REACH 460 - What are your views on wage growth over the past year? How can firms, workers and the Government work together to ensure wages keep pace with rising costs amid an uncertain economic outlook?
(SK)
31 May 2023 (10am - 7pm)
REACH
[9:45 am, 31/05/2023] +REACH: Dear contributors,
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[9:59 am, 31/05/2023] +REACH: π’ Topic π’
Nominal total wages rose by 6.5 per cent in 2022, a significantly higher increase than 3.9 per cent in 2021 and the highest in a decade, according to data released by MOM on 29 May (Mon). However, after accounting for inflation, real wage growth slowed significantly to 0.4 per cent in 2022 as compared to 1.6 per cent in 2021.
π¬ What are your views on wage growth over the past year? How can firms, workers and the Government work together to ensure wages keep pace with rising costs amid an uncertain economic outlook?
π More Profitable Firms
Nearly three in four establishments in Singapore gave wage increases as business activities picked up last year, with the magnitude of increase being larger than in 2021.
"As the Singapore economy continued to grow in 2022, there was a strong increase in the proportion of profitable firms. As a result, more firms were able to raise their employees’ wages in 2022 compared to 2021," said the ministry.
π Higher wage growth across industries
All industries also saw higher wage growth in 2022 compared to 2021, though the accommodation and retail trade sectors experienced higher increases amid a strong recovery in tourism demand. Firms in manufacturing and wholesale trade registered smaller wage increases amid global trade slowdowns.
π Total wage growth to moderate in 2023
While recent polls indicated more firms were looking to raise their employees' wages this year, MOM said that total nominal and real wage growth are expected to moderate in 2023. MOM noted that "against the backdrop of the global economic slowdown and a more uncertain business environment, firms are likely to take a cautious approach regarding salary increments."
"To remain competitive and resilient amidst these global developments, we encourage firms and workers to press on with business and workforce transformation, and make full use of government programmes to adapt to the changing environment," said MOM.
π https://www.channelnewsasia.com/singapore/real-wage-growth-singapore-dampened-inflation-nominal-3522536
π To view the full report, click here: https://stats.mom.gov.sg/iMAS_PdfLibrary/mrsd-report-on-wage-practices-2022.pdf#page=5
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[10:21 am, 31/05/2023] +Kenneth Lee WM: CASE could be more proactive and not just wait for people to write to them.
Start with NTUC and their dividend policy that needs to be scrapped if NTUC is going to be our price leader.
Then scrutinise NTUC sourcing and pricing depts.
eg:
Tesco wine gums is priced #1 ($1.7) in UK retail shop. NTUC sold it for $2.55 at retail.
Price of chicken - chicken rice seller can buy $6.5/kg, NTUC sell public at $9/kg
Why is there such a huge disparity? What more can NTUC do to bring down their prices?
Once we get a better price leader, real inflation would go down and wage growth would be higher.
[10:28 am, 31/05/2023] +Frankie Wee: Can’t compare other country.
If you buy wine there is more cheaper. Because Singapore order is supplier with duty payment tax and land tax on business and wage profit.
[10:30 am, 31/05/2023] +Kenneth Lee WM: wine gums are a kind of yummy gummy sweet snack. no alcohol tax.
chicken prices are based on straitstimes reporting and are what singaporean chicken rice sellers get from their suppliers.
[10:31 am, 31/05/2023] +Kenneth Lee WM: for wine gums, i would expect perhaps a slight increase but not 50% increase!
[10:31 am, 31/05/2023] +Frankie Wee: I think wine gum or foods supplier also tax
[10:32 am, 31/05/2023] +Frankie Wee: Imagine iPhone in USA cheaper than Singapore
[10:35 am, 31/05/2023] +Kenneth Lee WM: Sweelee, guitar seller, realise this couple of years back and when they realise people were buying from overseas, their prices now are about the same as overseas sellers. But guitars are not essential products and people can choose not to buy.
Unfortunately for us, food is essential item and we don't have choices.
[10:50 am, 31/05/2023] +Rama: Fairprice rebate should follow current gst rate with lower qualifying spending
[10:52 am, 31/05/2023] +Kenneth Lee WM: i think fairprice is registered as a cooperative and they are not subject to the standard company tax which is much higher. thus their prices should be lower than sheng siong, a listed company.
