REACH (Telegram) 12 - What are your views on the National Day Message? What more can be done to forge greater opportunities for Singaporeans and strengthen the social support system?
(SK)
12 Aug 2024 (10am - 7pm)
REACH (Telegram)
REACH Singapore, [12/8/2024 9:45 AM]
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REACH Singapore, [12/8/2024 10:01 AM]
📢 Topic📢
In his first National Day Message, Prime Minister Lawrence Wong noted that while Singapore has become a shining red dot on the global stage, the country cannot afford to cruise along and just rely on existing formulas, as the world has changed dramatically.
PM Wong outlined three strategies to take Singapore forward: Forging new opportunities for the people, redoubling efforts to keep the cost of living stable, and strengthening the system of social support.
💬 What are your views on the National Day Message? What more can be done to forge greater opportunities for Singaporeans and strengthen the social support system?
📌 Forging new opportunities for the people
PM Wong said Singapore is investing in research and development, as well as new technologies like robotics and artificial intelligence.
The country has also undertaken massive infrastructure projects, such as Changi Airport Terminal 5 and Tuas Port, to sharpen its competitive edge as a global logistics hub.
He said these strategies are working, with many chief executives of multinational companies telling him in recent weeks that they see Singapore as a stable, trusted and reliable base from which to grow their operations in Asia.
As these will be different jobs, which will require new capabilities, the Government will work through the SkillsFuture programme, and also closely with the National Trades Union Congress and employers, to prepare workers for the future economy, he added.
📌 Redoubling efforts to keep the cost of living stable
“Inflation is a major concern for us, as it is for many other countries. We recognise how rising prices are impacting Singaporeans coping with day-to-day expenses,” he said.
PM Wong said that while the Government cannot control global prices, it can and has shielded Singaporeans from the worst effects of global inflation by keeping the Singapore dollar strong. With higher economic growth, wages are also expected to increase in 2024, he noted.
In the meantime, the Government will continue to cushion the impact of inflation – especially on the lower- and middle-income groups – through measures such as CDC vouchers, cash payouts and utilities rebates.
But in the long term, the key to managing cost of living is to foster innovation and improve productivity across the economy so that the increase in wages can outstrip inflation, he added.
PM Wong also addressed housing affordability, which many are concerned about. So far, the additional cooling measures imposed and ramping up of HDB flat supply have helped to stabilise the property market, he said.
📌 Strengthening the system of social support
PM Wong acknowledged that there will be those who will find it hard to keep pace with the rapid changes.
“More of us will feel sandwiched, having to look after children as well as elderly parents.” This is why the Government is investing more in social infrastructure, including launching schemes to boost retirement adequacy and the pay of lower-wage workers, as well as initiatives like Healthier SG to take better care of seniors.
“We intend to do more,” PM Wong added. Even as the government does more, individual and community efforts still matter, according to PM Wong.
“We encourage each person to work hard, make full use of the support available, and strive their utmost to excel in their jobs and uplift their families,” he said.
“Those who do well for themselves should pay it forward, and give others a hand. That's how we keep our society cohesive, resilient and strong.”
👉🏻 Read the full speech here: https://www.pmo.gov.sg/Newsroom/National-Day-Message-2024
👉🏻 https://www.straitstimes.com/singapore/politics/families-to-get-more-support-help-for-s-poreans-facing-employment-setbacks-pm-wong
👉🏻 https://www.channelnewsasia.com/singapore/lawrence-wong-national-day-message-istana-cost-living-housing-ageing-population-ai-workforce-skillsfuture-4534586
----
REACH Singapore, [12/8/2024 11:01 AM]
[ Poll : Which part of PM’s National Day Message resonated most with you? ]
- Forging new opportunities for the people
- Redoubling efforts to keep the cost of living stable
- Strengthening the system of social support
REACH Singapore, [12/8/2024 11:42 AM]
Dear Contributors,
We want to HEAR MORE from you!
💬 What are your views on the National Day Message? What more can be done to forge greater opportunities for Singaporeans and strengthen the social support system?
We have had good feedback from this group, and we hope that we can keep the discussion robust and active!
Thank you.
Megan 😊
LCL (Danny 心), [12/8/2024 11:43 AM]
*Forging new opportunities for Singaporeans*
1. With US and China decoupling, the global supply chain has been broken.
2. Also there are greater emphasis on on-shoring, friend- shoring, basically protectionism and isolation by superpowers.
3. Our trade with traditional business partners are affected.
4. With trade 3 times the size of our GDP, wonder how can we discover niches that help us to ride the geopolitical challenges facing us, and form new supply chain for our trade, ports and air hub to prosper.
Notably, how to establish a global logistics hub for ourselves.
To ensure our trade can continue to contribute to our GDP.
LCL (Danny 心), [12/8/2024 11:55 AM]
*Redoubling efforts to keep our cost of living stable*
1. Cook food costs, groceries are the basic essentials that most Singaporeans rely on - 3 meals per day.
2. Once the cook food prices increases, it becomes entrenched and will not come down. And the prices are quite steep. Luckily, government has issued CDC vouchers and GST vouchers to help Singaporeans cope with the food price increases.
