REACH 539 - Which of the Budget 2024 measures resonated most with you?
(SK)
19 Feb 2024 (10am - 7pm)
REACH
19/2/24, 10:18 am - +REACH: *Dear Contributors,*
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Megan 😊
19/2/24, 10:21 am - +REACH: *📢 Topic 📢*
*BUDGET 2024 - BUILDING OUR SHARED FUTURE TOGETHER*
On Feb 16, Deputy Prime Minister and Minister for Finance Lawrence Wong unveiled a comprehensive suite of measures in his Budget speech which aim to alleviate current cost of living pressures while setting a stronger foundation for Singapore’s future. These measures include cash payouts, Community Development Council (CDC) vouchers for households, and mid-career training allowances for Singaporeans aged 40 and older.
*💬 Which of the Budget 2024 measures resonated most with you?*
*_📌Support for Individuals_*
- Singaporeans aged 21 and older who own not more than one property will receive between $200 and $2,150 in cash payouts between April 2024 and March 2025, depending on their eligibility.
- A personal income tax rebate of 50 per cent, capped at $200, will be given for the year of assessment 2024.
- $200 National Service LifeSG credits will be given for all past and current national servicemen.
- All Singaporeans will get $100 to $1,650 in top-ups to their Central Provident Fund (CPF) MediSave Account, depending on their eligibility.
- Singaporeans born in 1973 or earlier will receive bonuses of $400 to $2,500 in their CPF Retirement Account or Special Account, depending on their eligibility.
*_📌 Support for Households_*
- All Singaporean households will get $600 in CDC vouchers.
- Eligible HDB households will receive $550 to $950 in U-Save rebates, depending on the size of their flat.
- Eligible Singaporean households in HDB flats will also get service and conservancy charges rebates to offset two to four months’ charges.
*_📌 Support for Families_*
- Eligible families can apply for a one-year Parenthood Provisional Housing Scheme (Open Market) voucher to offset their rents of HDB flats in the open market
- Monthly full-day childcare fee caps will be reduced in government-supported pre-schools in 2025 to $640 for anchor operators and $680 for partner operators.
- Existing pre-school subsidies will be enhanced for lower-income families.
- ComLink+ Progress Packages will be launched to support lower-income families that enrol their children in pre-schools, and take action to remain employed, stay financially stable and save up for home ownership.
- The annual income threshold will be raised for dependant-related personal income tax reliefs to $8,000 from the year of assessment 2025.
- For families with children with special needs, maximum monthly fees at special education schools and fee caps at all special student care centres will be lowered.
- More support will also be given to people with disabilities in employment and for integration into the community.
*_📌 Support for Workers_*
_Mid-career reskilling for Singaporeans aged 40 and above_
- A $4,000 SkillsFuture Credit (Mid-Career) top-up will be given in May 2024. This can be used for selected industry-oriented training courses with better employability outcomes.
- Subsidies will be available for another publicly funded full-time diploma.
- Up to $3,000 in monthly training allowance will be given for up to 24 months, for selected full-time courses.
_Lower-wage workers_
- Workfare Income Supplement scheme payouts will be increased to a maximum of $4,900 per year.
- The Local Qualifying Salary will be raised from $1,400 to $1,600 from July 2024.
- The Progressive Wage Credit Scheme (PWCS), where the Government co-funds the pay increases of lower-wage workers, will be increased in 2024 to a maximum of 50 per cent from 30 per cent.
_Institute of Technical Education (ITE) graduates_
- To encourage and support more ITE graduates aged 30 and below to upskill, their Post-Secondary Education Account will be topped up by $5,000 when they enrol in a diploma course at a polytechnic, the ITE, Nanyang Academy of Fine Arts or Lasalle College of the Arts. They will also get a $10,000 top-up to their CPF Ordinary Account after they complete the course.
- There will be a temporary financial support scheme for involuntarily unemployed workers while they undergo training or look for jobs.
*_📌 Support for Seniors_*
- Eligible seniors earning up to $6,000 a month will receive a yearly bonus of up to $1,000 to their CPF Retirement Account or Special Account for as long as they work. Those who have retirement savings below the Basic Retirement Sum will also get a one-time retirement savings bonus of between $1,000 and $1,500.
