REACH 494 - What are your views on the report? Is there sufficient support in place for those who need it? Should a differentiation be made between basic needs and what individuals would like to have?
(SK)
18 Sep 2023 (10am - 7pm)
REACH
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Megan ๐
18/09/2023, 9:51 am - +REACH: *Dear Contributors,*
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Megan ๐
18/09/2023, 10:00 am - +REACH: ๐ข *Topic* ๐ข
Last Thursday, Nanyang Technological University (NTU) and the Lee Kuan Yew School of Public Policy (LKYSPP) published a report that said that a family of four, consisting of parents, a pre-teen and a teenager, needs at least $6,693 a month to afford a basic standard of living.
In a joint statement, the Finance Ministry (MOF), Manpower Ministry (MOM) and Ministry of Social and Family Development (MSF) said that the report “may not be an accurate reflection of basic needs”, and its findings should be interpreted instead as “what individuals would like to have”. They also underlined the Government’s approach – that it is committed to supporting Singaporeans throughout their lives, especially those in need.
๐ฌ *What are your views on the report? Is there sufficient support in place for those who need it? Should a differentiation be made between basic needs and what individuals would like to have?*
The Minimum Income Standards (MIS) Report 2023 recommended three reforms related to income:
๐ *1. Introducing a universal wage floor*
In response, MOF, MOM and MSF said they supported the intent of ensuring that lower-wage workers have jobs that pay them decently.
But “a universal wage floor is not necessarily the best way to achieve this”, they said. “Set too low, the wage floor will benefit fewer workers than the Progressive Wage Model (PWM). Set too high, workers who are less-skilled risk losing their jobs, especially if their jobs can be automated.”
๐ *2. Tweaking the Central Provident Fund (CPF) model to “protect poorer people in old age”*
The ministries noted that support for these groups is being strengthened, such as through the recently announced Majulah Package for those aged 50 and above, and upcoming enhancements to measures such as the Silver Support Scheme and Workfare Income Supplement.
“We recognise that there are groups who are unable to benefit fully from the system, including those unable to work and/or accumulate sufficient CPF savings,” they noted, citing lower-income workers and caregivers as examples.
๐ *3. Pegging assistance amounts to current prices to keep up with “actual” needs*
The report said that a number of schemes, such as subsidies for infant care, childcare and student care, as well as the Silver Support Scheme, were not updated between 2020 and 2022 despite high inflation.
The ministries said the scope, coverage and payout amounts of government schemes are regularly reviewed to ensure those schemes remain relevant and adequate. For instance, the ComCare payout amount was raised in 2022, while its per capita household income benchmark was raised in July 2023.
The ministries also said they welcome studies that provide additional insights into public discussion on social policies.
However, commenting on the methodology of the report, MOF, MOM and MSF said the authors used “certain simplifying assumptions” to derive their findings. For example, some expenses taken into account when calculating MIS included discretionary expenses such as jewellery, perfumes and overseas holidays.
They added that the report also assumes that lower-income families would receive the same level of financial help as median households. “However, lower-income families qualify for and receive more financial help,” the ministries pointed out. “As such, there is a risk of overstating the minimum income and understating the amount of government support received by lower-income families.
๐ https://www.straitstimes.com/singapore/jobs/report-on-adequate-minimum-incomes-in-singapore-draws-response-from-3-ministries
๐https://www.channelnewsasia.com/singapore/minimum-income-standard-household-budget-lkyspp-rising-costs-mof-mom-msf-3770966
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18/09/2023, 11:03 am - +~L: Is there a breakdown of how the monthly sum is calculated? Hard to determine if it seems like it satisfies wants or needs otherwise.
18/09/2023, 11:04 am - +~L: Generally, we can't advocate for One Singapore if 30% of the population don't have adequate financial support.
18/09/2023, 11:05 am - +~L: I agree with this being a basic standard of living:"“It is about having opportunities to education, employment and work-life balance, as well as access to healthcare. It enables a sense of belonging, respect, security, and independence. It also includes choices to participate in social activities, and the freedom to engage in one’s cultural and religious practices,”
18/09/2023, 11:06 am - +~L: Was the government saying they don't agree? Did the government propose what they considered to be a basic standard of living?
18/09/2023, 11:07 am - +~L: Hard to feel part of a society when there is so much wealth here, but 30% of the population cannot access it.
18/09/2023, 11:08 am - +~L: The ministers are well paid to solve these problems.
18/09/2023, 11:09 am - +~L: If they deny there is a problem is that just an excuse not to sort it out, or do they not accept the problem?
18/09/2023, 11:12 am - +Rama: The means testing for this must be made known for the electorate to fully understand how the report was derived at. At the same time, details of the report must be made open to the general public.
18/09/2023, 11:12 am - +~L: Yes
18/09/2023, 11:13 am - +Kenneth Lee WM: Indeed it is kind of vague how the $6K is computed and there are few details the gov agencies disagree on. However, we can tell that the current batch of young senior Singaporeans are generally in bad shape. 3 out of 5 can't meet minimum CPF retirement sum; that value is determined by CPF to be the very very basic living costs.
Gov should also be looking at how to bring down the cost of basic food. Like eggs for instance. Basic protein source for the masses. It is now $8 for 30 where it used to be $3-4 just one year ago. Where is Chan Chun Seng when we need him to come and flood the market with eggs and bring down the prices. He used to be criticized when he brought in too much eggs, but that was a good thing as it increased supply to the point that it kept prices in check. Then where is CASE who is suppose to oversee profiteering!!!
18/09/2023, 11:13 am - +Rama: Here here!
18/09/2023, 11:29 am - +Smiley face: Especially in cases where Seniors are above 65 yrs or older age and not working full time, relying on their monthly drawn down CPF of $300-$1000.
These Seniors are the vulnerable people to prioritize and take care first.
3/5 young seniors not having sufficient money in their CPF is an issue that will escalate later on into their aging years.
How to help?
By continuing to work either full time or adhoc or part time just to supplement the costs of living?
How will MOM/MSF/MOF identify areas of job opportunities and at the same time recalibrate the wages through workfare just to balance the take home pay of these aging citizens.
18/09/2023, 11:38 am - +Frankie Wee: CPF keep on rising FRS $198k to $2xxk late yearly
At age 55 group unable to met mins BRS and FRS. They continue to work on.
18/09/2023, 11:45 am - +Frankie Wee: Remember me in 1990s those teenage working part time or full time at McDonald’s 1hr per $2.80 to $3.50 late 10 to 20 years saving on CPF not enough when cost of living higher.
18/09/2023, 11:53 am - +Frankie Wee: 1990s maybe govt sleep ๐ด all of trouble teenage ๐
18/09/2023, 11:54 am - +Poh S Lim: I agree on this.
1) Is the hard data collected by the think tanks available to the public with breakdowns?
2) How is the criteria on ‘basic needs’ determined?