3. Whether will this be a permanent feature in every year budget?
If yes, how will it be finance?
Is it through fiscal budget surplus and not using our reserves?
If government revenue is able to finance such cost of living vouchers without digging into our reserves, then I will support such initiatives.
4. Understand government has been pushing food stalls to offer budget meal for every neighbourhood coffeeshops and hawker centres.
But I have yet to see such budget meal appearing in my neighbourhood except 1 wan tung mee stall.
Food court eg. Nex, AMK hub, Punggol mall, Pasir Ris Mall, IMM, Bishan Junction 8 - i see no stalls offering budget meal.
REACH Singapore, [12/8/2024 12:01 PM]
📢 Topic📢
LCL (Danny 心), [12/8/2024 12:03 PM]
5. Making Singapore currency strong to cushion against imported inflation will keep a check on our food cost while ensuring our export goods and services prices are still competitive.
6. But somehow, the food prices and groceries prices are still sticky and some items continue to go up despite maintaining a strong currency.
7. Didn't see any food or groceries item's prices coming down.
Adam, [12/8/2024 12:05 PM]
Dominos has become my budget meal. $5 pizza cheaper and better than most hawker food and can last me through the day
Adam, [12/8/2024 12:06 PM]
>forging new opportunity for people
Adam, [12/8/2024 12:06 PM]
Lol this is forging opportunity for companies
Adam, [12/8/2024 12:07 PM]
Ill believe in new opportunities when the gov give singles the opportunity to own a house while young
LCL (Danny 心), [12/8/2024 12:32 PM]
*Strengthening social support system*
1. Many families do face the issue of needing to support the elderly parents as well as supporting their young children.
The burden is not light - especially at the backdrop of high cost of living.
2. Government support is most welcome.
3. However, government support should come from the fiscal budget surplus and not dig from the reserves to finance the social support system.
As our reserves are our lifeline for rainy days, emergency crisis, and monetary resources for our young and future generations - and should not be used to finance the running expenses of a social support system.
Else we will deplete our hard earned reserves in no time and leave nothing for our future descendants.
LCL (Danny 心), [12/8/2024 12:35 PM]
"The drive for more resilient global supply chains has renewed focus on Singapore as a logistics hub".
https://www.straitstimes.com/business/logistics-giant-geodis-eyes-singapore-potential-in-global-supply-chain-shift#:~:text=The%20drive%20for%20more%20resilient%20global%20supply%20chains%20has%20renewed%20focus%20on%20Singapore%20as%20a%20logistics%20hub
LCL (Danny 心), [12/8/2024 12:39 PM]
Rents for warehouses plunge in mainland China, surge in Singapore.
https://sc.mp/63w4m?utm_source=whatsapp&utm_campaign=3273556&utm_medium=share_widget
China difficult to export because US and West tariff China.
Hence China companies and other foreign investors move their logistics supply chain to Singapore.
Singapore become a major logistics hub in the Asia Pacific region supported by our advanced well connected ports and air hub.
Jun Ming, [12/8/2024 12:39 PM]
The budget meal don't look budget anymore
LCL (Danny 心), [12/8/2024 12:40 PM]
$3.50.
But quite plain.
Not much ingredients.
Jun Ming, [12/8/2024 12:41 PM]
Should let the MP live with $800 allowance per month so they will know
Jun Ming, [12/8/2024 12:42 PM]
800 for food and transport and leisure and donations and savings
LCL (Danny 心), [12/8/2024 12:43 PM]
Actually it is a global problem.
Not only the Singapore problem.
Anyone who tour overseas countries, local residents all complain about high cost of living.
Singapore is the only country that gives CDC vouchers and GST vouchers to cushion the high cost of living.
Other countries don't have.
Some countries turn riots.
And some countries, change government like changing clothes.
LCL (Danny 心), [12/8/2024 12:44 PM]
"Bangladesh army refused to suppress protest, sealing Hasina's fate"
https://www.channelnewsasia.com/asia/bangladesh-army-refused-suppress-deadly-protest-curfew-sheikh-hasina-flees-4531606#:~:text=Bangladesh%20army%20refused%20to%20suppress%20protest%2C%20sealing%20Hasina%27s%20fate
Jun Ming, [12/8/2024 12:44 PM]
Typically juggling from this
LCL (Danny 心), [12/8/2024 12:45 PM]
"After Olympic dream, a rude political awakening for Macron?"
Political deadlock still have not resolved.
PM still not elected.
Government still not yet formed after election for a few months already.
See a raw democracy produce a limbo government.
https://www.straitstimes.com/world/europe/after-olympic-dream-a-rude-political-awakening-for-macron#:~:text=After%20Olympic%20dream%2C%20a%20rude%20political%20awakening%20for%20Macron%3F
Jun Ming, [12/8/2024 12:48 PM]
Not to mention sometimes there's back ache and some minor health issues that don't require to go clinic but massage or TCM places with no subsidies
LCL (Danny 心), [12/8/2024 12:53 PM]
The reasons why the world face such a high inflation - many are human mismanagement and some are global climate:-
1. US quantitative easing - low interest rates for too long, issuing low interest rate bond, accumulation of big debts - flush the whole world with too much liquidity.
