REACH 501 - What are your views on what constitutes as basic needs for households? Are there sufficient measures to support lower-income households to meet their basic living needs in the midst of rising cost of living?
(SK)
05 Oct 2023 (10am - 7pm)
REACH
10/5/23, 10:16 AM - +REACH: *Dear Contributors,*
Welcome back! 😊
⏰ We will be opening the chat from *1030am 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 😊
10/5/23, 10:28 AM - +REACH: 📢 *Topic* 📢
MPs debated what constitutes basic needs in Parliament on Wednesday in the wake of the Minimum Income Standards (MIS) Report 2023 by Nanyang Technological University (NTU) and the Lee Kuan Yew School of Public Policy (LKYSPP) published last month. The report had drawn a joint response from the Government, which said the study is not just about basic needs such as housing, food and clothing, but what individuals would like to have.
Separately, Senior Minister of State for Sustainability and the Environment Amy Khor explained that the hike in water price ensures that PUB can continue to cover operating costs while investing in infrastructure to maintain a reliable water supply.
💬 *What are your views on what constitutes as basic needs for households? Are there sufficient measures to support lower-income households to meet their basic living needs in the midst of rising cost of living?*
📌 _*Support for lower income households*_
Mr Eric Chua, Senior Parliamentary Secretary for Social and Family Development, said the MIS study looked beyond the basic needs of lower-income families, which is what government aid schemes provide for. He noted that the report also looked at “what it takes to enable a sense of belonging, respect, security, independence”, which is aspirational and what individuals or families would like to have.
SPS Chua also explained that MSF regularly reviews ComCare schemes to ensure lower-income families have enough help to meet their basic living needs. He said the ministry last increased the cash support for ComCare Short-to-Medium Term Assistance and Long-Term Assistance in August 2022.
SPS Chua said that MSF assesses its “basket of products and services that are needed in a basic package for our ComCare families from time to time”. “And we have included mobile data plans, because that provides for digital connectivity, which in turn provides for human connection, which is a basic need we assessed.”
📌 _*Water Price Hike*_
External cost pressures have been increasing the cost of producing and supplying water, which has exceeded the current water price. The price hike ensures future investments can be funded, said SMS Khor, highlighting the need for $3 billion in capital investments to meet future water demand.
SMS Khor said the pricing is meant to reflect the scarcity value of water and encourage consumers to save water. “Therefore, everybody, whether it’s individuals, households, businesses and communities, ought to pay the right price for water. And that’s why we don’t have an additional band.”
👉https://str.sg/ic7g
👉https://www.channelnewsasia.com/singapore/minimum-income-standard-household-budget-lkyspp-rising-costs-mof-mom-msf-3770966
👉https://www.channelnewsasia.com/singapore/parliament-basic-needs-aspirational-goods-perfume-overseas-holidays-3822431
👉 https://str.sg/ic84
10/5/23, 10:29 AM - ~ REACH Singapore changed the group description
10/5/23, 10:31 AM - ~ REACH Singapore changed this group's settings to allow all participants to send messages to this group
-----
10/5/23, 10:59 AM - +Frankie Wee: I would like to share what are the meaning cost of living and standards met of needs. And there are new price to hike for investment. I don’t see water has any new development impressive project example water has been clean Ho2 or treatment used. Do water need renew building like bridge or mountain?
Public transportation has right hike new price every period yearly change new development bus and building mrt or train 🚆 station
Hike money is wisely to spent new infrastructure do not meant keep in pocket.