3) Is the model of a family consisting of parents and 2 children in the age group stated a good representative of the current population?
4) Does the figure given represent the mean, median or lower boundary of the basic need? The specific figure of $6693 is quite specific, since the term ‘at least’ is used. Can this figure then be used to benchmark the poverty line for public policy for public assistance?
18/09/2023, 11:56 am - +Frankie Wee: In future 3room will cost $500k bto
18/09/2023, 11:58 am - +Frankie Wee: Whole world country is changed economy and social system affected Singapore too.
We want to change then Better voice out what we need for living today.
18/09/2023, 12:00 pm - +Ken: Depends on area… resales new BTO already 600k…
My friend brought 300k… after mop ๐
But then again supplier demand
18/09/2023, 12:00 pm - +Ken: Still cheap than condo of the same size <This message was edited>
18/09/2023, 12:00 pm - +Frankie Wee: Yes agreed
18/09/2023, 12:00 pm - +Frankie Wee: Condominium will cost equal price to HDB
18/09/2023, 12:03 pm - +~L: How many over 60's are looking forward to their golden years working in McDonald's?
18/09/2023, 12:04 pm - +Ken: Cost of living is tough… unless your kid earn a lot more than you ๐
18/09/2023, 12:04 pm - +KL: already thinking to do part time and enrol into macdonald university . got free food
18/09/2023, 12:05 pm - +~L: Hope you have very good health care provisions. McDonald's is nutritional very poor.
18/09/2023, 12:05 pm - +KL: just saw a old lady ( staff ) trying to buy meal and overheard the another staff helping her. say she cant approve only manger can
18/09/2023, 12:05 pm - +Rama: ๐ณ๐คฆ♂️๐
18/09/2023, 12:05 pm - +KL: Not sure heard wrongly but I think they using a card to buy meal on machine not like last time can eat behind .
18/09/2023, 12:06 pm - +Rama: ๐ณ
18/09/2023, 12:06 pm - +Rama: Hopefully not many!
18/09/2023, 12:06 pm - +KL: Saw the helping each other spirt in macdonald delight me
18/09/2023, 12:06 pm - +~L: I really hope we can give people more to aspire to than McDonald's and Fair Price. I'm not criticising those companies or if people are choosing to work there. I just would be sad if people are forced into those jobs due to lack of funds. Also, there are not unlimited jobs there either, and where do the students go for part time work?
18/09/2023, 12:06 pm - +Rama: Agree
18/09/2023, 12:07 pm - +KL: maybe ask where all the job gone to ?
18/09/2023, 12:07 pm - +~L: Gov would do well to train people into Global WFH jobs that brings income into Singapore and gives people flexible working.
18/09/2023, 12:07 pm - +Rama: Yes
18/09/2023, 12:08 pm - +KL: i saw a lot of Malaysian WFH in malasia instead <This message was edited>
18/09/2023, 12:08 pm - +~L: The way to solve financial problems is to increase income. We need to tap into the global online economy, but it's true there we are competing with other countries that have more people and lower cost of living.
18/09/2023, 12:09 pm - +KL: income outflow to another country if not local
18/09/2023, 12:10 pm - +~L: Since we cannot cut expenditure we have to distribute wealth a little better. More money in lower income pockets actually increase economic growth if the money is spent locally, not overseas.
18/09/2023, 12:10 pm - +Rama: Mean minimum wage as mentioned by PM a few National Day Rally ago was sgd1.4K! Need major uplift!
18/09/2023, 12:11 pm - +KL: When , how many years ago ? <This message was edited>
18/09/2023, 12:11 pm - +Rama: By the time LW becomes PM!
18/09/2023, 12:12 pm - +Rama: Maybe two or three at the most!
18/09/2023, 12:24 pm - +Dan: There is a shift of mindset on basic needs. The official stand of basic needs using Maslow's hierarchy of needs is quite outdated. A normal Singaporean living on these basic wage to ensure survival is impractical as there are no social costs attached to it. Unless the person lives a hermit life,an otaku who coops in his home, not caring for his image or other wellbeing.
18/09/2023, 12:25 pm - +Rama: Government is way backdated in policy on this!?
18/09/2023, 12:26 pm - +Frankie Wee: One thing I need know why there in CPF accured interest rate keep it forever untouchable nor use for retire set transfer RA when they can’t meet min FRS or BRS
18/09/2023, 12:26 pm - +Rama: My sentiments exactly!
18/09/2023, 12:44 pm - +Unknown: Then it should be placed at appropriate places that are not as accessible to the young
18/09/2023, 12:46 pm - +Rama: Restricted acess!?
18/09/2023, 1:09 pm - +Sh Koh: Hmm.. we hear this argument many times from govt. And govt way is to increase productivity or upgrade. It is a never ending treadmill.
18/09/2023, 1:13 pm - +Sh Koh: Perhaps it's time to look alternative means like a minimum retirement sum commitment from govt When u hit a mark. Funded by 'wealth' taxes.
18/09/2023, 1:14 pm - +Rama: Yes
18/09/2023, 1:18 pm - +Smiley face: Good starting point.... Maslow Hierarchy of Needs!
18/09/2023, 1:19 pm - +Smiley face: 18 September, 2023
"Big Data and Analytics and the Ratings of Poverty"
(ๅคงๆฐๆฎๅๅๆไปฅๅ่ดซๅฐ่ฏ็บง)
How to encourage workers age 55 yrs onwards to work either full time or part time?
"MSF/MOM/MOF will have better insights to each individual and households to directly and in micro methods equalise helps and packages from tax breaks, employabilities, educations, GST vouchers, Cash to medical subsidies. Data minings and generative AI to achieve the goals of increasing equality"
- - anonymity
CPF contributions:
For age 55 and onwards, those earnings $5k and below will have additional CPF contributions tri-share from Government, Unions & Employers.
$1500 to $3000 @ additional 4% (2%)*
$3001 to $3999 @ additional 3% (1.5%)*
$4001 to $5000 @ additional 2% (1%)*
*For part timers.
Income Tax:
Preferential tax given to young seniors age 55 onwards especially for those earning below $40,000 annually. No means test.
Ratings Poverty:
Taking from the perspective of the TFR. The ratio of minimal standard of livings and dependancy ratio shall be assumed at 1 : 2.
What is the pre-determined costs of supporting this 1 : 2 ratio of livings? What are the items included in this calculated sum of expenses? Are each of these items good estimates of the latest costings?
One full-time working adult with Two dependents. The monthly incomes and expenditures.
These dependents classified as either young children or teenagers or young seniors or physical/mental/medical disabled or elderly parent.
MOH:
With the latest Healthier SG program, if we achieved 90% membership. It will be beneficial for MOH to provide accurate medical data on issues, challenges and expenditures per individual, per household monthly and per year basis.
All these medical data shall form part of the means analytics of households together with the CPF contributions and monthly income and the ratio of dependancy.