Too much money chasing after too little goods and services, price spike lead to high inflation.
2. US decoupling from China (a low cost manufacturing hubs) derail the most cost efficient global supply chain.
Production cost go up, high good prices.
3. War in Europe and middle east - disrupting shipping and food cannot ship out in Mediterranean and red sea - long delivery, high insurance costs, high freight costs, high inflation.
4. Global climate change disrupting food growth - falling food crop yields drive up prices.
None of these conditions have turned favorable and in fact will turn for the worst:-
1. Middle east conflict threatening to turn regional and no sign of abating.
2. Ukraine war will escalate as Ukraine forces for the 1st time has invaded and capture Russia lands.
3. No sign of trade cooperation between US and China.
4. Global climate are not turning good.
Protectionism of food supply chain is still pervasive.
Jun Ming, [12/8/2024 12:55 PM]
That's why maybe we should start a plan to isolate from the world so the effects of the world will not affect us
LCL (Danny 心), [12/8/2024 12:57 PM]
Then we will end up like North Korea - and without imports we die very fast.
REACH Singapore, [12/8/2024 12:59 PM]
[ Poll : Which part of PM’s National Day Message resonated most with you? ]
- Forging new opportunities for the people
- Redoubling efforts to keep the cost of living stable
- Strengthening the system of social support
Jun Ming, [12/8/2024 1:00 PM]
1.) reduce population
Reduce population means there will be more resources allocated to each individual instead of individual struggling to fight. And bigger housing can be built as demand has dropped
2.) increase food production locally
with lesser population more land could be use to feed the country.
3.) transform Singapore to a lab where we focus on research and export out more products instead of importing more products.
4.) make Singapore not the most expensive country
LCL (Danny 心), [12/8/2024 1:06 PM]
1. Domestic market need sufficient skilled workers to work.
Business need sufficient people to buy their goods and services.
Else business will leave Singapore for a bigger market with bigger labor forces.
We also need sufficient capable people to run our country, defend our country.
2. You will need the entire land of Singapore to grow rice to feed 5.65 million people.
3. R&D, to export more, we need imported raw materials and semi finished goods to manufacture.
Eg. Titanium, chips, semicon, rare earth, metal, etc.
4. Singapore land space is so small, as business and people want to come in, demand exceed supply, prices go up.
Law of Economics.
LCL (Danny 心), [12/8/2024 1:08 PM]
The law of supply and demand centers on prices that change when either the supply of goods and services or the demand for them changes. Normally, when supply increases and demand doesn't, prices go down. If supply remains unchanged while demand increases, prices rise.
Jun Ming, [12/8/2024 1:09 PM]
Back to the fishing village era food is self sufficient
Jun Ming, [12/8/2024 1:09 PM]
Life is happy
Jun Ming, [12/8/2024 1:09 PM]
Although it's poor
LCL (Danny 心), [12/8/2024 1:10 PM]
Hahaha...
That's Kampong life.
I don't want to go back to such life.
Jun Ming, [12/8/2024 1:10 PM]
Until lky say 2 kids is enough
Jun Ming, [12/8/2024 1:12 PM]
Just see the waffle price the increase is just too drastic
LCL (Danny 心), [12/8/2024 1:12 PM]
In 2023, the acreage of rice plantations in China amounted to around 28.95 million hectares.
The land space to grow rice, with sufficient water is enormously huge.
Jun Ming, [12/8/2024 1:13 PM]
From 1.00- 1.60 it's insane
LCL (Danny 心), [12/8/2024 1:13 PM]
Yes.
Inflation is mind boggling.
Jun Ming, [12/8/2024 1:14 PM]
Yet my allowance does not increase 60%
Adam, [12/8/2024 1:14 PM]
I think its more, unless you get waffle without filling
Jun Ming, [12/8/2024 1:14 PM]
Plain waffle mah
Jun Ming, [12/8/2024 1:14 PM]
Cheapskate
Adam, [12/8/2024 1:14 PM]
I tried the waffle like last week. Wuality went down a lot also. So ex but doesnt even taste good
Jun Ming, [12/8/2024 1:16 PM]
I feel like I am struggling to buy waffles
Jun Ming, [12/8/2024 1:17 PM]
I wonder what is the ingredients that makes waffles so expensive
Jun Ming, [12/8/2024 1:18 PM]
And before COVID from 0.90 to 1 takes years to increase
LCL (Danny 心), [12/8/2024 1:18 PM]
Of all economic problem, runaway inflation is the hardest to tackle.
Recession, not so difficult to tackle, there are many instruments to tackle it and Singapore very experience to tackle recession:-
1. Government spending (our government has a very strong fiscal power to inject government spending to tackle recession). Many previous recession we see how effective our government measures are.
2. Boost business investment - with government incentives.
3. Fuel consumers consumption with support grants by the government.
4. Increase exports through many bilateral and multi-lateral FTA - we see our exports grow.
5. Improve job creation and income for our population.
All these are multiplier effects that help us to tackle and emerge from recession.