- $3.5 billion will be set aside to support seniors in their homes and communities.
- The per capita household income thresholds will also be increased for healthcare and associated social support subsidy schemes.
- The Matched Retirement Savings Scheme will be expanded. The scheme helps Singaporeans aged 55 to 70 with less CPF savings by providing dollar-for-dollar matching for cash top-ups to their CPF accounts.
- The CPF Enhanced Retirement Sum (ERS) will be increased from three to four times the Basic Retirement Sum.
- The interest-free Giro instalment plan for residential property tax bills will be extended to 24 months for eligible retirees aged 65 and above.
For more information on Budget 2024, please visit: https://www.mof.gov.sg/singaporebudget/budget-2024/budget-speech
👉 https://www.straitstimes.com/singapore/top-stories-from-finance-minister-lawrence-wongs-budget-statement-0
👉https://www.straitstimes.com/singapore/budget-2024-what-s-in-it-for-you
19/2/24, 10:22 am - ~ REACH Singapore changed this group's settings to allow all members to send messages to this group
19/2/24, 10:24 am - ~ REACH Singapore changed the group description
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19/2/24, 10:24 am - +Frankie Wee: Is an inflation going high at all time there will be no crisis.
19/2/24, 10:29 am - +Rama: The issue of closure of S.A . 8n CPF is not clear. O.A interest is 2.5%. R.A. is 4% Medisavevis Nil. So, for R.A., when withdrawal starts from age 65, interest stops or still runs until funds depleted ? A tremendous loss of interest for closure of S.A. nit compensated?
19/2/24, 10:32 am - +Rama: In CPF. Closure of S.A. not compensated.
19/2/24, 10:40 am - +Frankie Wee: https://www.cpf.gov.sg/member/infohub/news/news-releases/cpf-interest-rates-from-1-january-2024-to-31-march-2024-and-basic-healthcare-sum-for-2024
19/2/24, 10:40 am - +Frankie Wee: Members earn an extra 1% interest on the first $60,000 of their combined CPF balances
19/2/24, 10:41 am - +Frankie Wee: Contribution combined into first $60k extra 1% interest on balance
19/2/24, 10:51 am - +Smiley face: How would you suggest for compensation, thus case the closure and transiting from SA to OA? Ideas? Thank you.
And what if contributors want to invest in stocks etc? Are they able to do so after this transition from SA to OA?
One advantage is to safeguard these contributions from potential scams? Will it be safer given this encircled strategy of just the OA?
The golden rule of earning compounded interest is to prospect either a stable rates or in the best case of incremental rates over the course of say a person's working life of 30-35 years?
It's the power of compounding money over money that will bring all to a peaceful and stable retirement and ageing well !
Thank you.
19/2/24, 10:54 am - +Kenneth Lee WM: Mr Loo explains it very well.
https://youtu.be/GtVRpSjM_h0?si=hXoXsDeXl_jIHJKG&t=63
Up to $208K in SA will be transferred to RA. No lost of interest. Only excess in SA will then go to OA. I think most of us will not be impacted by this. <This message was edited>
19/2/24, 10:55 am - +Smiley face: "What tomorrow promises? "
(明天会更好！简单地说，我们总是从今天开始准备明天！)
"It's all about today because today is about tomorrow!
The year 2025, the new US POTUS and the new administration will change the rules of the global trades and balance of payments in the search of balancing and continuing its global leadership role while facing multiple challenges and uncertainties of huge global debts, likewise China's internal and external gargantuan debts. Ideally, interest rates needs to be tapered but by means of reducing it, the argument is the fear of another runaway inflation in the making. Either you stay put on your interest rates or you start cutting it and your bonds will react to the cut or uncut monetary and fiscal policies. The decider of the matter is time and timing of such a Cushing decision, "
- - anonymity
19/2/24, 10:57 am - +Frankie Wee: I am curious to know why SA closure without explain?
19/2/24, 10:59 am - +Smiley face: Remember, your money manager, aka CPF, needs to make say up to 7% in order to pay investors, aka members of CPF @4.0%.
So what are the avenues to make this spread?
19/2/24, 11:00 am - +Smiley face: If Donald Trump wins the Presidency,...then...
