REACH 365 - What are your views on the recently announced support package? How else do you think the Government can do to help Singaporeans manage the rising inflation?
(SK)
24 Jun 2022 (10am - 7pm)
REACH
[9:47 am, 24/06/2022] +REACH: Dear Contributors,
Welcome back! ๐
⏰ We will be opening the chat from 10am to 7pm* today. ⏰
House Rules (short version of our Terms of Use) to keep in mind:
1. Be kind and respectful. We all want to be in a safe space to share our views.
2. Any and all threatening, abusive, vulgar or racially, religiously and ethnically objectionable content is prohibited.
3. Consider the quiet ones among us and give them a chance to comment.
4. No need to repeat your comment or in different forms (including caps) - we heard you loud and clear the first time.
5. Let’s protect each other’s privacy and keep contact details in this group what it should always be - confidential.
Full set of Terms of Use: https://go.gov.sg/reach-whatsapp-terms
We will strive to uphold these rules to ensure this is a safe space for all.
Please be assured that the points made by participants during the chat are aggregated and shared with relevant agencies.
The topic will be posted shortly.
Thank you
Megan ๐
[10:04 am, 24/06/2022] +REACH: ๐ข Topic๐ข
The Government announced a S$1.5 billion support package on Tuesday (Jun 21) to counter rising inflation, targeted at providing "immediate relief" for lower-income and more vulnerable groups.
Deputy Prime Minister and Finance Minister Lawrence Wong announced the details of the new package, which builds on the support measures in Budget 2022. There is no further draw on past reserves.
๐ฌ What are your views on the recently announced support package? How else do you think the Government can do to help Singaporeans manage the rising inflation?
“The Ukraine war has put tremendous stressors on global supply chains, and protectionist measures by countries have compounded supply chain disruptions,” DPM Wong added. “Global energy and food prices have risen sharply and we must expect global inflation to broaden to other areas and even to pick up further before it stabilises and gets better.”
Here is what you need to know about the new support package:
๐ GST Voucher – Cash Special Payment
GSTV-Cash recipients will receive up to S$300 cash in August with about 1.5 million Singaporeans are eligible. This payment is on top of the regular GSTV-Cash amounts they will receive this year. Taken together, GSTV-Cash recipients will receive up to S$700 in August this year.
๐ Household Utilities Credit
All Singaporean households will receive S$100 utilities credit by September to help offset their bills. The one-off credit will be provided to all Singaporean households, including those living in private properties.
๐ Enhanced ComCare scheme
The ComCare scheme will be enhanced to provide additional assistance to households on short-to-medium-term assistance and long-term assistance.
๐ Enhancement of Singapore Allowance and monthly pension ceiling
The ceiling for pensioners who draw lower pensions will be enhanced by S$30 each, to S$350 and S$1,280 respectively.
๐ Support for taxi main hirers and private hire care drivers
Eligible taxi main hirers and private hire car drivers will get a one-off relief of S$150 in August. As part of support measures for self-employed people, combi bus drivers, limousine drivers and delivery drivers and motorcycle riders will get up a one-off cash relief of up to S$300.
๐ Progressive Wage Credit Scheme
The Government’s co-funding share of eligible wage increases in 2022 will go up from 50% to 75% for resident employees with gross monthly wages up to S$2,500. For wages above S$2,500 and up to S$3,000, the co-funding will be raised from 30% to 45%.
๐๐ป https://www.channelnewsasia.com/singapore/support-package-households-businesses-rising-prices-what-you-need-know-2759991
๐๐ป https://www.straitstimes.com/singapore/jobs/how-will-spores-15b-support-package-help-residents-businesses-cope-with-global-inflation
----
[10:18 am, 24/06/2022] +BL: Quickly on the previous topic.... here's why we can't trust Facebook to regulate itself. It took the BBC to find these images and groups. Facebook don't bother. https://www.bbc.com/news/av/technology-61868874
[10:20 am, 24/06/2022] +BL: For today, there is concern around the world about rising costs. People on lower incomes have few options, so this is a welcome help. People on higher incomes needto be more strategic with their spending. Less wasteful items. More on things that have longer value and are able to be passed on.
[10:20 am, 24/06/2022] +BL: There is so much waste in the world, which creates other problems too.
[10:21 am, 24/06/2022] +BL: I'll try to think of some examples!
[11:17 am, 24/06/2022] +Uncle Law: Essential food items such as oil, rice, noodles and etc should be kept within a price range or not subjected to GST.
Housebrands usually cheaper, should be kept a max price. So lower income families can afford the basic items
[11:25 am, 24/06/2022] +Rama: Agree
[11:33 am, 24/06/2022] +Ken Loh: It will work only if they are locally produce. If not we are losing income to overseas.
Local tax exempt I would support if not. We lose more over time.
[0:05 pm, 24/06/2022] ☸️ Danny ๅฟ:
Accidentally Deleted text
Assume government ban social media platforms - and people use VPN to bypass the ban - then even if government inform social media operators to remove the contents - they won't do so.
So if terrorism content continue to be hosted - our government will not be able to do anything - then we all die.
But if we engage social media platforms operators to continue to use them, we still can regulate them and ensure our security are safeguarded.
[0:33 pm, 24/06/2022] ☸️ Danny ๅฟ:
Tampering with gst - eg. Which items to go under gst and which will not - will be a nightmare.
Also it will mess up the market dynamics and bring unintended result to the market behaviour that will have adverse impact on consumers like us.
For example, Malaysia implementing price control on chicken is a good example - it did not keep chicken price low - but instead led to supply problem as rearers refuse to rear chicken due to low price and results in spike in chicken prices.
It has to quickly reverse its policy by lifting price control and provide cash relief to consumers instead - to restore chicken supply and help consumers to cope with the relief cash.
It is better not to meddle with the tax structure but offer relief to consumers like us.
[0:36 pm, 24/06/2022] ☸️ Danny ๅฟ:
Example this is a gourmet Japanese noodle that cost $9.
Other instant noodles cost $1.50 to max $2.50.
Should we exempt the gourmet noodle from gst?
So it will be a nightmare to determine which items to exempt from gst and which should not.