Our past track record had proven this.
Adam, [12/8/2024 1:20 PM]
One thing gov always forget is control hpusing and rental prices
LCL (Danny 心), [12/8/2024 1:20 PM]
But inflation, is the hardest economic woe to tackle.
Runaway inflation have bring down government, cause deep depression in 1930s and even trigger World War 2.
Adam, [12/8/2024 1:21 PM]
Do they think the bulk of price comes from raw material or from manpower and rental?
Jun Ming, [12/8/2024 1:28 PM]
Tbh rental should be free
LCL (Danny 心), [12/8/2024 1:28 PM]
The only instruments that can tackle inflation are:-
1. Hike interest rate to discourage borrowings and loans so as to dampen demand.
When demand are lowered, money supply go down, too many good supplies without strong demand, prices will fall.
But we are not seeing this phenomenon in food processor and groceries prices - because demand is inelastic.
That is, no matter how much food prices rises, we still must eat. Hence food prices become sticky and entrenched.
2. Make Singapore currency strong to make imported food and raw materials cheaper.
This has some effects of making our food prices cheaper - else the inflation could be worst.
3. Government cost of living support grants - like CDC and GST vouchers (since our government has a strong fiscal power).
This measure cannot be adopted by other countries who do not have strong financial power and bigger population.
I can't think of other measures to tackle inflation.
Hence, tackling inflation is no easy task.
Jun Ming, [12/8/2024 1:28 PM]
Land is freely given from mother earth
Jun Ming, [12/8/2024 1:29 PM]
There is no reason to change rent
Jun Ming, [12/8/2024 1:30 PM]
The only reason is to charge is cost of the building
LCL (Danny 心), [12/8/2024 1:32 PM]
Land is either private developers own or government owned.
And limited land spaces in Singapore is a premium.
Because land is a scarce economic resources.
Every piece of lands on earth, regardless of which countries will carry a price - except very ulu places like South Pole (has no economic values yet).
Even North Pole now are increasingly being competed by many superpowers eg. US, Canada, EU, Russia and China.
North Pole economic values suddenly gone up.
Hanny, [12/8/2024 1:33 PM]
The higher cost of living is a problem that everyone in the world is facing. This is also true for places that have farm land.
Lowering the cost is very difficult because most of our food is imported. We cannot also make sgd too powerful. It’s not good for exporters.
The solution is to improve income and make distribution of social welfare more efficient. Better coordination is required.
Jun Ming, [12/8/2024 1:33 PM]
This is all defined by humans
LCL (Danny 心), [12/8/2024 1:34 PM]
Law of Economics:-
What determines the value of land?
These factors range from location and accessibility to zoning laws and potential for development. Additionally, environmental considerations, market demand, and economic conditions play significant roles in determining what a piece of land is worth.15 Jul 2024
Jun Ming, [12/8/2024 1:35 PM]
Which zone down to population
Adam, [12/8/2024 1:36 PM]
Land is priceless. Thats why we should use land for priceless things like founders memorial and leaving it as low density b&w bungalow. Why should we optimise land for roi otherwise?
LCL (Danny 心), [12/8/2024 1:37 PM]
What Is Land? Definition in Business, Valuation, and Main Uses
https://www.investopedia.com/terms/l/land.asp
Hanny, [12/8/2024 1:37 PM]
The immersion program in IT for finance industry is one area where I see great benefits to the people who join. We should have more programs like this.
LCL (Danny 心), [12/8/2024 1:39 PM]
What Are the Main Segments of the Real Estate Sector?
https://www.investopedia.com/ask/answers/052715/what-are-main-segments-real-estate-sector.asp
LCL (Danny 心), [12/8/2024 1:40 PM]
Land | Land Use, Property Rights, Sustainability
https://www.britannica.com/money/land-economics
LCL (Danny 心), [12/8/2024 1:41 PM]
Land economics is a big field of economic study.
And it is a foundation of factor of production that carry a price in economic development.
Jun Ming, [12/8/2024 1:42 PM]
Another thing Is skill future cannot really use on courses such as universities and polytechnic diploma course
Jun Ming, [12/8/2024 1:42 PM]
It only can use on short courses which idk got use or not
LCL (Danny 心), [12/8/2024 1:43 PM]
Without pricing land correctly, without proper land management, a Country economy, Business, social lives, transport, recreation, housing, accomodations, tourism, f&b - in fact every aspect of human lives in a country cannot function.
Hanny, [12/8/2024 1:44 PM]
We should not give anything for free. It is proven that people do not appreciate and value free stuff. A good example is the insurance scheme that covered 100%. This scheme is no longer available because it was abused.
Jun Ming, [12/8/2024 1:44 PM]
Talking about insurance sometimes I am thinking maybe I should abandon them so to have more money in my hands
LCL (Danny 心), [12/8/2024 1:45 PM]
Look at Indonesia capital, Jakarta.
Without proper land management, the capital overcrowded, sink, cannot manage the country anymore and need to move to Kalimantan.
The cost is more than $39.5 billions.
