Thursday, November 28, 2024

REACH (Telegram) 45 -  What are your thoughts on the annual financial stability review’s findings by MAS? How can households build up greater financial stability?

(SK)

28 Nov 2024 (10am - 7pm)


REACH (Telegram)

REACH Singapore, [28/11/2024 9:52 AM]

Dear contributors,

Welcome back! 😊

⏰ We will be opening the chat from 10am 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 differnet 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://www.reach.gov.sg/Participate/reach-telegram-group/REACH-Telegram-Group-Chat-Terms-of-Use/

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 😊

REACH Singapore, [28/11/2024 10:06 AM]

📢 Topic 📢

On 27 November, the Monetary Authority of Singapore (MAS) said that while mortgage rates are down and incomes are up, households in Singapore should continue to be prudent amid heightened geopolitical uncertainties and trade tensions.

Financial assets like cash and stocks grew at a faster pace than the increase in household debt, the regulator and central bank also said in its annual financial stability review.

💬 What are your thoughts on the annual financial stability review’s findings by MAS? How can households build up greater financial stability?

📌 Mortage loans

MAS noted that mortgage rates, or the interest paid as part of a monthly home loan, have declined, so Singapore households’ ability to service their debts remained strong, especially as income growth has been stable.

The central bank noted that the credit quality of housing loans remains strong, with the housing non-performing loans ratio staying low at 0.3 per cent as at the third quarter of 2024. The 10-year historical average is 0.4 per cent.

MAS also said the fall in new sales of private homes was partly offset by a rise in resale transactions. It added that over the past six months, private home transaction volumes have been picking up gradually. The private rental market has also moderated from its peak.

“While the recent easing of domestic interest rates may have boosted market sentiments as developers resumed project launches, the macrofinancial outlook is subject to significant uncertainties arising from geopolitical conflicts and trade tensions,” warned MAS.

📌 Personal loans and credit card debt

MAS said personal loans climbed by 5.1 per cent year on year in the third quarter of 2024, but the growth rate has remained below the historical average of 5.7 per cent.

When it comes to paying off credit-card or charge-card debts, MAS said almost all borrowers have been able to do so despite rising balances, led by robust growth in resident outbound travel and domestic retail sales.

The credit-card delinquency rate has remained low at less than 1 per cent.

MAS said rollover balances as a share of personal disposable income edged up to 2.4 per cent in the third quarter of 2024, but is still below pre-pandemic levels. Around 18 per cent of total card holders have not paid off their balances in full over the past year – significantly lower than pre-pandemic levels.

📌 Heightened uncertainty in the global economy

Global economic activity has remained resilient and inflation has eased, but the probability of adverse shocks has increased given policy uncertainty, trade tensions and geopolitical conflicts.

“Rising protectionism and trade tensions, along with continuing conflicts in the Middle East and Ukraine, may lead to larger and more frequent supply shocks,” the report said.

Locally, MAS said corporations have maintained debt levels significantly below pre-pandemic averages. Firms that have borrowed to invest may see higher risks due to weaker earnings and still-elevated borrowing costs, but they continue to have healthy debt maturity profiles and enough buffers to meet short-term needs.

“MAS’ stress tests show that the corporate and household sectors have adequate capacity to manage shocks to incomes and financing costs,” the report said.

The banking sector has strong capital and liquidity positions, while insurers are well-capitalised. Investment funds have also mostly managed liquidity risks well.

“The results of the Industry-wide Stress Test 2024 exercise affirm that banks would be able to withstand a range of severe macrofinancial stresses,” MAS said.

📌 Call for households to be prudent amid much uncertainty

Looking ahead, MAS said risks to the household sector are expected to be contained, given strong financial buffers, but it urged households to be prudent amid so much uncertainty.

“The easing of mortgage rates in the first half of 2024, accompanied by stable income growth, has bolstered households’ debt servicing ability, while the liquidity position of households has further improved,” the central bank said.

REACH Singapore, [28/11/2024 10:06 AM]

It added: “However, given the heightened geopolitical uncertainties and trade tensions in the macrofinancial environment, households should continue to exercise prudence in their financial management.”

👉 https://www.straitstimes.com/business/spore-households-debt-up-in-2023-but-assets-grew-faster 

👉 https://www.channelnewsasia.com/singapore/mas-financial-stability-review-household-banks-company-debt-levels-4773171

----


Daniel, [28/11/2024 10:11 AM]

I find the marketing around personal loans is quite dangerous. I am getting very frequent calls from banks to entice me for personal loans and they offer very high amounts on my credit card limit (which has also been put very high automatically, it's a significant percentage of my yearly income). The same goes for in-app marketing from banks with misleading statements such as personal loan asvertised at 0%, but with a upfront fee.

I find the marketing around those products to be quite dangerous, I feel that there should be some stricter guidelines on that.

REACH Singapore, [28/11/2024 11:30 AM]

Dear Contributors,

We want to HEAR MORE from you!

💬 What are your thoughts on the annual financial stability review’s findings by MAS? How can households build up greater financial stability?

We have had good feedback from this group, and we hope that we can keep the discussion robust and active!

Thank you!

Megan 😊

TreasureHunter, [28/11/2024 11:34 AM]

I can understand why SGreans flock to buy properties despite incurring large debt. There are no better place to park the money and let it grow. If you look at stock market (STI) on a longer horizon, the increase is mediocre. Bank savings interest too low, can't beat inflation. So between money market and property market, typical Singaporean chooses property as first choice. Singapore need to have a more prosperous money market to attract households to diversify away from all-in-property.


LCL (Danny 心), [28/11/2024 12:26 PM]

1. Many economists and financial analysts have assessed that the next 4 years will be a bumpy economic and financial roads ahead - and not conducive for our economic growth.

2. In fact, we need to be all hands on deck.

3. Financially, we need to be prudent with our spendings and avoid taking too many loans - as the economic headwinds could also impact jobs.

4. Instead of living on paycheck to paycheck, we must always strive to set aside our monthly earnings for savings in case rainy days hit.


LCL (Danny 心), [28/11/2024 12:29 PM]

"Implications of Trump’s policies for Singapore’s economy.

With Donald Trump set to become the next United States president, here’s what Singapore and the world can expect in the next four years, and what remains uncertain, says Linda Lim from the University of Michigan."

Not a rosy assessment.

https://www.channelnewsasia.com/commentary/donald-trump-impact-singapore-economy-tariffs-trade-us-china-4755016#:~:text=Implications%20of%20Trump%E2%80%99s,University%20of%20Michigan.


LCL (Danny 心), [28/11/2024 12:31 PM]

US trade partners warn Trump tariffs would harm all parties.                                                                                              Trading partners could retaliate. 

https://www.channelnewsasia.com/world/donald-trump-tariffs-trade-us-canada-mexico-china-4772426


LCL (Danny 心), [28/11/2024 12:35 PM]

1. Specifically, our trade to US will be under pressure.

2. Our intermediary exports to China - our largest trading partners - in which our goods eventually will land in US will also come under pressure if tariffs across the board hit.

3. Hence business and jobs related to trade destined to US market - will be under stress.

4. There will be a need to look out for alternative routes to keep the impacted trade business and jobs afloat for the next 4 years.


LCL (Danny 心), [28/11/2024 12:43 PM]

1. Also with easing of financial regulations in US, US banks, insurance and financial institutions may also take on more risky products with less guardrails.


2. As a result, bank customers will face more risk in their financial investment products and even run on banks - if financial crisis hit - that happens not too long ago - when the new US government got to intervene in many banks.


3. Hence our government and MAS stress testing our local and foreign banks and financial institutions here as well as ring-fencing all financial obligations here is imperative to ensure whatever happens in US will not impact the banks and insurers financial obligations to our customers here.


LCL (Danny 心), [28/11/2024 12:46 PM]

During the COVID-19 pandemic, several banks faced significant challenges, but none of them required a direct bailout. However, some banks did benefit from government support and interventions. Here are a few examples:

- *Large US banks*: While they didn't require a bailout, large US banks like JPMorgan Chase, Bank of America, and Citigroup benefited from government support, such as the Federal Reserve's actions to stabilize financial markets ¹.

- *Smaller regional banks*: Some smaller regional banks faced difficulties due to their exposure to industries heavily impacted by the pandemic, such as tourism and hospitality.

- *European banks*: Certain European banks, like those in Italy and Spain, faced significant challenges due to their high levels of non-performing loans and exposure to sovereign debt.

It's worth noting that the banking system as a whole was more resilient during the COVID-19 pandemic compared to the 2008 financial crisis, thanks in part to increased capital requirements and regulatory reforms. However, the pandemic still posed significant challenges for many banks, and government support played a crucial role in maintaining financial stability ¹.

Source:- Meta AI


LCL (Danny 心), [28/11/2024 1:24 PM]

"Mexico says Trump tariffs would cost 400,000 US jobs".

https://www.channelnewsasia.com/world/mexico-says-trump-tariffs-would-cost-400000-us-jobs-4774986#:~:text=Mexico%20says%20Trump%20tariffs%20would%20cost%20400%2C000%20US%20jobs


Steven Ong, [28/11/2024 1:38 PM]

While the report is good, it'll be good to start financial literacy from P1 and thru IHLs. With this, younger Singaporeans can learn to be mindful of their financial decisions. MoneySense can continue to enhance the public financial education with MOE, SPF, ABS, LIA, GIA, IMAS etc to help improve financial awareness among Singaporeans..


LCL (Danny 心), [28/11/2024 1:42 PM]

https://www.forbes.com/sites/digital-assets/2024/11/26/sudden-panic-sparks-200-billion-bitcoin-and-crypto-price-crash/

"Sudden Panic Sparks $200 Billion Bitcoin And Crypto Price Crash".


LCL (Danny 心), [28/11/2024 1:45 PM]

See.

Bitcoin should not be the mainstream medium for financial investment.

It involves too much risk, more like a speculative product.

All the more it will be extremely risky if Elon Musk propose Bitcoin as a financial instrument to repay Treasury creditors using Bitcoins.

Our invested Treasury bonds are US$200 billions.


REACH Singapore, [28/11/2024 2:00 PM]

📢 Topic 📢


LCL (Danny 心), [28/11/2024 2:40 PM]

Dismantling the capital requirements and regulatory reforms on banks - a sure way to run on banks.

So we need to be prepared to ring fence the banks here and not let financial crisis hit us here if it happens in US.


Khai Mun L., [28/11/2024 2:59 PM]

Protecting banks from failing can lead to 'zombie companies', and large influx of money into the financial system. It's one of the reasons why inflation is so high now

Khai Mun L., [28/11/2024 2:59 PM]

Rushing to a meeting now, so unable to elaborate


LCL (Danny 心), [28/11/2024 3:24 PM]

Yes.