19/2/24, 11:00 am - +Frankie Wee: Then again trade war on tariffs
19/2/24, 11:01 am - +Smiley face: Squeezing others !
19/2/24, 11:02 am - +Smiley face: Only if he doesn't get what he wanted, then little war of trades and tricks!
19/2/24, 11:03 am - +Smiley face: What are the tricks of global trades? Diplimacy comes as an expense of plea bargaining, aka trades negotiations?
19/2/24, 11:40 am - +Smiley face: 19 February, 2024
"Will tomorrow be better-off for all ?"
"Our national budget: It's looking adequate to sustain into 2024/25. Any moments of disruption? The momentum is it all depends on the unfolding Global economics performance or economics crisis or financial crisis in Europe or China or US that will add on to the pressure of our microeconomics of lives and livelihoods even with short spells of dampened wages. No worries, taking the pain off, we are able to withstand the headwinds of tomorrow!"
- - anonymity
19/2/24, 11:52 am - +Rama: Why wasn't it closed when R.A. started!?
19/2/24, 11:52 am - +Rama: The world is finished!
19/2/24, 11:54 am - ☸️ Danny 心:
1. I guess the closing of CPF SA will have to do with 2 reasons:-
a. To catch up with runaway inflation.
For retirees, inflation will eat into the retirement payout.
Hence closing the SA will force people after 55 years to Top-Up the RA resulting in higher payout - this will help to cushion against higher inflation - and less pressure on government to give higher GST voucher.
RA attract 4.08% interest - the same as SA.
b. SA can be used to invest - and some may lose the investment.
Hence closing the SA will make people more prudent by putting into RA for retirement - and if exceed the ERS can put into OA but at 2.5% interest. <This message was edited>
19/2/24, 12:01 pm - ☸️ Danny 心:
1. However the most important thing is, if retirees pass on, can the RA remainders be given to nominated beneficiaries ?
2. If can, how is the RA remainders calculated?
Is it RA capital + RA interest - RA monthly payout?
The transparency on this will make people more assured.
19/2/24, 12:17 pm - ☸️ Danny 心:
1. I am very certain the payout in our SA to our beneficiaries are SA capital + SA interest.
2. But I am not so sure about RA.
Is payout to beneficiaries = RA capital + RA interest - RA monthly payout given to beneficiaries?
My guess is only remainder of RA capital will be given to beneficiaries (not including RA interest).
19/2/24, 12:17 pm - +Rama: <Media omitted>
19/2/24, 12:25 pm - +Frankie Wee: Those who have SA $100k go to OA then go to RA
19/2/24, 12:26 pm - +Frankie Wee: BRS will be 4 time mean that $4xxk top up will get high payout
19/2/24, 12:39 pm - ☸️ Danny 心:
4 times BRS capital.
BRS payout = $2,530
ERS payout= $3,330
Payout = 1.31 times.
RA interest cannot get back and pass on to beneficiaries.
19/2/24, 12:41 pm - +Frankie Wee: Where can get high pay salary $10k 🤔 there hawker can make a lot money
19/2/24, 12:41 pm - ☸️ Danny 心:
Summary:
1. Happy with the rest of the Budget.
2. CPF SA closure to RA.
Need more information on RA payout, RA interest, is RA interest be pass on to beneficiaries and what is the total RA remainders amount pass on to beneficiaries. <This message was edited>
19/2/24, 12:42 pm - +Frankie Wee: If they make nominations to beneficiaries.
19/2/24, 12:43 pm - +Smiley face: This message was deleted
19/2/24, 12:44 pm - +Smiley face: Peaceful retirement especially for ageing seniors who are no longer able to work ( 安享晚年！).
19/2/24, 1:01 pm - +Rama: Yet to be seen as peaceful!
19/2/24, 1:02 pm - +Rama: Happy with BRS payout.
19/2/24, 1:03 pm - ☸️ Danny 心:
Hence the difference between SA and RA ERS - make alot of differences - because of the payout to beneficiaries (even though the interest 4.08% is the same).
SA = SA capital+ SA interest - to beneficiaries.
RA = RA capital - to beneficiaries (RA interest forfeited). <This message was edited>
19/2/24, 1:07 pm - ☸️ Danny 心:
That's moving SA to OA despite lower interest rate 2.5% - make better sense than moving to RA ERS despite earning 4.08%.
