package to offset its impacts for vulnerable groups?
The impact (before the assurance package) will be from 1) consumption made at GST registered business entities and 2) consumption made at non-GST registered business entities. The impact from GST-registered business entities will be largely predictable as additional 2% is being included in bills. However, the profiteering may incur in non-GST registered businesses where these businesses are using GST hike as an excuse to raise prices beyond the 2% level. With the increasing adoption of technology among businesses and the increasing importance of GST as a source of government revenue, it could be time to review the current exemption of GST registration for businesses less than S$1m in annual revenue.
Assurance Package is fair as the transfers will offset the impact on vulnerable groups. My preference for the assurance package is however to exclude the top 10-20% income earners, so that the more could be shared with the vulnerable groups.
[2:37 pm, 11/02/2022] +En: 😱
https://www.straitstimes.com/singapore/politics/committee-recommends-pritam-singh-be-further-investigated-raeesah-khan-fined-35000-over-lies-in-parliament
[3:02 pm, 11/02/2022] +Smiley face: Army to deploy 100 soldiers to national call centre to help cope with Omicron surge
https://www.straitstimes.com/singapore/parenting-education/army-to-deploy-100-soldiers-to-national-call-centre-to-help-cope-with-omicron-surge
[3:09 pm, 11/02/2022] +Rama: RK single handedly destroyed the WP
[3:22 pm, 11/02/2022] +Joseph: That is only true if one ignores that fact that as the Leader of the Opposition and WP, PS had the opportunity and authority to stop it from escalating, and own up before being called out. So to say that RK single-handedly caused this, is a bit unfair 😅 In any case, this is not going to change the minds/votes of either camps' supporters, and is just another distraction from more pressing matters.... lets move on 😂
[3:23 pm, 11/02/2022] +Rama: As much as PT is a good listener and ET is a good lawyer, a lie is a lie either way.
[3:25 pm, 11/02/2022] +Joseph: yes.. we don't need another committee/commission to investigate what shade of grey the lie really was 😂
[3:25 pm, 11/02/2022] +Rama: Agree
[3:26 pm, 11/02/2022] +Joseph: Would rather the resources be channelled towards repairing our broken education system
[3:27 pm, 11/02/2022] +Rama: Agree
[3:30 pm, 11/02/2022] +JC: and the rental issue... rent seeking behavior kills society
[4:29 pm, 11/02/2022] +REACH: Dear Contributors
We’d love to hear more from you on today's topic 😊
💬 How do you foresee yourself being impacted by the impending GST hike? How confident are you of measures such as the Assurance Package to offset its impacts for vulnerable groups?
Megan
[4:33 pm, 11/02/2022] +Rama: The issue for me on the vulnerable groups is to plug the gap for those that still fall through the cracks as mentioned by Minister Indranee Rajah some time ago.
[4:39 pm, 11/02/2022] +Guiillermo Cabeza: How do you foresee yourself being impacted by the impending GST hike? How confident are you of measures such as the Assurance Package to offset its impacts for vulnerable groups?
Impact on me: our household expenses will increase as a result of the GST hike. I don’t think it will change our behaviour much as we tend to spend only on necessities.
Confidence that the vulnerable will be assisted: very confident from what has been disclosed so far about the package.
Comment: 1) I feel Singapore’s tax system is quite progressive and that taxing consumption is a much better policy than taxing income or capital gains or estates, and hence am supportive of raising GST even further than 9% versus raising other taxes, if assistance can be given to lower income families. This said, the top income tax rate could also be increased and we would still be competitive. Higher taxes are inevitable as the population ages. 2) Govt should really do more to tackle inflation. As noted in the comments in this chat, food / utilities / transportation costs are all higher which especially hurts middle income families. Perhaps it is time for MAS to move away from an exchange rate policy and towards an interest rate policy though this would of course result in higher mortgage costs which is regressive. 3) re GST, I think Singapore should keep it simple – tax everything at the same rate and use income assistance where needed. Govt should also use this opportunity while tourism is low to do away with the GST refund scheme for visitors.