- - in progress - -
18/09/2023, 1:42 pm - +Smiley face: "A Pro Work Choice Nation"
"Singapore is a society that is Pro work choice; over the five decades of our nation's growth, many experts view our systems of social welfare are often debatable and more often in recent years distorted to the extent that some members of the public and the opposition are demanding more help and in search of the poverty line, this case is SG."
- - anonymity
How can the Policymakers contribute and lead the private sectors and its citizens to reintroduce new measures to top up all gaps not just incomes or money but the means to many ends in particular the bottom 25% of our households and in accuracy, our citizens.
There are several methods and the collection of data, these data points are more than the usual Census.
Only with these data points, each social or economic policy will yield more traction with the predicative and confidence level at 95%-99% at any given time frame or just in time to assist individuals and/or many households at one simultaneous effort, all synchronizes with the end goals of equalizing along the lifetime of all citizens whether one is able today to earn a good living or tomorrow unable to earn and sustain his or her family members.
All of the above can be addressed through the use of data analyses, multi-ministries, executing at the micro-segmentation method and finally implement many meaningful and life changing initiatives.
- - in progress - -
18/09/2023, 1:46 pm - +Rama: GE25 is around the corner! Improvement works in some of the older mature estates are either ongoing, started or being planned. All in the hope of increase majority votes in Parliament! Electorate is very mindful of the ruling party's government shortcomings over the years. Best be upfront, do away with ownself check ownself and answer the people truthfully without any hidden agenda!
18/09/2023, 1:51 pm - +Smiley face: <Media omitted>
18/09/2023, 1:57 pm - +Smiley face: The so-called hidden truth or hidden agenda needs more elaborate explanation and communication to reduce all distortions and unnecessary debates and unhappy sentiments.
The key towards a Trusting society whereby the common existential needs and challenges must be addressed face to face in order for the public to start to understand the constraints, the trade-offs and the unintended consequences of this vs that policy and so on.
A clear and non opaque message is achievable through continued engagement with our citizens, hopefully these meetings will cover up to 1/3 of our population; 'The more the merrier '...
18/09/2023, 1:57 pm - Your security code with +65 8584 5280 changed. Tap to learn more.
18/09/2023, 1:59 pm - +Smiley face: The key idea is a Pro Work Choice mindset whereby you work as long as you can and you don't have to worry over your 'roof ' !
18/09/2023, 2:00 pm - +Smiley face: Keep it Simple and Compassionate, we are living in a highly uncertain time and the worst (can be) is yet to come!
18/09/2023, 2:04 pm - +Rama: Another current issue is in Parliament right now. PM suspends Minister For Transport from MP duties and yet he is drawing sgd192K in allowances on top of sgd8k salary from a civil service guideline! PSP HP is raising a private member bill to query on this! Then IJ comes in with a supplementary intervention to explain! Electorate is ๐ณ๐คท♂️
18/09/2023, 2:06 pm - +Smiley face: Can anyone, please provide the explanations, there must be a logical reason ?
18/09/2023, 2:08 pm - +Rama: Beat around the Bush explanation is expected!
18/09/2023, 2:10 pm - +Ken: Suspension not equal to conviction right?
If convicted any way of crawl back in Singapore government terms?
18/09/2023, 2:12 pm - +Rama: Suspension wages can be reimbursed!
18/09/2023, 2:20 pm - +Frankie Wee: Tengah is cooling system not bad
https://www.mytengah.sg/centralised-cooling/
18/09/2023, 2:24 pm - +Frankie Wee: So far I have not heard any news from him. Wonder he is still under investigation by CIPB <This message was edited>
18/09/2023, 2:25 pm - +Rama: Believe so as this issue is complicated and will take months
18/09/2023, 2:39 pm - +Smiley face: This message was deleted
18/09/2023, 2:39 pm - +Smiley face: First thing first, hot air rises and cool sinks.
At the ground level that is covered with concrete or grass, trees and plants landscaping; hot air rises.
One, in commercial buildings whereby centralized air-conditioning system are commonly used. Perhaps, there are advantages and disadvantages to learn from it.
Two, assuming there are up to 10 compression/cooling systems for each 50 floors block of flats. One system down, only 5 floors are out of aircon services.
Three, the experiences from Covid 19 taught us the air quality and the potential contamination of virus via such a centralized pipeline of aircon.
18/09/2023, 2:42 pm - +Smiley face: Are the servicing of aircon, repairing or replacements costs part of the monthly conservancy fees or these centralized air-conditioning fees are separate costs?
18/09/2023, 2:43 pm - ☸️ Danny ๅฟ:
1. First, I will like to comment on the report from the study made by NTU and LKY School of Public Policy on the basic standard of living of Singaporean family.
2. The first thing that come to my mind when I read jewellery, perfume and overseas tour are categorised as basic needs for a family - has triggered me to cast aspersion into the credibility of the study.
Seriously, does a family required jewellery, perfume and overseas tour to be its physiological basic needs - to sustain their lives, for without which, the family cannot survive?
3. To be honest, I don't buy jewellery, use perfum and go overseas tours for decades already - except my younger days when I earn my income worth.
4. Jewellery, perfume and overseas tours are luxurious vanity items.
5. If the 2 schools are serious in helping the Government to conduct studies to help Singaporeans and Government to formulate public policies, the schools must be extremely mindful how their studies will impact public policies, taxpayers' money and the overall impact on the sustainability of the Government fiscal budget.
6. Because such "exorbitant categorisation" will translate into high taxes that will need to levy on Singaporeans in the form of income tax, property tax, corporate tax, GST etc - to subsidise grants or financial assistance to lower income people - whereby even middle income will fall into the "poverty trap".
7. It will also deplete our reserves if fiscal tax are unable to finance unsubstantiated "high standard of living" causing a draw on our reserves - buffered by categorisation of luxurious items disguised as basic needs for a family to survive.
18/09/2023, 2:56 pm - ☸️ Danny ๅฟ:
1. Like any good financial controller or good accountant, to instill financial discipline and financial prudent, I will draw up and maintain a financial spreadsheet on my average monthly expense to control my expenses to ensure my monthly income can cover my monthly expenses for the whole family.
2. This form my basic needs to maintain a respectable standard of living.
3. I will categorise into :-
a. Basic needs
b. Luxurious vanity items
c. Savings.
4. My priority will be to ensure that I fully satisfy my a. Basic needs (bearing in mind that the current and last 2 years high inflation - has tilt my expenses by 8.9%).
5. When I have fully fulfilled my a. Basic needs, I will split my excess income equally into spending b. Luxurious vanity items and c. Savings (for retirement or rainy days).
6. Hence, I will ensure my allocation of my income versus spendings and savings - can meet the veracity of financial credibility, sustainability, prudence and discipline.
7. I feel that by going on this approach, the way I work out the basic needs of a family and meeting the standard cost of living - is more credible and can help the government to formulate a workable public policy to meet Singaporeans standard cost of living.
