REACH 345 -  Have you had to adjust your purchasing habits to adapt to this bout of inflation? How else have you been affected by rising costs? What are your views on the Government’s response so far?

(SK)

06 May 2022 (10am - 7pm)

REACH

[9:45 am, 06/05/2022] +REACH: Dear Contributors,

Welcome back! 😊

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Megan 😊

[10:00 am, 06/05/2022] +REACH: 📢 Topic 📢 

In his May Day Rally speech on 1 May 2022, PM Lee warned that there may be a global recession in coming years. As a small country integrated in the global economy, Singapore is a “price taker” and cannot avoid these challenges. Government, businesses and consumers must be prepared. 

💬 Have you had to adjust your purchasing habits to adapt to this bout of inflation? How else have you been affected by rising costs? What are your views on the Government’s response so far?

PM Lee outlined Government measures to alleviate cost-of-living pressures on Singaporeans. These include:

📌 The $560 million Household Support Package, announced in Budget 2022

📌 Tightened monetary policy to reduce imported inflation

📌 Securing our own food and energy supplies to avoid disruption by global events

The labour movement also worked with Government and employers to support workers and save jobs during the worst days of the pandemic. In his speech, PM Lee cited some major policy changes that will build on the tripartite partnership: 

📍Progressive Wage Model will expand to cover more sectors and more lower-wage workers

📍Complementarity Assessment Framework will ensure that foreign professionals complement the local workforce, and local PMETs can continue to compete fairly

📍 Increased retirement and re-employment ages will support those who wish to continue working

📍 Increased CPF contribution rates will lead to higher payouts

👉 https://www.straitstimes.com/singapore/politics/may-day-rally-sporeans-must-brace-for-more-economic-challenges-says-pm-lee

👉 https://www.channelnewsasia.com/business/global-recession-coming-what-does-mean-singapore-2664976 

👉  https://www.todayonline.com/singapore/explainer-what-will-likely-cause-recession-2024-pm-lee-cautioned-1889841

👉  https://www.straitstimes.com/singapore/politics/tripartite-model-must-always-be-stabilising-force-for-singapore-pm-lee

-----

[10:05 am, 06/05/2022] +Timothy Low: I would like to refer to this flyer. It’s high time for Government to stop categorising rebates accordingly to housing type. For those who are living in one bedder private condo might be poorer than those who are staying at 5 room hdb flat. 

For single who haven’t reach 35 and thus unable to buy hdb, they have to resort to private as it’s their only option. But that doesn’t mean they are more well to do than the average middle class citizen. 

Perhaps these subsidies and rebates should be given based on personal or household income levels instead

[10:10 am, 06/05/2022] +Smiley face: Starter, best outlook will be global recession going into Q2/22- G20+

Into Q2/23, hopefully it doesn't transit into depression which will affect all? ... Fyi

[10:13 am, 06/05/2022] +Smiley face: Stagflation + Stagnation... Recession... Depression

Watch that Money supply policies - Fed, BOE, EU, WB, IMF and how China turns their 'corners'-internal & external supply and demand... Fyi

[10:15 am, 06/05/2022] +Smiley face: Crunching timeline has began...

[10:19 am, 06/05/2022] +Smiley face: Economics History:

The 1970s saw some of the highest rates of inflation in the United States in recent history, with interest rates rising in turn to nearly 20%. Central bank policy, the abandonment of the gold window, Keynesian economic policy, and market psychology all contributed to this decade of high inflation.

In neighboring HK, if one borrowed to finance her/his property, the interest rates then were in DOUBLE DIGITS range! So what's the yield, today's property value in HK vs then high interest rates?

One lesson - CASH IS KING... In weathering bad times and desperate moments, CASH!

[10:22 am, 06/05/2022] +Smiley face: “If you said… for a 1% interest in all the farmland in the United States, pay our group $25 billion, I’ll write you a check this afternoon,” Buffett said. ”[For] $25 billion I now own 1% of the farmland. [If] you offer me 1% of all the apartment houses in the country and you want another $25 billion, I’ll write you a check, it’s very simple. Now if you told me you own all of the bitcoin in the world and you offered it to me for $25 I wouldn’t take it because what would I do with it? I’d have to sell it back to you one way or another. It isn’t going to do anything. The apartments are going to produce rent and the farms are going to produce food.”

- - Warren Buffett (latest Berkshire AGM) 

Lessons:

Buffett buys VALUE things! Things that are TANGIBLE and PRODUCTIVE with a LONG TERM LIFESPAN too, that's SUSTAINABLE in today's new word!