[0:37 pm, 24/06/2022] +Frankie Wee: Delicious ๐
[0:38 pm, 24/06/2022] ☸️ Danny ๅฟ: https://www.channelnewsasia.com/asia/malaysia-scrap-chicken-ceiling-price-jul-1-2760521
Malaysia to scrap ceiling price controls for chicken and eggs from Jul 1.
[0:41 pm, 24/06/2022] +Frankie Wee: Singapore has own product egg to sell at NTUC FairPrice or anywhere.
When Malaysia no longer want to sell sg and supply. Singapore won’t go hungry or survive.
Singapore is small country possible we have developed product in future.
[0:42 pm, 24/06/2022] +Rama: A slap in the face for Malaysia as we are in negotiations for chicken from Indonesia.
[0:45 pm, 24/06/2022] +Frankie Wee: https://www.bbc.com/news/business-55155741.amp
[0:46 pm, 24/06/2022] +Frankie Wee: For sure trade agreement and require approval HSA sample when ready to sale.
[0:48 pm, 24/06/2022] +Rama: A lengthy process as Indonesia breeders doesn't know accreditation process formalities.
[0:50 pm, 24/06/2022] +Frankie Wee: The Singapore Food Agency (SFA) said in a statement it was "working closely" with Indonesian authorities over accreditation of the country as a potential source of chicken imports.
https://www.reuters.com/markets/commodities/indonesia-looks-plug-shortage-chicken-supplies-singapore-2022-06-20/
[0:51 pm, 24/06/2022] ☸️ Danny ๅฟ:
Gourmet rice cost $30 or more.
NTUC Thai white rice cost $6.20.
Should gourmet rice get exempt?
A total nightmare to do so.
[0:53 pm, 24/06/2022] +Frankie Wee: Rich can buy branded while poor can buy unbranded. Market competition with exempt GST
[0:55 pm, 24/06/2022] +Smiley face: Deng Xiaoping famously said "It doesn't matter whether a cat is black or white, as long as it catches mice."
[0:57 pm, 24/06/2022] +Smiley face: https://www.nato.int/cps/en/natohq/news_196910.htm
A changing game, soon!
[0:58 pm, 24/06/2022] +Smiley face: https://www.navy.mil/Press-Office/News-Stories/Article/3048569/us-navy-announces-28th-rimpac-exercise/#:~:text=SAN%20DIEGO%20%2D%20Twenty%2Dsix%20nations,Hawaiian%20Islands%20and%20Southern%20California.
Consequential and Simultaneously happening!
[0:58 pm, 24/06/2022] +Frankie Wee: What…. $12.90 I will try look delicious ๐
[1:20 pm, 24/06/2022] ☸️ Danny ๅฟ:
Then gst will have to adjust higher than 9% for all other products - because some products are gst exempt.
Other products suppliers make noise - why big small eyes?
Handphone suppliers later say handphone is essential must get exempt.
Health care later make noise it save lives must gst exempt.
So is many industries eg. Energy company say power and water is survival must gst exempt.
All hell break loose.
[1:21 pm, 24/06/2022] ☸️ Danny ๅฟ:
It is $9.
It taste heavenly.
But break a big hole in the pocket.
[1:24 pm, 24/06/2022] +Frankie Wee: Nice try I will buy tonight for my dinner.
Some say money can buy once in lifetime. We won’t broken coin or unused (2nd hand item like poor quality)
[1:26 pm, 24/06/2022] ☸️ Danny ๅฟ:
Can try once and then leave a good memory.
Heavenly broth.
But must follow the steps to cook - else the heavenly taste become not so good.
[1:26 pm, 24/06/2022] +Frankie Wee: We have value our assets to rich and cash to poor. (CPF is assets everyone has grown value)
[1:26 pm, 24/06/2022] +BL: Yep, too complicated
[1:26 pm, 24/06/2022] +Frankie Wee: ๐๐
[1:27 pm, 24/06/2022] +BL: More financial giveaways to eveyone is not sustainable.
[1:28 pm, 24/06/2022] +BL: Need to protect those on lower Incomes
[1:28 pm, 24/06/2022] +Rama: Agree
[1:28 pm, 24/06/2022] +Rama: Definitely
[1:32 pm, 24/06/2022] ☸️ Danny ๅฟ:
All for past and present NSmen - all will receive $100 in your paynow on SAF day July.
[1:35 pm, 24/06/2022] +Rama: Understand that can only be used on safra premises
[1:36 pm, 24/06/2022] +Frankie Wee: I envy $100
I was exempted NS ๐
[1:37 pm, 24/06/2022] ☸️ Danny ๅฟ:
It is a cash credit.
It can be spend in any shops that use SQ QR code.
I presume other shops outside safra which accept paynow - we can use the cash credit?
[1:38 pm, 24/06/2022] ☸️ Danny ๅฟ:
NS is a lifetime commitment with our sweat, blood and time spend on it.
[1:39 pm, 24/06/2022] +Frankie Wee: Physical more defensive experience.
I was exempted because I am disability.
[1:40 pm, 24/06/2022] ☸️ Danny ๅฟ:
No problem as people can contribute in many other ways...
[1:40 pm, 24/06/2022] +Frankie Wee: ๐
[1:41 pm, 24/06/2022] +Rama: An inclusive society
[1:42 pm, 24/06/2022] ☸️ Danny ๅฟ: https://www.asiaone.com/singapore/imitation-highest-form-flattery-indonesia-housing-estate-has-erp-gantry-merlion-and-more
[1:51 pm, 24/06/2022] +Rama: China copy cat King for this and others from around the world
[1:51 pm, 24/06/2022] ☸️ Danny ๅฟ:
Next I want to discuss the WP message of their approach to curb the inflation :-
1. More wealth taxes
2. Raise reserves contribution ceiling
More wealth taxes
1. As previously discussed, raising more wealth taxes on the small group of rich people in Singapore - will backfire.
2. Because rich people are very versatile - they can transfer their money out within minutes from their computer - if they realise they are always "target or milk" - to pay more than their fair share of tax.
For example, rich people are already paying a large share of our tax - income tax, corporate tax, properties, car COE, ARF, road tax, branded goods and services that fetch higher GST.
3. If we levy more wealth taxes, we will not only chase our rich people away by migrating, we will also fail to attract more rich people into Singapore - as other hubs are successful in attracting these rich people eg. UAE, Australia (no inheritance tax) etc --- while US, UK see rich people leaving because they start taxing the rich people.