[4:45 pm, 11/02/2022] +Elena Woo: Impact is very high even with 2% increase as recent prices already increased substantially and salaries are not increasing. This widens the income gaps as business owners increase prices more than the 2% and adds more to their profits while employees do not have enough because their salaries are not increased. Exemption of GST registration will end up driving the costs of goods even higher. And middle income will become low income.
[4:49 pm, 11/02/2022] +Elena Woo: My current salary still able to save a bit after spending on household items and utilities previously. Currently after the increased prices, no longer able to save up. So with GST hike, don't know how can survive as middle income earners like me have no support.
[4:50 pm, 11/02/2022] +Elena Woo: And my household has 6 members of which 4 are dependants.
[4:52 pm, 11/02/2022] +Elena Woo: All those saying gst hike are manageable for middle income must be either rich or don't have dependants.
[4:52 pm, 11/02/2022] +Rama: Means testing to be adjusted to address this grey area
[4:53 pm, 11/02/2022] +Angelica: Can feel the pinch when price of daily necessities go up.. food cost increasing already without GST hike..
[4:53 pm, 11/02/2022] +Elena Woo: +1
[4:54 pm, 11/02/2022] +Elena Woo: Transport costs too
[4:54 pm, 11/02/2022] +Rama: Expecting medical costs too!
[4:56 pm, 11/02/2022] +Elena Woo: With elderly and baby in my house, i definitely need a helper. So helper becomes my Dependant as i need to provide for her too. Plus school fees for babies are not cheap too.
[4:57 pm, 11/02/2022] +SL: The household purchase pattern will change. I am looking for a substitute product to cushion the gaps.
[4:57 pm, 11/02/2022] +Joseph: GST is not the issue; as someone mentioned, rent seekers/seeking is. Fix that problem and all you want.
[4:57 pm, 11/02/2022] +Angelica: Wonder if GST will affect online shopping goods, I think a lot of ppl shop online to save $$
[4:57 pm, 11/02/2022] +Elena Woo: Yes, but no longer able to save.
[4:58 pm, 11/02/2022] +Elena Woo: Alr shop online and in bulk to save $$
[4:58 pm, 11/02/2022] +Elena Woo: But because the increased costs, all the accumulation end up deny me from saving.
[4:58 pm, 11/02/2022] +SL: The purchase pattern may further evolve, especially for tech-savvy
[4:59 pm, 11/02/2022] +Elena Woo: Online shopping goods and digital goods alr have gst
[4:59 pm, 11/02/2022] +Elena Woo: It is just that it is not stated when ordering
[4:59 pm, 11/02/2022] +Elena Woo: So when gst hike, online goods will increase price too
[4:59 pm, 11/02/2022] +Angelica: Yea it’s getting harder and harder
[5:00 pm, 11/02/2022] +Angelica: Housing another big issue. Supply of BTO also not able to meet demand.
[5:01 pm, 11/02/2022] +Elena Woo: And govt wants to encourage birth rate? My husband and I don't want a second child when we cannot afford it.
[5:01 pm, 11/02/2022] +Elena Woo: Govt shd expect birth rate to decline further
[5:01 pm, 11/02/2022] +Rama: Major pro incentive needed
[5:02 pm, 11/02/2022] +Elena Woo: Not enough. My baby's cash outs already zero
[5:02 pm, 11/02/2022] +Elena Woo: And prenatal costs are high too. Every visit is in hundreds.
[5:03 pm, 11/02/2022] +Rama: Government has to show utmost sincerity with exceptional packages
[5:03 pm, 11/02/2022] +SL: changes in Purchasing patterns may help an individuals to save (eliminate branding requirement, co-sharing, etc.)
[5:04 pm, 11/02/2022] +Elena Woo: I alr purchase online in bulk to have a bit of savings. No where to cut down becoz the prices are controlled by sellers.
[5:08 pm, 11/02/2022] +SL: I tried reducing consumption For necessary and replacing it with an alternative product. I also max the effort to Refrain from going to shops and eating outside. max the use of co-sharing resources
[5:09 pm, 11/02/2022] +Elena Woo: I know what is middle class.