Properties are tangible and companies that are valuable are considered a VALUE buy.

Bitcoin vs Goldcoin

[10:23 am, 06/05/2022] +ziechon: Agree there could be more conditions apart from residence. It is not as if homes in Sg are that affordable or accessible to certain groups.

I have a relative early 30s who did not have his own place yet and lives with parents. He lost his job in the fitness industry during earlier stages of covid.

It was a tough time as he could not get enough income and subsidies did not apply as his address place does not meet conditions.

His parents are retirees, he contributed to household expenses and parents of course do not support him financially. It was a tough period in getting support and he probably still doesn’t qualify for anything requiring a “low income”address.

[10:28 am, 06/05/2022] +Smiley face: Perhaps, there is a urgent needs to RELOOK and recalibrate these dislocated cases, very often heard during MTPs.

There is also an old saying "assets rich & cash compromised", is this true or conspiracy?

[10:30 am, 06/05/2022] +Smiley face: Don't know how and where to seek helps?

Don't qualified for certain helps?

Policies, allocations and implementation issues?

[10:33 am, 06/05/2022] +Smiley face: 100m dash vs 110 hurdle dash...

Difference is hurdles and potential to trip & fall orelse this athlete will clock under 10 sec flat!

[10:50 am, 06/05/2022] +Smiley face: How about a 3000m race?

Do you need bigger stamina just to finish it? 

It's all about the race against time and timing after the finishing line! Short or long, crunching times? 

Metaphor:

Bill said aloud to his gatherings, "I wish I could buy time"! Giggled loudly said Berlinda, "hey Will, is not possible, for time is infinite beyond that many black holes...!"

- - anonymous

[10:59 am, 06/05/2022] +Guillermo Cabeza: I agree with both of these comments. Support measures based on housing type are crude. Better to do so based on income. This said, even income can be flawed. Someone who is recently unemployed will not have support necessarily because the measures tend to be based on the previous year's income assessment (with the underlying assumption that the person has been saving, and ignoring they may have debt to be serviced). With respect to imported inflation there is very little that the government can do beyond what the MAS is already doing. What the government can do is to continue to stimulate the economy (for example by further reducing covid restrictions; investing in infrastructure), and be serious about its efforts to encourage companies to hire citizens.

[11:02 am, 06/05/2022] +Guillermo Cabeza: Increasing CPF contribution rates and increasing the retirement age makes sense but there also has to be a change of mentality. As someone who is over 50, I do feel that there is continued bias against older workers and much more needs to be done on this front. It includes messages which are out there and not helpful - for example referring to the over 50s as "Senior Citizens" (i.e. the Health Hub). We should talk about seniors being those who are over the retirement age.

[11:14 am, 06/05/2022] +Smiley face: A good point...

There are few challenges like the overall business cost and competitiveness if we up the CPF rates?

Secondly, there are interventions like skillfuture and retraining of skills for transiting workforce.

Thirdly, can be calibrate this senior hiring issue to begin with 50 years and above plus gender differences. What if women are compromised in terms of shorter economics lifespan especially after the age of 50 yrs and above? What's the scale like and tipping to which side?

These big social issues will be the challenge of our lifetime and may in fact have started 10 years or earlier?

[11:15 am, 06/05/2022] +Smiley face: Presently, are we looking at the productive age into 70 yrs both men and women ?

[11:18 am, 06/05/2022] +Smiley face: Tough calls - 左右困难

[11:21 am, 06/05/2022] +Smiley face: CPF payouts increased by 25% from 2019 to 2021, set to keep growing for future cohorts

https://www.straitstimes.com/business/cpf-payouts-increased-by-25-from-2019-to-2021-set-to-keep-growing-for-future-cohorts

[11:27 am, 06/05/2022] +Smiley face: Troubles of world's biggest economies may become Singapore's problem as experts flag recession risk

https://www.straitstimes.com/business/economy/troubles-of-worlds-biggest-economies-may-become-singapores-problem-as-experts-flag-recession-risk

[11:27 am, 06/05/2022] +Smiley face: Wall Street staggers with ‘vicious’ $1.8 trillion stock rout

https://www.straitstimes.com/business/companies-markets/dow-ends-ugly-session-31-lower-while-nasdaq-plunges-5

[11:51 am, 06/05/2022] +Smiley face: HDB resale prices rise for 22nd straight month; Pinnacle 4-room flat sells for record $1.228m

https://www.straitstimes.com/singapore/housing/hdb-resale-prices-rise-for-22nd-straight-month-pinnacle-4-room-flat-sells-for-record-1228m

This is internal variables in play..