4. The moment this rich people leave --- we have no "wealth taxes" to tax --- and then we will have to raise higher personal income taxes and gst on our middle income and lower income people (more than 9%) --- will be the double digit figures ------ in other words ---- it "Backfire" on us.
[1:53 pm, 24/06/2022] +Rama: PM already said - wealth tax of the super rich has to be tread carefully to avoid outflow of funds
[1:54 pm, 24/06/2022] +RH: +1
Shd not hv GST on such daily essentials, regardless wher it's from.
[1:54 pm, 24/06/2022] +Frankie Wee: I heard news china in country town unsold many apartments become ghost towns.
https://amp.cnn.com/cnn/2021/10/14/business/evergrande-china-property-ghost-towns-intl-hnk/index.html
[1:56 pm, 24/06/2022] +Rama: Over enthusiastic without foresight
[1:56 pm, 24/06/2022] +Rama: Gst should be tweaked
[2:09 pm, 24/06/2022] ☸️ Danny ๅฟ:
Raise reserves contribution ceiling
1. By raising the reserves contribution ceiling - we are in fact killing the goose that lay the golden eggs.
2. Currently GST revenue collection is $11 billion. And to avoid the GST increase from 7% to 9%, suppose
3. Suppose we increase our NIRC from 50% to 60% from the reserve. The 10% for example cost $5 billion which suppose to be able to plough back into the Sovereign Fund to grow more interest income at 4% - which is $220million.
4. If we raise our NIRC to 60% to replace the GST tax increase - that means every year - we lose $5 billion + $220 million earning that our Sovereign Fund can earn.
5. If we maintain NIRC contribution to 50% instead of 60% - our National Finance can have an additional tax revenue of $110 million - with $110 million plough back to our Soveriegn Fund to reinvest. Also we keep our $5 billion every year to grow more revenue.
6. By raising NIRC from 50% to 60% to fund our tax --- for 10 years will means :-
($5 billion x 10 years) + ($220 million x 10 years) = $50 billion + $2.2 billion = $52 billion - that we can earn from Sovereign Funds - but recklessly spend away --- a very "hefty sum" of depleting our National Reserves.
[2:13 pm, 24/06/2022] ☸️ Danny ๅฟ:
My close friend comments:-
I think sg fundamental models still there and correct but needs some checks and controls.
The current inflation is driven by shortages (whether due to climate change, supply chain fractures, raw material sanctions) are largely outside of sg control.
But price hikes due to rental jump to me exploitation of situation.
For humble Singaporeans who need to get by, we can turn to market stalls, hdb shops etc.
I don't know how much of these spaces rental can still be controlled by gov.
Selling coffee shop at a dizzily high price of $40M just forcing stall holders to pass their rental costs to lay person who are already coping with other rising costs.
[2:14 pm, 24/06/2022] +Rama: Revenue from increased sales volume not necessarily will help tenants sell and patrons buy.
[2:15 pm, 24/06/2022] ☸️ Danny ๅฟ:
Agree.
Government can help the business to get by.
[2:37 pm, 24/06/2022] +Smiley face: 24 June, 2022
What's the daily bread basket?
Bread, coffee, tea, milk, white meat, red meat, vegetables and selected local tropical fruits.
These basic foods are daily consumables for all households. Perhaps, policymakers should rethink how to formulate a new and stable price level for these necessities to reach an acceptable inflation for all going forward into Q4?
For private and public rentals, it will be tougher to enforce a price control mechanism. It has been tried and it was not an ideal economics choice.
So will taxpayers be willingly subsidise rentals and or subsidise selected daily necessities? What's the quantum and where to stream these revenues?
https://sso.agc.gov.sg/Act-Rev/CRA1953/
[2:45 pm, 24/06/2022] ☸️ Danny ๅฟ: https://news.google.com/articles/CBMibGh0dHBzOi8vd3d3LmJ1c2luZXNzdGltZXMuY29tLnNnL3JlYWwtZXN0YXRlL3RoZS13b3JsZHMtYnViYmxpZXN0LWhvdXNpbmctbWFya2V0cy1hcmUtZmxhc2hpbmctd2FybmluZy1zaWduc9IBcGh0dHBzOi8vd3d3LmJ1c2luZXNzdGltZXMuY29tLnNnL3JlYWwtZXN0YXRlL3RoZS13b3JsZHMtYnViYmxpZXN0LWhvdXNpbmctbWFya2V0cy1hcmUtZmxhc2hpbmctd2FybmluZy1zaWducz9hbXA?hl=en-SG&gl=SG&ceid=SG%3Aen
The world’s bubbliest housing markets are flashing warning signs.
Global monetary tightening is squeezing homebuyers, adding risks that a slowdown could ripple through the economy.
[2:46 pm, 24/06/2022] ☸️ Danny ๅฟ:
Property bubble forming and threaten to burst.
Hence government intervention to prevent hot property bubble burst will help to rein in the global imported inflation.
[2:47 pm, 24/06/2022] +Smiley face: Purchasing power. Consumers confidence and employment risk
3 main fear factors.
[2:47 pm, 24/06/2022] +Rama: 1930 again but worldwide!?
[2:49 pm, 24/06/2022] +Rama: The great world wide depression
[2:50 pm, 24/06/2022] +Smiley face: Whenever US changes monetary policy, this time, the strengthening of thr Dollars is a way to collect back those QEs monies, painfully, hope not so?
[2:52 pm, 24/06/2022] +Rama: Many underhand dealings at play behind the scenes on world wide financial markets.
[3:04 pm, 24/06/2022] +Smiley face: Hi Mr Rama... Show you an interactive chart... Wait.
[3:06 pm, 24/06/2022] +Guillermo Cabeza: I agree with a number of the comments above. 1) GST and taxation in general should be kept simple and price controls should not be implemented. People will substitute for lower cost goods, taxes should not be part of the decision making process. So we should have one uniform rate for GST and no exceptions by product sub-type, 2) Handouts to every household are not appropriate nor sustainable in the long run. While Singapore's subsidies are modest per person, we can see in the UK and Canada the impact of higher debt levels in part from handouts for all during the pandemic. It is much better to target subsidies or cash to those who are truly in need. Whether this is determined by housing type, previous year's NOA, or sector of employment depends on the context of what triggered the subsidy. In terms of what more the government can do to help reduce the impact of inflation it really is doing what it already has been doing for some time: 1) attracting investment in growth areas and helping workers reskill for those industries or job types; 2) keeping Singapore efficient and competitive by keeping regulations streamlined; 3) helping those who are vulnerable or most at risk of not being able to adapt to higher inflation; 4) disincentivizing speculation (i.e. housing) and cracking down on price gouging.