[10:53 am, 31/05/2023] +Rama: Current rebate for senior on certain days must be doubled.
[10:57 am, 31/05/2023] +Kenneth Lee WM: the profits that fairprice is making
https://www.statista.com/statistics/1060515/ntuc-fairprice-co-op-profit-before-tax/
[10:57 am, 31/05/2023] +Kenneth Lee WM: $100M+
[10:58 am, 31/05/2023] +Rama: Sucking the life out of singaporeans!
[11:00 am, 31/05/2023] +Frankie Wee: Not bad
[11:04 am, 31/05/2023] +Kenneth Lee WM: For them as an organisation but not for Singapore's overall real cost of living and trying to reduce Singapore's inflation and increase our real wage.
[11:08 am, 31/05/2023] +Ah Heng: some facts we have to face in a capitalism world :
All business are out to make a profit
All workers are out to make the most money from the company
Economy are driven by these so call business people whose aim again is out to make a profit
Despite increase in so call salary but can it outweigh even the current so call inflation
[11:09 am, 31/05/2023] +Ah Heng: to some -resign to fate and nature of the business cycle WHILE some who read further will see it is due to some country and gang that is root cause of the problem
[11:09 am, 31/05/2023] +Ah Heng: want to have a balance -> impossible it was never meant to be that way
[11:10 am, 31/05/2023] +Ah Heng: those who can start and maintain business -> only one thing to make more from the consumer
[11:10 am, 31/05/2023] +Ah Heng: while consumer on the other hand is stupidly keep getting played into the hands of the business
[11:11 am, 31/05/2023] +Ah Heng: but if consumer start to retaliate .. business suffer closed shop more will loose jobs
[11:11 am, 31/05/2023] +~L: Good to see wage increases are marginally above inflation - many countries are not so fortunate.
Also fortunate that SGD has maintained its value. A drop in currency adds to inflation usually.
[11:11 am, 31/05/2023] +Ah Heng: so how to strike a balance unless the root is eradicated
[11:13 am, 31/05/2023] +Rose M K Ho: Sori, I missed out on e everything but all I wanna say is ...
Suggest tt the 2 houses either:
。 conserved, then open up for public visits or use as short vacay stay
。Be torn down & rebuilt
。 after rebuild, perhaps put in public trust & managed ... like get a pte firm to run it ... for short vacation stay or run as holiday house
。dun bother renting out to ppl to try to make money. That is old fashioned style of thinking.
Tks.
[11:18 am, 31/05/2023] +Singapore Maid Agency: Precisely I think NTUC is a “social enterprise”
[11:18 am, 31/05/2023] +Wai Xin: https://www.fairpricegroup.com.sg/do-good/projects/
[11:18 am, 31/05/2023] +Wai Xin: while we are on the topic of fairprice earning 100 million in profit, it is worth noting that their revenue is actually around 3,700 million. the earnings of the fairprice cooperative is also channeled back to the NTUC to support other initiatives.
[11:19 am, 31/05/2023] +Wai Xin: example of NTUC programs
[11:20 am, 31/05/2023] +Jimmy Chew: Yeap tap the poor and give to?
[11:20 am, 31/05/2023] +Wai Xin: only the poor buys from fairprice? the people spending in fairprice are across all demographics
[11:20 am, 31/05/2023] +Jimmy Chew: Like the animal farm. Who earns the profit the pigs
[11:21 am, 31/05/2023] +Singapore Maid Agency: Something interesting
My daughter once was a part timer direct employ by NTUC and there are part timers from agency.
Surprise!!! The part timers from agency got higher pay then direct employment from NTUC π€π§
They’re all same part time packers.
[11:22 am, 31/05/2023] +Wai Xin: https://www.ntuc.org.sg/uportal/programmes
list of all their programmes
[11:25 am, 31/05/2023] +Jimmy Chew: Tap the poor to fund the programs
[11:26 am, 31/05/2023] +Jimmy Chew: All along I thought government funded these programs
[11:27 am, 31/05/2023] +Wai Xin: government adopts a bottom-up approach, encouraging organization to take the lead in making changes for the community. and then government put in resource to support alongside.