10/5/23, 11:02 AM - +Coconut Tree: Theres 3 major water projects now. One uinderway in Tuas South, 2 Planned, 1 in CCK 1 in Changi
10/5/23, 11:02 AM - +Coconut Tree: all 3 are huge projects
10/5/23, 11:03 AM - +Frankie Wee: https://www.straitstimes.com/singapore/tuas-water-reclamation-plant-on-track-for-2026-opening-despite-rising-costs
10/5/23, 11:03 AM - +Frankie Wee: I understood
10/5/23, 11:05 AM - +Coconut Tree: CCK is rebuilding and upgrading. Plant size doubling iirc
10/5/23, 11:06 AM - +Coconut Tree: Changi I'm not sure
10/5/23, 11:06 AM - +Frankie Wee: T5 coming new project
10/5/23, 11:06 AM - +Coconut Tree: so they're large infra projects
10/5/23, 11:06 AM - +Coconut Tree: not T5. Changi water works
10/5/23, 11:06 AM - +Frankie Wee: 😮
10/5/23, 11:07 AM - +Coconut Tree: PUB spending a lot of money upgrading infrastructure
10/5/23, 11:08 AM - +Frankie Wee: Singapore future costly and investment development important is need 6G is more power connection all system project
10/5/23, 11:11 AM - +Frankie Wee: Something like movement small circle ⭕️ to big circles.
Beginning new worker earning money then spent money then saving then retire.
10/5/23, 11:20 AM - +Frankie Wee: 3 major water project in area land west, east and north
10/5/23, 11:20 AM - +Frankie Wee: CCK north
Tuas west
Changi east
10/5/23, 11:20 AM - +Coconut Tree: Something like that. West, East, northwest
10/5/23, 11:20 AM - +Frankie Wee: Yes
10/5/23, 11:21 AM - +Frankie Wee: System will flood easy
10/5/23, 11:21 AM - +Coconut Tree: <Media omitted>
10/5/23, 11:22 AM - +Coconut Tree: CCK not in picture
10/5/23, 11:22 AM - +Frankie Wee: Safe for water
Malaysia will going cut off Singapore in 2050 expire
10/5/23, 11:23 AM - +Coconut Tree: yeah - We're going be okay. They can cut. We dun sell them water, they suffer more. =P
10/5/23, 11:24 AM - +Frankie Wee: 🤣 agreed if Malaysia need money
10/5/23, 11:48 AM - +Kenneth Lee WM: The justifications for the cost of water increase are one sided. The gov keeps harping on the cost of water generation increase. Water usage is indeed going up. We agree that as usage goes up, production cost goes up. But then again PUB has already priced the water with profits built in. So, when usage goes up, so do profits.
Why is there a need for further profits? What about advances in technology and productivity that will happen?
It is also ridiculous to tell us that we should generate funds up front to pay for huge infrastructure projects at the start of the project. These projects are supposed to be depreciated over 20 years or more with income generated from the infrastructure to pay for it.
There should also be 2 tier pricing just like the way broadband internet is being charged. Commercial and consumer. For commercial whatever price government throws at them, they will just transfer it to their customers. Consumers on the other hand just got to eat the price. We shall see the repeat of COE pricing happening with water prices where commercial entities pay whatever is needed in order to secure the resource, leaving consumers in the dust.
Saying that something is scarce so we need a price to reflect it is not a valid reason. Pls tell us the cost of future projects, why we need them, when it is going to happen, how it is being paid for, that's a better way of justifying the cost increase.
10/5/23, 12:05 PM - +Frankie Wee: This happen competitive market price to hike
10/5/23, 12:33 PM - +REACH: Dear contributors,
We want to HEAR MORE from you!
💬 *What are your views on what constitutes as basic needs for households? Are there sufficient measures to support lower-income households to meet their basic living needs in the midst of rising cost of living?*
We have had good feedback from this group, and we hope that we can keep the discussion robust and active!
Megan 😊
10/5/23, 12:42 PM - +Jimmy Chew: Haha one elderly who's 85 commented when will I stop paying. Government got Money why do they continue to collect from me 👿 hahaha. Not sure how many pioneers feel like him.
10/5/23, 12:46 PM - +Rama: Only when she's six foot under or cremated!
10/5/23, 12:49 PM - +Frankie Wee: Healthy mental illness if they still health then should be
10/5/23, 12:49 PM - +Rama: Apply for public assistance!
10/5/23, 12:50 PM - +Frankie Wee: <Media omitted>
10/5/23, 12:50 PM - +Frankie Wee: Money not belong to banks which they break the law.
10/5/23, 12:53 PM - ☸️ Danny 心: <Media omitted>
10/5/23, 12:53 PM - ☸️ Danny 心:
Go to your "file manager" or "files" or "my files" to ensure that no "APK files" are installed.