[3:09 pm, 24/06/2022] +Rama: USA!?
[3:12 pm, 24/06/2022] +Smiley face: The EU is rethinking nuclear energy and coal as the next alternatives to cut the threats of Russia's oil & gas supply comes this winter, soon to be.
It seems a hypocrisy taking context from the agreed Paris agreement. A backward into fossil energy supplies, maybe there is not much a choice for EU nations to try stopping the war from escalating into a massive one. Hopefully things will descalate into negotiation, it is highly unlikely to happen!
"Everything is on the table", that's an old saying!
[3:18 pm, 24/06/2022] ☸️ Danny ๅฟ:
1. By observing quietly at the sidelines - I realise that it is important for politicians to possess 2 eminent qualities -- so that the Government can run the Country well and oppositions must also posess these 2 eminent qualities - in order to make our Parliament a World Class Parliament - to bring in quality ideas, so that constructive debate and discussion can take place which can help the Government formulate good policies that benefit our Nation and our People.
2. Political Parties must make up of candidates that have these 2 eminent qualities :-
a. Epistocracy - Candidates with Competence and Insight in Political Knowledge and Governance
b. Technocracy - Candidates with Professional knowledge in Specialised Field and in Science
Government are not elected based on popularity (a core feature of Democracy system) ---- but proven "Competence" in Governance that cover the entire spectrum of running a Country.
3. I feel that we are very fortunate our current incumbent political party and the civil service - possess both of these 2 eminient qualities since Independence.
But our oppositions still have a long way to go.
To elaborate on the 2 eminent qualities :-
4. Epistocracy is characterised by candidates who have deep political knowledge, attentive to micro issues, possess macro views - on domestic and global issues, able to connect all the dots - to form a complete picture of the issues face by the Nation (based on domestic developments and Global developments) - that cut across politics, economy, social integration, security (external & internal), welfare, community development, education, healthcare etc.
5. Technocracy is charaterised by candidates with deep professional knowledge and expertise in their specialised fields eg. IT, Finance, Economics, Taxation, City Infrastructure Planning, Manufacturing, Sustainability, Law, Military, Internal Security, Healthcare, Education etc - whereby candidates must demonstrate deep knowledge, proven performance, display relevant skills in their respective field of expertise - to make informed decision that affect the population and the Nation.
6. Democratic Government is elected based on "popularity" - and the demerits of such a system is a less than competent government could be elected by making all sorts of promises to please the voters in election that cannot be fulfilled or if can be fulfilled will have a long term detrimental effects on the Nation or the population; or a coalition government with diverse political interests that tear the governance or Society apart; or a bi-partisan deadlock government with views and interests of uncompromising opposing poles that cause the Nation to plunge into inertia could be elected ----
The democracy system (in many Countries) already demonstrate such governance become extremely difficult, ineffective, deadlock, inertia, chaotic, quarrelsome, polarised, divisive, and repeated re-elections have to be conducted as the coalition government break apart - that divide the population rather than unite them for the greater good of the Nation ---
Such breakdown override the merits of Democracy which suppose to be characterise by political and social freedom, check and balance in the government policies, constructive debate and discussion that produce a more balanced policies that benefit the people, and gaining legitimacy to government through mandate given by the population through votes.
(A feedback and indication of support by the voters - via the democractic process to the Government that the policies formulated indeed benefit the people).
7. Looking ahead, I hope that our incumbent party continue to strengthen, deepen and widen the 2 eminent qualities - so that our Governance is sound, stable, competent and yet compassionate.
This will ensure the "Episto-Technocractic" Government have to think deeply in formulating and implementing their policies -- to benefit not only the Nation, the elites but also cover the majority of the population it represent.
Some population that fall through the crack - must be actively identified, sorted out and look into - to ensure no one is left out by the "Episto-Technocractic" Government - by introducing relief measures that the policies fail to address.
This will ensure not only the majority needs will benefit from the policies but those who fall through the crack - are also address.
8. For the oppositions, there will be alot of catch up to do - if they want to be treated seriously in the Parliament.
[3:22 pm, 24/06/2022] +Rama: The odds are heavily stacked against the opposition. Also, unsure if civil servants will still be neutral just like when umno lost the general election and mahathir came back a second time as PM
[3:25 pm, 24/06/2022] +Smiley face: Perhaps, now, the best comfort seats are the opposing side in the parliament cabin?
The drivers are hands on, with little (mm) allowance in making all mistakes...
Who's in the comfort seats and who's in the hot seats?
Bring those comfort seater on... "talk the walk" if they are thinking to do so?
[3:30 pm, 24/06/2022] +KL: I guess here all for their own benefits not to discuss the good of the nation .
[3:35 pm, 24/06/2022] +Smiley face: Good point, KL.
Perhaps let's discuss the good, the not so ideal, the benefits and the hard truth...
All of us are here to seek ways and means to help raise all spectrum of ideas to resolve challenges.
Welcome everyone...
[3:38 pm, 24/06/2022] +Rama: Then minister for social affairs (VB) propose in Parliament for a one dollar increase in support for those on public assistance!?
[3:38 pm, 24/06/2022] +Smiley face: Good observation.
A question of sensitivity that perhaps Honorable members should take note of...
[3:39 pm, 24/06/2022] +Smiley face: Hi Mr Rama,
Really $1 increase for welfare assistance?
[3:40 pm, 24/06/2022] +Rama: A very long time ago and even some ruling party MP found it not right
[3:40 pm, 24/06/2022] +Smiley face: Got it...
[3:43 pm, 24/06/2022] +Smiley face: Can we agree that perhaps 5% of households need more monetary assistance?
Follows by the next 5% and towards 25% of all households.
The above are projection going into Q1-2023 should inflation persist and recession comes?