[11:27 am, 31/05/2023] +Jimmy Chew: Fair price from what I hear it to prevent inflation seems they are adding to the inflation?
[11:27 am, 31/05/2023] +Jimmy Chew: Yeah like PA, the staff stands and the volunteers do the work and outreach. Interesting concept
[11:27 am, 31/05/2023] +Wai Xin: in the same way the government don't give directly to charity but adopt a dollar for dollar matching for institute of public character, this ensure that the organizations are doing their part to engage donors to give more
[11:28 am, 31/05/2023] +Jimmy Chew: I feel we are becoming like the story of the animal farm
[11:29 am, 31/05/2023] +Jimmy Chew: There's a good system in place
[11:29 am, 31/05/2023] +Frankie Wee: Net profit is lose than previous 2021
[11:30 am, 31/05/2023] +Ken: We get tax out as volunteers… not all PA staff really into it…
One is either they pay them too low for working over all holidays and weekend.
[11:30 am, 31/05/2023] +Ken: It is really a job of passion and for the young ones
[11:30 am, 31/05/2023] +Frankie Wee: NTUC FairPrice is given wage increments than take net profit
[11:30 am, 31/05/2023] +~k l: So the ntuc here is FairPrice or national trade union ?
[11:30 am, 31/05/2023] +Frankie Wee: Because of the inflation rate soar
[11:31 am, 31/05/2023] +Ken: 4 to 6% currently… for pay increase
[11:31 am, 31/05/2023] +Frankie Wee: Siong Shang is highest profit
[11:31 am, 31/05/2023] +Ken: I am surprise
[11:31 am, 31/05/2023] +Ken: They share profit with staff
[11:31 am, 31/05/2023] +Ken: Incentive to keep low wastage…
[11:32 am, 31/05/2023] +Ken: NTUC profit keep, lose also not their issue. Workers heart not with company to ensure efficient usage of resource
[11:32 am, 31/05/2023] +Jimmy Chew: Haha soon there will be another inquiry on how Fairprice spend their income - hmm interesting
[11:32 am, 31/05/2023] +Wai Xin: What are your views on wage growth over the past year? How can firms, workers and the Government work together to ensure wages keep pace with rising costs amid an uncertain economic outlook?
My views are that government has poured in significant investment in encourage upskilling among workers, and they are also underway in opening up more foreign opportunities. businesses will continue to need support from government to enable them to study and create opportunities in these new destinations. case in point, the recent Kazakhstan signing will need time to materialize for local businesses. so perhaps more programs to help local businesses and keep track of their progress in these new markets.
[11:32 am, 31/05/2023] +Wai Xin: FairPrice is the social enterprise arm of the union
[11:33 am, 31/05/2023] +~k l: Do we pay the senior management a lot to upkeep trade union ?
[11:34 am, 31/05/2023] +Frankie Wee: Inflation affected wagers and right to increase price goods
[11:34 am, 31/05/2023] +Rama: The poor will compare with sheng sing and giant.
[11:34 am, 31/05/2023] +~k l: Not sure who own trade union nowadays as I always thgt fair price is GLC but private company
[11:35 am, 31/05/2023] +Rama: Trade union is clouded when politicians are part of them
[11:35 am, 31/05/2023] +~k l: I can see Sheng Xiong hire a lot of non local compare to ntuc . Alt ntuc cost more I buy from ntuc for some .
[11:35 am, 31/05/2023] +~k l: Ntuc hire more local old folk like MacDonald
[11:35 am, 31/05/2023] +Rama: The one who feeds the swine
[11:35 am, 31/05/2023] +Jimmy Chew: Yeah. They should change job if they are not passionate. Works for all job. I met a service personel in a Telco company ride to customers. It applies to all job. Don't like it resign. Don't suffer take control. Same with MPs
[11:36 am, 31/05/2023] +Rama: Neither
[11:36 am, 31/05/2023] +Rama: Agree
[11:36 am, 31/05/2023] +Darius Lee: Government needs to keep track of real income, meaning income after adjusting for inflation. The pressure on lower-income households caused by inflation, rising interest rates, etc. is real and leads to real cost-of-living issues. Part of the solution is to maintain continued growth, but another key aspect is managing inflationary pressures.