By protecting and intervening in banks is a form of quantitative easing - and flooding commercial banks with cash by Fed leading to high inflation - as there are too much money chasing after limited supply of goods.

If Elon Musk proposal to pay treasury creditors with Bitcoins - it means Fed will repay its treasury debts with $37 trillion of Bitcoins (essentially printing money) and flooding the global financial system with money supply.

All these will have the effect of triggering global hyperinflation.

Crocodile speculators (dark money) will cash out their Bitcoins to reap big profit at the expense of State Treasury creditors - and trigger a global financial crisis.


LCL (Danny 心), [28/11/2024 3:41 PM]

That's dark money speculators, money lauderers, drug money, gambling money, arm smugglers will wash their Bitcoins clean and exchange for US$ while State Treasury creditors like us, China, Japan, Saudi etc. will be laden with Bitcoins minus the hard cold cash.

Hence we must be careful of this Bitcoin trap.


Khai Mun L., [28/11/2024 3:55 PM]

There has to be more financial education to the public. 

Showcase both good and bad sides of investing. Reference dotcom bust or 2008 crisis how SG minimise. Publish thoughts by past local investors or even analyse everyday investment portfolios.

Highlight benefit of investing local stock market. Risks and taxes on overseas investments (similar to those overseas property purchases).

Khai Mun L., [28/11/2024 3:59 PM]

Regarding financial challenges, i find that lot of people spend their income on unnecessary things and not saving/investing properly.

Going for holidays is an entitlement, not compulsory spending. Getting a car vs riding taxi/public transport. Branded goods etc.

Need to show success stories of being thrifty whereby can enjoy or maximise when have stable income/savings. Stories by local businessman, sportsman, workers would be good to hear

REACH Singapore, [28/11/2024 4:02 PM]

📢 Topic 📢

REACH Singapore, [28/11/2024 4:02 PM]

It added: “However, given the heightened geopolitical uncertainties and trade tensions in the macrofinancial environment, households should continue to exercise prudence in their financial management.”

👉 https://www.straitstimes.com/business/spore-households-debt-up-in-2023-but-assets-grew-faster 

👉 https://www.channelnewsasia.com/singapore/mas-financial-stability-review-household-banks-company-debt-levels-4773171

Jun Ming, [28/11/2024 5:07 PM]

Maybe a course of how to not spend on things that you are addicted to or bad for you.

Jun Ming, [28/11/2024 5:08 PM]

Cause usually it's hard to control spending on addiction

Jun Ming, [28/11/2024 5:11 PM]

As in you know you shouldn't spend the money but you still spend on it. This is something that professionals may discuss and look into it

REACH Singapore, [28/11/2024 6:01 PM]

📢 Topic 📢

Adam, [28/11/2024 6:05 PM]

Yaknow at this point im just skimming the article. I have lost all faith in gov to present data in non biased way

Adam, [28/11/2024 6:07 PM]

Everybody sees it. Knows it. Discussed it over and over again. What input is there for us to give. If gov knows best and has all the data, will they work in Our best interest?

Adam, [28/11/2024 6:08 PM]

If Oppo comes with an economic proposal, will the current gov take feedback seriously or make them sit down, telling them they dont really know whats going on?

Khai Mun L., [28/11/2024 6:27 PM]

Hence, there are avenues like this group. Gov is trying to get new ideas from other people, instead of having the same suggestions

Khai Mun L., [28/11/2024 6:29 PM]

I find that most of Opp's idea are very one-sided. Don't consider what are the long term impact or where the money is supposed to come from.

E.g. minimum wage is not the better solution, or banning everyone from a certain country, raising taxes for rich (but what is defined as 'rich'?)

Khai Mun L., [28/11/2024 6:35 PM]

There is no way to cater all policies to everyone.

Even 'data collected' can be lacking.

Would someone report all the 'undertable coffee money' they earned or undeclared property they own? So how to get exact income earned etc


LCL (Danny 心), [28/11/2024 6:39 PM]

At least found another credible kaki.


Adam, [28/11/2024 6:39 PM]

Thats the thing. The metrics measures are flawed

Adam, [28/11/2024 6:39 PM]

So flawed policies will be enacted

Adam, [28/11/2024 6:40 PM]

So we keep talking about income. How about wealth? Does under table dollars matter when big buck are flowing above?

Adam, [28/11/2024 6:41 PM]

If you dont spend your budget, it means that you are not utilizing it effectively, so less budget next year

Adam, [28/11/2024 6:41 PM]

This mindset runs through the system making it inefficient

Jun Ming, [28/11/2024 6:42 PM]

But as you can see income alone can't bring you to live good in Singapore

Adam, [28/11/2024 6:43 PM]

Yeah so the article talks about income, debt. Putting numbers in isolation that loses all grasp on reality

Jun Ming, [28/11/2024 6:43 PM]

What can 3k/month how to actually get a private property

REACH Singapore, [28/11/2024 6:45 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 😊

Adam, [28/11/2024 6:46 PM]

Perhaps we can suggest to Reach. Instead of articles by st, we can trial discussions on stuff that is more 'raw' from opinion pieces to interviews with people on ground

Jun Ming, [28/11/2024 6:47 PM]

A lot of the rich actually earns through other income where mlm, crypto etc. those rich told me in fact stock market is too slow

Adam, [28/11/2024 6:48 PM]

Yeah, and my wealth is locked in cpf. Why bother 2.5% when my chicken rice doubled in a few years

Adam, [28/11/2024 6:49 PM]

Why medisave is 4%? Do you really think a hospital bed prices will still keep up with 4% yoy?

Khai Mun L., [28/11/2024 6:49 PM]

They bring up those articles because it would be a starting place for discussion.

And numbers are still useful to certain extent. If ask how many rich people in your hdb, you say 10 vs i say 20, who to trust

Jun Ming, [28/11/2024 6:50 PM]

The truth is money is getting smaller and smaller. That's why people start a new currency systems.

Adam, [28/11/2024 6:51 PM]

Depends on hdb lol. My neighbour keep changing occupant every couple years

Khai Mun L., [28/11/2024 6:51 PM]

Want higher interest, then risk more. E.g. put in bitcoin, if price down, then negative cpf number. Would people want to see this?

speedperry 耘瑞, [28/11/2024 6:51 PM]

Prudent spending as a result of media constant flashing of high property purchases seems to be the goal. And we are putting the cart before the horse. 

I consider myself a young parent and my own journey towards sustainable wealth building while meeting current needs compels me to learn more about financial world. 

It’s often easy to dismiss this skill to deepen professional skill or in short “I’m busy”. Hence I echo sentiments to imbue personal finance awareness since young. The info on this are a lot on sites such as dollar and sense, seedly and many. This way, our people can carve out suitable financial planning for their needs. 

I believe the govt is not trying to dictate how we spend. But more cautioning prudence. Yet to reach there, it assume basics application of personal finance. Therefore the availability of personal finance tips, apps, behaviour, over leverage examples, cautionary tales of scams, in related to personal finance are imo the sowing the seeds to meet prudence during harvest.


LCL (Danny 心), [28/11/2024 6:52 PM]

1. For majority of the people, financing housing loans specifically HDB flat come from the following sources:-

a. CPF OA account 

b. Government grants

c. Salary or income topping up the OA account 

d. Housing loans from HDB or bank loans 

e. Durations of the loans and the loan amount taken

f. Job security 


All these will determine if loans are serviceable.

And also money needed for monthly expenses.


Adam, [28/11/2024 6:52 PM]

Yeah so does it make sense for a 24 year old fresh grad to take the same risk free investment as the 50 year old?

Adam, [28/11/2024 6:52 PM]

All are locked in the same system

speedperry 耘瑞, [28/11/2024 6:53 PM]

Since people like to talk crypto. The time for crypto boom is now. You may not get 2x 3x but that’s bc you didn’t follow or pay attention when BTC $16k. I also not young or rich enough to buy condo 10yrs back. Everything have time; cannot complain if you miss the boat. ⛴️

Khai Mun L., [28/11/2024 6:54 PM]

How to split and why? Would need cutoff numbers.

Very hard to come up with absolute value.

Even within 24 year old, they have different priority. Some have family, some earn high income, some is paying card debt

Jun Ming, [28/11/2024 6:54 PM]

Agree. Crypto is the future. You cannot anticipate it

Adam, [28/11/2024 6:55 PM]

Ill do more crypto when backs will take it as collateral for loan

Khai Mun L., [28/11/2024 6:55 PM]

For me, i disagree crypto in it's current form is the future


LCL (Danny 心), [28/11/2024 6:55 PM]

The current MAS system that do reality check have been used for many years and can almost accurately project the health of the household financial health and banking health.

If I am not wrong, it is a world banking standard for stress test on banking and households adopted by all countries to verify their financial health.


Adam, [28/11/2024 6:55 PM]

Same for hdb. We need banks to allow us to take a loan with it as collateral


LCL (Danny 心), [28/11/2024 6:56 PM]

Project ubin cryptocurrency as legal tender by MAS possible.

But not Bitcoin.


speedperry 耘瑞, [28/11/2024 6:57 PM]

Again. I believe the personal finance understanding of the population is weak. 

Many young and seeking personal finance growth have acted and positioned their investments accordingly. 

Some anticipated it while others don’t. Some saw the opportunity but dismiss it as fag. So opinion are opinion. The real learning is through active engagement and research 🔬. All boils down to your personal finance journey. It’s a journey bc it’s ongoing.


LCL (Danny 心), [28/11/2024 6:57 PM]

That's even Fed use similar measures to do financial health check.


Jun Ming, [28/11/2024 6:57 PM]

Gov will always try to control currency. That's for sure. But I think there will be multiple currency can be accepted in the future


LCL (Danny 心), [28/11/2024 6:57 PM]

Bitcoin do at your own risk.


Adam, [28/11/2024 6:57 PM]

Lmao no. Gov wont allow

Jun Ming, [28/11/2024 6:58 PM]

Cause there's no law that prohibits people from accepting other currency as for now

Adam, [28/11/2024 6:58 PM]

How are you gonna collect gst when you buy mcd with bitcoin?