[11:51 am, 06/05/2022] +Smiley face: A wallstreet wiz once said, "in troubled (VIX) times look out for 5 variables, these 5 will play havoc on anything...?" looking puzzled, this once upon a time young apprentice!

- - anonymous

[11:55 am, 06/05/2022] +Smiley face: "Perfect storms are man creations, other naturally occurred ones, who knows? "

- - anonymous

[11:59 am, 06/05/2022] +~N: I feel tired. of trying. and trying. and still on the spot.

[0:21 pm, 06/05/2022] +Smiley face: 6 May, 2022 

Economics History:

"either letting your money work hard for you or you work harder for your money or both....that's either optimal or smart economics?" 

- - annoymous

Recalling the 1990s Asian financial crisis, many Asean countries were in 'troubled water' of low or slow growth (sounded like Stagnation) ! It took almost a decade (1997-2006) to bounce into positivities - Economics activities! 

Perspectively, if you 'time travel' back to the 90s (prior & during the crisis), many women & men on the streets were either between jobs or holding on their jobs or no job. These spectrum of social pains then led to tightening 'belts' , no interest in stock prices and property prices- simply money was really hard to 'find' those days! 

Spins the time machine and back to the future say 2025, how would our younger generations age 20s to 40s react should there be a prolonged recession?  Spent your way out of the recession? Strong currency means a simple step of a happy problem, one could buy more things with one's pocket money, is it true?

[0:30 pm, 06/05/2022] +Smiley face: Four Cores Of Concern & Stable (next 24 months)

Jobs security 

Foods prices 

Energy cost 

Health cost

[0:44 pm, 06/05/2022] +Smiley face: "On the eves of each crisis that Adam said, please ask Adam...? 

He sees “poverty” (poorness) as widespread but not problematic in commercial society, since wage earners do not experience actual misery. In the growth model of the Wealth of Nations, laborers earn a wage that affords them all the necessities and even a few conveniences and luxuries.

- - Adam Smith

"In short, economic inequalities are necessary and useful because without rich people to admire (aspires?) and to emulate (copycats?), there would be no economic growth. Or, as Smith puts it, 'a people who are all on an equality will necessarily be very poor (communism?) " 

- - Adam Smith

[0:47 pm, 06/05/2022] +Alwin: Personally, I haven’t made any adjustments to my purchasing habits at this point, but may have to do so if prices continue to rise. 

I have taken steps to refinance my housing loan in the expectation of rising interest rates and encourage all who are eligible (out of lock-in period) to do so. 

I think the measures taken by the govt so far are good, especially compared to what I have read about support (or lack thereof) provided by other countries in Asia. 

That said, the government can do more to help the unemployed with short term unemployment payouts with conditions and incentives to discourage abuse / prolonged unemployment.

[0:48 pm, 06/05/2022] +Smiley face: Fixing the loans and managing the variables.... A good option!

[0:49 pm, 06/05/2022] +Rama: I have adjusted downwards to buy essentials and not bulk purchase for long term storage.

[0:49 pm, 06/05/2022] +Smiley face: Prudent is another virtue.

[0:49 pm, 06/05/2022] +Rama: Agree

[0:50 pm, 06/05/2022] +Smiley face: Hi Mr Rama... You are back to our chat, good time...

[0:50 pm, 06/05/2022] +Rama: Yeah

[0:50 pm, 06/05/2022] +Smiley face: 4 variables, one left?

What's this hidden variable?

[0:53 pm, 06/05/2022] +Smiley face: Perhaps SUBSIDY is a self interest perspective for governments of this world.... Has been in play for so long?

[1:03 pm, 06/05/2022] +Boon: The govt swift responses, and the thoughtful immediate support, are much appreciated. The importance to the society may not be immediately obvious but it’s successes will be a more peaceful society. Thank you very much.

[2:05 pm, 06/05/2022] +RH: +1

[2:09 pm, 06/05/2022] ☸️  Danny 心: 

Micro level

- Government Support Budget

- Sustain Regular Income

- Control and Manage Our Spendings

- Alternative Income Source

[2:11 pm, 06/05/2022] ☸️  Danny 心: 

Government Support Budget

1. 1stly, the Government support Budget 2022 for the household come very timely - as it helps to cushion the impact of the spike in the current inflation.