This is side loaded files that are installed directly bypassing Google play store - and some could be malware.
Delete all APK files if you don't want such malware to take control of your handphone and steal your bank account.
I help one person to catch one such APK file loaded in the handphone and delete it.
Luckily that person didn't use the handphone to access the bank account.
10/5/23, 12:56 PM - ☸️ Danny 心:
Move to trash bin not good enough.
It is only temporary deleted.
Must permanently delete from trash bin as well.
10/5/23, 12:58 PM - +Frankie Wee: Maybe anyone bough used phone shop they don’t know about APK file make them attractive cheap cheap phone actual in malware file.
10/5/23, 12:58 PM - ☸️ Danny 心:
Many people anyhow download apps without knowing the consequences.
10/5/23, 1:01 PM - +Rama: Good thing banks are now starting to block access to their apps if there are third party apps from non approved operating systems!
10/5/23, 1:02 PM - +Rama: Yes
10/5/23, 1:03 PM - ☸️ Danny 心:
DBS say rolling out, I check still not yet.
Not sure about UOB.
OCBC and Citibank are ready.
10/5/23, 1:32 PM - +~N: All you need to ask are, is it reasonable for an average adult to incurr the following expenses, grossly spread out over 12 months:
$500 housing/accommodation related (*excluding* mortgage and rental, *including* utilities, service and conservancy, ad-hoc maintenance/minor repairs/household items replacement grossly spread out over a year)
$500 transport
$500 food
10/5/23, 2:02 PM - +REACH: 📢 *Topic* 📢
10/5/23, 2:09 PM - ☸️ Danny 心:
1. It is natural for any person to jump the moment we see or hear any news on "price increase" - and especially so if the news come from the Government.
2. But before we jump, shouldn't we take a step back and do a background check - specifically a logical and objective calculation - to see whether we are indeed worst off from the price hike.
3. If anyone do this, many will be surprise that vast majority will not be worst off and in fact the lower income group has windfall (a big profit from the price hike for 3 years).
Middle income and surprisingly Upper income group (especially 3 those supporting 3 generations) also got sufficient Government help specifically the COL (Cost of Living) grant and GST voucher - for 3 years.
For the rest, majority of the price hike and GST hike are covered.
4. I know because I use the COL calculator to work out many possible configurations :-
- 1 room lower income
- 5 room flat income
- Private condos
- Landed properties (2 gen and 3 gen)
Later I will attached them to proof what I say here is accurate.
5. After 3rd year, that is 4th and 5th year --- help dwindle --- and hopefully, Government has sufficient fiscal budget to help all Singaporeans again for another next 3 years.
10/5/23, 2:10 PM - +Rama: Blady nonsense to include, travel, jewellery and perfume!
10/5/23, 2:10 PM - ☸️ Danny 心: <Media omitted>
10/5/23, 2:11 PM - +Frankie Wee: Living luxurious
10/5/23, 2:12 PM - ☸️ Danny 心:
I was furious to read this - when WP Jamus Lim classified perfumes as basic needs.
If this chap time and again try all ways and means to raid our reserves - I will write him off as someone who will frivolously spend all our reserves as populist move to win votes.
10/5/23, 2:13 PM - ☸️ Danny 心:
Initially, use 60% nirc to fund fiscal budget and now these.
10/5/23, 2:15 PM - +Rama: Opposition are morons!
10/5/23, 2:15 PM - +Rama: At your own expense!
10/5/23, 2:15 PM - ☸️ Danny 心:
On average, every eligible adult received $1,500 per year or more for 3 years.
Lower income group per person receive $4,000 per year for 3 years.
More than sufficient to cover all price hikes and GST hike.
10/5/23, 2:16 PM - +Rama: Only adjust for inflation!
10/5/23, 2:16 PM - +Frankie Wee: Govt give out more budget COL
10/5/23, 2:17 PM - +Frankie Wee: I can said 0.01% is give and take
10/5/23, 2:17 PM - ☸️ Danny 心: <Media omitted>
10/5/23, 2:18 PM - ☸️ Danny 心:
5 room flats 3 person receive $6,120 in 2023.