Speeding up our processes to harness technology in our work may be a key solution, and worth more Government investment in this area
[11:37 am, 31/05/2023] +Kenneth Lee WM: I don't mind what they're paid as long as they can figure out things like how to sell fresh chicken to consumers, same (or better) price as what chicken rice sellers buy (smaller qty) from their suppliers; not 38% more.
[11:37 am, 31/05/2023] +Jimmy Chew: If you can afford it. Sheng shiong items are way much cheaper
[11:37 am, 31/05/2023] +Jimmy Chew: I don't don't their model but I support anyone who reduces my cost of living
[11:37 am, 31/05/2023] +~k l: Depend need to compare but if u really compare almost they same
[11:38 am, 31/05/2023] +Jimmy Chew: Seriously haha. It depends on where you stay and what items
[11:38 am, 31/05/2023] +~k l: Cos not sure who own Sheng Xiong I feel their cost of don’t diff much
[11:39 am, 31/05/2023] +Jimmy Chew: I think they care for the common folks because they wer pig farmers and when the founders die. Will it become like Fairprice seeking profits more that reducing cost
[11:39 am, 31/05/2023] +Wai Xin: sheng siong group is a listed company
[11:39 am, 31/05/2023] +Wai Xin: share price is 1.63
[11:41 am, 31/05/2023] +Jimmy Chew: Fairprice from what I hear from friends about the founding fathers was to reduce cost for the poor. Seems they are funding NTUC initiatives
[11:42 am, 31/05/2023] +Ken: Was 0.6 at start lol
[11:44 am, 31/05/2023] +Ken: The start was good… but overtime they lose their mandate why NTUC started in the first place
[11:44 am, 31/05/2023] +Ken: Similar to NTUC income π
[11:45 am, 31/05/2023] +Ken: Let the market push them out lor… if they don’t know how to do business nothing much we can do
[11:57 am, 31/05/2023] +Jimmy Chew: Yeah, the market will decide, just like the citizens will decide, it's a matter of time, like insurance agents, you can only cheat me once, then your reputation is down the drain haha
[11:58 am, 31/05/2023] +Jimmy Chew: sheng siong is not a social enterprise, cannot compare apples to oranges, they totally different .
[11:58 am, 31/05/2023] +Jimmy Chew: or like they say lychee to durians haha
[11:58 am, 31/05/2023] +Wai Xin: i wasnt comparing, i was just sharing their financial report
[11:59 am, 31/05/2023] +Jimmy Chew: ultimately we need to get down to basics, what is the enterprise for?
[0:04 pm, 31/05/2023] +Jimmy Chew: Yeah, this is for lottery, but for food and essentials, I hope not!
[0:04 pm, 31/05/2023] +Singapore Maid Agency: Yes nick name ηͺθLim, they are nice to help many/plenty too even not social enterprise
[0:05 pm, 31/05/2023] +Singapore Maid Agency: Very hard to claim Prudential
Better
[0:06 pm, 31/05/2023] +Jimmy Chew: from what I heard those who run NTUC Income, came from the previous Prudential folks. Not sure if it's true haha
[0:08 pm, 31/05/2023] +Jimmy Chew: that what my mother say, I was born in the year of the pig, I am to be eaten and be effective? so fairprice, fair to raise price to help the programs hmm
[0:10 pm, 31/05/2023] +Jimmy Chew: it all boils down to basic, who we are, what do we want to achieve, not easy, push and there are weak people, charge higher there are poor people, seek excellence there are disadvantage folks, but if the leadership can lead like the our covid situation, rather than knee jerk reactions, others will follow us.
[0:13 pm, 31/05/2023] +Jimmy Chew: haha. today I had a friend who wants to contribute to a ukulele group and the leadership is not open, so that may happen to us, the leadership may feel this is the way to go, what can we do, select leaderships that are wholesome and wise and open to feedback, because not all citizens are developed equally. We need to weed out the foxes haha who cares but is there for the money
[0:29 pm, 31/05/2023] +Rama: Exactly
[0:30 pm, 31/05/2023] +Smiley face: Hi L,
Just add-on to your pointers.