18/09/2023, 3:02 pm - +Smiley face: Fixed assets and Liquid assets and Debts Servicing Ratio.
18/09/2023, 3:05 pm - +Rama: Blady idiot who came up with No. 2!
18/09/2023, 3:06 pm - +Rama: No. 4 is right!
18/09/2023, 3:19 pm - ☸️ Danny ๅฟ:
_Categorisation of Monthly Expenses :-_
*A. Basic Needs*
1. Weekly supermarket groceries
2. Weekend food
3. Monthly Allowances to wife, parents, parent-in-law, (son when studying).
4. Medical expenses
5. Barber
6. Mobile phone expenses
7. Broadband and fixed phone expenses
8. Electricity and water bill
9. Town council, or conservancy charges or MSCT expenses
10. Property tax
11. Transport charges - MRT, Bus, Taxi, Private Hire
12. House minor repair or maintenance
13. Electrical appliances faulty replacement or repair.
14. Insurance premium, Medishield premium
15. CNY angpows
16. Charity contribution
17. Education, school fees and expenses (for those with children still studying)
18. Monthly housing loans, or University loans (if the loans and interest are not fully paid)
18/09/2023, 3:20 pm - ☸️ Danny ๅฟ:
This will have covered almost all the basic needs - plus and minus.
18/09/2023, 3:29 pm - ☸️ Danny ๅฟ:
*B. Luxurious Vanity Items* _(50% excess income minus spendings on Basic Needs)_
_Weekly Leisure Spending_
1. Window Shopping or shopping - leisure items
2. Eat out in food court, hawker centre, f&b, restaurant
3. Local tours to place of interest
4. Enrol in some leisure activities
Those who own cars will have :-
1. Monthly car loan
2. Petrol
3. Car insurance
4. Annual car tax
5. Parking charges
6. Car maintenace
7. ERP
Those who want yearly overseas tour :-
1. Tour group
2. Air tickets
3. Accomodation
4. Tour spending
Those who want to buy luxurious items :-
1. Jewelleries
2. Watches
3. Bags - birkin, hermes, blah blah....
4. Perfumes
5. Cosmetics etc blah blah
====
*C. Savings* _(50% excess income minus spendings on Basic Needs)_
1. Put into Fixed Deposit
2. Singapore Saving Bonds
3. T-bill
4. Insurance Savings Plan or Endowment policy
5. CPF savings.
18/09/2023, 3:35 pm - +Rama: Agree
18/09/2023, 3:36 pm - ☸️ Danny ๅฟ:
1. Government formulating public policy to ensure all Singaporeans maintain a respectable Basic Standard of Livings - to ensure everyone meet their Basic needs --- should focus on all the essential items listed in a. Basic Needs.
2. b. Luxurious Vanity Items -- should not be included into the Basic Standard of Livings - for the purpose of formulating policies in meeting Singaporeans basic cost of living.
3. I have to however highlight that indeed, the recent 3 years inflation do take a toll on the Basic Cost of living - as I record it, tabulate it and compute it - as I spend and incur ---- and it come out to 8.9% increase in my total Basic Needs expenses.
4. Of course this is my personal family recorded expenses for reference.
Other families will have a slight variation - depending on the number of family members and their spending needs.
For eg. some may spend more on food, some may spend more on healthcare, some may spend more on education. some may spend more on transport etc.
18/09/2023, 3:36 pm - Your security code with +65 6336 7926 changed. Tap to learn more.
18/09/2023, 3:37 pm - +Sh Koh: There shld be slight change in mindset of basic need. Some amount of comfort such as eat out, leisure shld be considered. It's relative.. but I think is necessary in Singapore context.
18/09/2023, 3:38 pm - +Rama: Wage mentioned in survey needs to be lowered to about sgd5k
18/09/2023, 3:43 pm - +Sunshine Pooh: respectable Basic Standard of Livings -- should include some spare in case of emergencies such as hospitalisation.
how about childcare costs, maids - for parental care, or day care for elderly parents.
18/09/2023, 3:44 pm - +Rama: Local tourism should be encouraged
18/09/2023, 3:45 pm - +Sunshine Pooh: agree - with houses being so small nowadays- where do families.. even in the lower income go for leisure. otherwise we are encourage more mental stress...
18/09/2023, 3:47 pm - +Sh Koh: Either local or overseas.. so some leisure amt shld be considered.. although local leisure can be more expensive
18/09/2023, 3:50 pm - +Sh Koh: Yes.. so we shld consider some expense as part of basic need.
18/09/2023, 3:52 pm - +Rama: Definitely
18/09/2023, 3:53 pm - +Rama: Due to currency, Malaysia will be an ideal choice.
18/09/2023, 3:54 pm - ☸️ Danny ๅฟ:
Of course everyone will be more happy if we put more luxurious items into basic needs.
But the more we put, the higher tax we have to pay.
Are we willing to pay higher GST above 9%?
Or pay more income tax, property tax?
Or whatever tax?
18/09/2023, 3:55 pm - ☸️ Danny ๅฟ:
To service lower income groups?
This money won't be use as financial assistance to middle income groups and above Woh.
18/09/2023, 4:00 pm - +REACH: ๐ข *Topic* ๐ข
18/09/2023, 4:01 pm - +Rama: Will we see gst at 12% after 2030!?
18/09/2023, 4:01 pm - +Sh Koh: This is a perceive / consensus basic need of singaporean.. it is a reasonable benchmark to start our planning.
18/09/2023, 4:03 pm - ☸️ Danny ๅฟ:
1. And I have to stress again, Universal Wage Cost or Basic Minimum Wages --- are not the right approach to beef up the lower income group - because it is not base on sound economic principles.
2. Minimum salaries in each industries varies - and cannot set a universal or standard basic wages and apply it to all industries..
As rightly pointed out by the Government, when basic minimum wages are set too low, the lower income workers won't benefit.
If set too high, some industries can use automation to replace our workers or hire foreign workers.
3. Hence PWM (Progressive Wage Model) - that tie different basic wages according to each respective industries, with productivity growth ties to corresponding increase in wages to the workers - is the best model to uplift the wages of lower income workers.
This is base on sound economic principles of wages tie to productivity and wage cost vis-a-vis business profit and expenses.
18/09/2023, 4:08 pm - ☸️ Danny ๅฟ:
My friends ask, where can we find this NTU/lkyspp report?
We want to take a look and examine the report content.
Now we only based on news article to comment. <This message was edited>
18/09/2023, 4:10 pm - +Rama: Me too @
18/09/2023, 4:16 pm - ☸️ Danny ๅฟ:
I think the report only given to government.
Not published for public consumption.