10/5/23, 2:18 PM - +Frankie Wee: Wow it’s alot
10/5/23, 2:19 PM - ☸️ Danny 心: <Media omitted>
10/5/23, 2:20 PM - ☸️ Danny 心:
Private condo 4 person receive $4,150 in 2023.
10/5/23, 2:20 PM - ☸️ Danny 心: <Media omitted>
10/5/23, 2:21 PM - ☸️ Danny 心:
$8,750 for landed property 8 people including 2 elderly parents in 2023.
10/5/23, 2:22 PM - ☸️ Danny 心: <Media omitted>
10/5/23, 2:22 PM - ☸️ Danny 心:
$5,100 landed property (2 gen) 5 person - 2023.
10/5/23, 2:25 PM - ☸️ Danny 心: <Media omitted>
10/5/23, 2:26 PM - ☸️ Danny 心:
1 room flat 1 elderly $3,960 in 2023.
10/5/23, 2:28 PM - ☸️ Danny 心:
With all these information, the windfall COL grants from the government - why people still make noise?
Wonder anyone seriously sit down and do a proper calculation or not.
10/5/23, 2:30 PM - +Frankie Wee: Old group age low income can be making noise while younger group is no need bother
10/5/23, 2:31 PM - ☸️ Danny 心:
Year 2024 and year 2025 - government grants decrease by 10% each year.
But pending on government fiscal budget, if there are surplus, I won't be surprise the government will provide additional help.
10/5/23, 2:31 PM - +Rama: They look at food portion against price, utilities and conservancy bills, transport but expect more!
10/5/23, 2:32 PM - +Rama: Younger group bigger and fat pay check!?
10/5/23, 2:32 PM - ☸️ Danny 心:
Send them the calculation and see whether they earn more compare to the price hikes.
I think they will at least earn more than $1,000.
10/5/23, 2:32 PM - +Frankie Wee: They got good career and bought HDB 4room cost $400k to $600k
10/5/23, 2:33 PM - +Frankie Wee: Met the people session in GRC or CC
10/5/23, 2:33 PM - ☸️ Danny 心:
It cover all these price hikes.
My personal inflation is 9.82% - fully covered by the COL grants with some surplus. <This message was edited>
10/5/23, 2:33 PM - +Rama: Factor in health care too!
10/5/23, 2:34 PM - +Frankie Wee: Old get Gen card
10/5/23, 2:34 PM - ☸️ Danny 心:
Everything.
I refer to inflation - not the base spending.
10/5/23, 2:35 PM - +Rama: They expect better returns on all chas type cards along with pioneer and merdeka cards!
10/5/23, 2:35 PM - +Frankie Wee: Those company need to adjust salary basic because inflation going upward mean economy healthy stables.
10/5/23, 2:36 PM - +Frankie Wee: <Media omitted>
10/5/23, 2:37 PM - +Rama: Wait long long!
10/5/23, 2:37 PM - +Frankie Wee: But problem is FED can hike over inflation
10/5/23, 2:37 PM - +Frankie Wee: Banks follow up FED
10/5/23, 2:38 PM - +Rama: Generally, our electorate doesn't understand these!
10/5/23, 2:38 PM - +Frankie Wee: Company business trade are limited to loan bank
10/5/23, 2:51 PM - +Rama: Cash and medisave top up is expected to keep pace with inflation.
10/5/23, 2:53 PM - ☸️ Danny 心:
To me and my family members, my basic needs are classified as follows:
Categorisation of Monthly Expenses :-
A. Basic Needs
1. Weekly supermarket groceries - big inflation
2. Weekend food - big inflation
3. Monthly Allowances to wife, parents, parent-in-law, (son when studying). - inflation
4. Medical expenses - inflation
5. Barber - no inflation
6. Mobile phone expenses - no inflation
7. Broadband and fixed phone expenses - no inflation
8. Electricity and water bill - big inflation
9. Town council, or conservancy charges or MSCT expenses - inflation
10. Property tax - inflation
11. Transport charges - MRT, Bus, Taxi, Private Hire - inflation
12. House minor repair or maintenance - inflation
13. Electrical appliances faulty replacement or repair. - inflation
14. Insurance premium, Medishield premium - inflation
15. CNY angpows - no inflation
16. Charity contribution - no inflation
17. Education, school fees and expenses (for those with children still studying) - inflation
18. Monthly housing loans, or Uni loans (if the loans and interest are not fully paid) - inflation
Items not included in this list are considered my :-
Vanity luxurious items.