If a retiree have longer lifespan - then it benefits the retirees.
Else, RA interest will be forfeited and go back to the gratuity pool while only RA capital pass on to beneficiaries.
19/2/24, 1:08 pm - ☸️ Danny 心:
So even financial analyst didn't take this into account - when they claim moving SA to RA ERS - no difference.
It is alot of difference! <This message was edited>
19/2/24, 1:14 pm - ☸️ Danny 心:
My close friend comments:-
Cpf needs to clarify if there were a mistake in reporting.
One commentary said otherwise.
19/2/24, 1:17 pm - +Rama: Clear explanation sorely lacking!
19/2/24, 1:17 pm - +Rama: WTH! ?
19/2/24, 1:22 pm - +Smiley face: Better be because the opposite of peaceful is....?
19/2/24, 1:30 pm - +Smiley face: So many savings accounts for what purpose, aka SA , OA, RA, MA....
Let's consolidate to save administrative costs and headaches!
What is at stake is GOOD Interest Rates over a longer period of time say 30 years to build resilience for our ageing citizens.
The key is the Payouts must be Accessible and Sustainable through the tests of time whether an individual is poor, average or well-off and the common saying, " lucky lucky especially during rainy days!".....
Btw, many countries are learning our CPF and our social infrastructures to better prepare or improve on their existing pension plans for the citizens.
With so much said, are we gonna be better-off or are we heading into the unknown and unforeseeable future of retirement! That's the endgame of all PENSION funds!
19/2/24, 1:33 pm - +Rama: Chaos!
19/2/24, 1:36 pm - +Smiley face: Yes, Chaos.....erosion of the social contract and weakening of the social institutions, that's what sociologists or political scientists called it in their fancy academia definitions....
19/2/24, 1:39 pm - +Rama: 🤷♂️👍👌
19/2/24, 1:40 pm - +Smiley face: Funds or fun?....pun?
19/2/24, 1:41 pm - +Rama: Just funds only!
19/2/24, 1:43 pm - +Khuan Yew: Whatever is left in your CPF on death goes to beneficiaries. However, for CPF Life, your beneficiaries will receive the difference between the annuity you paid and the sum of payouts you have received. If the total payouts you have received is more than the annuity you paid at the beginning, the beneficiaries don’t get anything.
19/2/24, 1:45 pm - ☸️ Danny 心:
Yes.
This is another problem with RA.
19/2/24, 1:47 pm - ☸️ Danny 心:
Hence I rather put in OA with 2.5% interest.
At least I get back my OA capital + interest - although a lower interest.
RA - I can't see what my beneficiaries are getting.
19/2/24, 1:59 pm - +Smiley face: OA @2.5% ? Correct
SA@4.0% for the FIRST $60,000? Correct?
19/2/24, 1:59 pm - +Frankie Wee: I thought additional 1%
19/2/24, 2:00 pm - +Smiley face: Ok, 3.5%
19/2/24, 2:01 pm - +Frankie Wee: It’s said contribution combined total $60k extra 1%
19/2/24, 2:01 pm - +Smiley face: First $60k @3.5%....correct?
19/2/24, 2:05 pm - +Frankie Wee: Yes correct
19/2/24, 2:07 pm - +REACH: *📢 Topic 📢*
19/2/24, 2:07 pm - +Frankie Wee: <Media omitted>
19/2/24, 2:08 pm - +Frankie Wee: Is there revise SA no longer maybe change
19/2/24, 2:08 pm - +Smiley face: Thanks Frankie!
Perhaps, some folks will grumble over 4.0% and go fwd 3.5%/2.5%. It feels short and shocking to some folks ...what do you think, Frankie?
19/2/24, 2:09 pm - +Frankie Wee: I have not reach 55 how do I know it feel short and shocking to some folk.
I believe some old folk who make investment SA after they shocked
19/2/24, 2:11 pm - +Frankie Wee: Because they make investment high return and easy make money profit they know much interest rate earning from SA
19/2/24, 2:14 pm - +Frankie Wee: Some folk are middle to rich make use of SA in return yielding wealth.