Khai Mun L., [28/11/2024 6:58 PM]

But isn't that the same as different countries currency?

speedperry 耘瑞, [28/11/2024 6:58 PM]

Govt thru Temasek have invested in FTX. So I won’t be surprised we as have expossure to crypto in sovereign funds

Jun Ming, [28/11/2024 6:59 PM]

I mean no one stopping you accepting Brunei currency

Jun Ming, [28/11/2024 6:59 PM]

Even grab accept bit coin now

REACH Singapore, [28/11/2024 6:59 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 😊


====

Posted by at No comments:

Monday, November 25, 2024

REACH (Telegram) 44 - What are your thoughts about key challenges Singapore faces such as cost-of-living issues and global instability? How can Singapore adapt to meet these challenges?

(SK)

25 Nov 2024 (10am - 7pm)


REACH (Telegram)

REACH Singapore, [25/11/2024 9:49 AM]

Dear contributors,

Welcome back! 😊

⏰ We will be opening the chat from 10am 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 differnet 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://www.reach.gov.sg/Participate/reach-telegram-group/REACH-Telegram-Group-Chat-Terms-of-Use/

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 😊

REACH Singapore, [25/11/2024 10:01 AM]

📢 Topic 📢

On Sunday (24 November), Prime Minister Lawrence Wong spoke about the key challenges facing Singapore. In particular, he highlighted the challenges of cost-of-living issues and a more unstable global landscape.

💬 What are your thoughts about key challenges Singapore faces such as cost-of-living issues and global instability? How can Singapore adapt to meet these challenges?

📌  Cost-of-living issues

While PM Wong acknowledged Singaporeans’ worries about the cost of living, he noted that it was not an issue unique to Singapore, as countries worldwide were facing similar pressures due to the recent spike in global inflation.

However, PM Wong emphasised that the government was doing its best to shield citizens from the worst effects of global inflation.

The Government has rolled out major packages over the last few years, with more help on the way in the coming months, such as another tranche of CDC vouchers in January 2025, said PM Wong.

“I am now preparing for Budget 2025, because I’m still the Finance Minister, remember. I will see how we can continue to provide additional support in the Budget,” he added.

📌 Facing an increasingly unstable world

PM Wong also spoke about geopolitical concerns which would likely affect Singapore.

Everyone is worried, he said, given the major wars raging in Europe and the Middle East, and US-China relations in a more challenging place. “There are many moving pieces geopolitically where things can easily go wrong,” he added.

PM Wong noted that the USA – while still pre-eminent – no longer wishes to be the world’s policeman. However, other rising powers like China and India are also focused on their own domestic issues, and are not in a position to take on larger global responsibilities yet, said PM Wong.

“Amidst this vacuum of leadership, we can expect more conflict and instability in the world, as state and non-state actors will be emboldened to test boundaries, often with little or no consequence,” he added, citing the ongoing conflicts in Ukraine and the Middle East.

Singaporeans must hence remain united, even as they are bound to have different views on global developments, said PM Wong.

“We cannot let our differences pull us apart. It is already tough to be a small country for our voices to be heard. It will be even tougher if our voice is diffused and incoherent. At the end of the day, we must consider the larger national interest and take a united position,” he said.

📌 Renewing Singapore's social compact

PM Wong said the PAP has stood for a fair and just society for all from its beginning, and built a system in Singapore that is clean and honest and that operates on the basis of merit.

While the core values and fundamentals will never change, Singapore has to adapt to new circumstances, and the evolving needs of society.

“We are tackling the next challenge of our generation – to renew our social compact, refresh our Singapore Dream, and to give every Singaporean the assurance and hope that tomorrow will be better than today,” he said.

“We have a full agenda under Forward Singapore. The changes and transformations we seek are just beginning, and they will unfold over several years,” added PM Wong. “This is what I am most passionate about. Working together, hand in hand, we can chart a new course and build a better Singapore.”

👉🏻 https://str.sg/u2UQ

👉🏻 https://str.sg/Mw4Z

👉🏻 https://www.channelnewsasia.com/singapore/pap-lawrence-wong-us-china-relations-israel-gaza-middle-east-4767341

👉🏻https://www.channelnewsasia.com/singapore/pap-conference-2024-lawrence-wong-general-elections-leadership-renewal-new-candidates-4767266

----


Tan LH, [25/11/2024 10:03 AM]

https://www.straitstimes.com/singapore/most-young-singaporeans-feel-it-is-not-necessary-to-marry-but-almost-7-in-10-want-to-poll

Tan LH, [25/11/2024 10:09 AM]

How to increase fertility rate:

Handing out benefits for couples to hv children is not enough for them to hv more children. Most couples will still hv only one child irrespective of handouts. 

One area that is neglected is to encourage singles to get marry by providing a platform for singles to socialise and meet. Most singles remain single not by choice. Esp now with work from home, they lack opportunities to socialise. 

Bring back the SDU in the 80s where they organised activities for singles to meet. Singles need encouragement to get married and hv children too.

G, [25/11/2024 10:49 AM]

Cost of living:

Cut profligate govt spending on expensive vanity PAP ego stroking projects like the founder memorial (Edwin tong say cost $335 mil to construct, and no clue on how much it costs to upkeep)

Stop buying and hoarding useless and harmful experimental covid jabs that require ultra cold storage (Pfizer jabs required to be stored at -70°C, https://www.msn.com/en-us/health/medical/70-degrees-how-philly-plans-to-store-a-covid-19-vaccine-that-must-be-kept-ultra-cold/ar-BB1aVxHY), requiring prolonged and unnecessary spending on expensive electricity 

Then don't have to increase tax so much or don't have to increase tax at all

No tax increase = lower cost of living

Gabriel, [25/11/2024 10:59 AM]

I agree with this point on increasing the fertility rate. The govt should inspect the cost drivers to child bearing more effectively instead of just improving one aspect (e.g. increasing baby bonus/parental leaves, etc.) and pat each others' back to say that the job is done. 

The job is 'done' when there is real and substantial improvement in the national fertility rate.

REACH Singapore, [25/11/2024 11:01 AM]

[ Poll : 1. I feel that the Government is doing enough to address cost-of-living concerns amongst Singaporeans. Please share the reason for your answer in the chats!  ]

- Agree

- Neutral

- Disagree

REACH Singapore, [25/11/2024 11:01 AM]

[ Poll : 2.⁠ ⁠I am confident of the Government's ability to ensure Singapore's continued success in today's uncertain world. Please share the reason for your answer in the chats!  ]

- Agree

- Neutral

- Disagree

Jun Ming, [25/11/2024 11:08 AM]

Agree on previous comments. Please focus more on fundamental infrastructure like the mrt breakdowns before considering memorial hall and making a big huha on the oxley road building.

 Simplify process to reduce cost such as rental process, governmental paper work etc.

speedperry 耘瑞, [25/11/2024 11:11 AM]

MRT is critical infrastructure that let down a huge majority of residents. This year frequent breakdown is exactly a bad record; reversing sentiments would take a lot. Issue made worse with escalating prices in midst of poor performance.

Adam, [25/11/2024 11:11 AM]

There is another side to mrt oveloading. In spite of our declining birthrates, our city cant sustain our population. Hmmm

Yew Hwee Ong, [25/11/2024 11:33 AM]

Regarding the issue of a declining birth rate, structural changes to society should be made to ensure that both men and women can have more work-life balance so that they can devote more time and energy to starting and having a family, increasing cost of living in many aspects is also an issue that makes having children difficult, as it puts a lot of financial burden already on citizens who don’t even have children yet.

G, [25/11/2024 11:49 AM]

Every dollar saved from unnecessary profligate govt spending on irresponsible and unsustainable plans is a dollar gained for tax payers

Jun Ming, [25/11/2024 11:49 AM]

Agree that our population density is too high

Steven Ong, [25/11/2024 12:18 PM]

The rising cost of living is a very big concern to many of us, especially to our younger generations who are looking to set up families. Besides our housing, the job prospects in current changing geopolitical situation and market demands, and the cost of education may had put pressure on these young couples to consider children at later ages and have lesser children.

Jun Ming, [25/11/2024 12:27 PM]

So we must reduce demand by reducing new population

Jun Ming, [25/11/2024 12:27 PM]

And at the same time keep the supply high

TreasureHunter, [25/11/2024 12:51 PM]

I have a slightly different opinion on fertility rates. Low fertility rate in SG might not only come from rising cost of living, it may also be due to the abundance in life choices as SG's economy progress. If they have extra $$. Holidays, cars, entertainments, fancy restaurants,  private properties, investment comes into mind. It's all about living life to the fullest. Having children is "an obstacle" to achieve and maintain that kind of affluent lifestyle. Govt using monetary benefits to lure these group of people to have kids will be futile.

REACH Singapore, [25/11/2024 1:58 PM]

Dear Contributors,

We want to HEAR MORE from you!

💬  What are your thoughts about key challenges Singapore faces such as cost-of-living issues and global instability? How can Singapore adapt to meet these challenges?

We have had good feedback from this group, and we hope that we can keep the discussion robust and active! 

Do also share your opinion by participating in our polls! The poll questions are pinned for easy reference, and your vote is anonymous.

Thank you!

Megan 😊


LCL (Danny 心), [25/11/2024 3:03 PM]

*Why Global Inflation*

1. Let us examine the reasons why Singapore (albeit the whole world) experience high inflation after pandemic?


2. The current inflation Singapore is facing is unprecedented because of the following reasons :-

a. Pandemic - disrupt the most cost effective supply chain

b. Decoupling & Geopolitical rivalry - derail the most cost effective supply chain

c. War - disrupt the most cost effective supply chain

d. Global climate - destroy crops lead to short supply and trigger price hike


3. Singapore being a small Country - is unable to grow food, crops, have a complete end-to-end supply chain for production and manufacturing - and will require to import food, goods, raw materials for our economic growth.

Singapore in fact import 90% of goods and foods from overseas. (Source :- Meta AI, IRAS website).


4. Hence will the above conditions, imported inflation trigger the high inflation we are currently facing.


5. Though today's CNA news say Singapore core inflation has fallen to 2.1% - which is the same inflation rate pre-covid, food prices, groceries prices still stick - as food and groceries prices are inelastic and will stay and stick once increases - as demand is inelastic (because everyone need to eat).


LCL (Danny 心), [25/11/2024 3:12 PM]

6. Hence I agree with PM Wong assessment that the current high cost of living - is not self-induced - but global trigger - events that we cannot control.


7. But however, it is something that we can manage and cushion against.


8. What Singapore has done to cushion the impact of global inflation?

a. MAS manage the Singapore currency exchange rate vis-a-vis a basket of other currencies - to ensure our S$ remain strong (to make imported goods cheaper) while still ensure we remain price competitive to our export Countries.


b. With strong fiscal revenue (due to strong economy) - our running fiscal revenue is able to earn sufficient budget surplus to provide financial grants such as GST vouchers, CDC vouchers, conservancy rebate, utilities bill rebate etc - without incurring debts or dig into our reserves to fund the inflation grants.