Yes I classified them as "Vanity" ---- because it is a reminder to myself that money don't fall from the sky - and need to earn with diligence, hard work and savings.
And "perfume" - definitely qualified my classification as "Vanity".
10/5/23, 2:54 PM - +Rama: Likewise
10/5/23, 2:55 PM - +Frankie Wee: Good to voice out 👍
10/5/23, 2:56 PM - +Rama: Pay attention to inpatient ward and surgery charges increase too!
10/5/23, 3:00 PM - +Smiley face: Model: Incomes & Expenses?
Four adults or two adults and two children or three adults and one child.
Net monthly income @$2,000
Expenses:
Housing $100
Food $600
Sundries $100
Utilities $30
Motorbike $500
Petrol $150
Transport $100
Shopping $100
Entertainment $100
Medical $50
Misc tax $100
Misc $100
Total Expenses: $2,030
10/5/23, 3:01 PM - +Smiley face: Any inputs or adjustments for each cat of expense?
Other expenses not here, pls addon.
Pls do so... thanks
10/5/23, 3:02 PM - +Smiley face: *govt subsidies/grants are not factored into each of these models.
10/5/23, 3:03 PM - +Smiley face: 5 October, 2023
"The Costs of Urban Livings"
"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
10/5/23, 3:06 PM - ☸️ Danny 心:
1. Having work out my spreadsheet on my monthly cost of living expense and keep it updated - next I will ensure all my income sources are able to meet the expenses + savings set aside for rainy days and retirement.
2. I will keep track of any increase in price hikes (absolute amount + % increase).
3. Likewise, I will keep track of any increase in my income sources (including Government grants eg. GST vouchers and COL grants) -(absolute amount + % increase) - to ensure my monthly expenses are fully covered + my accumulated savings are intact.
4. Before I rejoice and thanks the Government (when Government grants help) - when price hike and inflation are covered.
Or show my sulky face or make noise in REACH if the price hike and inflation eat into my savings and total income source.
5. My comprehensive computation shows that all this year price hikes, inflation, GST increase are fully covered for the whole 2023 for my entire household.
And the projection show that in 2024, about 80% of the price hike and GST hike are covered.
And the projection show that in 2025, about 70% of the price hike and GST hike are covered.
6. So naturally, my respond is rejoice and say "Thank You" to our Government.
7. I bet many people don't go to such extend to work out their sum - but jump and keep shooting the Government on the price hike (based on misinformation, perceived misinformation or didn't do their sum at all - and blame the government through "Ignorance" or laziness to work out their sum).
10/5/23, 3:10 PM - +Frankie Wee: How about outside country are competitive affect COL and what we see different VAT and GST
10/5/23, 3:11 PM - +Frankie Wee: GST alway have competition outside the world whom keen investors a business partnership
10/5/23, 3:13 PM - +Frankie Wee: By meant point complaining and making noise. If they are understanding sum valuable’s assets for economy.
10/5/23, 3:15 PM - +Rama: The low income, uneducated and unemployed are the most difficult to understand the means testing used to determine payout to individual!
10/5/23, 3:16 PM - +Frankie Wee: Too sad
10/5/23, 3:16 PM - +Frankie Wee: 🤦
10/5/23, 3:16 PM - +Rama: .🤷♂️😞
10/5/23, 3:19 PM - +Smiley face: Age groups?
10/5/23, 3:20 PM - +Frankie Wee: I think this point old age group
10/5/23, 3:20 PM - +Smiley face: Bigger challenges!
Medical and living expenses?
10/5/23, 3:20 PM - +Smiley face: 65 and above?
10/5/23, 3:21 PM - +Smiley face: Estimated 50,000 in this vulnerable and borderless group!