Thank you.
https://www.cnbc.com/2023/05/29/record-youth-unemployment-stokes-economic-worries-in-china-.html
[0:32 pm, 31/05/2023] +Smiley face: Hi Wai Xin,
Good point, to add-on...
It's about the business model...
Thank you
[0:34 pm, 31/05/2023] +Smiley face: Hi Jimmy,
Possibility that NTUC be listed on our SGX main board?
A change of business model?
Thank you.
[0:40 pm, 31/05/2023] +Jimmy Chew: I heard rumors that's what they intend to do. So no more Fairprice hahaha. I really don't know what's the government intentions or even spinning off social enterprise but that's what some commercial company do. Start as social enterprise when successful, change the the directions and start charging. Hahaha this is the game play. Like what Russia is doing false flags ops.
[0:44 pm, 31/05/2023] +Jimmy Chew: It's all down to basics. What is the intentions of the founders. I think it not profit but seems the we're driven by profit. If that is so. Change name don't tarnish the good name of the national trade union Congress. Sad if it happens.
[0:44 pm, 31/05/2023] +Jimmy Chew: And what the previous founders have left their legacies
[0:48 pm, 31/05/2023] +Jimmy Chew: Haha sounds corporate. When new CEO comes into my company they have to do something. So the do paradisation i.e all division have their own hr, CFO etc. After 5 years another CEO says too costly then streamline, hq HR only , one Hq CFO haha then the next 5 years another CEO says let's paradise.
[0:48 pm, 31/05/2023] +Jimmy Chew: I hope our leadership not like that
[0:53 pm, 31/05/2023] +Jimmy Chew: Maybe not such a bad idea to get rid of the fats? Or to gain more income for the management because the management in sheng shiong earns more than the workers. That's what the workers told me When I congratulate them. So I don't know what's the intentions When NTUC is listed
[0:56 pm, 31/05/2023] +Rama: Go back to the reason why fairprice was started in the first place and build on that.
[0:57 pm, 31/05/2023] +Rama: Can a cooperative for workers get a public listing!?
[0:58 pm, 31/05/2023] ☸️ Danny εΏ:
To ensure firms are profitable,
1. Need to grow their market, expand into new areas.
Eg. Exploit digital economy to tap overseas market, tie up with logistics firm to do e-commerce
Eg. Work with IE Singapore or business partner to explore overseas market.
2. Firms also need to ramp up productivity like use automation, digitalisation to produce higher output.
3. Firms need to train workers new skillsets to operate digital business and automation and hence demand higher salaries.
4. Business work with government to obtain grants for digitalisation and automation as well as worker training.
5. Business partner with government and business partners to explore new markets.
This is the only way to make business profitable and pay higher wages to our workers.
[0:58 pm, 31/05/2023] ☸️ Danny εΏ:
To beat inflation, hovering about 5 to 6%.
[0:58 pm, 31/05/2023] +Rama: For unions to truly serve their workers, all level of officials must be voted by workers
[1:02 pm, 31/05/2023] ☸️ Danny εΏ:
1. The current inflation we are facing is unprecedented - a worldwide phenomenon which we can't control.
2. Many countries face far worst inflation figures, eg. UK 10%, US 6 to 7%, some EU countries double digits inflation.
Some countries as high as 40% inflation.
Correspondingly, Singapore apply monetary policy prudently to cap our imported inflation of 5 to 6% couple with wage growth of about a respectable 6.5%.
[1:06 pm, 31/05/2023] +Smiley face: Hi Jimmy, many good points you have raised...
In business, you either profit or lose; you either deficit or subsidise;
Or breakeven, then how long more before profit or lose, deficit or subsidise?
Thank you!