After hearing shocked SA close next year. They are unhappy RA don’t earn much.
19/2/24, 2:15 pm - +Frankie Wee: https://www.straitstimes.com/asia/se-asia/slashing-pensions-a-brave-move-by-malaysia-but-risks-political-suicide-say-analysts
19/2/24, 2:16 pm - +Frankie Wee: Malaysia EPF crisis
19/2/24, 2:27 pm - +Rama: Agree
19/2/24, 2:28 pm - +Rama: Big mistake!
19/2/24, 3:27 pm - +Smiley face: Topic points:
1) *_📌Support for Individuals_*
At the individual level, support packages for all. That's good!
2) *_📌 Support for Households_*
The CDC vouchers and the conservancy fees are two relevant measures to counter the COL. It should be part of our social structure especially for the underprivileged, the disables, the ageing seniors with little savings and depleting CPF RA, the unemployed who are either mismatched in skills or took the hit of the lost of income of half or more compared to the previous job.
3) *_📌 Support for Families_*
A comprehensive approach in supporting households needs and challenges.
Needs to revisit on a yearly basis to recalibrate up or down or stay put.
4) *_📌 Support for Workers_*
A Power-Blaster to enable thousands and thousands of workers from the low to the mid and don't forget the top of our workhorse!
Good forward thinking for our workforce in transiting towards many digital cultures of work aptitudes and attitudes at the workplace.
A Smart strategy to invest in our youth and adults.
5) *_📌 Support for Seniors_*
Good planning, couldn't ask for more!
19/2/24, 4:33 pm - +REACH: 📢 *Topic* 📢
19/2/24, 4:34 pm - ☸️ Danny 心: <Media omitted>
19/2/24, 4:41 pm - +REACH: *Dear Contributors*
We want to *HEAR MORE* from you!
*💬 Which of the Budget 2024 measures resonated most with you?*
We have had good feedback from this group, and we hope that we can keep the discussion robust and active!
Megan 😊
19/2/24, 4:45 pm - +Frankie Wee: Salary standards starter employment is $5k to $10K
It’s can’t reach aging when salary $2.5k
19/2/24, 4:46 pm - +Frankie Wee: $2500 X 36% X 20 years is $2xxk
19/2/24, 4:46 pm - ☸️ Danny 心:
1. Happy with all the Budget components.
2. Except closure of CPF SA after 55 years old.
We will be worst off:-
a. Move SA to RA - we may lose RA interest to beneficiaries if not use up, only RA capital can go to beneficiaries - unlike SA whereby both SA capital and interest can go to beneficiaries.
b. SA go to OA - we get lower interest - from 4% to 2.5%.
19/2/24, 4:46 pm - +Frankie Wee: By the time age reach 55 already some company don’t give increment maximum
19/2/24, 4:48 pm - +Rama: Some time ago, cpf put a article on social media about not many singaporeans having 500K in their account.
19/2/24, 4:48 pm - +Frankie Wee: Can a govt ask private sector to increment but boss not agreement how can reach goal retire set aside $4xxk
19/2/24, 4:49 pm - +Frankie Wee: 🙁
19/2/24, 4:52 pm - +Frankie Wee: I feeling $2500 is poorer standard budget balance they have buying HDB, tax, saving and top up CPF
19/2/24, 4:54 pm - +Frankie Wee: Ask govt CPF contribution employer 20% and employee 30% total 50%
19/2/24, 5:03 pm - ☸️ Danny 心:
I feel a very important component of the Budget is to tackle BEPS 2.0 - that will shift international tax - and trigger MNC investors to leave our country and move to more favorable tax friendly countries - causing job loss to our workers.
Hence RIC - a Refundable Investment Credit coin by our DPM Lawrence Wong - that can help to negate the impact of BEPS 2.0 tax shift - will be important to keep foreign investment anchor in Singapore. <This message was edited>
19/2/24, 5:06 pm - +Rama: Sgd3K for starters
19/2/24, 5:06 pm - +Frankie Wee: Marriage couple each $3k
19/2/24, 5:07 pm - +Frankie Wee: Or the choose increase the contribution 50%
19/2/24, 5:07 pm - +Rama: Without kids!?