[5:10 pm, 11/02/2022] ☸️ Danny 心:
Annual income of $135,042 per household is considered "Middle Income".
[5:11 pm, 11/02/2022] +Elena Woo: If for 1 person enough ba. But if for a family, not enough.
[5:12 pm, 11/02/2022] ☸️ Danny 心:
Yes. I am putting the classification of middle income in perspective for discussion.
Else different people will have different benchmark of a "middle income".
But even such income group is a sandwich group.
[5:13 pm, 11/02/2022] +Elena Woo: Yes not here not there. Already strapped with high costs and even higher costs in future, but no help.
[5:14 pm, 11/02/2022] +Elena Woo: And many people still get the impression that middle income are rich people.
[5:15 pm, 11/02/2022] +Elena Woo: The problem is lower income has help, high income can self-help, the sandwiched middle income has no help and cannot self-help
[5:15 pm, 11/02/2022] ☸️ Danny 心:
Many people thought $100,000 is upper class.
But they are not if one do a proper spreadsheet to account for all the expenses, income and what is left for saving and retirement.
[5:15 pm, 11/02/2022] +Elena Woo: No savings is the problem.
[5:17 pm, 11/02/2022] +Elena Woo: Exactly. The expenses and outgoing are never calculated in the equation...
[5:24 pm, 11/02/2022] ☸️ Danny 心:
Eg. A graduate couple will have $5,000 X 2 = $10,000 a month.
$120,000 a year.
But they are a "Middle Income group".
The sandwich group.
[5:58 pm, 11/02/2022] +Anthony: I always believe those Low & Middle Income Group indivitual should get around $1500yearly after all the necessity from food to grocery all has being hike like anyhow the stall & shop hit out ridiculous pricing to our consumer
It the price remain high social instability Wil become real everyone have no choice but Against the law if emergency & urgent needs
Did government & MOF want social unrest in our own backyard?
Just take a look the pay out of GST last year $500 for 2021 was insult to Singaporean within a year everywhere in Singapore from food to transport & power supply has being hugely increased from dollar to cents
I strongly urge G & MOF starts giving hugely pay out to Low & Middle indivitual for upcoming GST yearly from now onwards
Stop giving GST to those who lives in Condo & Landed Properties they have more then enough of money in their piggy bank
[6:13 pm, 11/02/2022] +Anthony: Regards on Public Transport review on Public survey
Which is no surprise that transport performance has dip to a new high around 92%
I thought it would be around 80% given by waiting time especially as a night shift worker taking a ride at MRT like a long journey waiting time can up to 10mins if U taking the ride after 11pm it's was a insult to me I paid the same pricing as daytime time worker but I wait for longer period of time
I feedback to SMRT they not reply me on this ,it's was a shame as our transport authority's seems like running out of excuse to do better
No surprise transport always long term problem in SG
[6:33 pm, 11/02/2022] +Anthony: Single & live alone without money all of us may have to stay in crowded nursing home for FOC reply to early msgs
[6:35 pm, 11/02/2022] +Anthony: Msg to Lawrence Wong hopefully U able to heard loud & Clear for all the chat we being address out over here
[6:36 pm, 11/02/2022] +Anthony: Don't act blurr hahah👍👍
[6:37 pm, 11/02/2022] +Anthony: That's call steady bro 👊👊
[6:38 pm, 11/02/2022] +Dan: Thats in usd.
[6:39 pm, 11/02/2022] +Dan: Middle class is further categorised nowadays.
[6:47 pm, 11/02/2022] +REACH: Dear Contributors,
⏰ We will be closing the chat in 15 minutes ⏰
Thank you very much for being part of our WhatsApp chat and participating actively.
Goodnight!
Megan
[6:57 pm, 11/02/2022] +Smiley face: 11 February, 2022
To: Distinguished Ministers and All Honorable Members
"Tax & Taxing ; Pay & Paying...The Guts and The Foresights"
"Many historians believe Julius Caesar enacted a law stating a landlord could not charge more than the ancient Roman equivalent of $100 per year for a home in Rome. This came after a Roman senator appealed to the courts claiming his landlord tried to double his rent and he could no longer pay it... "
- - anonymous
Fact:
Today COE for motorcycle is $10,000.