18/09/2023, 4:17 pm - +Sunshine Pooh: then kinda of redundant wont you say? cos it is open to restricted interpretations by the different govt bodies.
how do you quantify or validate the data if not open for public's review
18/09/2023, 4:19 pm - +KL: I think is online only 39 pages but not sure correct or not , but I think they only took in basic needs . <This message was edited>
18/09/2023, 4:19 pm - +Rama: So, can be hogwash to some extent!?
18/09/2023, 4:20 pm - +Rama: Send it over anyway
18/09/2023, 4:20 pm - ☸️ Danny ๅฟ:
https://lkyspp.nus.edu.sg/news-events/events/details/minimum-income-standard-2023-household-budgets-in-a-time-of-rising-costs
I think should be this one.
18/09/2023, 4:20 pm - +KL: Better not let reach gov publish
18/09/2023, 4:21 pm - ☸️ Danny ๅฟ:
But cannot see the report.
18/09/2023, 4:21 pm - +Rama: ๐
18/09/2023, 4:21 pm - +Rama: ๐ณ๐คฆ♂️
18/09/2023, 4:28 pm - +Sh Koh: So is there a publish govt basic needs items ?
18/09/2023, 4:36 pm - +Sh Koh: Think importantly is what the way basic is define. Seems like govt basic needs is only abt housing, food and clothing, but… forgetting what singaporean individuals would like to have
18/09/2023, 4:40 pm - +Rama: ๐
18/09/2023, 5:04 pm - +REACH: *Bus, train fares to rise by up to 11 cents for adults; new $96 concession pass for low-wage workers*
More: https://www.straitstimes.com/singapore/transport/bus-train-fares-to-rise-by-up-to-11-cents-for-adults-new-96-concession-pass-for-low-wage-workers
18/09/2023, 5:05 pm - +Rama: Blood sucking!๐ก๐
18/09/2023, 5:07 pm - +~L: Is this the Official Gov List we are measuring by?
18/09/2023, 5:08 pm - +Frankie Wee: Fuel ⛽️ oil risings
18/09/2023, 5:08 pm - +~L: True, but let's face it.... Singapore is very small, and not very varied. It's not going to help kids learn about the world or widen their experiences if they can never go overseas.
18/09/2023, 5:09 pm - +Frankie Wee: Next turn electric tariff will increase price
18/09/2023, 5:11 pm - +~L: In 2020 3 banks made $8bn profit from Singapore. Maybe they can pay a tiny bit more tax?, or pay their CEOs and Execs a tiny bit less salary?
DBS Bank: DBS is one of Singapore's largest banks. In 2020, DBS reported a net profit of SGD 4.72 billion for the full year.
United Overseas Bank (UOB): UOB is another significant player in the Singaporean banking industry. In 2020, UOB reported a net profit of SGD 1.03 billion for the full year.
OCBC Bank: Oversea-Chinese Banking Corporation (OCBC) is another major bank in Singapore. In 2020, OCBC reported a net profit of SGD 2.31 billion for the full year.
18/09/2023, 5:11 pm - ☸️ Danny ๅฟ:
My close friend comments:-
One person's definition of basic can be another person's luxury.
When my mom was still around, she was happy with a household brand coffee bag which cost <20¢ per cup.
To others, Starbucks coffee is basic.
When my dad and mom were successful in being allotted a 2-room rental flat (only 1 small bedroom) and moved all of us into the tiny home, my parents were happy because we were previously cramped up in a poorly-lit, bug- infested rented room.
I was too young to remember, but my mom described the rented room had walls with streaks of black lines (formed by bed bugs).
The bugs also crowded around light switches and power sockets.
Today, I have heard more than once, from different people/sources that 2-room flats "ไธๆฏไบบไฝ็".
I major in computer science during my undergrad days and never owned a computer because that would cost my dad half a year of his pay.
I hung out very late into the night or very early in the morning to chope computer resources.
My classmates never knew why I was so "weird".
Today, an undergrad walks around with a notebook, ipad and iphone which can easily cost $4000.
My financial ruler-of-measure is based on if we were out-of-work, what would living be like?
That gives clarity on what constitutes as basic, we fund development eg enrichment programmes for ourselves and children so that we stay relevant, set aside savings for future and emergencies and whatever is left can go to charities and consumption.
Consumption is defined as nice-to-have, "don't have won't die".
We are clear that we are not trying to keep up with the Joneses.
But recently, the "basic" component has risen become substantially.
Even that, I consider $6,693 is quite high for "basic" definiton.
18/09/2023, 5:12 pm - +KL: Frankly . In my humble opinion the easiest way to test is by MacDonald meal.
Use 2020 cost of SG living = cost of a fish burger meal in SG MacDonald
Cost of living is 4131 in 2020 and a meal not upsize is 5 dollar
Use today MacDonald fish burger meal * % difference = Today cost of living for 4 pax.
Ard 7.10
I think est ard 6K :) +\- estimated of 10% confidence intervals. As long fell in 5.3 K to 6.6 K is there this inflation mainly only took in food and energy inflation not consider housing inflation .
18/09/2023, 5:13 pm - +~L: "because it is not base on sound economic principles." - opinion or fact?
Why not have a floor for every job, and then progressive wage model based on roles and industries? At least then we know that No One Is Left Behind. No Family is in Poverty.
18/09/2023, 5:14 pm - ☸️ Danny ๅฟ:
The whole message is very clear.
Current Singaporeans still have very high expectations.
Never seen our early struggle.
18/09/2023, 5:15 pm - +Rama: Agree
18/09/2023, 5:16 pm - +~L: Expectations are indeed high. We are surrounded by vast amounts of Wealth. It seems in many countries that new generations are work shy high consumers.... not sure where this will lead!
18/09/2023, 5:16 pm - +Rama: Bankruptcy!
18/09/2023, 5:17 pm - ☸️ Danny ๅฟ:
Current LKY documentary revive our early struggle.
Young generations didn't see how their parents and grandparents struggle in their early lives.
18/09/2023, 5:17 pm - +Rama: Would not make a difference if they did see!
18/09/2023, 5:18 pm - +~L: In 1980, Singapore's GDP was approximately $16.3 billion USD.
In 2021, Singapore's GDP was approximately $337.5 billion USD.
18/09/2023, 5:18 pm - +Rama: ๐ณ๐๐
18/09/2023, 5:18 pm - ☸️ Danny ๅฟ:
My close friend comments: Actually, might be a good thing. Because I always ask what's the bottom line?
My comments : Yes we must manage people expectations.
Else become a bottomless pit.
18/09/2023, 5:19 pm - +~L: So it's not surprising people have higher expectations and don't feel they need to live the same lives as their ancestors. Didn't the ancestors work hard to build a good life for the next generation? Yes - but that shouldn't mean the next generation don't also work hard to do the same.
18/09/2023, 5:19 pm - +Rama: Our reserves is not so must be practical in USA!
18/09/2023, 5:20 pm - +Rama: Nonsense!
18/09/2023, 5:20 pm - +~L: Which bit?