We are trying to group our vulnerable to support them to our best abilities.
Any idea to do better?
[3:44 pm, 24/06/2022] +Rama: Catch those that slip through the cracks as mentioned by minister in the PM office Indranee Rajah
[3:44 pm, 24/06/2022] +Smiley face: Threshold Limit of Households:
Do-Re-Mi:
A household may consists of one or more than one breadwinner(s). Should an economics downturn comes, what's the threshold limit or stress tests in terms of cost of livings and be able to sustain through say 15 months?
One, we assume that 5% of households do not have savings to ride any economics downturn or any family emergency
Two, the "borderline" households with at most three months of savings can be up to a quarter of an entire nation's native population?
Three, more than half of the total households have enough savings as their means of sustaining for more than a year of global recession, in between jobs or out of jobs?
Are these realistic assumptions?
[3:46 pm, 24/06/2022] +Smiley face: How to mend cracks and gaps?
What's the strategies?
What's the lack time to reach out to the vulnerable? Within One month?
What's the cost to implement such strategies?
[3:46 pm, 24/06/2022] +Rama: Government has the details
[3:47 pm, 24/06/2022] +Smiley face: How to qualify and quantify using latest updated data, the vulnerable?
[3:47 pm, 24/06/2022] +Smiley face: Action stations, one month to mend? Or longer time needed?
[3:47 pm, 24/06/2022] +Rama: Data from social services,ngo/vwo to consolidation
[3:47 pm, 24/06/2022] +Smiley face: 3.5 million Singaporeans
[3:48 pm, 24/06/2022] +Rama: Much longer
[3:48 pm, 24/06/2022] +Smiley face: Means testing?
[3:48 pm, 24/06/2022] +Rama: Yes
[3:48 pm, 24/06/2022] +Smiley face: Caution :
Pls recheck new MEANS
[3:48 pm, 24/06/2022] +Rama: Agree
[3:49 pm, 24/06/2022] +Smiley face: There is an urgent needs to revalue the means number!
[3:49 pm, 24/06/2022] +Rama: Definitely
[3:50 pm, 24/06/2022] +Smiley face: All because of price instability due to the persisting inflation of foods, goods and serviced + utilities too.
[3:50 pm, 24/06/2022] +Smiley face: Is MSF and MOF in charge of retesting such MEANS TEST?
[3:50 pm, 24/06/2022] +Rama: Add senseless war and Shocking tatiff
[3:52 pm, 24/06/2022] +Smiley face: Pks watch June 29 onwards, major reset!
[3:52 pm, 24/06/2022] +Smiley face: 1 war is more than enough?
[3:53 pm, 24/06/2022] +Rama: There's too many around the world at the moment
[3:53 pm, 24/06/2022] +Smiley face: Inflation or 2nd war? Which shivers you, choose one?
[3:53 pm, 24/06/2022] +Smiley face: Pacific war
[3:54 pm, 24/06/2022] +Rama: Add yemen
[3:54 pm, 24/06/2022] +Smiley face: Looking to be like a zero sum endgame... Hope not!
[3:54 pm, 24/06/2022] +Frankie Wee: Mostly likely cost come from foods and utilities billed. But I don’t know how many singaporean family low income and living small HDB. I can say ur point view 5% of all households.
Government is big spent money on budget hence we agreed hike 8% next years in return reserve fund.
[3:55 pm, 24/06/2022] +Smiley face: So long the Saud agrees to sell more oil to the US.... Yemen nasty guys will stop the harresments.
[3:58 pm, 24/06/2022] +Smiley face: Hi Frankie,
This is a model, hopefully is realistic enough to help our brothers and sisters of all age groups... Starts with 5% of all households then move up depends on the Geo economics situation and importantly how China and Russia will react June 29 onwards.
President Xi may not stay overnite in HK for the 1 July celebration. Wonder what's the reasons beside covid ?
[4:00 pm, 24/06/2022] +Frankie Wee: War affected global fuel and economy when hit recession then price increased are inflation.
What about pandemic are going to end or not? Maybe it’s take long unit clear Covid-19.
[4:00 pm, 24/06/2022] +Rama: Both
[4:00 pm, 24/06/2022] +Smiley face: China is facing two things,
Internally, its economics, zero covid, restart manufacturings, power brokings
Externally, faces US and nations, etc
[4:01 pm, 24/06/2022] +Rama: Military might is not the solution
[4:01 pm, 24/06/2022] +Smiley face: You are the best!
"brave to face the truth...!"
[4:03 pm, 24/06/2022] +Smiley face: China 3rd aircraft carrier "fuchian", just dipped water... However, its need time to proof War ready and all electronic andmechanicals are in top working order... Cannot mess up or be in deep water trouble!
6 months to certify combat ready, minimum time!
[4:04 pm, 24/06/2022] +Frankie Wee: China going war with Taiwan?
[4:04 pm, 24/06/2022] +Rama: Five years for fujian to be fully operational.
[4:04 pm, 24/06/2022] +Rama: On the cards
[4:04 pm, 24/06/2022] +Smiley face: Too late
[4:04 pm, 24/06/2022] +Rama: Cannot be rushed
[4:05 pm, 24/06/2022] +Smiley face: In Reagan era, he used STAR WAR to persuade USSR to break the Berlin Wall...
Today the US is calling the STARLINK (elon) to perhaps persuade Russia and China to think harder...
[4:06 pm, 24/06/2022] +Rama: Elon musk will be in trouble if China can blast starling out of orbit with Russia being pleased.
[4:07 pm, 24/06/2022] +Smiley face: The US Space force, in the near future, will be able to deploy to all corners of the world.
80 ton of military equip and Space force men will decent with 60 seconds into enemy territory, combat starts! All STEALTH too...
Recoverable rickets!
[4:08 pm, 24/06/2022] +Rama: Time and distance travel at its peak.
[4:08 pm, 24/06/2022] +Smiley face: A game changer in terms of speed in deployment...
Tanks are passe!
Drone for undersea attack.
[4:09 pm, 24/06/2022] +Smiley face: Shoot up and reentry within 1 minute... All radar will not be ready for such BLITZ!
[4:09 pm, 24/06/2022] +Rama: Like Dr. Who
[4:09 pm, 24/06/2022] +Smiley face: Space force id like DELTA FORCE!