[1:08 pm, 31/05/2023] ☸️ Danny εΏ:
3. Inflation are triggered mainly by external circumstances:-
a. Decoupled global supply chain - due to geopolitical tussling among superpowers.
b. Friendshoring instead of economic principle of exchange of labour based on the cheapest and most efficient source to produce products and services.
c. Pandemic induced supply chain disruption - lead to countries adopting protectionism and pulling back of production capacity back to own countries leading to higher prices.
d. War - disrupting food producing countries from growing and exporting their products leading to food shortages for humans, animal feeds - and this cause prices to rise in food crops, domestic animals, minerals and raw materials.
e. Global warming leading to droughts, floods that disrupt crop production - leading to higher food prices.
[1:10 pm, 31/05/2023] +Smiley face: These prolonged global uncertainties will not end...
Two, the stubborn supply chains aren't working as smoothly as they used to be...
Three, the Fed will continue slowly bit by bit, increasing the interest rates...
Four, the "never ending Ukraine war"...
It's just the beginning of more changes to come!
Thanks, Danny for bringing it up!
[1:15 pm, 31/05/2023] ☸️ Danny εΏ:
4. To hope for such external environment to come to an end and hope that our inflation figures go back to our norm of 2% - is like hoping for money to drop from the sky.
I think we will be very lucky if inflation can come down to 4% as a new normal.
5. Going forward, firms will have to be profitable, focus on productivity by constantly looking at automation, digitalisation and training of workers, look at new markets and new customers to ensure good profit - so as to pay workers increment of 5% to 6% to tackle the high new normal inflation of 4%.
[1:20 pm, 31/05/2023] +Jimmy Chew: Well said. That's where good leadership comes to harness the collective will of the people, understanding the whole system to make us profitable and I think the government is doing well, like the airport, the development of the manpower, going green. Just need to reduce inflation, if that happens we will be the show stopper like our COVID reactions
[1:21 pm, 31/05/2023] ☸️ Danny εΏ:
6. At macro level, MAS will have to rely on monetary policy - specifically to adjust our currency strong Vis a vis our basket of currency to keep imported inflation in control.
But MAS must do so, to ensure we do not lose our export competitiveness by making our good and service too expensive due to strong $.
But good enough to make our import raw material, semi finished goods and food prices cheap.
[1:29 pm, 31/05/2023] ☸️ Danny εΏ:
7. Finance Ministry will have to ensure we do well in GDP growth, so that our government will have healthy tax revenue to provide grants such as GST voucher, tax relief, cost of living voucher, u-save rebate etc to help Singaporeans cushion against high cost of living - via fiscal policy.
8. Government can also help to rope in social enterprise food stalls in neighborhood coffeshops, hawker centre and food courts to offer budget meals to help retirees, office workes, low and middle income earners.
The budget meals $3, $3.50 are good initiatives.
[1:44 pm, 31/05/2023] ☸️ Danny εΏ:
1. At micro level, my son salary increments exceed inflation and also recently promoted, got higher salary.
So inflation not a big issue.
2. Interest rates have been high - unprecedented - and those with passive income can earn higher interest to cushion against the higher inflation.
3. But still the higher overall inflation on food, energy, transport cost, higher housing prices and prices of other goods and services - are still unprecedented - never seen an across the board price increases in all facet of our lives - can be quite frightening.
[2:02 pm, 31/05/2023] ☸️ Danny εΏ:
The latest news, US inflation rate drop to 4.93% - no longer at 6 to 7%.
[2:02 pm, 31/05/2023] +Smiley face: 31 May, 2023
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- - ChatIT#6 - -
[2:06 pm, 31/05/2023] +REACH: π’ Topic π’
Nominal total wages rose by 6.5 per cent in 2022, a significantly higher increase than 3.9 per cent in 2021 and the highest in a decade, according to data released by MOM on 29 May (Mon). However, after accounting for inflation, real wage growth slowed significantly to 0.4 per cent in 2022 as compared to 1.6 per cent in 2021.
π¬ What are your views on wage growth over the past year? How can firms, workers and the Government work together to ensure wages keep pace with rising costs amid an uncertain economic outlook?
π More Profitable Firms
Nearly three in four establishments in Singapore gave wage increases as business activities picked up last year, with the magnitude of increase being larger than in 2021.
"As the Singapore economy contin…
[2:11 pm, 31/05/2023] ☸️ Danny εΏ:
But fed unable to bring the inflation down to 2% - its norm.