LCL (Danny 心), [25/11/2024 3:21 PM]

*Computation of Grants*

1. Taking an example of computation of grants - for a 5 room HDB flats.

2024 - Individual + Household grants = $10,255

2025 - Individual + Household grants = $6,865 (budget from 2024 not including the coming 2025 budget)

2026 - Individual + Household grants = $4,675 (budget from 2024 not including the coming 2026 budget)

2027 - Individual + Household grants = $4,210 (budget from 2024 not including the coming 2027 budget)


2. Singapore inflation rate pandemic is about 7.5% (Source :- Meta AI)


3. Asssuming a household annual expense is $4,000 a month or $48,000 a month, Inflation will have added $3,600 to a household per year.


4. But as 2024 grant is $10,255 - $3,600, the household earn $6,655 from the Government grant --- more than cover the inflation.


LCL (Danny 心), [25/11/2024 3:29 PM]

5. As PM Wong say in the conference yesterday, more grants will come in the coming months and in Budget 2025, will do more as Budget permit.


6. Inflation to each individuals and households will be manageable.


7. Singapore is one of the very rare Country that is able to manage the runaway inflation - as compared to many Countries.

US incumbent government fall - because of high cost of living.

Other Countries as reported in news lamented high inflation - and make their population living very difficult.


India’s central bank chief warns over growing global inflation risks

https://www.cnbc.com/2024/11/14/indias-central-bank-chief-warns-over-growing-global-inflation-risks.html

Debt-saddled Laos struggles to tame rampant inflation - double digit inflation.                                                                                                 Global inflation hitting many Countries.                                                                                                                 https://sg.yahoo.com/news/debt-saddled-laos-struggles-tame-030428151.html

"Middle-class Indians tighten their purse strings amid spiralling inflation". Food prices 10.87%, vegetables price 42.18%.

Food sticky prices inflation hit India.

 https://www.straitstimes.com/asia/south-asia/middle-class-indians-tighten-their-purse-strings-amid-spiralling-inflation#:~:text=Middle%2Dclass%20Indians%20tighten%20their%20purse%20strings%20amid%20spiralling%20inflation


LCL (Danny 心), [25/11/2024 3:43 PM]

*Geopolitical Development - and World Order in a flux*

1. Currently, we are facing a very challenging World Order - as US is retreating into Isolation - disillushion to globalisation - and increasingly hostile to trade.


2. Singapore trade is 3 times the size of our GDP - coming to $1.5 trillion. We are very dependent on trade to survive, grow and thrive.


3. US being the largest consumption country in the world with GDP of about $27 trillion (a quarter of World GDP) - will have tremendous impact on us.


4. We trade with US $120 billion.


5. China is also our largest trading partner - that export enormous amount of goods to US.


6. If US is hostile to trade eg. imposing 60% on China goods and 10-20% on our goods - our trade will be impacted.


7. Hence we need to to recalibrate our trade, business and investment - to minimise any impacts that will come from US come 2025.


8. Such as closer regional tie-up in trade with ASEAN, Asia-Pacific, EU, Middle East, Central Asia, Africa, S America etc - to mitigate the impact to our trade.

The remainder of World GDP is $73 trillion - still plenty of opportunities for Singapore to reap the benefits of trade, business and investment even though US become isolationist.


9. Hence we need to support our Government to navigate this enormous challenge to our livelihood, our trade, our investment and our business - so that business can continue to create high value jobs, high income jobs into our shore - and we can continue to enjoy high standard of living.


10. Hence the coming election is very crucial to us. We cannot cripple our Government and Ministers team - and sabo ourselves.

We need the best team in the Government to help us navigate from troubled water - and ensure our livelihood and our lives will continue intact - to survive and thrive.

(Note :- putting aside Economics, we are facing very bitting global advesaries among the major powers specifically US-China, Ukraine war, Middle East war and Taiwan straits tension ---- that could unravel into something very big military conflict if not careful).

Hence our lives is at stake - and cannot afford to frivolously play around with our "sacred vote" - to create trouble for our own self.


Hanny, [25/11/2024 3:55 PM]

My take on this subject.

1. I agree that the resources spent on oxley rd house is unnecessary.

2. I agree that the founders memorial is not necessary.

3. We are living in a very troubled world. We need a strong gov to ride the rough seas. 

4. Get back to basics. Improve our self reliance. 

5. Educate the masses on the resources available. Many people are not aware on what’s available and how to get them.


LCL (Danny 心), [25/11/2024 3:59 PM]

*Slippery slope to more social welfare? Is it affordable?*

1. Let us examine what happen in US and the West - democracy system and capitalism (I will label it as raw capitalism).


2. US in particular are the raw form of capitalism and market economy.

a. Specifically, US let the best and brightest run in entreprenuership and keep most if not all their earn.

b. There are many billionaires with net worth of $100 - $200 - $200 billions.

c. But they are rarely tax.

d. Social welfare are few and far in between. Public housing is not heard off, Healthcare are unaffordable for the poor and middle income. Education are not subsidise and Universities fees debt are bare by graduates, Workers lose their jobs as manufacturing plants move to lower cost of production in overseas countries, workers are not retrained for skills, political system are gerrymandering the Electoral votes to favour the rich and successful and election are funded by the rich and powerful, lower and middle income unable to own house - and got to rent house with half of their salary and live paycheck to paycheck, government not enough tax revenue to build infrastructure or maintain the crumbling infrastructure because of poor tax revenue, incur big public debt to run government operations.

e. To summarise, the "Raw" Capitalism - favour the rich, powerful, successful entreprenuer - at the expense of lower and middle income.


3. Hence voters revolt and pull down incumbent government because of the flaw in Raw Capitalism and Gerrymander Democratic political system.


4. Essentially, the Society structure is a "Pyramid", a very elongated Pyramid whereby 1% are super ultra rich - but lower and middle income is very poor - under such Economic and Political System.


5. Hence majority of the US voters are disillushion on Globalisation, Trade, Investment - because the system only benefit a few ultra rich and not the majority of the people.


6. Redistribution and transfer of wealth are not in the system - to ensure the entire population benefits from Globalisation, Trade and Investment.

Hence US voters revolt in each Presidential Election  and are hostile to Globalisation.


7. Social, income inequality are too wide - leading to dissatisfaction in the society - and frustration is thrown at each presidential election.


8. But each time, US is not solving the root cause of the problem - that is raw capitalism and gerrymander political system that favour the rich.


REACH Singapore, [25/11/2024 4:02 PM]

📢 Topic 📢


LCL (Danny 心), [25/11/2024 4:26 PM]

*Managed Capitalism and Tight Social and Income Compact*

1. Hence Singapore Government is taking a different take in Capitalism (Market Economy) and our Democratic System ---- through *Managed Capitalism and Tight Social and Income Compact*.


2. Singapore let the enterprenuers, the best and brightest professionals, businessman, foreign investment - by facilitating their success and earn more and more profit and run as fast and far as possible without stopping them (but ensure they conform to law and not harm the social welfare of the population).


3. At each year end, the Government will then put in policies to ensure how these rich and successful individuals and corporate share their wealth and success with the rest of population from Globalisation, trade, business, and investment. (Something like "shared prosperity").


4. This is not done by blunt tools or blunt policy - by imposing high income tax, or corporate tax or capital tax or inheritance - which is a sure way to chase away rich individuals and corporate - but do it in a skillful way (whereby they will feel they will benefit from their success and wealth but yet willing to pay taxes willingly as they spend - because they benefits from what they spend). Eg.

a. GST - the more the rich spend on luxuries goods like yacht, jewelleries, watch, designer watch, airplanes, clothing, accessories etc. the more GST the Government collect. The rich are willing to pay, no matter how high the price because they can afford it, and they feel the higher the price, the higher the value.

b. Buy more GCB, landed properties, high end condo etc and pay ABSD, stamp duties etc. The higher price the better, because they feel it is a good investment that will appreciate in values. Singapore earn high taxes from them.

c. Invest in financial investment instuments to earn interest income - and Singapore banks and financial institutions earn commission and invest their money to earn more investment income.

d. Buy expensive cars and Government earn COE, road tax, PARF, ARD etc.

e. With more ulta rich family offices (about $1.3 trillion) inflow of funds - Government can reap alot of tax revenues from them.


5. With such tax revenues earned, Singapore Government can afford to provide GST vouchers, CDC vouchers, Housing grants, Social Welfare grants, Medisave bonus, utilities rebate, conservancy rebates, health subsidies, education subsidies - by redistribution of wealth and tax transfers to the lower and middle income groups and even higher income groups.


6. This is "Managed" Capitalism (not "Raw Capitalism") through Government "Invisible Hands" to ensure all strata of the population benefits from the Globlisation, rich, business, investors --- to close up the Social Compact to ensure a more compact Income Equality and Social Equality. 

This is a skillful way of "Shared Prosperity" - not blunt tools to stop the rich from getting richer or tax them "big big" and chase them away.


7. This is done without our Government "Dig into our reserves" or "Incur Debt" - like other countries. But yet earn sufficient fiscal surplus to fund our social cause.


8. Managed capitalism is also known as 中道。(Middle Path).


LCL (Danny 心), [25/11/2024 4:38 PM]

*Circular flow of income and the Multiplier Effect*

1. Now let us look at spending on our cultural heritage (and I will lump it to Toursim infrastructure) as well as Social Compact program.


2. Many people will look at expenditure of Memorial Hall and Oxley House as a frivolous spendings - that have no economic values.


3. In effect in economic terms, the expenditure on Memorial Hall has Economic values in toursim revenue receipts - through Circular Flow of Income and the accompanying Multiplier Effects.


4. Spending of $300 - $330 million on Memorial Hall may seems like a big sum. But Singapore need to continuously refresh our tourists spots mix - to continuously attract foreign tourists into our shore.


5. Our tourism receipts per year is $26 - $27.5 billion every year.

What is $330 million?


LCL (Danny 心), [25/11/2024 4:38 PM]

6. We have continously refresh our toursim spots eg. MBS, RWS - now have a billion $ refresh.

Sports Hubs.

Mandai zoo and bird parks.

We build Marina City Tree Tops

Changi Airport GEMS

Many jungle trail tracks.

Pasir Ris walk

Railway tracks

Marine Parade coastline refresh

etc.


7. Only by continously build new toursim spots and refresh our toursim spots - will we continue to bring in double digits billions $ tourism receipts.


LCL (Danny 心), [25/11/2024 4:48 PM]

1. How does circular flow of income and multiplier come into play in economic terms?


2. When Memorial Halls are build, it will need construction, building materials, interior designers, electrical, mechanical, water pipes, IT etc.