Eg.

a. The U-save for the HDB dwellers provide immediate relief to cushion the spike in the power bill (as the old plan expire and have to sign for a new plan that have a much higher rate per kilowatt). 

This month my power bill shoot up by more than $70 despite no changes in power usage.

Though the U-save cannot cover the whole year spike in the power rate - but nevertheless it does cushion at least half the spike in cost.

However, those non-HDB dwellers complain that the spike in power bills - are quite tremendous - and they have no Government budget support.

b. The SCC conservancy subsidy also provide a relief to HDB dwellers by subsidising the town council charges.

But condo dwellers does not have such subsidies to subsidise their estate management fees.

c. The rest of the support package such as the CDC voucher and cash payout have not kicked in yet, when it come - this will cover everyone regardless of HDB or non-HDB dwellers - and help to provide some relief to everyone.

[2:15 pm, 06/05/2022] ☸️  Danny 心: 

Sustain Regular Income

1. Every household should have someone with jobs, doing business, investment - that bring in regular monthly income to the household.

Failing which, regardless of the Government support - household will face tremendous pressure and will not be able to sustain the spike inflation.

2. Jobs that bring in monthly salary, business income and investment that bring in good profit, interest, dividend, rental income etc --- are the best way to be self-sustained and accumulate savings for our old age and save for rainy days.

3. Hence any household with such sustain regular income - will need help either to get a job, do business or embark on investment that bring in regular income - to sustain their living for their household.

[2:22 pm, 06/05/2022] +Anne: My view on the G’s responses is they may be inadequate. The following are some suggestions the G can look at either now or in the future when things deteriorate:

1) Postpone all lower-priority government projects to free up more funds for emergency use

2) Encourage local agricultural companies to allocate more of their produce suitable for longer term storage eg instead of fresh food to process them into dried or canned forms (in the event we face food shortage)

3) Increase the CPF interest rates during this period

4) Provide more subsidies esp for the lower income for energy and food. The current CDC vouchers are not enough.

5) Encourage households to grow their own food, or households can participate (in $ or time) in some farming cooperatives to get a portion of their produce during harvest time.

6) Provide more subsidies to make HDB flats more affordable for the younger generations.

7) Look into CPF Life and adjust it if possible. Is it adequate for retirees given the fast rising inflation during this period?

Thank you.

[2:22 pm, 06/05/2022] ☸️  Danny 心: 

Control and Manage Our Spendings

1. We have to watch out for our spendings - as there are notable spike in many item categories 

eg.

a. Groceries

b. Eat out lunch and dinner

c. Power bill

d. Transport

e. Electrical items

f. Pharmaceutical medicine

2. If we do a spreadsheet on our spendings and compare it to our previous months - the increase in price is quite substantial.

3. Thus there is a need to control and manage our spendings -by doing the following:-

a. Source for cheaper, less branded alternatives - but equally good in quality, taste.

b. Take bus/MRT - rather than taxi, private hire or drive the car

c. Reduce unnecessary spendings.

[2:33 pm, 06/05/2022] ☸️  Danny 心: 

Alternative Income Source

1. The current spike in inflation do eat into our regular income and reduce our savings while increase our spending $.

2. Looking for alternative income sources maybe necessary - if we want to maintain our same standard of living, keep our saving intact and mitigate the spike in spending $.

3. The just announced FED increase in interest rate - already have a knock-on effect onto Singapore financial market - as banks, insurance, and financial institutions will be providing higher interest rate instrument. 

This is an opportunity for those with spare cash or savings to invest wisely in safe, guaranteed financial instrument to grow their wealth - and cushion the impact of inflation.

[2:38 pm, 06/05/2022] +Smiley face: PM Lee, Ho Ching, receive Johor state honours from Sultan

https://www.straitstimes.com/singapore/politics/pm-lee-ho-ching-receive-johor-state-honours-from-sultan

[3:11 pm, 06/05/2022] +Boon: The thread of discussion here have touched on the use of residence address as a method to categorize rebates. The current method to distribute rebates doesn’t subsidize those who live in condo for their chosen lifestyles, and doesn’t penalize those who live within their means and choose to be in HDB. This method also avoids a major moral hazard and minimizes a hand-out entitlement attitude; a moral hazard of spending to live a “higher” lifestyle and then expecting society to support them with higher welfare and rebates.

For those who lives in 1-bedder condo who feels they are poorer, they should be able to stay in HDB too. 

Overall, policies should focus to help the ones who are in need and therefore, to be able to receive more of govt rebates. Those who already chose to stay in condos - well, are they govt welfare needy in the first place? 