Thus US will have to reflect whether their decoupling strategy and friendshoring - against China - to compete for global supremacy in the name of national security - is it worth it.
Fed cannot keep increasing interest rate to tackle the high inflation - because their business will die and their bank run will kill their financial sectors, triggering global recession.
US will have to go back to sound economic fundamentals, level head - and re-study their microeconomics and macroeconomics - specifically exchange of labour, trade, balance of payments - to tackle the high inflation.
Decoupling, friendshoring, domestic production instead of trade with countries from more cost efficient production - will not cure the woe of high inflation.
Keeping high interest rate only scratch the symptoms, not the root cause of high global inflation.
[2:13 pm, 31/05/2023] ☸️ Danny εΏ:
US inflation norm is always 2%.
[2:21 pm, 31/05/2023] ☸️ Danny εΏ: S
ingapore average inflation per year about 2+%.
Now 5 to 6%.
As long as external environment don't change, US want to decouple from China, global warming cause food shortages, countries fight in war and disrupt food and good production - we will be very lucky if we keep our inflation rate at 4% above the norm of 2+ %.
Then our salary increments need to be at 5% or more to catch up with inflation.
[2:31 pm, 31/05/2023] ☸️ Danny εΏ:
In other words, to cure inflation - we must look at the root cause, prescribed the right medicine.
If root cause is countries scrambling due to political reasons to decouple and go for high cost production, no matter what US do in its monetary policy by ever increasing interest rate - won't help - because not solving the root cause.
US in fact is killing their banks and business who can't borrow at high interest.
And no matter what Singapore do in monetary policy by adjusting our currency exchange, high interest rate - also won't help in keeping our inflation rate low - because US decouple and friendshore.
Thus our strategy is to put our business, investment, supply chain in the 2 decoupled and friendshore pipelines - to benefit from the business churn out by the 2 supply chain.
Our business do well then can pay higher salaries to our workers, to tackle the higher inflation while we aim to get inflation to 4% and below if possible.
But to help retirees and lower income groups - government will have to use fiscal policy such as vouchers and grants and higher interest rate to boost passive income for retirees.
Only then we are effective in tackling the root cause of the "man made inflation".
[3:06 pm, 31/05/2023] ☸️ Danny εΏ:
Another thing that trouble Singaporeans are food prices.
1. Most of our food are imported.
2. We are at the mercy of foreign exporters in which food can be disrupted by :-
a. Diseases such as swine flu, bird flu
b. Food crops, Animal feeds - due to crop disruption by poor weather, war, etc.
c. Depleted fish stock due to overharvesting, pollution, global warming.
3. Hence our food prices is always high.
4. Thus, we will need to ensure to secure our own food security and keep our prices stable.
a. Meat eg. Chicken, beef, fish, pork, mutton etc - produce plant-based meat.
Cell-culture, tissue reengineering meat.
(This will dispense of having to set aside lands for animal farming, animal feeds and at the expense of livestock availability from overseas exporters)
b. Vegetable - we need to produce more hydroponics vege, vertical farming to ensure at least 30% sufficiency.
Same as egg production.
c. Carbo - we can't grow rice or wheat - need alot of lands and water.
Hence the only way for us to be sufficient in carbo is grow potato and sweet potato.
Worst come to worst - we will have a balance diet of -
Meat (cell culture, plant based) + hydroponic Vege + eggs + carbo (potato) - as our staple foods to ensure our food security.
Like we have newater recycled water + desalination water + reservoir water + imported water - as our water security.
Then we can fight food inflation.
Ensure supermarket, restaurants, f&b buy our local produce to make our local food production sustainable.
[3:41 pm, 31/05/2023] +Kenneth Lee WM: As stated before there is evidence that Fairprice is not giving consumers the best price.
Singaporean chicken rice sellers paid $6.50/kg.
Fairprice suppose to buy in bulk, volumes so much more than chicken rice seller, yet they still sell at $9+/kg.
So either the sourcing arm of fairprice is sleeping or mgmt wants to keep profits.