19/2/24, 5:07 pm - +Frankie Wee: I believe they want begin new family
19/2/24, 5:09 pm - +Frankie Wee: Limit $2500 no change
19/2/24, 5:24 pm - +Smiley face: The higher cost of living is another outlier effect of a fragmented global trade in matching the mechanism of price and equilibrium tougher to hop onto the wagon of Digitisation and Decarbonisation processie. In any business proposition or FDI will look at Tax incentives, Wages, Energy cost and supply and Rental cost. On the rising price of energy and business cost, in 2022, BASF as an example, this German company faced the challenge of rising price in natural gas. BASF big appetite for energy in a typical day equals to one day of Switzerland consumption. Is this the new civilisation and the new reality of Globalisation?
19/2/24, 5:40 pm - +KL: Appreciate you took note but The ITE and EM3 Thingy sgd 10,000 cpf top up come a bit too late but better than nothing. I personall don’t benefit ( maybe too old / already have other plan ) just 感同身受. I think civil servants should think further and better when making policies as they are getting paid. A wrong policies will really harm a lot of ppl.
When a stone in the road or sewage no cover . we point it out is to inform u of issue but also can be commoners imagination. Cos in the end maybe everyone saw the stone or cover lol, thus an issue may not be an real issue. Really need your team to further analyse it.
In return for your understanding just a small note
Personally I think 2 or more same things happen in same department and short period of time, the chance of coincidence is small. . 世间绝不会有那么多巧合，凡事需留个心眼。 <This message was edited>
19/2/24, 5:47 pm - +Frankie Wee: In future housing HDB can hit $1m either 2room $800k <This message was edited>
19/2/24, 5:50 pm - +Frankie Wee: Govt help them top up $10k if they award study well.
19/2/24, 6:00 pm - +REACH: *📢 Topic 📢*
19/2/24, 6:00 pm - +Rama: 6 years Time
19/2/24, 6:01 pm - +Smiley face: Why 6 years and not sooner? Are we expecting a cooling period?
19/2/24, 6:06 pm - +Smiley face: The affordable housing is a hot button issue, and can be politically challenging too!
To lower the price of housing needs thorough planning and careful execution in order to reach an optimized pricing structure. Its Tough!
19/2/24, 6:11 pm - +Rama: Wild estimate only
19/2/24, 6:14 pm - +Smiley face: Based on preliminary assessments, 6 years may be a long haul and it's not healthy for our economic growth.
Having said so, incremental rates of borrowings or price appreciation perhaps is a prudent method going into 2030 and the next window is up to 2050.
19/2/24, 6:15 pm - +Smiley face: One bright ray of hope is technology! History has proven over and over that breakthrough in technology and innovation will bring many economic growth to the world and the continuation off to a new era of new waves of comfort and convenience to humankind. That's the promise of a new and better tomorrow!....
19/2/24, 6:20 pm - +Frankie Wee: Hot property vs cool property
19/2/24, 6:24 pm - +Smiley face: For example, elaborate this concept? Thanks
19/2/24, 6:26 pm - +Rama: There is hope
19/2/24, 6:32 pm - +Smiley face: This message was deleted
19/2/24, 6:33 pm - +Smiley face: Interesting idea, Frankie!
Let's think of breaking the Momentum of anything....
A hot cup of tea or A warm cup of tea.... what's the difference? Warm is easiest to drink in one mouth?
Drinking a Hot cup of tea will burn your mouth?
The least and not ideal is to drink a cool down cup of tea!
So it's always best to warm(er) things and most of all, to break a momentum or to alter a cycle requires big effort to bend....just don't break it!
19/2/24, 6:35 pm - +Smiley face: The science of momentum, moment and movement, all are time related and the span of timing is critical in changing such maneuver, slow it or accelerate it!
Let's examine each tranche....and build our intent.
19/2/24, 6:36 pm - +Smiley face: Policy of the Oil & the Gas?