With potentially future tighter govt resources to go to all of Sg, perhaps authorities should review the definitions of those who should receive more support from the society and government.

[3:14 pm, 06/05/2022] +Boon: A future of Sg needs to avoid an escalating high costs of living such that when a recession does hit and people loses jobs - people’s period of self-sustainability is shortened. 

How should core living costs be better managed, so that people can sustain longer on savings or to attempt entrepreneurship, is important for Sg ability to tide recessions or worst - stagflation.

As for employment competition, on the basis of “complementary assessments” of foreign professionals with local PMETs, there is already a hollowing out of core hands-on skills in Singapore from decades of offshoring and outsourcing. Hence, in merit-skill based competition, local PMETs can and are already suffering from different  depth of hands-on experience to match those of foreign professionals. Collectively, we need to increase the depth of skills in Sg such that Sg can stand out globally as a center for excellence of  skills to attract biz opportunities. Let’s ask ourselves, what sort of skills is Sg known for today globally, and what should we be known for in the future?

[3:35 pm, 06/05/2022] +Smiley face: Six in 10 in Singapore prepared to request pay rise amid labour crunch, inflation: Survey

https://www.straitstimes.com/singapore/jobs/six-in-10-in-singapore-prepared-to-request-pay-rise-amid-labour-crunch-inflation

[3:38 pm, 06/05/2022] +Smiley face: https://www.weforum.org/agenda/2016/07/countries-facing-greatest-skills-shortages/

[3:39 pm, 06/05/2022] +Smiley face: https://hbr.org/2014/09/workers-dont-have-the-skills-they-need-and-they-know-it

[3:41 pm, 06/05/2022] +Smiley face: https://www.mckinsey.com/industries/education/our-insights/education-for-employment-realizing-arab-youth-potential

[3:42 pm, 06/05/2022] +Smiley face: "pay peanuts, what will you gets...?"

[3:48 pm, 06/05/2022] +Smiley face: One of the Canadian immigration policies to foreign students upon graduation, they are given up to 3 years of working visa... Fyi

[3:49 pm, 06/05/2022] +Rama: What's our government approach!?

[3:49 pm, 06/05/2022] +Smiley face: Mr Rama, these days, many monkeys' business also pay well too... Fyi

[3:50 pm, 06/05/2022] +Smiley face: Pls consult our MOE, MFA, MOM.... what's their pitching for talents?

[3:51 pm, 06/05/2022] +Smiley face: "if only you can control costs, then, perhaps cost itself will be controlled...?"

[3:51 pm, 06/05/2022] +65 9009 7919: I think SG polythhenic have this policy. Not sure about uni

[3:52 pm, 06/05/2022] +Smiley face: Better starts SCANNING these tactics by G 20 +...

What a highly competitive world!

[3:54 pm, 06/05/2022] +Smiley face: "your gains is my losses...?"

[5:02 pm, 06/05/2022] +RH: Hiring of citizens... 

This shd always be a priority. 

Promoting from within (ie.  local Singaporean)  shd also be a priority and not look elsewhere to get foreign talent to fill the top job.  

Provide support & OJT to the next-in-line,  groom for succession planning within the organization. 

Many companies are still looking to hire from without as a first and fast option of filling in talent gaps. They shd instead invest in their current talent pool & provide training for succession planning. 

On a side note, I hear,  for example,  about there being a shortage of pilot captains in our aviation industry here.  And ther being too many First Officers. 

This is bound to happen...  with the pandemic, and many captain pilots were foreign talent, a void wud hv been created when these foreign talent left. 

Now tt we're resuming flights again, we shd first & foremost,  look to promote fr within. 

Of course, safety of passengers is also impt.  The new candidates shd hv the relevant 

skills & experience to execute the job professionally, responsibly and rise to the challenges tt the aviation industry brings.  

Altho aviation industry not fully run by gov,  ther shd be a system in place to ensure tt pte companies too,  tow the line on making hiring of local talent a priority. 

-- my 'two cents' worth

[5:22 pm, 06/05/2022] +Rama: Government will say talent pool for certain special skills set yet to be in numbers to reduce S pass, e pass applications

[5:29 pm, 06/05/2022] +Smiley face: The top five HR priorities globally are improving workforce planning to better inform buy/build/borrow talent strategies, designing talent processes around skills, addressing pay, gender and other equity gaps, improving total reward packages, and delivering on total wellbeing strategies.