[4:10 pm, 24/06/2022] +Frankie Wee: Clever AI
[4:10 pm, 24/06/2022] +Rama: Yes
[4:11 pm, 24/06/2022] +Smiley face: Comes the next challenge....
US will move on and forward. So do China and Russia...
However, the law of attrition will apply to both, simply put it, if you going to chase US for military supremacy. You need lots of CASH to burn! That's itself is the law of attrition, an expensive game of chasing for tomorrow's!
[4:12 pm, 24/06/2022] +Smiley face: Star War.... Star Link
[4:13 pm, 24/06/2022] +Rama: That's why our PM said USA will come back stronger in time to come
[4:14 pm, 24/06/2022] +Smiley face: 3 launch at one fire...
240 tons of things up to space, can be satellites etc, fyi
Turnaround only 36 hours to fire another batch of 3 rockets...
Wanna chase?
[4:15 pm, 24/06/2022] +Frankie Wee: Earth will suffer an hole break
[4:15 pm, 24/06/2022] +Smiley face: Perhaps some nations are choosing that side simply some knew NEVER TO DISCOUNT this friend?
[4:15 pm, 24/06/2022] +Rama: Possibly
[4:17 pm, 24/06/2022] +Smiley face: Supremacy, Frankie.... All price to number #1..
Thereafter, it really doesn't matter whats inflation etc... That #1 will settle and calm all things back to a new reset normal....
If cannot settle, then nany things will go the wrong ways and all will continue to suffer, a Prolonged one!
Hopefully nothing happens from June 29 onwards into November?
[4:18 pm, 24/06/2022] +Frankie Wee: Pray ๐ hope nothing will happen.
[4:18 pm, 24/06/2022] +Rama: Tremendous give and take negotiations needed
[4:19 pm, 24/06/2022] +Smiley face: Give up that #1 to?
[4:21 pm, 24/06/2022] +Rama: No one in particular to monopolise
[4:25 pm, 24/06/2022] +Smiley face: Perhaps many nations policymakers will continue to help its citizens to tie through into 2023 Q2 or longer.
This $1.5B package, there may be a few more in the pipeline?
Simply put it, the external issues are real and can become dangerous too.
Meantime, we need to help our vulnerable, that's why we gather every other day to seek resolution of all sorts and all topics...
As if all of us are fortune tellers and scholars (joking)?
[4:26 pm, 24/06/2022] +Rama: I believe a standby package is already being looked into
[4:26 pm, 24/06/2022] +Smiley face: 1000%
[4:31 pm, 24/06/2022] +Smiley face: #1 or NONE!
[4:31 pm, 24/06/2022] +Rama: None
[4:32 pm, 24/06/2022] +KL: It not about package it about our underemployment of local citizen . That will solve main root of our issue . Package why sme getting same as citizen ? Btw law should be tougher for sme escape tax .
[4:41 pm, 24/06/2022] +Smiley face: Hi KL your points raised.
1) Singaporeans first
2) Structural Unemployment
3) Circumventing of Taxes
Can you expand more the above 3 issues, we can addon or help too. Thanks
[4:41 pm, 24/06/2022] +KL: I won’t say Singaporean first but be fair .
[4:42 pm, 24/06/2022] +Rama: Agree
[4:49 pm, 24/06/2022] +Smiley face: How about Taxes issue?
[4:49 pm, 24/06/2022] +KL: Tax must tax discriminatory .
[4:50 pm, 24/06/2022] +KL: But corapate hire a lot of foreigner and yet escape tax should severely dealt with .
[4:52 pm, 24/06/2022] +Smiley face: Need to recharge batt now.
KL could you kindly elaborate give examples these loopholes or lobang so that REACH will escalate up. Thanks
[4:55 pm, 24/06/2022] +Ken Loh: There are many ways to legally escape tax… can’t cover everything
[4:55 pm, 24/06/2022] +Ken Loh: Example paid in stock options
[4:57 pm, 24/06/2022] +Smiley face: Any others thanks
[4:58 pm, 24/06/2022] +Smiley face: Financial derivatives?
[5:03 pm, 24/06/2022] +Smiley face: Exercise or excisable?
[5:19 pm, 24/06/2022] +~N: Government can help Singaporeans manage rising inflation by increasing 'market value' or earning capacity of local lower or middle wage workers. Any Singaporean willing to work for their keep should be better understood and supported.
[5:39 pm, 24/06/2022] +Rama: Agree
[5:39 pm, 24/06/2022] +Anne: Other ways the G can help, either now or when inflation gets worse:
1) adjust income tax tiers and % to help the low and middle income
2) allocate some of the G’s investment profits to increase subsidies
3) allow banks to increase the term of mortgage loans when interest rates become too high - don’t wait till the borrower defaults and get a bad credit score
4) Reduce ministers’ salaries to fund more subsidies
5) Encourage households to grow some of their own foods if possible
6) Increase the amount of foods that the G stockpiles. Some foods like white rice can be stored for more than 10 years under proper storage conditions
7) Allocate more lands for agriculture until the food shortage and inflation is over.
[5:40 pm, 24/06/2022] +Rama: Number 4 looks interesting
[5:41 pm, 24/06/2022] +Frankie Wee: Number 7 better
[5:42 pm, 24/06/2022] +KL: Why item 3
[5:42 pm, 24/06/2022] +KL: It the person fault to borrow too much money
[5:42 pm, 24/06/2022] +Frankie Wee: Because Feb hike interest rate
[5:43 pm, 24/06/2022] +KL: Is it fair to ppl borrows from hdb ?
[5:43 pm, 24/06/2022] +KL: Where rich borrow from bank
[5:43 pm, 24/06/2022] +Frankie Wee: HDB is stable and rate unchanged
[5:43 pm, 24/06/2022] +KL: That why should borrows from hdb if u can’t afford uncertainly
[5:44 pm, 24/06/2022] +KL: Correct ? It ppl greedy that why borrow from bank
[5:45 pm, 24/06/2022] +Frankie Wee: https://blog.moneysmart.sg/home-loans/bank-loan-vs-hdb-loan-which-is-better/
[5:45 pm, 24/06/2022] +Rama: Land is extremely limited even with reclamation
[5:45 pm, 24/06/2022] +Frankie Wee: Underground ๐
[5:47 pm, 24/06/2022] ☸️ Danny ๅฟ:
1. This current runaway inflation brought about by pandemic, global climate and war - is unprecedented - that trigger a record inflation in history.