Jun Ming, [12/8/2024 1:47 PM]
If land price is being capped then it's ok... But land price don't know what happened can sale to over 1 million for hdb
Jun Ming, [12/8/2024 1:47 PM]
Like wtf
Jun Ming, [12/8/2024 1:48 PM]
Feel like price for everything has gone harewire
Jun Ming, [12/8/2024 1:50 PM]
I really hope there's a deflation
Adam, [12/8/2024 1:51 PM]
I believe land should be either more free, or the state controlled. Cannot have a weird situation like hdb where people buy from gov at discount then resell to others at the real market value
Jun Ming, [12/8/2024 1:51 PM]
One time disastrous deflation to restart the world
LCL (Danny 心), [12/8/2024 1:54 PM]
Contrary to what many think, HDB land prices is not set by the government.
The land price is determined by independent land valuers.
Land valuation is by studying the economic price of that piece of land base on market valuation - how much land developers are willing to pay.
Jun Ming, [12/8/2024 1:55 PM]
Really think of this economic bubble will break one day if the inflation does not stabilise and compatible to people's income
Adam, [12/8/2024 1:56 PM]
Yet the price will be adjusted by random measures like restricting who can buy, the loan amount. Etc. If you value a land that can only be used for certain developments compared to anything you imagine, what then is its true value?
Adam, [12/8/2024 1:58 PM]
If the same exact hdb is held by minority or chinese, realistically, they have different value regardless of what the valuer says
Adam, [12/8/2024 1:58 PM]
Does that mean a certain race causes a house to be devalued even if they bought it at thw same price from gov?
LCL (Danny 心), [12/8/2024 2:00 PM]
China is the only country that experience deflation.
Whereas the rest of the world experience inflation.
This lead to an unexpected economic phenomenon whereby:-
1. Manufacturers are overproducing and selling at a loss. Lead to further dampening of prices.
2. Business are not recruiting and creating jobs because of business loss.
Hence many fresh graduates "tang ping" 趟平。Refuse to Work because no jobs for them.
3. Business refuse to invest because of deflation, no profit.
4. Consumers refuse to spend due to demotivation, and further depress economic growth, business not doing well, and no job creation result in high unemployment.
5. Deflation depress yuan, and hence make import very expensive.
6. Due to depressing of currency, wealth of the population go down as their money worth to buy world goods and services fall.
That's wealth depleted.
Very serious social, economic and political pressure.
Government of the day, in deep trouble.
Jun Ming, [12/8/2024 2:00 PM]
https://www.instagram.com/angrysingaporeans/reel/C-jfNyHydLc/?igsh=MTRqeXB2bzl0cG1lMQ==
Jun Ming, [12/8/2024 2:01 PM]
They are self sufficient
LCL (Danny 心), [12/8/2024 2:01 PM]
Huh?
Got such thing meh?
I am not aware.
REACH Singapore, [12/8/2024 2:01 PM]
📢 Topic📢
LCL (Danny 心), [12/8/2024 2:03 PM]
Now China discover that the party cannot keep their people happy through economic growth.
They emphasize military training for very young kids to implant them ideologies of nationalism and loyalty.
Not a good sign.
Jun Ming, [12/8/2024 2:03 PM]
Isn't it good to be loyal to the country
LCL (Danny 心), [12/8/2024 2:04 PM]
"Love the army, defend the motherland: how China is pushing military education on children.
Growing emphasis on military training for civilians reflects heightened nationalism under Xi Jinping – and a growing risk of war over Taiwan".
https://www.theguardian.com/world/article/2024/aug/11/love-the-army-defend-the-motherland-how-china-is-pushing-military-education-on-children#:~:text=Love%20the%20army,war%20over%20Taiwan
LCL (Danny 心), [12/8/2024 2:04 PM]
If we read history, imperial Japan militarism in WW2.
We have something to fear.
LCL (Danny 心), [12/8/2024 2:05 PM]
Hitler in Germany also similar phenomenon.
Adam, [12/8/2024 2:05 PM]
https://www.channelnewsasia.com/singapore/hdb-buy-back-flats-owners-difficulties-selling-ethnic-integration-policy-2547611
Jun Ming, [12/8/2024 2:05 PM]
Economic growth does not equal to happiness isn't it
Adam, [12/8/2024 2:06 PM]
If you cannot sell the flat, hdb will decide what its value is lol
Jun Ming, [12/8/2024 2:06 PM]
Happiness comes within, not from material outside
LCL (Danny 心), [12/8/2024 2:06 PM]
At least full stomach, people don't riot or change government.
Jun Ming, [12/8/2024 2:06 PM]
Look at Bhutan they are not rich but yet peaceful and happy
LCL (Danny 心), [12/8/2024 2:07 PM]
Look at Haiti, Bangladesh, sri Lanka, Malaysia, UK, France etc - change government like changing clothes.
Jun Ming, [12/8/2024 2:07 PM]
According to the latest GNH report published in May 2023, a whopping 93.6 % of the Bhutanese population considers itself happy (Ura et al. 2023). According to World Bank data the high Gini index indicates rather big differences in income within the population.