By next year, the world will know better the new US administration positions on the policy of oil & gas and monetary. Should there be a shift in these energy & money policies back stepping the old ways of carbon consumption & emissions. The after effects of this shift in the US energy policies will once again reopens new rounds of multi trades negotiations at the OPEC and out of OPEC that result in cut of supplies which will drive the price of oil towards $100/barrel and for the US Dollars it will continue to hold firm or in cases strengthen across the global FXs and the yield for US treasuries will follow suits to rise with the downward adjustments of the interest rates into 2026 and Central Banks and Banks will rush to balance their books of equilibrium from recalibrating micro/macro policies to the books of profit & loss of international banking. Will we see the US interest rates ease to 4.0% coupled with targeted tax incentives and subsidies on a few sectors of the US macro & micro politics from oil to gas to automotives and electronics? If it happens, it will solidify the US Dollars given its backdrop of debts which will possibly hit $50 trillions dollars and the overall global Public & Private debts.....
19/2/24, 6:36 pm - +Smiley face: Moments and movements!
19/2/24, 6:43 pm - +Frankie Wee: It will hurt the mouth when get burnt hotter when cool down its will be happy and joy. Nowadays is very hottest property keep price rising.
Therefore cost of living level can be cool down rising GST opposite hot heat up keep on pressure make Singaporean people job level harder while foreigners cooler.
19/2/24, 6:43 pm - +Frankie Wee: Everything price is price for value dollars they make money working so hard
19/2/24, 6:45 pm - +Smiley face: Cool drinks, drink all you wish?.....then ....
19/2/24, 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 😊
19/2/24, 6:46 pm - +Smiley face: Foreign direct investment in China slumps to 30-year low
https://www.straitstimes.com/business/foreign-direct-investment-to-china-slumps-to-30-year-low
19/2/24, 6:46 pm - +Frankie Wee: Market value business on margin and investment valuation economy’s point
19/2/24, 6:47 pm - +Frankie Wee: Singapore Mr Lawrence said will investment $1B Ai developing and upskill job they will have great benefit economy
19/2/24, 6:48 pm - +Smiley face: This message was deleted
19/2/24, 6:48 pm - +Frankie Wee: Not 100% can be sure Ai take over human but working will development higher profit
19/2/24, 6:48 pm - +Smiley face: Rules and Ethics of using AI?
19/2/24, 6:49 pm - +Frankie Wee: Rule of Ai follow up SOP
19/2/24, 6:50 pm - +Smiley face: 19 February, 2024
"What tomorrow promises? "
(明天会更好！简单地说，今天开始准备明天！)
"It's all about today because today is about tomorrow!
The year 2025, the new US POTUS and the new administration will change the rules of the global trades and balance of payments in the search of balancing and continuing its global leadership role while facing multiple challenges and uncertainties of huge global debts, likewise China's internal and external gargantuan debts. Ideally, interest rates needs to be tapered but by means of reducing it, the argument is the fear of another runaway inflation in the making. Either you stay put on your interest rates or you start cutting it and your bonds will react to the cut or uncut to the monetary policy and the fiscal policy. The decider of the matter is time and timing of such a Cushing decision. And who sells the most goods and services to the world is the champion exporter of the world!"
- - anonymity
The other side of things?
The ugly economics of Globalisation include human trafficking, erosion of the social contract and weakening of the social institutions, money laundering, scams, inequalities, exploitations, greed, agent of chaos & conflicts, and all kinds of war from trades to tranches.
One significant is the dampened wages all over the developed economies and the challenge of rehiring, retrainings, retirings, savings, and ageing issues with the backdrop of lowering interest rates and equilibrium in prices are almost impossible to achieve and prices will always fluctuate with these mixed economic signals that make it harder to predict future growth or financial crisis even with AI driven analysis to close up the deviation and better distribution of economics resources.
The higher cost of living is another outlier effect of a fragmented global trade in matching the mechanism of price and equilibrium tougher to hop onto the wagon of Digitisation and Decarbonisation processie. In any business proposition or FDI will look at Tax incentives, Wages, Energy cost and supply and Rental cost. On the rising price of energy and business cost, in 2022, BASF as an example, this German company faced the challenge of rising price in natural gas. BASF big appetite for energy in a typical day equals to one day of Switzerland consumption. Is this the new civilisation and the new reality of Globalisation?
Policy of the Oil & the Gas?