Rest of sellers (for profit organizations) take pricing from fairprice. As long as they sell about same price as NTUC, people will still buy from them.
Hence, no incentive to lower price. If there is greater competition like allowing us to buy from malaysia, price will go down.
[3:42 pm, 31/05/2023] +Rama: Agree
[4:35 pm, 31/05/2023] ☸️ Danny εΏ:
Wonder whether with the help of ChatGPT:-
1. Is it possible for EDB or IE Singapore to come out with flowchart of 2 decoupled friendshoring global supply chain.
a. Countries that form the 2 decoupled supply chains.
b. Products, parts and services they produce.
c. Companies that supply those products, parts and services.
2. Then EDB or IE Singapore can tie up with the respective business association and local companies in an attempt to partner, trade, invest or do business with the right foreign companies.
This will help us to insert our business to the 2 decoupled supply chains and grow our local business as well as pay higher salaries to local workers as business grows and profits grow.
But note ChatGPT is not error proof.
EDB and IE Singapore must do ground research to verify whether the business data and information produce by ChatGPT is indeed accurate and helpful.
[4:51 pm, 31/05/2023] ☸️ Danny εΏ:
EDB and IE Singapore employing professional AI ChatGPT prompt engineer could have produced high quality grade information on the 2 decoupled supply chains.
[4:53 pm, 31/05/2023] ☸️ Danny εΏ:
The respective business association can help to verify the foreign business churn out by ChatGPT - to verify indeed the foreign business are the right supply chain suppliers - so that local business can tie up with the right one to grow our business and our markets.
[5:05 pm, 31/05/2023] +Smiley face: Sold out in Singapore: Post-pandemic concert spending in full force
https://www.straitstimes.com/life/entertainment/sold-out-in-singapore-post-pandemic-concert-spending-in-full-force
[5:13 pm, 31/05/2023] ☸️ Danny εΏ:
Actually Singapore can import durians from Vietnam, Thailand, Philippines if durians from Malaysia mao shan Wang is too expensive.
Then we will have more cheap durians to eat.
No need to pay high price for durians.
https://www.channelnewsasia.com/asia/china-vietnam-durian-imports-demand-1-million-tonnes-year-thailand-3527131
[5:27 pm, 31/05/2023] ☸️ Danny εΏ:
New website for residents to search for budget meal options at HDB coffee shops near them. New budget meal decal stickers will be displayed on signages of stalls with budget meal options. This allows customers to easily identify the budget meals on offer, and also help to drive sales. https://www.straitstimes.com/singapore/new-website-for-residents-to-search-for-budget-meal-options-at-hdb-coffee-shops-near-them
[5:27 pm, 31/05/2023] ☸️ Danny εΏ:
Budget meals go where.
https://www.gowhere.gov.sg/budgetmeal/search?sort=relevance
[6:50 pm, 31/05/2023] +REACH: Dear Contributors,
⏰ We will be closing the chat in 10 minutes ⏰
Thank you very much for being part of our WhatsApp chat and participating actively.
Goodnight!
Megan π
[6:56 pm, 31/05/2023] +Smiley face: 31 May, 2023
"Yes, it is hurting and Yes, it's not so or otherwise?"
Model?
The 80/20 rule, up to 20% of a population are finding inflation harder and tougher to manage their monthly expenses. While 80% of the population have adjusted and adapted their budgets in view of the rising prices of goods, services and eating up their disposable income - sustainable?
"Economists like to think they are scientists and Engineers like to think they can build systems that work well and the latest Data Scientists think they can holistically solve all earth and out of earth existential matters in seconds and/or days! In the West, many people are angry, unemployed and voted in favour of someone who promised as many things that are impossible to deliver, that's populism, it is a dangerous game to play and politicians are trying to win it! So the alternative is to better understand how the world really operates and how changes can be made meaningfully through sensible economic analytics. By over regulating or creating more markets or unintentionally created steeper competition may not yield benefits or solutions to the impediments and social flaws of the 8 billions of lives. Let's start thinking more deeply about how we live, when, where, what, why and how the streams of benefit are allocated to whom...?"
- - anonymity
- - in progress - -
[7:02 pm, 31/05/2023] +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 π
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