LCL (Danny 心), [12/8/2024 2:12 PM]
Ah one more measure, improve the salary of workers by improving their skillsets and productivity to tackle inflation.
LCL (Danny 心), [12/8/2024 2:14 PM]
No money I not happy.
I believe many people feel the same.
Jun Ming, [12/8/2024 2:15 PM]
No money feel unhappy because the price out there is expensive. If food education and shelter no need money I no money I also happy
LCL (Danny 心), [12/8/2024 2:16 PM]
Hahaha..
No free lunch.
Jun Ming, [12/8/2024 2:26 PM]
https://www.instagram.com/healthyhabit888/p/C-jeBCwxDOP/?igsh=MjBhN2o1cTNicmV0
Adam, [12/8/2024 2:31 PM]
There is a limit you can increase productivity through skills. These days productivity has increase massively through tech, yet wages has not gone up. If you can do your job 10x faster by upskilling, will you get 10x pay? Or what if you have AI help you do some of your work. Will you have more time for family at home?
Adam, [12/8/2024 2:32 PM]
There is a massive disconnect between work put in and what we get paid. Dont think upskilling will help.
Jun Ming, [12/8/2024 2:36 PM]
Only skills that are irreplaceable... But as what Jack ma or Elon musk has said before if robots help us to work we would not need to work.
Jun Ming, [12/8/2024 2:36 PM]
We just need to sit back and relax and study to help the world to get better
Jun Ming, [12/8/2024 2:37 PM]
Robots are supposed to serve us
Adam, [12/8/2024 2:37 PM]
That is an ideal, but can our current economic structure accomodate that?
Adam, [12/8/2024 2:37 PM]
Who owns the robot?
Jun Ming, [12/8/2024 2:38 PM]
Then only robots govern robot to serve humans
Jun Ming, [12/8/2024 2:38 PM]
Humans be god
Jun Ming, [12/8/2024 2:41 PM]
Which if there's is infinite resources around the world there will be no more crime
Adam, [12/8/2024 2:47 PM]
Lets see from real world now. Public infra like telecommunications. With all the wires crossing the country, we dont have to go back to the old days of sending snail mail. Sending data is negigible cost.
So when we pay for our phone plan or broadband, where does the money go to? What exactly are we paying for? How much is going to infrastructure?
Even in today where tech is so advanced we can practically put an end to physical mail, we still have to pay for some other thing on top of maintaining physical as a fallback. Even when the gov could own all the wires, we still have private compnies and middlemen taking a cut.
Adam, [12/8/2024 2:48 PM]
If robots were to figuratively take over, its not the robots. Robots are just a tool. Who really benefits the most?
Adam, [12/8/2024 2:50 PM]
Not saying tech advancement is a bad thing but the way the economy and govt policy is made when implementing tech does not seem ideal
REACH Singapore, [12/8/2024 2:59 PM]
[ Poll : Which part of PM’s National Day Message resonated most with you? ]
- Forging new opportunities for the people
- Redoubling efforts to keep the cost of living stable
- Strengthening the system of social support
LCL (Danny 心), [12/8/2024 3:09 PM]
To put things in perspective:-
2024 cost of living vouchers and GST vouchers:-
2024 - individuals + household benefits = $10,255.
2025 - individuals + household benefits = $6,865.
2026 - individuals + household benefits = $4,675.
2027 - individuals + household benefits = $4,210.
LCL (Danny 心), [12/8/2024 3:12 PM]
1. Assuming my yearly household expenses is $48,000 or $4,000 a month.
2. 3.6% inflation is an additional $1,728.
3. So in 2024, the government cost of living support of $10,255 more than enough to cover my inflation.
My only concern is whether government got sufficient fiscal budget surplus firepower to fund such inflation support grants to every household year after year or not.
LCL (Danny 心), [12/8/2024 3:15 PM]
Assuming the food inflation cost $10 more each day for one household.
1 year 365 days will be $3,650.
$10,255 government grant still more than enough to cover $3,650 inflation food price increases for one year.
Jun Ming, [12/8/2024 3:21 PM]
But not only food leh but electricity
Jun Ming, [12/8/2024 3:21 PM]
Damn ex where little to no choice
LCL (Danny 心), [12/8/2024 3:25 PM]
So I will assume our government strategies to tackle Singapore high inflation:-
1. Help workers to improve salaries by upgrading skillsets and productivity to tackle normal inflation of say 2 to 2.5%.
This is in line with salary increment of 2.5% to 3% = or > inflation of 2.5%.
2. To tackle runaway inflation of 3% or more, provide cost of living vouchers or GST vouchers.
In this case, my household is $10,255 - more than cover my inflation of $1,728 per annum.
3. 3rd strategy, build up passive income as we earn and set aside from savings. This will help to build our retirement fund for rainy day and old age.
4. My only concern are:-
a. Food prices are inelastic, and sticky, once increase it will be entrenched and rarely come down even in future when food inflation go down.
Then budget meal must roll out more pervasively.
b. Whether government has lasting persistent fiscal budget surplus firepower to sustain the GST vouchers and cost of living vouchers - if food price remain stubbornly sticky.