3. Many industries will benefit from the construction.


4. In economic term, government expenditure will start the whole process of Circular Flow of Income - whereby many industrial sectors business will gain by bidding for the tender - got business, create jobs, earn profits, earn salaries.


5. Such government spendings are normally activated to jumpstart the Economy - to inspire Economic growth and GDP growth - in period whereby economy is slowing down.


6. Multiplier effects will happen ie. eg. Government spend $1, it will trigger the Economy to multiply into $5 for example.

Multiplier = 1 / (1-MPC)

MPC - is the marginal propensity to consume, which is the propotion of additional income that is spend on consumption.

Eg. if MPC is 0.8, multiplier effect would be:

Multiplier = 1 / (1-08) = 1 / 0.2 = 5

Thus government initial injection of $100 would lead to a total increase in economic activit of $500.

(Source:- Meta AI)


LCL (Danny 心), [25/11/2024 5:00 PM]

7. Hence building Memorial Hall and maintaining Oxley is not wasting frivilous money - but in economic principles - is in fact growing Singapore economy through circular flow of income and mulitplier effects - in the building process, and refurbish process - by creating jobs and making construction business vibrant and make profit.


8. In addition to the benefits of attracting toursim receipts, multiplier effects through construction, it also help to preserve our cultural heritage - by letting population and future descendants know the history of Singapore, how we build our nation and our roads from "Nothing, a Marshland" to "Succcess, Our Cosmopolitan World Class City".


9. This will ensure that we will not 忘祖，忘宗。 (forget our ancestors and our roots and heritage.


Yew Hwee Ong, [25/11/2024 5:07 PM]

From a sociological and anthropological point of view, are our roots and heritage really of huge importance ? Sure for many people their identity is strongly influenced by their heritage and culture, but should that be more important than ensuring that we ensure as many Singaporeans  being able to live a better life in the here and now and the future, rather than being constrained by our heritage and culture ?


LCL (Danny 心), [25/11/2024 5:14 PM]

Unless we want our descendants to forget our ancestors, our heritage, our culture.


LCL (Danny 心), [25/11/2024 5:14 PM]

Building our heritage has business and economic returns - for the construction and tourism sectors.

Not no value.


Jun Ming, [25/11/2024 5:19 PM]

This can be done when the world is more stable

Jun Ming, [25/11/2024 5:20 PM]

When Singaporean are satisfied with the basics

Jun Ming, [25/11/2024 5:21 PM]

Not now


LCL (Danny 心), [25/11/2024 5:21 PM]

Government give $10,255 per household.

Inflation only $3,600.

?


LCL (Danny 心), [25/11/2024 5:22 PM]

Also building heritage site boost Economic growth from $1 to $5 for example?

Construction sector grow - contribute to GDP and tax.

Tourism also grow and contribute to tax.


Jun Ming, [25/11/2024 5:24 PM]

From where do you have this figure


LCL (Danny 心), [25/11/2024 5:25 PM]

Most figures from Meta AI and Google.

Multiplier effect is an example how economic works.


Jun Ming, [25/11/2024 5:27 PM]

So you mean the heritage is for tourists not for Singaporean


LCL (Danny 心), [25/11/2024 5:27 PM]

Also Singaporeans.


LCL (Danny 心), [25/11/2024 5:28 PM]

Many people can understand what manufacturing, banking, etc bring.

But unable to understand what art, sports, heritage and tourism bring.


Yew Hwee Ong, [25/11/2024 5:30 PM]

Can you provide the actual source for this ?


LCL (Danny 心), [25/11/2024 5:32 PM]

GST grant calculators.


LCL (Danny 心), [25/11/2024 5:35 PM]

📢 *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


Jun Ming, [25/11/2024 5:36 PM]

I think heritage site is just a museum. can simply find a building and refurish it

But for the oxley road even if we preserve right it doesn't have any big impact as according to will it should not open to public


LCL (Danny 心), [25/11/2024 5:38 PM]

Let heritage board review and provide the details and then we will see.


xXx.SCAR.xXx, [25/11/2024 5:45 PM]

cheh, where got $10,255 per household?

Yew Hwee Ong, [25/11/2024 5:45 PM]

https://tablebuilder.singstat.gov.sg/table/CT/17922

Yew Hwee Ong, [25/11/2024 5:46 PM]

Hi, can anyone more knowledgable in Economics make sense of these statistics ?


LCL (Danny 心), [25/11/2024 5:47 PM]

My household got.


LCL (Danny 心), [25/11/2024 5:48 PM]

My extended family got.


LCL (Danny 心), [25/11/2024 5:48 PM]

My close friend family got.


xXx.SCAR.xXx, [25/11/2024 5:49 PM]

Quote carefully then, don't gaslight the rest of us.


LCL (Danny 心), [25/11/2024 5:49 PM]

Some got more.

Some got lesser depending on individual household.


xXx.SCAR.xXx, [25/11/2024 5:49 PM]

No offense but then you should have said so at the start


LCL (Danny 心), [25/11/2024 5:50 PM]

I am citing my examples.


xXx.SCAR.xXx, [25/11/2024 5:50 PM]

You are just misleading us


LCL (Danny 心), [25/11/2024 5:50 PM]

Sigh...

I write so many long stories.

A slip of my mind.

I will try to be careful next time.


LCL (Danny 心), [25/11/2024 5:51 PM]

Not intentional.


xXx.SCAR.xXx, [25/11/2024 5:51 PM]

Ok, nothing personal


LCL (Danny 心), [25/11/2024 5:53 PM]

But my point is, the support grant more than cover the inflation.


REACH Singapore, [25/11/2024 6:02 PM]

📢 Topic 📢


LCL (Danny 心), [25/11/2024 6:14 PM]

Not accessible.

Page not found.


Yew Hwee Ong, [25/11/2024 6:15 PM]

Too unfortunate, may have to access it later then.

REACH Singapore, [25/11/2024 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 😊

G, [25/11/2024 6:55 PM]

Incredulous $10,255. 

Can just anyhow trust AI bot info meh?


LCL (Danny 心), [25/11/2024 6:56 PM]

GST grant calculators.

The actual money go into our pocket.


G, [25/11/2024 6:56 PM]

Didn't you say your household income is 5 figures?

So 5 figure household income get $10,255 from govt?

Incredulous 

Unlikely to be true


LCL (Danny 心), [25/11/2024 6:56 PM]

Why not?


LCL (Danny 心), [25/11/2024 6:57 PM]

Use the calculator.


G, [25/11/2024 6:57 PM]

Show us a screenshot

G, [25/11/2024 6:57 PM]

Since this is your claim

G, [25/11/2024 6:57 PM]

Back it up


LCL (Danny 心), [25/11/2024 6:58 PM]

How to show screen shot?


G, [25/11/2024 6:58 PM]

Post somewhere and share link


LCL (Danny 心), [25/11/2024 6:58 PM]

All previous WhatsApp REACH group see the screenshot.

And they agree is true


LCL (Danny 心), [25/11/2024 6:58 PM]

Zzzzxx


G, [25/11/2024 6:58 PM]

New group. Back up your claim to this new group


REACH Singapore, [25/11/2024 6:59 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 😊


LCL (Danny 心), [25/11/2024 6:59 PM]

You either believe or don't.

No need to prove to you.


G, [25/11/2024 6:59 PM]

No one believe your wild claims


LCL (Danny 心), [25/11/2024 6:59 PM]

Hahaha


G, [25/11/2024 6:59 PM]

AI generated wild claims


====

Posted by at No comments:

Wednesday, November 20, 2024

REACH (Telegram) 43 - What are your views on the findings of the report? What else can be done to better support lower-income families?

(SK)

20 Nov 2024 (10am - 7pm)


REACH (Telegram)

REACH Singapore, [20/11/2024 9:45 AM]

Dear contributors,

Welcome back! 😊

⏰ We will be opening the chat from 10am 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 differnet 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://www.reach.gov.sg/Participate/reach-telegram-group/REACH-Telegram-Group-Chat-Terms-of-Use/

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 😊

REACH Singapore, [20/11/2024 9:52 AM]

📢 Topic 📢

The Ministry of Social and Family Development (MSF) said in a report released on Tuesday (Nov 19) that fewer households received financial assistance through ComCare, a scheme which supports lower-income households with basic living expenses, in 2023 compared with the previous year.

MSF attributed these dips to post-COVID-19 economic recovery, labour market expansion in recent years, and support from other government schemes. However, the report also noted that education and housing continue to be an issue for families under ComLink+, a scheme introduced in 2023 that gives low-income families financial incentives and other support if they work towards improving their lives.

💬 What are your views on the findings of the report? What else can be done to better support lower-income families?

📌Downward trend in Comcare Financial assistance

According to the report, the number of homes supported by Short-to-medium term assistance (SMTA) decreased from 27,392 in 2022 to 22,960 in 2023. The amount of money disbursed through SMTA also fell from a peak of S$169.7 million in 2020 to S$105.1 million in 2023. There was also a drop in households supported by Long-Term-Assistance from 3,857 in 2022 to 3,479 in 2023 with the total amount disbursed also falling from $28.5 million in 2020 to $23 million in 2023. 

📌Monthly Cash Aid

The report said that families that returned to getting help from the SMTA more than once are more likely to have more dependants, family members who are medically unfit to work, or live in one- and two-room HDB rental flats. Regular reviews are conducted to ensure ComCare coverage remains adequate. The median monthly amount of cash assistance through SMTA disbursed per beneficiary in assisted households increased by $20 to $370 from 2022 to 2023, and up by $70 since 2019. MSF also said that the amount of cash assistance provided is customised to each household’s composition, needs, and income.

📌Challenges with Education and Housing

Data collected by MSF from 9,153 ComLink+ families living in public rental housing showed that as of December 2023, more than 60 per cent of them had been employed for six consecutive months or more.

Almost seven out of 10 families were not on financial assistance and just above half of them saw real income growth. However, only 26 per cent of the Comlink+ families with preschool-aged children in anchor operator (AOP) preschools had their kids achieve an average monthly attendance rate of 75 per cent or higher and 93 per cent of them had yet to buy a flat and move out of public rental housing.

👉https://www.channelnewsasia.com/singapore/comcare-comlink-msf-financial-assistance-lower-income-4755056

👉https://www.straitstimes.com/singapore/smaller-share-of-lower-income-families-received-temporary-financial-aid-again-msf-report?_gl=1*weaocv*_gcl_au*MTk0NzMwNjMzOS4xNzMyMDYxOTcw

----


REACH Singapore, [20/11/2024 10:56 AM]

Dear Contributors,

We want to HEAR MORE from you!