10/5/23, 3:22 PM - +jerick: Solid comprehensive list 👍🏼 just a suggestion: you might want to give property tax a big inflation rating as well, due to the recent hike.
https://www.straitstimes.com/singapore/most-home-owners-to-pay-higher-property-taxes-in-2023-govt-to-give-one-off-rebate-of-up-to-60
10/5/23, 3:22 PM - +Frankie Wee: Upon hearing but I am not very perfect age old group in accounting match dollars to dollars how they spent themselves.
10/5/23, 3:22 PM - +Rama: Big headache for government
10/5/23, 3:23 PM - +Rama: Possibly
10/5/23, 3:23 PM - +Smiley face: No worries! Can be tackled
10/5/23, 3:23 PM - +Frankie Wee: Govt can check their saving income group retirement
10/5/23, 3:24 PM - +Rama: Heavy financial and social cost!
10/5/23, 3:24 PM - +Smiley face: Today @65 years old!
By 2030, each of these seniors will consume up to 2.5x of an able adult.
10/5/23, 3:25 PM - +Smiley face: Is true, can be solved!
10/5/23, 3:25 PM - +Frankie Wee: Mean that they don’t have CPF met FRS
10/5/23, 3:25 PM - +Smiley face: Costing
10/5/23, 3:25 PM - +Smiley face: Yes, assuming ZERO!
10/5/23, 3:25 PM - +Frankie Wee: 😮
10/5/23, 3:26 PM - +Smiley face: 80% no CPF....20-25% minimal
10/5/23, 3:26 PM - +Frankie Wee: 2030 FRS requires FRS $255K
10/5/23, 3:27 PM - +Frankie Wee: Then use join CPF life
10/5/23, 3:27 PM - +Smiley face: Model at 50,000 as at today... incremental YOY at 2.5 to 3% ....so on
10/5/23, 3:28 PM - +Smiley face: Two drivers....CPF, Jobs
10/5/23, 3:30 PM - ☸️ Danny 心:
1. Next I come to "Pricing of Public goods and services".
2. As any good economist, infrastructure spendings to sharpen our competitiveness to attact investments and investors, support business growth and create jobs + pricing of public goods and services to ensure sustainability --- is a must for Singapore to continue to survive, thrive and prosper admist the increasingly geopolitical challenges, derail global suppl chain, global climate that disrupt food chain etc.
3. Hence pricing all our public goods and services at the right price and sustainable prices ---- is mandatory - as this is a principle of sound economic fundamental.
4. Though people are naturally unhappy with price hikes such as the followings, but on hindsight, they are sound economic fundamentals and sound financial fundamentals - to ensure our reserves, fiscal budget and monetary policy are sustainable with financial prudence.
5. People are unhappy (including myself) with the price hike on the following as they eat into our savings, our income sources :-
a. GST hike to 8% and next year 9%
b. Plastic bag charge 5 cents per bag
c. Public Transport fare hike
d. Water price hike
e. Town council charge hike
f. Goods, services, food, groceries inflation
g. Housing prices high
etc...
But hindsight tell us that Government must ensure to price all the public goods and services correctly - according to Economic principles.
Just like anyone running a business or the head of a household - all expenses must be price or consume according to financial prudence - and ensure income are sufficient to cover the expenses with savings.
Else the controller of finances - be it the Government, the Boss or the Head household --- is irresponsible and will cause the Government, Business or Household to bankrupt or run into debts.
6. Hence I will praise our Singapore Government for doing the financial and economic fundamental right and in a safe and sound pair of hands - despite not happy about the price hikes.
7. Our unhappiness however are cushion and mitigated by our Government using surplus budget to relieve all our price hikes, inflation and GST hike for this year and the next 2 years - in total 3 years.
8. This is my 2nd praise on our Government to be able to do so.
a. Price all public goods and services based on sound economic and financial fundamentals without incurring big public debts or raid our reserves.
b. Able to use surplus budget to cover all Singaporeans price, inflation and GST hike.