Jun Ming, [12/8/2024 3:27 PM]
How about university students who work only part time or self employed people
LCL (Danny 心), [12/8/2024 3:27 PM]
Electricity is elastic - as there are many suppliers.
And also many energy sources.
Eg. Natural gas, solar energy, green hydrogen, maybe nuclear fusion, or SMB, geothermal, microgrid from Asean and Australia etc.
Jun Ming, [12/8/2024 3:29 PM]
17 cents to 32.57 cents
LCL (Danny 心), [12/8/2024 3:29 PM]
Once the green energy transition settle down, war taper down and other good conditions set in, energy prices and groceries prices will drop as they are elastic.
Cook food prices are inelastic.
Jun Ming, [12/8/2024 3:29 PM]
Almost doubled our price
Jun Ming, [12/8/2024 3:29 PM]
Green energy more expensive
Jun Ming, [12/8/2024 3:29 PM]
Lol
LCL (Danny 心), [12/8/2024 3:29 PM]
Now yes.
Future may not.
LCL (Danny 心), [12/8/2024 3:30 PM]
This one, take scholarship or bursaries.
Jun Ming, [12/8/2024 3:31 PM]
Intelligible lol
Jun Ming, [12/8/2024 3:31 PM]
Only the top percentage can do so
Jun Ming, [12/8/2024 3:31 PM]
Or with conditions
Jun Ming, [12/8/2024 3:31 PM]
Need to think in terms of average people
LCL (Danny 心), [12/8/2024 3:32 PM]
Hmm...
My son and my nephew got scholarship.
Thus I got no stress.
Jun Ming, [12/8/2024 3:32 PM]
And those below average
LCL (Danny 心), [12/8/2024 3:32 PM]
My other nephew and niece got bursaries.
LCL (Danny 心), [12/8/2024 3:33 PM]
I think can take study loans.
Adam, [12/8/2024 3:34 PM]
Imo singaporeans should not rely on loans to get higher education
Adam, [12/8/2024 3:35 PM]
I feel if we want to be competitive, there should be a slot for all singaporeans who wants it
LCL (Danny 心), [12/8/2024 3:35 PM]
But most Singaporeans do that.
Else where got couple of $10,000 per year to fund the Uni education?
LCL (Danny 心), [12/8/2024 3:36 PM]
After graduation, pay back monthly.
Adam, [12/8/2024 3:36 PM]
Is that really the cost of education. Or because the industry can charge that much?
LCL (Danny 心), [12/8/2024 3:36 PM]
Degree course not cheap.
Got lab some more.
Adam, [12/8/2024 3:37 PM]
Depends. Imo i can learn more online than what is taught in school but employers looks at my cert
Jun Ming, [12/8/2024 3:38 PM]
But after grad it is also not guaranteed to get a high paying job
LCL (Danny 心), [12/8/2024 3:38 PM]
Need lab and project work (include individual and group projects) and internship.
And final year project encompassing all the specialised subjects that will contribute to the professor's R&D paper.
Only online course not enough.
Jun Ming, [12/8/2024 3:38 PM]
So the job market is like not worth for going uni
Adam, [12/8/2024 3:38 PM]
But i see artifical caps on intake. Why are we importing skilled labour when more singaporeans can be taised to fill the roles instead
LCL (Danny 心), [12/8/2024 3:38 PM]
Hmm...
My son and nephew pay not too bad.
Jun Ming, [12/8/2024 3:39 PM]
Depends on industries also lah
LCL (Danny 心), [12/8/2024 3:39 PM]
Above market rate.
Adam, [12/8/2024 3:40 PM]
Good thing your son is doing better that 50%. I dunno how the others are doing
Adam, [12/8/2024 3:41 PM]
Imagine being the bottom percentile. Just rip
LCL (Danny 心), [12/8/2024 3:41 PM]
I going meeting.
Cannot comment now.
Adam, [12/8/2024 3:41 PM]
Regardless, should being a dink or living under parents be the income standard of fresh grad? Is that considered good?
Nicholas, [12/8/2024 3:58 PM]
Sounds like tax will go up for those with mid to high incomes when he says "Those who do well for themselves should pay it forward, and give others a hand."
REACH Singapore, [12/8/2024 4:02 PM]
📢 Topic📢
LCL (Danny 心), [12/8/2024 4:56 PM]
Thought the bottom 50% percentile got the most support from the government.
I think the government GST payout more generous.
LCL (Danny 心), [12/8/2024 4:56 PM]
After adjusting for Government transfers and taxes, the Gini coefficient in 2023 fell from 0.433 to 0.371. This reflected the redistributive effect of Government transfers and taxes. 10. The report on “Key Household Income Trends, 2023” is available on the Department of Statistics' Website at www.singstat.gov.sg.
LCL (Danny 心), [12/8/2024 4:57 PM]
Comparing to many developed countries, Singapore wealth transfer and government grants - very generous.
Those who benefit most are from the lower 50 percentile.