18/09/2023, 5:21 pm - +~L: Singapore gdp per capita for 2022 was $82,808, a 6.56% increase from 2021.
Singapore gdp per capita for 2021 was $77,710, a 26.82% increase from 2020.
Singapore gdp per capita for 2020 was $61,274, a 7.26% decline from 2019.
Singapore gdp per capita for 2019 was $66,070, a 1.15% decline from 2018.
18/09/2023, 5:22 pm - +~L: Covid impacted 2020 2021 of course, but seeing general growth. Why are people getting left behind?
18/09/2023, 5:22 pm - +Sh Koh: We see and recognise past struggle. But looking forward.. we shld define new basic right. We didn't use old benchmark for our airport, finance, safety security didn't we
18/09/2023, 5:23 pm - +Rama: You need to think about the next generation when spending reserves!
18/09/2023, 5:25 pm - ☸️ Danny ๅฟ:
Oh I don't drink Starbucks or gourmet coffee.
I still drink the 20 cents 3-in-one coffee.
18/09/2023, 5:28 pm - +Sh Koh: Great... but not everyone need and can be like you.
18/09/2023, 5:30 pm - ☸️ Danny ๅฟ:
Hence important for government to define what is basic needs.
What is luxurious items.
18/09/2023, 5:30 pm - +Sh Koh: I vaguely remember then PM GCT mention something abt bar soap to shampoo, shower cream.. so some can live frugally like the past.. but some also 'upgrade'
18/09/2023, 5:31 pm - +Sh Koh: Why must govt the one defining. ?
18/09/2023, 5:31 pm - ☸️ Danny ๅฟ:
I use soap bar, the 50 cents type not the shower cream.
Hence important for government to define what is basic needs and what is luxurious items. <This message was edited>
18/09/2023, 5:31 pm - +Kenneth Lee WM: i think the gov should release the report and let the populace decide if the report is valid or not. Just because the 3 ministries don't agree with the report, they throw it out and said it is not valid.
We are not an "Animal farm" society. We can read and understand things ourselves.
My gut feel, I think the report is about right. For retirees, $1.5K a person for just food/transport/utilities is more than enough. For families with 2 young/teenage children, a *housing mortgage*, playschool, tuition, etc, $6K is going to be barely enough. Anything less, something needs to be prioritized out.
One criticism of the report was that there were perfume purchases; one bottle of perfume can last for months/years and I doubt families purchase a new bottle every month! Then again, there are $20 perfumes and $200 perfumes and I'm sure the person with limited income knows which kind of perfume they can afford.
18/09/2023, 5:32 pm - +Rama: Likewise
18/09/2023, 5:32 pm - ☸️ Danny ๅฟ:
Because the government is managing public funds, taxpayers money.
18/09/2023, 5:32 pm - +Rama: Penny wise pound foolish!
18/09/2023, 5:32 pm - +Rama: Agree
18/09/2023, 5:33 pm - +Rama: Great
18/09/2023, 5:34 pm - +Sh Koh: Not using Starbucks as a basic benchmark but an occasion pleasure/leisure instead. We shld have element of that as part basic need computation.
18/09/2023, 5:35 pm - +~L: If no one 'needs' a holiday, a restaurant meal, nice clothes, Starbucks, then why do some people (including Gov) get paid so much just to fritter it away on these pointless luxuries?
18/09/2023, 5:36 pm - +Liang Wei: <Media omitted>
18/09/2023, 5:36 pm - +Rama: Exactly!?
18/09/2023, 5:36 pm - +Kenneth Lee WM: Government can control the price of basic necessities by controlling supply. Increase supply of an item via quasi government institutions and prices of that item will definitely drop.
Government doesn't need to make a loss or subsidize items.
18/09/2023, 5:37 pm - +~L: Who needs air conditioning? Who has air conditioning? Two very different things.
18/09/2023, 5:38 pm - +~L: 6k for a family of 4 Inc teenagers... not sure what life/interests they are able to pursue. Not much to inspire the kids who will grow up resenting the society that didn't care about them.
18/09/2023, 5:39 pm - +~L: 6k a month is apparently ok when there are many people here earning 6k a week. If they don't need 6k a week, then why not tax them a bit more?
18/09/2023, 5:39 pm - +Sh Koh: Yes.. agreed. It is hard..
18/09/2023, 5:40 pm - +Frankie Wee: Go back in old kampung
Kopitiam
18/09/2023, 5:40 pm - +~L: Spend that tax on offering opportunities for low income kids.
18/09/2023, 5:40 pm - +~L: We need to support the next generation, and I see a big division coming if we don't fix it.
18/09/2023, 5:46 pm - +Rama: So, don't expect extravagant handouts from government.
18/09/2023, 5:48 pm - +Smiley face: "The Basic Plus Budget"
"The idea of a basic costs of living is a known fact and the 'plus factor of parental cares' is one cost that must not be neglected because more and more Seniors are aging and the bills to pay also added to their monthly expenses. Last but not least, we should not assume that majority of our Seniors have passive savings and perpetually having sufficient cash or CPF to live their lives till their last days."
- - anonymity
18/09/2023, 5:49 pm - +Rama: Very dangerous with a fast aeging population
18/09/2023, 5:49 pm - +~L: Is our export market being wiped out? https://www.channelnewsasia.com/singapore/key-exports-fall-singapore-august-11-straight-months-decline-3778276
18/09/2023, 5:49 pm - +Rama: Recession coming!?
18/09/2023, 5:50 pm - +Frankie Wee: Core cost of living
18/09/2023, 5:51 pm - +Smiley face: No danger if we planned ahead and worked as ONE PEOPLE... like any crisis, we planned for it then let it come unprepared!
Thanks, Andrew!
18/09/2023, 5:51 pm - +~L: Keeping inflation down with a strong currency is impacting our export markets which will cost jobs.
18/09/2023, 5:52 pm - +Smiley face: A global issue that is highly complex and complicated all because of vested nation to nation interest.
Thanks, L!
18/09/2023, 5:52 pm - +~L: Work as One People, but get paid according to what?
18/09/2023, 5:52 pm - +Frankie Wee: Business sell price Rsp and cost of profit to pay wage increase.
If business fell short then sell won’t make margin profit.
When inflation keep rising (something against hike from FED global)
18/09/2023, 5:52 pm - +Smiley face: Yes, do not compare to your peers, neighbors and cross the border to elsewhere!
18/09/2023, 5:53 pm - +~L: Our leading economiats get paid over $6k per DAY to solve these problems. Leading bankers get over $60k per DAY.
18/09/2023, 5:53 pm - +Smiley face: The Oil price is going towards US$100, the next thing is inflation vs deflation! Nations vs Nations!
18/09/2023, 5:54 pm - +Frankie Wee: Big issue is oil prices affected
18/09/2023, 5:55 pm - +Smiley face: Our neighboring countries are having high unemployment rates or lower wages that come with lower or not so low costs of living; the key is employment and wage increase, two tests!