💬 What are your views on the findings of the report? What else can be done to better support lower-income families?

We have had good feedback from this group, and we hope that we can keep the discussion robust and active!

Thank you!

Megan 😊

REACH Singapore, [20/11/2024 11:03 AM]

[ Poll : I feel that the current support schemes adequately meet the needs of lower-income families. Please share the reason for your answer in the chats! ]

- Agree

- Neutral 

- Disagree 

REACH Singapore, [20/11/2024 12:08 PM]

Dear Contributors,

Please take a moment to participate in our polls📊 and share your opinion💭. The poll questions are pinned for easy reference, and your vote is anonymous.

We look forward to hearing your thoughts on today’s topic!

Thank you.

Megan 😊

REACH Singapore, [20/11/2024 1:03 PM]

Dear Contributors,

We want to HEAR MORE from you!

💬 What are your views on the findings of the report? What else can be done to better support lower-income families?

We have had good feedback from this group, and we hope that we can keep the discussion robust and active! 

Do also share your opinion by participating in our polls! The poll questions are pinned for easy reference, and your vote is anonymous.

Thank you!

Megan 😊

REACH Singapore, [20/11/2024 1:03 PM]

Steven Ong, [20/11/2024 1:37 PM]

IMO, while it seems like a good sign that lesser people need help, we also have to ask ourselves if there're people who may slip thru the safety net due to admin or other issues..


LCL (Danny 心), [20/11/2024 3:03 PM]

1. Noticed that most if not all ComCare assistance are focus on household living in rental flats.


2. However, I come across some household living in 1 room flats or 2 rooms that are facing problem for eg. elderly of 80+ in 1 room flat that are immobilised and need caregiver to go toilet, bathing, changing cloth, feeding etc.

The caregiver is 60 plus who need to resign from her part time job to take care of her and lose the only income they have.

After failing the caregiving course, need to send her to nursing home, but the caregiver unable to find job.

The caregiver struggle to foot the bill of nursing home and have sufficient income to buy food and pay essential.


3. Hence, I feel that ComCare should extend to household living in 1 room to 2 room flat (non-rental) to help such household tie over their financial difficulties.


LCL (Danny 心), [20/11/2024 3:12 PM]

1. However our priniciples of social welfare financial assistance should actively look out for household that need helps to tie over their financial difficulties - regardless of whether they live in rental flats or owned flats.


2. But the principle must always be "Give them fishing rods to fish, instead of feeding them fish all the times", so that they can tie over temporary difficulties while helping them to find jobs to eventually feed themselves and their family members.


3. This will ensure that our Society are not burden by social welfare mindset and prevent people from laying back - and rely on States to feed them.

This will not be good for the State, unfair to taxpayers and heavily burden the Society.


4. But household with difficulties must be given a "leg-up" to help them to tie over their difficulties, and help them to find their "fishing rod" so that with the needed skillsets, help them to help themselves - and alleviate the States and taxpayers from the burden of huge social welfare bills.


5. Every household can then live with dignity, as they have the means to make a living for themselves and their families - and become a useful member of the Society.


LCL (Danny 心), [20/11/2024 3:19 PM]

1. Notice that there are no visible beggars on the street that beg for money. Or homeless people sleeping overnight in the public.

This is a good sign that chronic low income people are not prevalent in our Society.


2. However, do see and come across quite a number of elderly and disabilities selling tissues at MRT or outside shopping malls or along the tunnels towards MRT stations or at hawker centres.


3. So maybe more efforts are needed to find out are they doing it to spend time and earn pocket money or they are genuine in financial difficulties that need help.


4. Can they be tapped to work in alternative jobs that are facing labour shortages.


Kim Heok Lim, [20/11/2024 3:29 PM]

Problem is some don’t know where to seek help

Jun Ming, [20/11/2024 3:31 PM]

Some embarrassed to get help

Jun Ming, [20/11/2024 3:32 PM]

Some resulted doing crime as they might not be eligible for help. Or the help is not enough


LCL (Danny 心), [20/11/2024 3:32 PM]

Hence social welfare officers should be more active on the street to engage the elderlies and the disabled at the MRT, hawker centres and shopping malls.

They are always there and visible.

I engage in talk with one elderly selling tissue.

He told me "business not very good" and then I don't see him anymore.

He must have shifted to other places to sell his tissues.

And my bags full of tissues after accumulated for months.


Jun Ming, [20/11/2024 3:34 PM]

Sometimes I pity those selling tissues. They sell at such a high price where not many people will buy them

Jun Ming, [20/11/2024 3:36 PM]

Sometimes you need to see their necessity spending and their income

Jun Ming, [20/11/2024 3:37 PM]

Even with the help the fishing rod can be still fragile where cost of living is so high


LCL (Danny 心), [20/11/2024 3:46 PM]

I think GST vouchers need to be a permanent feature.

And CDC vouchers need to be given if budget permit.

Cost of living next year is no joke.


LCL (Danny 心), [20/11/2024 3:47 PM]

Because Trump is going to implement all his campaign inflationary measures with the appointment of unorthodox cabinet choices.

The measures will be ferocious.


LCL (Danny 心), [20/11/2024 3:49 PM]

https://www.straitstimes.com/asia/trumps-choice-of-china-hawks-signal-rough-seas-ahead-for-sino-us-ties

Trump’s choice of China hawks signals rough seas ahead for Sino-US ties.


LCL (Danny 心), [20/11/2024 3:49 PM]

Look like 60% tariffs on China is not just a verbal threat.


LCL (Danny 心), [20/11/2024 3:51 PM]

"Authoritarianism Expert Delivers Chilling Assessment On Trump Cabinet Picks".

Taken together, these appointments suggest an attempt to actually make the American government dysfunctional, to make it fall apart, to pervert it, to have it do things that it’s not supposed to do until it’s not capable of doing anything at all.”

https://www.huffpost.com/entry/timothy-snyder-donald-trump-cabinet-picks_n_673b1205e4b0ebe12e36af09#:~:text=at%20any%20time-,Authoritarianism%20Expert%20Delivers%20Chilling%20Assessment%20On%20Trump%20Cabinet%20Picks,-Lee%20Moran


LCL (Danny 心), [20/11/2024 3:52 PM]

Sit tight and brace ourselves for uncertainties for the next 4 years.

Inflation are unlikely to come down and could spike.


LCL (Danny 心), [20/11/2024 3:58 PM]

"Vivek Ramaswamy Pledges To ‘Delete’ Entire Government Agencies Alongside Elon Musk"

 https://www.huffpost.com/entry/vivek-ramaswamy-elon-musk-delete-government-agencies_n_673a5d9de4b0ebe12e367050#:~:text=at%20any%20time-,Vivek%20Ramaswamy%20Pledges%20To%20%E2%80%98Delete%E2%80%99%20Entire%20Government%20Agencies%20Alongside%20Elon%20Musk,-Jazmin%20Tolliver


Khai Mun L., [20/11/2024 4:01 PM]

Giving unrestricted subsidies to everyone is a slippery slope. One of the reasons why US inflation is high because of money given out during covid.

Encouraging companies to setup in Singapore and having stable government and policies bring in jobs for people. In a stable job, income can be earned, which is better than being jobless.

Whether is fair wage or enough to sustain lifestyle, that is another matter.

REACH Singapore, [20/11/2024 4:01 PM]

📢 Topic 📢


LCL (Danny 心), [20/11/2024 4:11 PM]

1. In a society, priorities is to create high value high income jobs by attracting high value investment to create such jobs - so that our people are trained to helm such jobs and can sustain themselves their families.


2. But there are others who are retirees, caregivers, children, disabled / elderlies that are home bound - and have no means to look for jobs to feed themselves.

It is these groups of people that GST vouchers, CDC vouchers that will be helpful to help them.


3. The inflation that we are facing todayy and next few years are not restricted to Singapore or domestic in nature.

It is external and global driven - due to geopolitical rivalry, wars, decoupling and many adverse external factors that drive up prices.

Food that are essential - and impact all the strate of our population - no-income, low-income, middle-income and high income are real.


4. Hence Government stepping in to help to cushion the unprecedented inflation is needed.


LCL (Danny 心), [20/11/2024 4:11 PM]

Debt-saddled Laos struggles to tame rampant inflation - double digit inflation.                                                                                                 Global inflation hitting many Countries.                                                                                                                 https://sg.yahoo.com/news/debt-saddled-laos-struggles-tame-030428151.html


LCL (Danny 心), [20/11/2024 4:12 PM]

"Middle-class Indians tighten their purse strings amid spiralling inflation". Food prices 10.87%, vegetables price 42.18%.

Food sticky prices inflation hit India. https://www.straitstimes.com/asia/south-asia/middle-class-indians-tighten-their-purse-strings-amid-spiralling-inflation#:~:text=Middle%2Dclass%20Indians%20tighten%20their%20purse%20strings%20amid%20spiralling%20inflation


LCL (Danny 心), [20/11/2024 4:19 PM]

1 The global inflation is unprecedented - and is a global phenomenon - not a domestic phenomenon.


2. And Singapore imports most of our foods and goods from overseas countries - resulted in imported inflation.


3. We have to adopt various measures to tame imported inflation - 1st and foremost is to make our currency strong (but may impact our export competitiveness).


4. Hence there is a limit to currency manipulation and make it too strong through monetary policy.


5. Fiscal policy need to step in to help - specifically through GST vouchers and CDC vouchers to cushioon and lob-off the inflation rate - and make prices of good and services affordable to our common population.


6. While ensuring our working population earn higher income to cover the inflation.


LCL (Danny 心), [20/11/2024 4:22 PM]

7. Ensuring our Economy do well and grow our GDP is a sure way to ensure high income jobs and profitable business, so that our Government revenue and budget will be strong.

This is the best way to keep inflation manageable.


LCL (Danny 心), [20/11/2024 4:30 PM]

Global fight against inflation 'almost won' but risks are rising: IMF

https://www.cnbc.com/2024/10/22/global-fight-against-inflation-almost-won-but-risks-are-rising-imf.html


LCL (Danny 心), [20/11/2024 4:31 PM]

India’s central bank chief warns over growing global inflation risks

https://www.cnbc.com/2024/11/14/indias-central-bank-chief-warns-over-growing-global-inflation-risks.html


xXx.SCAR.xXx, [20/11/2024 4:31 PM]

I wonder what is our risk exposure to India...


LCL (Danny 心), [20/11/2024 4:32 PM]

India up and coming superpower economy.

Alot of opportunities.

But also quite bureaucratic.