2. This inflation impact the whole strata of the population - regardless of rich, middle income and lower income - and for the 1st time I hear people living in landed properties, condo and hdb flats alike - lamenting the unbearable high cost of living.
Ultra rich like SEA (Shoppe), Grabs, Hadilao and even the richest guy in the World Telsa - see a mammoth pare down of their stocks and wealth - losing multi-billions losses.
I also hear those living in landed properties exploring ways to reduce their energy bill - by studying how they could install solar panels - instead of draining away their power bills through the energy price they have to pay now.
People living in condo - say food and energy and fuel prices --- burn a big hole into their earnings.
So not only hdb flats dwellers - but other housing types also suffering.
3. Hence I support the Government announcement of additional support budget $1.5 billion - to help every household regardless of income status.
The GST up to $300 and utilities relief of $100 per household - to all income status - is welcome - politically and socially correct. It signal Government look after everyone.
And the current support budget is drawn from surplus fund from last year Budget - without drawing from our National Reserves.
4. Going forward, if the inflation still remain stubbornly high as Global conditions did not turn around - then any surplus from our upturn in our Economy that contribute to our National coffer - can be further tap on to provide further support if needs be (without again drawing from our National Reserves).
We should consider postponing refunding our surplus budget into our Soveregin Funds - as the post-pandemic has been complicated by the Ukraine war that disrupt the energy and food prices.
[5:47 pm, 24/06/2022] +Rama: That already being done and considered for military ammunition storage, underground common tube for telecommunications cable/sewerage and water. Possibly office and living space after 2050 if not 2030.
[5:51 pm, 24/06/2022] +Joseph: Hmm.. we have 37 Ministers, total salary less than S$50 million ,,, how subsidy would you get when even the full amount is distributed? ๐คท♂️
[5:52 pm, 24/06/2022] +Rama: The idea is to show solidarity with the people
[5:53 pm, 24/06/2022] ☸️ Danny ๅฟ:
Don't quite agree - because this is more like political showmanship.
Doing the actual stuff that counts is more important.
[5:53 pm, 24/06/2022] +Frankie Wee: Maybe they use it money for investment.
[5:54 pm, 24/06/2022] ☸️ Danny ๅฟ:
These Ministers can fetch higher income as CEOs.
They don't need to answer to people why they fetch such salaries.
Then we will be worst off if no competent Ministers helm the ministries.
[5:55 pm, 24/06/2022] +Joseph: if the BILLIONS of $ that the Govt has been distributing to everyone is still not enough.. what good will that (less than) $50 million do?
[5:56 pm, 24/06/2022] +Joseph: exactly
[5:56 pm, 24/06/2022] ☸️ Danny ๅฟ:
Trump do such political stunt and dance with his support base - but plunge the country into a political turmoil follow by storming of the capitol hill.
We don't need to follow his example.
[5:56 pm, 24/06/2022] +Rama: Follow the example of our first government after independence
[5:58 pm, 24/06/2022] +Joseph: my point is ... that $ is not going to do any good for us
[5:59 pm, 24/06/2022] +Joseph: I heard that our neighbouring countries' Ministers are all officially paid less too
[5:59 pm, 24/06/2022] +Joseph: how is that working out for them?
[5:59 pm, 24/06/2022] ☸️ Danny ๅฟ:
Can cushion abit - but ultimately we need to think of ways to earn more while reducing unnecessary spending.
[6:00 pm, 24/06/2022] +Frankie Wee: I think this show world top rank government salary are competitive and job.
[6:00 pm, 24/06/2022] +Rama: The trouble is man In the streets cannot comprehend why a government minister needs to be paid in million to sit down talk to a businessman who earns more
[6:02 pm, 24/06/2022] +Joseph: the average man on the street cannot comprehend a lot of things.
[6:02 pm, 24/06/2022] +Rama: Agree
[6:02 pm, 24/06/2022] +Joseph: Maybe thats why the average man on the street has a lot of complains.
[6:03 pm, 24/06/2022] +BL: ministers are helping manage the entire country - it's a huge job and i dont' resent their salaries. I don't resent any high salaries (except maybe the banks because they don't produce anything). I do think we need wealthy people to be more involved in the well being of the nation and the people that created their wealth
[6:03 pm, 24/06/2022] +Rama: Agree
[6:03 pm, 24/06/2022] +Frankie Wee: Maybe I say GDP = business are paid salary to minister
[6:03 pm, 24/06/2022] ☸️ Danny ๅฟ:
Explain to them in layman.
Man in the street is not naive - they understand.
But whether they have a bigger heart to accept is another thing.
But must do the right stuff - not political showmanship.
Because political showmanship won't last long.
[6:04 pm, 24/06/2022] +Rama: Agree
[6:04 pm, 24/06/2022] +Frankie Wee: USA president former Obama salary is US$500k annual
[6:05 pm, 24/06/2022] +BL: British PM expected to earn $8m after leaving office; and excuse my language but he's a lying cheat!
[6:05 pm, 24/06/2022] +Frankie Wee: ๐จ
[6:05 pm, 24/06/2022] +Rama: MOP head is not worth Gbp8M
[6:05 pm, 24/06/2022] +BL: precisely
[6:06 pm, 24/06/2022] +BL: GBP5m
[6:06 pm, 24/06/2022] ☸️ Danny ๅฟ:
US is big and resource rich.
Singapore is small with no resources.
We must look at every creek and corners to make money.
And Singapore per GDP per capita is one of the highest in the world exceeding US.
[6:06 pm, 24/06/2022] +BL: We have some of the best resources in the world - our people!
[6:06 pm, 24/06/2022] +Rama: Definitely
[6:07 pm, 24/06/2022] ☸️ Danny ๅฟ:
In nominal GDP per capita, Singapore is the 2nd highest in the world after Luxembourg - beating US, Japan, China etc.
The ministers deserve their salaries.
[6:07 pm, 24/06/2022] +BL: Equally, I hope there forego a payrise right now, in good faith
[6:08 pm, 24/06/2022] +BL: they forego
[6:13 pm, 24/06/2022] ☸️ Danny ๅฟ:
Sorry it should be GDP per capita PPP not nominal.