9. This is the hallmark of a good, responsible, compassionate and competent Government.
10/5/23, 3:31 PM - +Frankie Wee: 🙈I work my life and count on strike till 100 years old. Healthy or unhealthy
10/5/23, 3:41 PM - +Frankie Wee: https://www.cpf.gov.sg/content/dam/web/member/infohub/documents/FAQs%20on%20Majulah%20Package.pdf
10/5/23, 3:46 PM - +Frankie Wee: Should be cover to help them retire saving.
10/5/23, 4:05 PM - +REACH: 📢 *Topic* 📢
10/5/23, 5:12 PM - +~L: Is there a link to how the sum was calculated and why certain items are included or excluded?
10/5/23, 5:22 PM - ☸️ Danny 心:
📢 *Cost-of-living Support Package*
The Singapore Government has announced a $1.1 billion cost-of-living support package to help households manage the rising cost of living.
This package includes various forms of support, such as GST vouchers, U-Save rebates, and Workfare Special Payment, among others.
Check out the infographics for more details!
*Find out the estimated benefits you and your household may receive from the Government with the Support For You Calculator!*
👉https://supportgowhere.life.gov.sg/budget/support-calculator
10/5/23, 6:02 PM - +REACH: 📢 *Topic* 📢
10/5/23, 6:28 PM - +Joseph Yap: 💬 *What are your views on what constitutes as basic needs for households? Are there sufficient measures to support lower-income households to meet their basic living needs in the midst of rising cost of living?*
I feel NTU & LYKSPP studies have good basis. Comcare schemes should be further enhanced.
More could be done to support lower-income households, so that we can rectify on the wide gap between the top 20 and bottom 20% income groups in Singapore.
10/5/23, 6:45 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 😊
10/5/23, 6:58 PM - +Smiley face: 5 October, 2023
"The Costs of Urban Livings"
"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 in all developed countries.
Model: Incomes & Expenses?
Four adults or Two adults & Two children/teenager or Three adults & One child /teenager.
1) Net monthly income @$2,000*
Expenses:
Housing $100
Food $600
Sundries $100
Utilities $30
Motorbike $500
Petrol $150
Transport $100
Shopping $100
Entertainment $100
Medical $50
Misc tax $100
Misc $100
Total Expenses: $2,030
2) Net monthly income @$4,000*
Expenses:
Housing $200
Food $750
Sundries $100
Utilities $100
Motorcycle $500
Petrol $150
Transport $100
Entertainment $150
Education $150
Medical $150
Vacation $200
Shopping $150
Beauty care $100
Income tax $150
Misc tax $200
Misc $150
Total Expenses: $3,300
3) Net monthly income @$6,000*
Expenses:
Housings $350
Food $900
Sundries $150
Utilities $150
Car $1500
Petrol $600
Transport $100
Education $300
Medical $200
Vacation $300
Shopping $250
Entertainment $200
Beauty care $200
Income tax $250
Misc tax $200
Misc $250
Total Expenses: $6,000
4) Net monthly income @$8,000*
Expenses:
Housings $450
Food $900
Sundries $150
Utilities $150
Car $2,000
Petrol $600
Transport $100
Education $400
Medical $300
Vacation $400
Shopping $300
Entertainment $300
Beauty care $250
Income tax $400
Misc tax $200
Misc $300
Total Expenses: $6,600
The above income and expenses are estimates and it shows that households who earned below a monthly net salary of $6,000 may not have sufficient savings to buffer for extraordinary situations and/or incurring a month to month income deficit either through short term borrowings or seeking extra income from over-time or second job to cover these monthly households COL.
For households that are earning between $10,000 to $12,000; the monthly expenses can amount to 20% more based on model (4) estimated $7,900 - $8,500. (for other higher Income not computed, the monthly households expenses estimated up to 3x)
*The net income after CPF deductions. Govt subsidies / grants are not factored into each of these models.
https://youtu.be/mGf8XnLWkB8?si=_Ady02Ygl9INE9_c
- - in progress - -
10/5/23, 6:59 PM - ☸️ Danny 心: <Media omitted>
10/5/23, 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 😊
10/5/23, 7:00 PM - ~ REACH Singapore changed this group's settings to allow only admins to send messages to this group
10/5/23, 7:00 PM - Only admins can message this group
10/5/23, 7:00 PM - Only admins can message this group
===
No comments:
Post a Comment