Need our local diaspora Indians to find niches and business opportunities for Singapore.

Just like we need diaspora local Chinese to find niches and business opportunities in China.


LCL (Danny 心), [20/11/2024 4:37 PM]

A Budget for all as S’pore tackles immediate cost-of-living challenges, invests in longer-term goals | The Straits Times

Projections by the Finance Ministry in 2023 assessed that government spending would increase to around 20 per cent of GDP by 2030.

DPM Wong said that for now, that remains the Government’s assessment.

Assuming the Government stays within this range of spending increase, it should have sufficient revenues to maintain a balanced budget over the coming years, he added.

https://www.straitstimes.com/singapore/budget-2024-tackles-immediate-challenges-for-households-sets-longer-term-goals-for-economy-and-workers


LCL (Danny 心), [20/11/2024 4:39 PM]

Our Budget revenue sufficient to provide GST vouchers and CDC vouchers - without needing to dig into our reserves or incur debts to finance the GST vouchers and CDC vouchers to fight the next few years of inflation.


LCL (Danny 心), [20/11/2024 5:21 PM]

"*Japan and China* Dump US Treasuries Before Trump’s Victory.

Investors from Japan offloaded record amount of US bonds in 3Q.

Both nations may continue to sell US debt: AT Global Markets" https://www.bloomberg.com/news/articles/2024-11-19/two-of-america-s-biggest-debt-holders-are-dumping-treasuries#:~:text=Japan%20and%20China,AT%20Global%20Markets


G, [20/11/2024 5:48 PM]

Why keep spending taxpayer money to scheme here scheme there? 

What's being done to lower costs of living such that such schemes are not required?

G, [20/11/2024 5:50 PM]

Coming up with new schemes maintaining schemes also cost tax payer money

What is the ratio of spending for scheme creation and upkeep vs actual disbursement to whoever the schemes are targeting?


REACH Singapore, [20/11/2024 6:02 PM]

📢 Topic 📢

REACH Singapore, [20/11/2024 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 😊


LCL (Danny 心), [20/11/2024 6:46 PM]

1. Feel that the mainstream media such as CNA news, Straits Times and the various Chinese, Malay and Indian media - should write more articles periodically on how Economics are run, how Geopolitical development impact Economics to educate common man in the street.


2. This will help our population understand why Government policies are formulated to meet economic goals, social goals and political goals.


3. Among the topics to be communicated should be :-

a. Planned Economy versus Market Economy

b. MicroEconomics and MacroEconomics

c. What is Montary Policy and Fiscal Policy - the functions of these 2 policies to steer the Economy and foster Economic Growth - such as Interest Rate, Exchange rate, various type of taxes, welfare scheme and program.

d. The functions of Circular Flow of Income and the Multiplier Effects - specifially Government Spendings, Business Investment, Consumption, Trade - Exports and Imports.

e. The mechanics of Trade, Balace of Payment, Balance of Trade etc

f. Money Supply, Inflation - Domestic & Global etc.

- to cover the above topics and not limited to.


4. Only then, Population will be able to better appreciate why the government needs to formulate and push certain government policies. This will facilitate more meaningful, better and more insightful discussion in the public forum.


LCL (Danny 心), [20/11/2024 6:49 PM]

1. The coming next 4 years will be an inflexion point, whereby external development will be unprecedented - and defy many Economic logic - that can throw global economic development into disarray and push many economies into unchartered water.


2. Understand how the Economy operates - will help population understand why Government will need to push out certain policies to cushion the external effects - to keep our Economy on an even keel - and not let them rock our Economic boats and development - that impact the day to day lives of our people.


REACH Singapore, [20/11/2024 6:59 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 😊


====


Posted by at No comments:

Thursday, November 14, 2024

REACH (Telegram) 42 - What are your views on Singapore’s hawker culture? How can we continue to have good and affordable hawker food while enabling hawkers to earn a fair livelihood?

(SK)

14 Nov 2024 (10am - 7pm)


REACH (Telegram)

REACH Singapore, [14/11/2024 9:40 AM]

Dear contributors,

Welcome back! 😊

⏰ We will be opening the chat from 10am 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 differnet 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://www.reach.gov.sg/Participate/reach-telegram-group/REACH-Telegram-Group-Chat-Terms-of-Use/

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 😊

REACH Singapore, [14/11/2024 9:50 AM]

📢 Topic 📢

MPs on both sides of the aisle voted on 13 Nov in favour of an amended Progress Singapore Party (PSP) motion to continue the government's support for hawkers and to grow Singapore’s hawker culture. 

💬 What are your views on Singapore’s hawker culture? How can we continue to have good and affordable hawker food while enabling hawkers to earn a fair livelihood?

“While hawker culture must be nurtured and supported, doing so requires balancing between inherent tensions that sometimes pull in different directions”, said SMS Koh Poh Koon.

📌 Manpower issues

NCMP Leong Mun Wai suggested that each cooked food hawker stall should be allowed to employ one work permit holder as a stall assistant, to help with the manpower crunch. 

Responding to this suggestion, SMS Koh Poh Koon said that a “full liberalisation” for foreign manpower may “alter the nature of our hawker centres significantly”, a change that some Singaporeans may not be able to accept. 

He added that the recent announcement that hawker stalls will be allowed to hire long-term visit pass holders as assistants from 1 Jan next year is a way the government is trying to strike a balance.  

📌 Addressing rental costs

PSP suggested to replace the current tender system with balloting to address the issue of competitive tenders leading to high stall rents.

SMS Koh said that while balloting could provide an equal chance to all to obtain a stall at an upfront fixed rate, it could also encourage frivolous applications and excess demand for stalls at popular locations. Those who genuinely want to set up a stall would see their chances dwindle, and such a situation will not benefit patrons.

NCMP Hazel Poa also suggested a fixed rent model to keep rental costs under control. But this would lead to nearly half of all tenderers paying higher rent than they do today, given that based on 2023 data, the tenanted rent for about 44 per cent of stalls is below the assessed market rent, said SMS Koh.

SMS Koh said the current rental process is open, transparent and straightforward for prospective hawkers to understand, and has created a hawker centre landscape that is responsive to consumer demands and changing expectations, and is fair for both hawkers and consumers.

📌 New breed of hawker centres

NCMP Leong also proposed that the current social enterprise model be phased out as the contracts of today’s operators expire.

In response, SMS Koh noted that the socially conscious enterprise hawker centre model (SEHC) was started in 2011 when the Government resumed building hawker centres. This was to help the new breed of hawker centres succeed, and to do so, they would need to have good visitorship, a diverse food mix that responds to evolving needs, and long-term viability.

Today, 14 out of 121 hawker centres are managed by SEHC operators appointed by NEA. Based on recent surveys, over 97 per cent of patrons and stallholders were satisfied with SEHCs, which is comparable to the satisfaction level at NEA managed centres.

👉 https://str.sg/E8XF

👉 https://www.channelnewsasia.com/singapore/hawkers-support-parliament-motion-cheap-food-cost-pressures-4747001

👉 https://str.sg/wJ5ou

----


LCL (Danny 心), [14/11/2024 10:11 AM]

I feel that hawker culture should apply to 4 levels:-

1. Hawker centres

2. Neighbourhood coffee shops

3. Air con food courts

4. F&B and restaurants 

My patronage are usually 2 & 3.

My family members patronage occasionally include 4.


LCL (Danny 心), [14/11/2024 10:13 AM]

1. Also I wish to support the central kitchen for schools as individual schools see more and more food stalls operators dwindling and retiring as well as more difficulty in operating and earning in keeping food stalls viable in schools.

2. Many central kitchens are under stress. Some have folded.

3. Hence this schools food catering needs will give a new lease of life to central kitchens.


REACH Singapore, [14/11/2024 11:02 AM]

[ Poll : 1. I agree that hawker centres provide Singaporeans with affordable food options. Please share the reason for your answer in the chats! ]

- Yes

- No 

- To some extent 

REACH Singapore, [14/11/2024 11:02 AM]

[ Poll : 2. I believe the government is providing sufficient support for hawkers. Please share the reason for your answer in the chats! ]

- Agree 

- Neutral 

- Disagree 

Khai Mun L., [14/11/2024 11:14 AM]

I don't have a good solution for this situation.

It's the same for other F&B, cleaner, security industry. Not many locals willing to work these type of jobs.

Increase wages too much, pass costs to consumers.

Open to more foreigners, more resources usage (housing, food), loss of local culture.

Stigma by public towards the industry e.g. would you let your child work long term or find your life partner there?

Adam, [14/11/2024 11:21 AM]

I feel like having a separate class of food establishments will cause its own issues if handled badly. Look at hdb system in conjuction with private housing. We all know its flaws and its something we have to deal with now.


LCL (Danny 心), [14/11/2024 11:54 AM]

1. Hawker culture food, be it hawker centres, coffeeshops and food courts must meet the following requirements:-

a. Affordable prices 

b. Tasty food with sufficient portion 

c. Food operators must have sufficient profits to keep going.


2. I think keeping a balance of all the 3 are increasingly difficult - due to raw materials price inflation, overhead costs such as power and water, higher salaries etc.


Jun Wei, [14/11/2024 12:00 PM]

Personally, I feel that SG hawker culture is dying, especially when you have SEHCs framework. 

An article titled "The Problem with Hawkers" By KF Seetoh - Tuesday, May 07, 2024, shows that it is challenging to have affordable hawker food while enabling hawkers to earn fair livelihood, especially when there are other profiting stakeholders. 

Gov wants people to join as new hawker, but with SEHCs, it becomes like working for them as hawker. Why then will I want to start my career as hawkers? 

Supports by Gov should be focus on removing, striping, and reducing unnecessary costs and expenses, not add on to them and then provide examples of the benefits SEHCs brings. Do you really think there is a need for a management team of non-hawkers to sit in office to think how to bring in patrons? 

I really wonder what's the ratio of patrons and stallholders of the 97% satisfied with SEHCs and in what way are they satisfied specifically.

Noor Naffissah, [14/11/2024 12:01 PM]

I hope the government will give more grants to hawkers despite all the things very expensive

Noor Naffissah, [14/11/2024 12:01 PM]

If not they got no earnings


LCL (Danny 心), [14/11/2024 12:01 PM]

3. Food prices inflation is a real issue as we can see the big jump pre-covid to current.


4. Once the food prices increases, it stick and won't go back to the pre-covid prices.


5. Hence population abilities to finance the day to day meals will have to hinge on:-

a. Higher income - for those who are working 

b. Cost of living support for retirees, care givers, children - those not working. (Eg. GST vouchers, CDC vouchers)

c. Budget meals offered by some of the food stalls.