Also Qatar and Macau overtaken.
We are world number 4 not number 2.
[6:14 pm, 24/06/2022] ☸️ Danny ๅฟ:
But we beat many very rich countries like US, Switzerland etc
[6:15 pm, 24/06/2022] +Rama: Cheers mate
[6:17 pm, 24/06/2022] ☸️ Danny ๅฟ:
The incumbent party can win the election - if they engage man in the street by "street fight method" of explaining complex policy with simple charts and direct convincing argument.
Man in the street are street smart and not naive.
[6:22 pm, 24/06/2022] +Rama: Be open to the general public about salary packages and benefits
[6:24 pm, 24/06/2022] ☸️ Danny ๅฟ:
I think they are.
But also remember salary is supposed to be confidential how people are rated.
Nobody want to let people know how much they received in salary as it is their privacy.
[6:24 pm, 24/06/2022] ☸️ Danny ๅฟ:
A range is good enough.
[6:25 pm, 24/06/2022] +Rama: Agree
[6:25 pm, 24/06/2022] +Smiley face: Good point., N
[6:26 pm, 24/06/2022] +Smiley face: Problem is private sector vs public sector....
How open it needs?
[6:27 pm, 24/06/2022] +Smiley face: Private sector monies are private matters..
Public sector monies are public money...
Logical or not so?
[6:28 pm, 24/06/2022] +Rama: Still, how much of public money should be open to scrutiny?
[6:28 pm, 24/06/2022] ☸️ Danny ๅฟ:
Many good talented people don't want to come forward to serve as ministers because of such public spotlights.
Thus Singapore will be worst off if the scrutiny is make more arduous - as talent prefer to work in the private sector.
If something happens to the country, they take their money and leave.
Then all those who stay behind suffer.
Especially those man in the street.
[6:30 pm, 24/06/2022] +Smiley face: Agreed, higher benchmark and more time including weekends and weekdays OT...
One minister stayed over midnite MPS, maybe two or more...
[6:32 pm, 24/06/2022] +Smiley face: "true women/men serve while many stay on the sidelines...?"
- - annoymous
[6:32 pm, 24/06/2022] ☸️ Danny ๅฟ:
Sri Lanka national coffer bankrupt.
Everyone suffer.
[6:33 pm, 24/06/2022] +Rama: President and PM milked the coffers!
[6:33 pm, 24/06/2022] ☸️ Danny ๅฟ:
This is the last thing we want.
Pay higher for good people to serve and make everyone rich.
Rather than harp on why pay ministers so much.
[6:34 pm, 24/06/2022] +Frankie Wee: Crisis economy and government over debt billion or trillion dollars
[6:34 pm, 24/06/2022] +Frankie Wee: Sri Lanka GDP repay debt unable to reach.
[6:35 pm, 24/06/2022] +Frankie Wee: Their foods run out and short storage.
[6:35 pm, 24/06/2022] +Rama: Unbelievable massive debt owed
[6:36 pm, 24/06/2022] +Chua: Then who drive the car later
[6:36 pm, 24/06/2022] +Chua: Yr gf?
[6:36 pm, 24/06/2022] ☸️ Danny ๅฟ:
When man in the street have big heart and big mind - then we have more $ in the pocket because ministers help us to grow our wealth.
The moment we bite the hands that feed us - then we become poorer and suffer.
[6:45 pm, 24/06/2022] +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
[6:45 pm, 24/06/2022] +Smiley face: Start enriching how our LWW?
Gross monthly salary $2600?
[6:48 pm, 24/06/2022] +Smiley face: Reality is there is that much to upskill our LWW and job enlargement?
How can we elevate their salary towards $3000?
What's it will take and the time line?
[6:48 pm, 24/06/2022] +Rama: True
[6:51 pm, 24/06/2022] +Rama: Minimum wage mentioned by PM for LWW must be adjusted up accordingly for inflation to reach sgd1600 in the short immediate term and progressive in the not too distant future after due consultation with all relevant parties.
[6:51 pm, 24/06/2022] +Smiley face: Minimum wage model has been rejected.
[6:52 pm, 24/06/2022] +Rama: What's next!?
[6:52 pm, 24/06/2022] ☸️ Danny ๅฟ:
Remember there is once we thought we don't make it - but we did.
We have no water, no hinterland, no resources - only people.
Our generation of ministers make us emerge from crisis after crisis - and make us rich.
So wonder why don't they deserve the pay?
[6:53 pm, 24/06/2022] +Rama: Good point
[6:53 pm, 24/06/2022] +Smiley face: Agreed.
[6:53 pm, 24/06/2022] ☸️ Danny ๅฟ:
So sell this to the man in the street.
Then PAP can win.
[6:53 pm, 24/06/2022] +Rama: Agree
[6:55 pm, 24/06/2022] +Smiley face: Reassess existing programs ministry by ministry, is a good time to adjust and perhaps cost savings mode too.
[6:55 pm, 24/06/2022] +Rama: Believe ongoing
[6:55 pm, 24/06/2022] +Smiley face: There will be some programs that need to be axed.
[6:56 pm, 24/06/2022] ☸️ Danny ๅฟ:
We thought many could have die in covid.
20 million will have die worldwide according to who.
But we survive and emerge better with anti-cvid strategy.
So ministers from inter ministries deserve the high pay isn't it.
[6:56 pm, 24/06/2022] +Rama: Funds reassigned elsewhere for now
[6:56 pm, 24/06/2022] +Smiley face: Yupp, reallocate.
[6:56 pm, 24/06/2022] +Smiley face: Go for excellence...
[6:57 pm, 24/06/2022] +Rama: To be reintroduced at a later date pending economic outcome.
[6:58 pm, 24/06/2022] +Smiley face: Reintroduce new programs?
[6:58 pm, 24/06/2022] +Rama: On the drawings boards
[6:59 pm, 24/06/2022] +Smiley face: 4G roadmaps that's cimibg due.?
[7:00 pm, 24/06/2022] +Smiley face: Create hopes at every tier of society, age group from EG to PG
[7:00 pm, 24/06/2022] +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 ๐
====
No comments:
Post a Comment