REACH Singapore, [12/8/2024 4:59 PM]
[ Poll : Which part of PM’s National Day Message resonated most with you? ]
- Forging new opportunities for the people
- Redoubling efforts to keep the cost of living stable
- Strengthening the system of social support
LCL (Danny 心), [12/8/2024 5:03 PM]
Eg. Rich people pay Coe for car, road tax, etc; absd for more than 1 properties, pay more stamp duty, more GST as rich people buy luxury goods, higher income tax, higher corporate tax etc.
So government revenue and fiscal position very strong.
Especially, ultra high wealthy family offices moving in, fund coming in, foreign investments coming in, global logistics hub coming in, etc.
So our government fiscal position very strong.
Don't see a need to further raise tax.
That's why 2023 cost of living and GST vouchers very generous - no need to dig into reserves to fund it.
Only worry whether such momentum can sustain year after year or not.
Nicholas, [12/8/2024 5:24 PM]
International relations needs to handled with care, good relations with big players are key to ensuring Singapore continues to have opportunities. On strengthening the social support system, recall hearing about unemployment insurance however it seems that was ditched. Social support systems typically result in higher tax, so a good balance is important.
LCL (Danny 心), [12/8/2024 5:26 PM]
Gov't to roll out support scheme for retrenched workers late 2024 | Singapore Business Review
https://sbr.com.sg/hr-education/news/govt-roll-out-support-scheme-retrenched-workers-late-2024#:~:text=The%20government%20is%20finalising%20the,job%20seekers%20in%20late%202024.
LCL (Danny 心), [12/8/2024 5:28 PM]
Not unemployment insurance - which will blunt workers motivation to work.
But a replacement support scheme to help retrenched workers tie over the unemployment period while looking for jobs or get retrained to secure jobs.
Jun Ming, [12/8/2024 5:50 PM]
I heard Singapore is one of the tax heaven
LCL (Danny 心), [12/8/2024 5:55 PM]
Yes it is.
Hopefully we can continue to do so.
LCL (Danny 心), [12/8/2024 5:55 PM]
beps 2.0 singapore could threaten our tax heaven status.
REACH Singapore, [12/8/2024 6:02 PM]
📢 Topic📢
Jun Ming, [12/8/2024 6:13 PM]
We should limit ep like massage industry also
Jun Ming, [12/8/2024 6:14 PM]
Feel that too much Viet and china comes here as a massage lady but seldom sees guys
Jun Ming, [12/8/2024 6:14 PM]
Can gov regulate the gender that comes in also
Jun Ming, [12/8/2024 6:15 PM]
And I see very less Singaporean doing in massage industry
LCL (Danny 心), [12/8/2024 6:24 PM]
While BEPS 2.0 may reduce the room for tax competition among countries, it does not reduce competition for investment. Singapore will need to refresh our investment promotion toolkit, and strengthen non-tax factors, such as maintaining our world class infrastructure and quality workforce. Only then will we continue to thrive, with steady economic growth and good jobs for Singaporeans. Any additional revenue from BEPS 2.0 will therefore need to be re-invested into the economy to ensure that we remain competitive in a post-BEPS 2.0 world.
LCL (Danny 心), [12/8/2024 6:27 PM]
What is the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project?
Since 2013, there have been concerted efforts to strengthen international cooperation in taxation matters, to stamp out harmful practices and combat tax avoidance by multinational enterprises (MNEs). The G20 had tasked the Organisation for Economic Co-operation and Development (OECD) to study and deal with the issue of BEPS by MNEs. BEPS refers to tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to locations with no/low tax rates and no/little economic activity. In 2015, the OECD published its study and action plan on BEPS.
To ensure a consistent and co-ordinated implementation of the BEPS recommendations and to make the project more inclusive, OECD/G20 subsequently broadened its BEPS discussion to include more jurisdictions through a platform called the Inclusive Framework (IF) on BEPS.
Singapore has been actively involved in these international discussions at the IF. We are among the first few non-G20 and non-OECD countries to join the IF. In October 2021, the IF released a Statement on a Two-Pillar solution to address the tax challenges arising from the digitalisation of the economy commonly known as BEPS 2.0.
REACH Singapore, [12/8/2024 6:46 PM]
Dear Contributors,
⏰ We will be closing the chat in 15 minutes ⏰
Thank you very much for being part of our Telegram chat and participating actively.
Goodnight!
Megan 😊
Jun Ming, [12/8/2024 6:58 PM]
Goodnight megan
G, [12/8/2024 6:59 PM]
"Redoubling efforts to keep the cost of living stable"
Very rich coming from the one who pushed through tax increases in a time when cost of living pressures were also high. This pushed up cost of living so much in such a short time.
Now have the cheek to say "redouble efforts". Lots of words. But his actions so far are contrary to his words.
Create the problem then claim to offer to work on the solution. All while painting himself as someone who cares. Say what give CDC vouchers.
How is this helping people to stand on their feet instead of them developing crutch mentality?
What LW needs to do is cut unnecessary govt spending. E.g. Why need so many mayors?
REACH Singapore, [12/8/2024 7:00 PM]
Dear Contributors
We will be closing the chat for today.
Thank you very much for being part of our Telegram chat and participating actively.
Goodnight!
Megan 😊
=====
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