LCL (Danny 心), [14/11/2024 12:36 PM]

1. Pre covid time, food prices are $3, $3.50, and $4 consider atas.

2. Post covid $4 are few and far in between. $4.50, $5, $5.50, $6, $7, $8, $9 and above are now the norm.

3. 50% to 100% increase in prices.

4. A heavy burden to any household who need to eat 2 to 3 meals a day.

5. Household cutting down to 2 meals a day is one way to save costs.


LCL (Danny 心), [14/11/2024 12:46 PM]

1. When recently happily announced, inflation rate has come down from more than 7% to 2.5%.

2. But food prices still stick at 

Post covid prices of $4 are few and far in between. $4.50, $5, $5.50, $6, $7, $8, $9 and above are now the norm.

3. Still 50% to 100% increase in prices.

4. It doesn't come down back to $3, $3.50 or $4.

Or even come down to slightly higher $3.80, $4 to $5.

5. Hence food prices once increase - stay and stick. 

Food prices is inelastic.

6. Fluctuating prices based on economic principles of demand and supply - don't apply to food prices - because demand is inelastic.

7. Everyone has to eat everyday to survive.


xXx.SCAR.xXx, [14/11/2024 1:12 PM]

I think one aspect of hawker culture in the past is that although life was tougher, the hawkers are friendlier and more familiar with their community and regular customers. 

I remember the hawker centers at Cuppage (behind centrepoint), near Botanical Gardens, Margaret Dr, Tiong Bahru (the old cramped, circular one), and Ghim Moh were all a bit dirty but the food was superb and the hawkers know me and family by name, plus our favorite dishes.

Now, with higher cost of living, new citizens and PRs, high rents, and declining quality of ingredients - everything becomes transactional and even hawkers don't want to look you in the eye when serving your food or collecting money.

Promoting the culture of anything, not only of hawkers, cannot be viewed through purely economical sense. 

Just a humble opinion from an old man.


LCL (Danny 心), [14/11/2024 1:14 PM]

1. Unlike luxury goods that are more elastic.


2. If prices rise, demand fall. Don't buy can. Buy a cheaper alternative can. But food got no cheaper alternatives.


3. This will force luxury business to reduce their prices in order to chalk up their sales.


4. Food prices on the contrary is inelastic.

The moment prices increases, it stay and stick and won't come down.

Because human got to eat whatever the price.

Buyers are price taker, not price setters.


5. Hence government "invisible hands" need to be involved to cushion the food prices increase - as it impact all strata of population. Rich need to eat, middle income need to eat, poor need to eat.


6. Taking a cue from US election, Democrats celebrate early when Fed manage to bring down inflation of more than 9% to about 2.4% just before their election.


7. But Democrats fail to take note of the price inelasticity of food prices - and in fact thought they are on the way to win the election. But the result turn out -  they lose dearly in all 3 Houses - White House, Senate and the Congress.


8. Hence, we should learn a lesson from the US and not let this affect our coming General Election.


9. US post election assessment reveals, many voters don't like the new candidate but still vote for him - because everything the prices are so high despite inflation coming down to 2.4%. 

To the voters, prices where got come down? Still have to live paycheck to paycheck.


10. It is the same situation that Singaporeans are facing today.

Cost of living is really the deciding factor that help to win or lose elections - regardless of whatever ideologies or political inclination.


11. It is the "Hard Truth" and nothing but the Truth.


12. Government who focus on Economic - always win most of the time if not all the time.


Jun Ming, [14/11/2024 1:57 PM]

Yeah it's our daily survivor thing and how well we can live

Jun Ming, [14/11/2024 1:57 PM]

Waffle still stick from 1.50-2.00

REACH Singapore, [14/11/2024 2:00 PM]

📢 Topic 📢

Jun Ming, [14/11/2024 2:06 PM]

How about we allow street food

Jun Ming, [14/11/2024 2:07 PM]

Those trolleys pulley cart where they provide food

Jun Ming, [14/11/2024 2:11 PM]

Where they randomly go to street to sell food 

Maybe in today's context Milo van and old Chung kee van. But yes instead of deep fried food they sell nasi lemak, fried rice etc

Jun Ming, [14/11/2024 2:14 PM]

Talking about food may I know why pasarmalam food so ex ah

xXx.SCAR.xXx, [14/11/2024 2:18 PM]

That's a good idea, might solve the school canteen issue as well since these food van/trucks can be deployed in school during recess timings, and go elsewhere for more income after school-hours or during school holidays. Can also be contracted for cheaper student meals which gives these food operators some basic income assurances.


LCL (Danny 心), [14/11/2024 2:37 PM]

1. I guess is very difficult to get the food stall to decrease their prices.

2. The only way the government can do to cushion the high food prices and tackle the high cost of living are to:-

a. Make GST vouchers a permanent feature.

b. Continue with CDC vouchers if Budget permits.

3. This is the only way to neutralize the inelastic sticky high food prices.


LCL (Danny 心), [14/11/2024 2:54 PM]

1. Looking ahead come 2025, the headwinds show that inflation will again rise and spike.

It will not come down.


2. US economy is tightly link to the world economy - being the largest consumption economy - at US$27 trillion.


3. The new president is already announcing inflationary measures to boost its economy.


4. The inflationary measures are unprecedented - if taking by his words when he campaign during the election.


5. His intended fiscal policy of tax cut, tariff and monetary policy of interest rate cut, quantitative easing etc will trigger a phenomenal inflation not only in US domestic economy but the global economy.


6. Because whatever interest rate set by US Fed, it will impact our interest rate here as we are an interest rate taker.

If we keep our interest rate high when Fed drop its interest rate, MNCs will leave and go back to US as the business cost of borrowings become more expensive.

So if we keep our interest rate low,  business and individuals will borrow more for spendings and drive up product prices.


7. Conversely, if US apply a 10% tariff on our export of US$120 billions, our export business will be affected. Other countries being tariff will retaliate. If we buy from US, the price of goods will be high because of compounded tariffs of many countries build into the product prices.


8. When US decouple its cost effective supply chain, goods prices will rise - triggering global inflation.


9. With quantitative easing, hot money will again flood the global financial market - whereby there will be too much money chasing after too few goods and result in higher good prices.


10. All these will affect the prices of goods and services that we buy from the global market.


11. Hence come 2025, our government will again face the unpleasant situation of high inflation during the election period.


12. The finance ministry will again need to draw on its financial power to cushion the impending inflation hike. 

Not a sweet spot.


Jun Ming, [14/11/2024 3:02 PM]

https://www.facebook.com/share/v/15FmRkhuRg/

Jun Ming, [14/11/2024 3:02 PM]

Hawkers be like this haha


LCL (Danny 心), [14/11/2024 3:04 PM]

13. If Budget 2025 is announced on Feb 2025, the effects of inflation will still not kick in yet as the new president has just assume the post on 20 Jan 2025.


14. Hence come mid year, around Jun 2025, another Budget assessment will need to be made to determine if imported inflation hit our shores or not, because any US government policies will need a few months for us to feel the effects.


Nicholas, [14/11/2024 3:33 PM]

Singapore is doing well in this area, please keep it up, may hawker food continue to be tasty, hygienic and affordable, and may hawkers be able to earn a decent living.

REACH Singapore, [14/11/2024 4:03 PM]

📢 Topic 📢


LCL (Danny 心), [14/11/2024 4:16 PM]

"What Donald Trump’s Win Means for Inflation "

 https://time.com/7175083/donald-trump-presidency-inflation/#:~:text=What%20Donald%20Trump%E2%80%99s%20Win%20Means%20for%20Inflation%C2%A0


LCL (Danny 心), [14/11/2024 4:17 PM]

Yes inflation will be coming come 2025.


LCL (Danny 心), [14/11/2024 4:25 PM]

Poly student who spends $20-30 on food daily says, “Singapore’s cost of living is so depressing these days”.

This is $930 a month just for food. 

Not a small sum for a student without income.

https://theindependent.sg/poly-student-who-spends-20-30-on-food-daily-says-singapores-cost-of-living-is-so-depressing-these-days/


LCL (Danny 心), [14/11/2024 4:38 PM]

"Eligible S’poreans to get cash payouts and MediSave, CPF top-ups in Dec".

 https://www.straitstimes.com/singapore/eligible-adult-singaporeans-to-receive-cash-payouts-medisave-and-cpf-top-ups-in-december-2024#:~:text=Eligible%20S%E2%80%99poreans%20to%20get%20cash%20payouts%20and%20MediSave%2C%20CPF%20top%2Dups%20in%20Dec

G, [14/11/2024 5:51 PM]

😂 weren't you claiming previously that a single income household today can afford HDB, and get by without struggling etc?


LCL (Danny 心), [14/11/2024 5:52 PM]

Yes.

Still can.


G, [14/11/2024 5:54 PM]

Dispute your CPF miscalculations? (reminder: 100% of CPF contributions do not go into OA)


LCL (Danny 心), [14/11/2024 5:54 PM]

I month 5 figure salary why cannot?


LCL (Danny 心), [14/11/2024 5:55 PM]

My household everytime is single income.


LCL (Danny 心), [14/11/2024 5:55 PM]

When I speak, I speak on behalf of average Singaporeans.

Not about myself.


LCL (Danny 心), [14/11/2024 5:58 PM]

Not 100% go to OA, but still go to SA which is my account that attract 4% interest - very good bargain.

Then just use my bank savings.

What is the problem.

SA still my savings, my money.

Got spare money, I still top up to my CPF for higher interest.

山不转， 路转。

路不转。人转。

人不转。脑转。


REACH Singapore, [14/11/2024 6:03 PM]

📢 Topic 📢

G, [14/11/2024 6:03 PM]

Forgot to mention: U did the calculation for $5,000 monthly salary, and made that bold, albeit miscalculated claim


LCL (Danny 心), [14/11/2024 6:03 PM]

That's for average Singaporeans.


LCL (Danny 心), [14/11/2024 6:04 PM]

$5,000 just buy a 3 room flat.

More than enough for single income.

I know of people of such salary with single income that own a flat without problem.

Many can attest to it.


G, [14/11/2024 6:13 PM]

Your claim was for 5 room flat


LCL (Danny 心), [14/11/2024 6:14 PM]

If you want 5 room flat, then eat less. Everyday sandwich, home cook food or Maggie mee.

Instead of loan duration 20 years, make it 30 years or 35 years. Then monthly repayment amount about $1,500.

Still can afford if you want 5 room flat.


REACH Singapore, [14/11/2024 6:47 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 😊

REACH Singapore, [14/11/2024 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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