Here are 6 ugly facts about Singaporeans' incomes

[Ender]

 

http://sbr.com.sg/economy/news/here-are-6-...poreans-incomes

 

Here are 6 ugly facts about Singaporeans' incomes

 

There's a downward trend in average monthly incomes.

 

According to the Singapore Social Health Project 2013 by the National Volunteer & Philanthropy Centre, declining trend in average monthly incomes and the increasing cost of living have made many Singaporeans feel vulnerable, especially those from lower-income families. The inadequacy of CPF for many who are retiring poses a threat to the well-being of the fast ageing population of Singapore.

 

Singaporeans, especially the lower income, are increasingly finding it difficult to cope with escalating costs. The Gini coefficient has also increased,

reflecting greater income inequalities.

 

The report outlines six points that describe the current trends in Singapore's income security.

 

1. Real growth in average monthly household income per member increased for all residents in 2012; poor households suffered a decline in incomes. Income security in Singapore declined for the low income between 2010/11 to 2011/12. The lowest 10% are the hardest hit with a decline in wages in 2012.

 

Gross real median wages across the common occupations listed by the Ministry of Manpower fell in all nine occupation categories from 2007 to 2011.

 

2. Cost of living has increased, eroding the purchasing power of savings. The inflation rates of 5.8% in 2011 and 4.6% in 2012 were higher than the average inflation rate of 1.9% over the last two decades. The inflation rates exceeded the 4% Central Provident Fund (CPF) interest rates on the Special and Retirement Accounts.

 

3. Inequality has increased. The Gini coefficient for Singapore increased from 0.473 in 2011 to 0.478 in 2012. It is the second highest in the world according to the Human Development Report among "very high human development countries

[Felipe]

Confirm this report wun b in ST

[Enye]

Gini coefficient widened

 

means that MCFers have become richer

 

isn't that good news?

 

duh...

 

[Ender]

Gini coefficient widened

 

means that MCFers have become richer

 

isn't that good news?

 

duh...

 

Also means some regular mcfer becomes non-regular..

[Pisces69]

 

 

So in other words all those safeguards put in place by e P8P since long long ago is not working. Its not giving e pple...especially e lower n middle income any security upon retirment.

 

They already realized this long ago thats why we were told we need to work till we die.

 

This is not e kind of miserable life i expected to hv when i was young n started working abt 30+ yrs ago.

 

I was always told by gharmen not to worry cos i hv my cpf (forced savings implemented by P8P when ty took over n realised ty had no money to run e country)

 

So ty took a part of our salary at very cheap rates to run our country wh e promise it wil b paid back in full wh interest when we retire at 55 yrs n it wud b enough fr us to retire wh dignity.

 

Oh how much all this has changed. One policy after another changed the whole structure of our cpf till now we r stuck sucking our thumbs when we get old n r told we cannot retire cos we dun hv enough money to pay our bills n might need to work till we die of exhaustion.

 

So now i know why i see so many old old pple rushing to work as cleaners at 6am instead of enjoying e final years of their lives.

 

So the rich r getting richer n e poor r getting poorer. And what is e gharmen doing to help e poor?

 

Oh i know. Send them fr more training so instead of using a mop n bucket...ty r taught to use a high-pressure water jet to wash drains n floors. Yippie. Im sure all those old pple must b very happy.

[Enye]

Also means some regular mcfer becomes non-regular..

 

congrats....

 

you are still a regular

 

[Ender]

congrats....

 

you are still a regular

 

barely.... If COE still so high, may just scrapped the car in 4 yrs time and take bus...

[WTF]

barely.... If COE still so high, may just scrapped the car in 4 yrs time and take bus...

Mine also another 4 yrs time and I'll be changing to BMW.....

[Mllcg]

CPF reduces real income by 20%(employee's contribution)

[Ooosh]

it just dont make sense, if there is a downward trend in the incomes, where do people get the money to spend on NEW cars, house launch? Something is just not right...no correlation to what the news report.

[Colin03]

Ha, ha - mine will be in 3 years time - hopefully still manageable to get a small cc 2nd hand to drive around.

[987]

Mine also another 4 yrs time and I'll be changing to BMW.....

 

Bicycle Motorbike Walk

[Subutai]

Bicycle Motorbike Walk

Bus MRT Walk

[Maseratigood]

So in other words all those safeguards put in place by e P8P since long long ago is not working. Its not giving e pple...especially e lower n middle income any security upon retirment.

 

They already realized this long ago thats why we were told we need to work till we die.

 

This is not e kind of miserable life i expected to hv when i was young n started working abt 30+ yrs ago.

 

I was always told by gharmen not to worry cos i hv my cpf (forced savings implemented by P8P when ty took over n realised ty had no money to run e country)

 

So ty took a part of our salary at very cheap rates to run our country wh e promise it wil b paid back in full wh interest when we retire at 55 yrs n it wud b enough fr us to retire wh dignity.

 

Oh how much all this has changed. One policy after another changed the whole structure of our cpf till now we r stuck sucking our thumbs when we get old n r told we cannot retire cos we dun hv enough money to pay our bills n might need to work till we die of exhaustion.

 

So now i know why i see so many old old pple rushing to work as cleaners at 6am instead of enjoying e final years of their lives.

 

So the rich r getting richer n e poor r getting poorer. And what is e gharmen doing to help e poor?

 

Oh i know. Send them fr more training so instead of using a mop n bucket...ty r taught to use a high-pressure water jet to wash drains n floors. Yippie. Im sure all those old pple must b very happy.

Bro, things you mentioned are unlikely to change unless the rulers also have to wake up 6am to play high pressure water jets. But unlikely they have to play, right? Life will go on same way we see today.

 

Btw, how come people keep saying 2016? Anything special about 2016?

Edited March 28, 2013 by Maseratigood

[Pisces69]

Bro, things you mentioned are unlikely to change unless the rulers also have to wake up 6am to play high pressure water jets. But unlikely they have to play, right? Life will go on same way we see today.

 

Btw, how come people keep saying 2016? Anything special about 2016?

 

 

I think thats when wp 51% n P8P 49%.

[Pisces69]

Ha, ha - mine will be in 3 years time - hopefully still manageable to get a small cc 2nd hand to drive around.

 

 

If e gharmen dun fiddle wh e system anymore...we sud see a lot of coe coming on e market in abt 2 yrs time n by e 3rd year coe sud drop a lot.

 

Then can change car.

[Pisces69]

it just dont make sense, if there is a downward trend in the incomes, where do people get the money to spend on NEW cars, house launch? Something is just not right...no correlation to what the news report.

 

 

Cos all e elites n FTs invited in by e elites still hv huge amts of cash to buy buy buy.

 

Soon ty wil own most of SG n all e commoners wil end up working fr them fr small salaries or starve.

 

And i tot its impossible to hv slave labour in a first world country. Tok so much abt Swiss standard. I dun see e Swiss having e problems we hv.

 

Another con job by gharmen.

[Pisces69]

CPF reduces real income by 20%(employee's contribution)

 

 

Actually its closer to 40% cos even e employrer contribution makes up our salary.