18/09/2023, 5:55 pm - +Smiley face: Die liao lor!
18/09/2023, 5:55 pm - +Frankie Wee: ๐ซฃ
18/09/2023, 5:55 pm - +Smiley face: Let the chaos start from November onwards!
18/09/2023, 5:55 pm - +Rama: Anyone remember then PM od Malaysia (Abdullah Basawi) who said that if oil price hits usd100.00, the country would consider nuclear energy!?
18/09/2023, 5:56 pm - +Rama: We also had the then part blind president of Indonesia who was considering similar?
18/09/2023, 5:56 pm - +Smiley face: It takes a decade to know how and to safely implement the nuclear reactor!
When you wish to abandon it, it takes another decade to dismantle all of it...
18/09/2023, 5:57 pm - +Rama: We are caught in between!
18/09/2023, 5:57 pm - +Rama: Dumping location also critical!
18/09/2023, 5:57 pm - +Smiley face: No worries at all, SG is aggressively seeking for energy from LNG to alternative and renewable energy!
18/09/2023, 5:58 pm - +Rama: A very far sighted government we are blessed with
18/09/2023, 5:58 pm - +Smiley face: Discharge outside water in SG and both neighbors will ban you!
18/09/2023, 5:58 pm - +Smiley face: Yes, but the govt just doesn't know how to COMMUNICATE effectively!
18/09/2023, 5:58 pm - +Rama: Japan currently facing chiba and South Korea on the fukushima issue!
18/09/2023, 5:58 pm - +Rama: Agree
18/09/2023, 5:59 pm - +Smiley face: Watch Russia! They have threatened to start a war with Japan should their water be highly contaminated with the nuclear water flowing from Japan to Russia water!
18/09/2023, 6:00 pm - +Rama: They themselves are irresponsible in dismantling dumping their military nuclear reactors!
18/09/2023, 6:01 pm - +Smiley face: The pot telling the kettle is black?
18/09/2023, 6:01 pm - +Rama: Yes
18/09/2023, 6:01 pm - +Smiley face: Do not discount Russia! When they said they will do it!
18/09/2023, 6:02 pm - +Frankie Wee: Russia people need to vote new President and put out to stop the war and cost them price every single to pay.
18/09/2023, 6:03 pm - Your security code with ~ REACH Singapore changed. Tap to learn more.
18/09/2023, 6:03 pm - +Smiley face: Frankie, wait longer abit...
18/09/2023, 6:03 pm - +Rama: Vote is always rigged!
18/09/2023, 6:03 pm - +Frankie Wee: Sanctions is cut off trade and no longer market
18/09/2023, 6:04 pm - +Frankie Wee: Russia still on black market
18/09/2023, 6:04 pm - +Rama: Black Market!
18/09/2023, 6:05 pm - +Smiley face: If the FED reaches a 6% interest rate hike, the following long term treasure bonds will look attractive! It's an inverse relationship IR and TB
18/09/2023, 6:05 pm - +Smiley face: Yes, ya, yupp!
18/09/2023, 6:05 pm - +Frankie Wee: Too high
18/09/2023, 6:05 pm - +Rama: Keep a look out!
18/09/2023, 6:05 pm - +Smiley face: Nope!
18/09/2023, 6:06 pm - +Smiley face: BRICS, how to contain the growth trajectory of this competing force?
18/09/2023, 6:06 pm - +Frankie Wee: New dollar BRICS
18/09/2023, 6:07 pm - +Frankie Wee: Because of Russia join in trade deal with China set BRICS
China know USA is going to block trade
18/09/2023, 6:07 pm - +Smiley face: Have to wait longer abit...
The Koreans are in deep deep trouble, the latest Huawei handphones are full of Korean microchips!
18/09/2023, 6:07 pm - +Rama: Yankees lack foresight!
18/09/2023, 6:08 pm - +Smiley face: Lets wait longer to see...
18/09/2023, 6:08 pm - +Frankie Wee: China ownself and do not follow US nor UN and international law
18/09/2023, 6:08 pm - +Rama: Agree
18/09/2023, 6:09 pm - +Smiley face: BRICS world order!
18/09/2023, 6:11 pm - ☸️ Danny ๅฟ:
My close friend comments:-
The "basic" basket of items shift over time. This, I agree.
1. Free or lower- costs options have closed on us. In my younger days, 100% whole grain rice was good, 100% whole -grain fragrant rice was a luxury. We could choose the cheapest non 100% whole grain rice as our staple. That option was available then. Today, the basic standard is 100% whole grain fragrant rice. I remembered there was a well nearby our home. Well water was free, although insufficient. Non air con bus fares were cheaper. Now it is not an option. So we have to keep up with the higher quality goods and services. The "basic" goes up.
2 New norms come entered our lives. Such as mobile devices and connections. So the "basic" goes up again.
3. But when there are choices and more cost effective ones, I would consider the more expensive choices as "consumption". <This message was edited>
18/09/2023, 6:12 pm - +Smiley face: Competitive Economy and the Patterns of Consumption
18/09/2023, 6:12 pm - ☸️ Danny ๅฟ:
My close friend comments:-
I tend to think in terms of bare subsistence needs first and for different groups of people, they have their own delta to stack on top.
Those delta, is our own level of comfort <This message was edited>
18/09/2023, 6:13 pm - +Smiley face: RM2000 job vs S$2000 job
18/09/2023, 6:35 pm - +KL: Cheap labour ?
18/09/2023, 6:39 pm - ☸️ Danny ๅฟ: <Media omitted>
18/09/2023, 6:39 pm - ☸️ Danny ๅฟ: <Media omitted>
18/09/2023, 6:39 pm - ☸️ Danny ๅฟ: <Media omitted>
18/09/2023, 6:39 pm - ☸️ Danny ๅฟ: <Media omitted>
18/09/2023, 6:39 pm - ☸️ Danny ๅฟ: <Media omitted>
18/09/2023, 6:39 pm - ☸️ Danny ๅฟ: <Media omitted>
18/09/2023, 6:39 pm - +Joseph Yap: ๐ฌ *What are your views on the report? Is there sufficient support in place for those who need it? Should a differentiation be made between basic needs and what individuals would like to have?*
The report provided a realistic reflection of household expenses.
Support are still insufficient for lower income households.
Greater redistribution of income from the top 20% well-off to the lower-income could be in the form of wealth tax eg. capital gain tax on private property/ commercial property and estate tax as well as higher luxury taxes eg. separate COE category for luxury cars.
18/09/2023, 6:39 pm - +lesli: <Media omitted>
18/09/2023, 6:39 pm - +Frankie Wee: Mean talk cost of living compared to Malaysia vs Singapore
RM$2000 vs SG$2000
18/09/2023, 6:41 pm - ☸️ Danny ๅฟ:
What defines basic needs:-
1. Slippers $2 from daiso.
2. Lux soap bar 0.50 cents.
3. Fairprice coffee 13 cents a packet.
4. Chicken Sadia $4.70 <This message was edited>
18/09/2023, 6:41 pm - +Smiley face: Malaysia's cost of living isn't cheap anymore!