- - mercer 2022

[5:30 pm, 06/05/2022] +Smiley face: https://www.mercer.com/our-thinking/career/global-talent-hr-trends.html#trends

[5:33 pm, 06/05/2022] +Smiley face: https://www.weforum.org/reports/the-future-of-jobs-report-2020/in-full/executive-summary/

[5:37 pm, 06/05/2022] +Smiley face: Are we ready to scale these future skillsets? To remain relevant and highly competitive, these future talents are keys to continue economics our developments, road maps and targeted & strategic dominances!

[5:40 pm, 06/05/2022] +Smiley face: Renewals and successions... 后浪推前浪

"Higher value jobs"

[5:43 pm, 06/05/2022] +KSFoong: 长江后浪推前浪，前浪死在沙滩上🥲

[6:02 pm, 06/05/2022] +Noraini: What talking you

[6:03 pm, 06/05/2022] +Rama: English please

[6:08 pm, 06/05/2022] +Smiley face: https://www.pmo.gov.sg/Newsroom/speech-mr-lee-kuan-yew-minister-mentor-s-rajaratnam-lecture-09-april-2009-530-pm-shangri

"Singapore has to continually reconstruct itself and keep its relevance to the world and to create political and economic space. This is the economic imperative for Singapore."

- - Lee Kuan Yew

[6:13 pm, 06/05/2022] +Smiley face: "Globalisation cannot be reversed because the technologies that made globalisation inevitable cannot be uninvented. In fact, better and cheaper transportation and communications will further advance the forces of globalisation. Singapore has to embrace this reality and remain open to talent, capital, technology and immigrants to make up for our low birth rate (total fertility rate of 1.29) with around 35,000 babies each year."

- - Lee Kuan Yew

[6:19 pm, 06/05/2022] +Smiley face: "However, American resilience and creativity should never be underestimated.    

As the dominant global power, preserving the status quo is in US interests. As a rising power, China will not acquiesce to a status quo status indefinitely. Competition is inevitable, but conflict is not. "

- - Lee Kuan Yew (2009)

[6:21 pm, 06/05/2022] +Smiley face: "But so long as the succeeding generations of Singaporeans do not forget the fundamentals of our vulnerabilities, and not delude themselves that we can behave as if our neighbours are Europeans or North Americans, and remain alert, cohesive and realistic, Singapore will survive and prosper."

- - Lee Kuan Yew (2009)

[6:29 pm, 06/05/2022] +Smiley face: Flexible work arrangements, gig work among issues tripartism must tackle: Panel

https://www.straitstimes.com/singapore/jobs/flexible-work-arrangements-gig-work-among-issues-tripartism-must-tackle-panel

[6:44 pm, 06/05/2022] +Boon: Re: gig workers are essentially freelancers. Sg should encourage the gig economy but also plan holistically - eg what’s the cpf or pension safety net for gig workers?

[6:45 pm, 06/05/2022] +REACH: Dear contributors, 

⏰ We will be closing the chat in 15 minutes ⏰ 

Thank you very much for being a part of our WhatsApp chat and participating actively. 

Goodnight!

Megan

[6:48 pm, 06/05/2022] +Smiley face: Pump prices in S'pore rise, 92-octane fuel prices reach new highs amid renewed talks of Russian oil ban

https://www.straitstimes.com/singapore/transport/fuel-prices-rise-on-renewed-talks-of-russian-oil-ban

[6:48 pm, 06/05/2022] +Rama: Delivery food riders too!

[6:51 pm, 06/05/2022] +Smiley face: "live to work or work to live...?"

Survival mode.

[6:52 pm, 06/05/2022] +Boon: 👍

[6:53 pm, 06/05/2022] +Boon: There’s also a need to ensure banking inclusiveness for gig workers eg/ how would banks treat them when they apply for a housing loan?

[6:53 pm, 06/05/2022] +Rama: Either way, better welfare needed

[6:54 pm, 06/05/2022] +Smiley face: You need to file and pay income tax... The first step!

[6:55 pm, 06/05/2022] +Rama: A broad area of free lance works need looking into.

[6:57 pm, 06/05/2022] +Smiley face: Any idea of the demographic profile of a free lancer? Let's understand more, the functions... Etc

[6:58 pm, 06/05/2022] +Rama: Not sure

[6:59 pm, 06/05/2022] +Smiley face: Consult MOM and MTI, they may already have data...

[6:59 pm, 06/05/2022] +Smiley face: Plus IRAS and CPF

[7:00 pm, 06/05/2022] +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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