By next year, the world will know better the new US administration positions on the policy of oil & gas and monetary. Should there be a shift in these energy & money policies back stepping the old ways of carbon consumption & emissions. The after effects of this shift in the US energy policies will once again reopens new rounds of multi trades negotiations at the OPEC and out of OPEC that result in cut of supplies which will drive the price of oil towards $100/barrel and for the US Dollars it will continue to hold firm or in cases strengthen across the global FXs and the yield for US treasuries will follow suits to rise with the downward adjustments of the interest rates into 2026 and Central Banks and Banks will rush to balance their books of equilibrium from recalibrating micro/macro policies to the books of profit & loss of international banking. Will we see the US interest rates ease to 4.0% coupled with targeted tax incentives and subsidies on a few sectors of the US macro & micro politics from oil to gas to automotives and electronics? If it happens, it will solidify the US Dollars given its backdrop of debts which will possibly hit $50 trillions dollars and the overall global Public & Private debts.
One bright ray of hope is technology! History has proven over and over that breakthrough in technology and innovation will bring many economic growth to the world and the continuation off to a new era of new waves of comfort and convenience to humankind. That's the promise of a new and better tomorrow!
Aerospace sector to hire 2,500 more workers in Singapore over next 3 to 5 years: EDB
https://www.straitstimes.com/singapore/transport/aerospace-sector-to-hire-2500-more-workers-here-over-next-3-to-5-years-edb
19/2/24, 6:54 pm - +Smiley face: Afterwords:
"Our national budget: It's looking adequate to sustain into 2024/25. Any moments of disruption? The momentum is it all depends on the unfolding Global economics performance or economics crisis or financial crisis in Europe or China or US that will add on to the pressure of our microeconomics of lives and livelihoods even with short spells of dampened wages. No worries, taking the pain off, we are able to withstand the headwind of tomorrow! Will tomorrow be better-off for all?"
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Topic points:
1) *_📌Support for Individuals_*
At the individual level, support packages for all. That's good!
2) *_📌 Support for Households_*
The CDC vouchers and the conservancy fees are two relevant measures to counter the COL. It should be part of our social structure especially for the underprivileged, the disables, the ageing seniors with little savings and depleting CPF RA, the unemployed who are either mismatched in skills or took the hit of the lost of income of half or more compared to the previous job.
3) *_📌 Support for Families_*
A comprehensive approach in supporting households needs and challenges.
Needs to revisit on a yearly basis to recalibrate up or down or stay put.
4) *_📌 Support for Workers_*
A Power-Blaster to enable thousands and thousands of workers from the low to the mid and don't forget the top of our workhorse!
Good forward thinking for our workforce in transiting towards many digital cultures of work aptitudes and attitudes at the workplace.
A Smart strategy to invest in our youth and adults.
5) *_📌 Support for Seniors_*
Good planning, couldn't ask for more!
"And what if CPF contributors wish to choose to invest in stocks and bonds, etc? Are they able to do so after this transition from SA to OA? One of the advantages of merging the SA account with the OA account is to safeguard these contributions from potential scams? Will it be safer given this encircled strategy of just the OA? The golden rule of earning compounded interest is to prospect either a stable rates or in the best case of incremental rates over the course of say a person's working life of 30-35 years? It's the power of compounding money over money that will bring all to a peaceful and stable retirement and most of all, ageing well !
- - anonymity
The Golden Rule?
What is at stake is GOOD Interest Rates over a longer period of time say 30 years to build resilience for our ageing citizens.
The key is the Payouts must be Accessible and Sustainable through the tests of time whether an individual is poor, average or well-off and the common saying, " lucky lucky, especially during rainy days!"
Many countries are learning our CPF system and our social infrastructures to better prepare or improve on their existing pension plans for the citizens.
With so much said, are we gonna be better-off or are we heading into the unknown and unforeseeable future of retirement! That's the endgame for all PENSION funds!
- - in progress - -
19/2/24, 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 😊
19/2/24, 7:00 pm - ~ REACH Singapore changed this group's settings to allow only admins to send messages to this group
19/2/24, 7:02 pm - +REACH: 📢 *Budget 2024*
Check out these infographics for a summary of the announcements made during DPM Lawrence Wong's Budget 2024 statement!
You can also visit the link below to use the calculator and find out the estimated benefits you and your household may receive from the Government!
👉 https://supportgowhere.life.gov.sg/budget/support-calculator
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