18/09/2023, 6:42 pm - ☸️ Danny ๅฟ: <Media omitted>
18/09/2023, 6:43 pm - ☸️ Danny ๅฟ:
Clothing from neighbourhood retail stores:-
1. $10 a shirt
2. Singlets $10 - 3 pieces
No designer clothes, no vanity stuff on my body.
18/09/2023, 6:43 pm - ☸️ Danny ๅฟ: <Media omitted>
18/09/2023, 6:43 pm - +KL: So u got ntuc membership :) ?
18/09/2023, 6:44 pm - ☸️ Danny ๅฟ:
Singlets got one big lobang hole - still can wear at home.
18/09/2023, 6:44 pm - ☸️ Danny ๅฟ:
Hence this is the Basic needs.
Can live happily.
No need vanity items.
18/09/2023, 6:44 pm - ☸️ Danny ๅฟ:
Yes I do.
18/09/2023, 6:45 pm - +KL: Maybe I got one question to ask why ntuc membership need 108 dollar to get offer or more linkpoint rebate ?
18/09/2023, 6:45 pm - +KL: So it made ntuc membership a essential or necessity?
18/09/2023, 6:46 pm - ☸️ Danny ๅฟ:
Huh?
Cannot remember 108 dollar for NTUC membership.
I don't remember paying.
18/09/2023, 6:47 pm - +KL: Maybe I remeber incorrectly :(
18/09/2023, 6:47 pm - +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 ๐
18/09/2023, 6:47 pm - ☸️ Danny ๅฟ:
But I recall I bought NTUC shares - got free membership.
18/09/2023, 6:50 pm - ☸️ Danny ๅฟ:
And yet I attend and go big hotel events, high class places for events - respectable, presentable, and professional - without the need of designer clothes, perfumes that smell like a walking flower or expensive jewellery to make me look wealthy and important.
Beauty comes from the inner heart, not what a person wear or how luxurious items the person use.
18/09/2023, 6:53 pm - ☸️ Danny ๅฟ:
And I give 2 presentation in a 5 stars hotel to a group of 1,000 VIPs - among 13 speakers from local and overseas speakers.
Both my presentation rated 1st and 2nd - while wearing my neighborhood clothings without designer clothes, jewellery or perfumes. <This message was edited>
18/09/2023, 6:54 pm - +Rama: Very down to earth but message sent across professional
18/09/2023, 6:57 pm - ☸️ Danny ๅฟ:
I still recall PM Lee got 3 small holes in his singlet at home.
His wife say, you are a PM - doesn't look good to wear a torn singlet.
PM Lee say, at home nobody see.
Also the holes are not big holes still can wear, why waste it?
A typical Hakka with good value system.
18/09/2023, 6:58 pm - ☸️ Danny ๅฟ:
5. Thai white rice - about $5.60 per 5 kg.
Good value for money.
18/09/2023, 6:58 pm - +Rama: Yes
18/09/2023, 6:59 pm - +Smiley face: 18 September, 2023
"Big Data and Analytics and the Ratings of Poverty"
(ๅคงๆฐๆฎๅๅๆไปฅๅ่ดซๅฐ่ฏ็บง)
How to encourage workers age 55 yrs onwards to work either full time or part time?
"MSF/MOM/MOF will have better insights to each individual and households to directly and in micro methods equalise helps and packages from tax breaks, employabilities, educations, GST vouchers, Cash to medical subsidies. Data minings and generative AI to achieve the goals of increasing equality"
- - anonymity
CPF contributions:
For age 55 and onwards, those earnings $5k and below will have additional CPF contributions tri-share from Government, Unions & Employers.
$1500 to $3000 @ additional 4% (2%)*
$3001 to $3999 @ additional 3% (1.5%)*
$4001 to $5000 @ additional 2% (1%)*
*For part timers.
Income Tax:
Preferential tax given to young seniors age 55 onwards especially for those earning below $40,000 annually. No means test.
Ratings Poverty or Middle Income Trap:
Taking from the perspective of the TFR. The ratio of minimal standard of livings and dependancy ratio shall be assumed at 1 : 2.
What is the pre-determined costs of supporting this 1 : 2 ratio of livings? What are the items included in this calculated sum of expenses? Are each of these items good estimates of the latest costings?
One full-time working adult with Two dependents. The monthly incomes and expenditures.
These dependents classified as either young children or teenagers or young seniors or physical/mental/medical disabled or elderly parent.
MOH:
With the latest Healthier SG program, if we achieved 90% membership. It will be beneficial for MOH to provide accurate medical data on issues, challenges and expenditures per individual, per household monthly and per year basis.
All these medical data shall form part of the means analytics of households together with the CPF contributions and monthly income and the ratio of dependancy.
Afterwords:
"The Basic Plus Budget"
"The idea of a basic costs of living is a known fact and the 'plus factor of parental cares' is one cost that must not be neglected because more and more Seniors are aging and the bills to pay also added to their monthly expenses. Last but not least, we should not assume that majority of our Seniors have passive savings and perpetually having sufficient cash or CPF to live their lives till their last days."
- - anonymity
Generational Effects:
Generation after generation, father to child/children, child in return taking care of the parents till they depart this world. This cycle of life is the virtue of propriety and it is an Asian culture to do so.
The hot button issues of the costs of living in today's Singapore varies across the socio-economic stature of households and individuals, income and wealth accumulation. The higher a person income is, the higher this person's wealth accumulation it will be compared to the less financially abled person. This cycle of income and wealth inequalities is transparent and it is existential for all developed countries.
"You don't have to rich to be happy, live within your means, and don't compare to others, and you will be happier."
- - anonymity
It is filial to include a monthly allowance to parents either own and/or in-law. It has to come out of the monthly family budget and it can be an expense. The basic monthly budget of a family should include this parental cares including medical emergencies or routine doctor visits and medications, if affordability is not an issue for a family. Otherwise, society will have to take care of our aging population & higher taxes, and either way unavoidable.
It all count down to budgeting and priortising a family needs over wants that will either break or make; what living and life is all about? Importantly, a big happy family!
- - in progress - -
18/09/2023, 6:59 pm - +Smiley face: For SINGAPORE!
MM Lee Kuan Yew, in his style, his solemn and sentimental moment reciting the Singapore's Pledge. Let's have a minute of silence remembering MM Lee, his comrades and all past Singaporeans their contributions (sweat & blood) to our nation. Majulah Singapura!
18/09/2023, 7:00 pm - +Smiley face: <Media omitted>
18/09/2023, 7:00 pm - +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
18/09/2023, 7:00 pm - ~ REACH Singapore changed this group's settings to allow only admins to send messages to this group
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