AFFORDABILITY for Motorcyclists whom need these BASIC mode for their daily utilisations, these smaller cc bikes are mostly used for delivery or for working purposes.
The definition of luxury (classic collectibles) vehicles / motorbikes / yachts / GCBs in Singapore context means IN EXCESS of the NORMAL daily utility needs (needs vs wants).
Modeling:
Assuming an economy has 30 segments. All things constant and stable before a policy changes, each segment will have its consequences and the unintended ones. The idea is to put all segments (golden, not so shining and not golden) on the decision table to weigh and to count the frictions, the fruitions and the potential risks prior to an implementation of a major policy or a string of policies.
Whether is an infrastructure expenditure, many forms of subsidy or an impending increase in GST, it is a complex metric that looks simplistic but each stroke of change will kick start the economics of incubating, growth or shrink that segment and the followings? It almost like a reset of the playing field, these economies of livelihoods of a nation.
Four Thousand Dollars Budget:
Will $4000 monthly disposable income be sufficient to sustain a family of four? What's the means test like? Any surplus to be put aside for savings or are these hand-to-mouth and month-to-month situations for these families?
An old Chinatown saying, 'Don't play with fire if one isn't a fireman...' Same goes for cost control, many metropolises are fuming with high cost from foods, private & public transports, educations, commercial to residential properties, that's FACT!
Whether is the Chicken or the Eggs, one needs to weigh and count sooner before some eggs turn 'half-boiled' or bad?
In this extraordinary time, we need extraordinary solutions to be ahead in order to solve many coming challenges including consumptions whether the shape is a V or a W curve, pump prices, housing cost, dislocation of skills & labors, medical cost and aging. All stackup to the eventuality of rising cost of daily living.
Afterwords:
Proposed COE Categories For Motorcycle -
1) Creating a new TWO categories for engine capacity of 200cc and below as Cat A and 200cc and above as Cat B.
2) Alternatively, engine capacity of 200cc and below will pay HALF of the prevailing Motorcycle COE
3) Future Electric Motorcycle, the Horsepower output equivalent to 200cc will pay half of the prevailing Motorcycle COE.
News:
https://www.straitstimes.com/singapore/politics/gst-offset-package-can-cover-about-10-times-cost-of-tax-hike-for-some-lawrence-wong
https://www.businesstimes.com.sg/brunch/count-the-costs-which-comes-first-wages-or-rents
History:
Written by Melvin Tan - 27 February, 2001
During the colonial days in 1947, the Control of Rent Act was introduced in order to protect tenants from unscrupulous landlords during the housing shortage of post-war years, and to surb the landlord's right to increase the rent of or remove the tenant from rent-controlled property. The Control of Rent Act was then enacted in 1953.
In 1970, the PAP Government introduced the Controlled Premises (Special Provisions) Act to allow landlords to recover their let property for redevelopment purposes, and at the same time, compensate their tenants after their premises are vacate. In order to do so, a landlord has to first submit an application to the Tenants' Compensation Board (TCB) to recover the rent-controlled property. The TCB requires the landlord to compensate his tenants only if they are eligible for such compensation.
Then, on 3 April 1997, the Government announced on that rent control would be abolished on 1 April 2001. In Parliament recently, the Control of Rent (Abolition) Bill 2001 is about to be passed to abolish rent control in three stages.
Firstly, the Control of Rent Act will be abolished effective from 1 April 2001. Meanwhile, the Controlled Premises (Special Provisions) Act will remain with the purpose of allowing the TCB to settle outstanding matters. Finally, the Controlled Premises (Special Provisions) Act will be eradicated totally and the TCB dissolved.
"comparing, complaining and conclusions... The first two are most comprehensible..."
- - anonymous
- - END - -
[6:59 pm, 11/02/2022] +REACH: Dear Contributors,
We will be closing the chat for today.
Thank you very much for being part of our WhatsApp chat and participating actively.
Goodnight!
Megan 😊
=====
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