GST to be raised to 7%
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being nice to you mr Mat
here's the link on wage stagnation:
http://www.ips.org.sg/Media/yr2007/p2007/CNA_Middle%20class%20wage%20stagnation%20could%20lead%20to%20social%20instability_11%20Jan%2007.pdf
I would appreciate it if you can behave like a credible voice and do your own search on yahoo or google in future.
Thank you.
With the info I post to you, and Rockstar posted here, I think the least you could do as a responsible person is to read thru the information so that you can make sensible posts for discussions. -
Did they tell you that there is a growing middle class that snapped up all these condos out there?
http://www.business.gov.sg/EN/News/20070702Wageincr.htm
2006 Wage Increase Highest In 6 Years, Says MOM
Average rise was 4.5%; most sectors paid more than 2 monthsÂ’ bonus.
How much increment did you get my frens? Be honest. -
i come from low to middle class income, and i can tell you that my previous company , my collegues are getting 0.1% of their increment and their bonus is not even 1% of it.....Originally posted by Mat Toro:How much increment did you get my frens? Be honest.
1 of my collegues have to worked his way 7-8yrs ago frm measly 1.3k to current 1.9k and have not touch 2k yet though some of his friends are touching 3-4k in our places.....
not all places are getting the increment..... -
With the increasing price of the resale flats and the cheaper condos available, it doesn't take a genius to figure out which one will they go for.Originally posted by Mat Toro:Did they tell you that there is a growing middle class that snapped up all these condos out there?
http://www.business.gov.sg/EN/News/20070702Wageincr.htm
2006 Wage Increase Highest In 6 Years, Says MOM
Average rise was 4.5%; most sectors paid more than 2 monthsÂ’ bonus.
How much increment did you get my frens? Be honest.
My friend (SAF regular) and his wife brought a condo. Not sure about his wife, but he earns near 5k. Doesn't mean that when you can buy something, it is within your means. -
In the 1st place, the article you placed DID NOT specify a growing middle class snapping up condos out there. The article is ONLY talking about pay increase on average in Singapore, and not how many Singaporeans are buying condosOriginally posted by Mat Toro:Did they tell you that there is a growing middle class that snapped up all these condos out there?
http://www.business.gov.sg/EN/News/20070702Wageincr.htm
2006 Wage Increase Highest In 6 Years, Says MOM
Average rise was 4.5%; most sectors paid more than 2 monthsÂ’ bonus.
How much increment did you get my frens? Be honest.
Again you are speculating without any articles or research to back you up.
2ndly, there are 2 ways to look at wages:
1) Look at wages in totality, where the upper class payscale jumps at a rate of multiple times versus the middle class, and then say that pay rose by 4.5%
2) Look at wages of the middle class ONLY, in which we only research what is exactly happening to the middle class
Using common sense, wouldn't you say then that (2) is more accurate in understanding middle income pains? -
Tell me giving them the 'extras' would help if we're already shortage on $$$... Funny Singapore ALMOST EVERYTHING also needs to be JUSTIFIED... YET THIS.....Originally posted by Mat Toro:How much can that raise? more than GST?
FORGET IT.... People are not blind and they're not stupid... They can say whatever they like, but we know what's going on.... -
ANother thing... Raising GST to help the POOR is just BULLSH|T.... Do you know increasing 2% in the country's spending (whichever is subjectable to GST) is gonna generate what sort of HUGE AMOUNT of $$$...?? Comparing it to the minimum given to those already earning low enough an income (provided that they're eligible for it?), how much more would they be getting....?
With the form of $ transfer at work, don't tell me the 'poor' refers to our leaders? -
earning near 5k would put your friend in the upper level of Singapore wagesOriginally posted by bangkokboy:With the increasing price of the resale flats and the cheaper condos available, it doesn't take a genius to figure out which one will they go for.
My friend (SAF regular) and his wife brought a condo. Not sure about his wife, but he earns near 5k. Doesn't mean that when you can buy something, it is within your means.
research statistics say that middle income is defined ard the 1.5k to 4k region. -
Thanks about raising GST again, Devil1976Originally posted by Devil1976:ANother thing... Raising GST to help the POOR is just BULLSH|T.... Do you know increasing 2% in the country's spending (whichever is subjectable to GST) is gonna generate what sort of HUGE AMOUNT of $$$...?? Comparing it to the minimum given to those already earning low enough an income (provided that they're eligible for it?), how much more would they be getting....?
With the form of $ transfer at work, don't tell me the 'poor' refers to our leaders?
Mr Mat, I would like to explain again what I observe.
Hawker food prices have gone up generally between $0.10 to $0.50 ever since the GST increase. The reasons are the few factors below:
1) hawkers cannot claim back GST from the govt, and have to incur any GST raises from their suppliers as costs. They would then build this into their prices to cover their costs. I don't call this GST profiteering. Its just normal business sense to cover costs
2) its almost impossible for a hawker to raise price by 2% given the lower prices of their items. So,they increase by at least 10 cents to 50 cents.
In comparison, prices of most goods such as electronics or luxury products, mostly should increase by only 2%, given the following factors:
1) 2% of a huge amount is easier to add to the price, coz you don't deal with cents at this level, and rounding it up by 10cents or 50cents has lesser impact to the buyer
2) These retailers can claim GST back from govt.
Given the above, what one can see is that, the poor is the MOST AFFECTED, coz the poor depends on hawker food for their meals. And the impact is not 2%.
So how can GST increase help the poor? hmm... -
So you have people who went on to 3-4k. Good.Originally posted by duotiga83:i come from low to middle class income, and i can tell you that my previous company , my collegues are getting 0.1% of their increment and their bonus is not even 1% of it.....
1 of my collegues have to worked his way 7-8yrs ago frm measly 1.3k to current 1.9k and have not touch 2k yet though some of his friends are touching 3-4k in our places.....
not all places are getting the increment.....
Your fren? What about you? -
Condo cheaper than HDB?Originally posted by bangkokboy:With the increasing price of the resale flats and the cheaper condos available, it doesn't take a genius to figure out which one will they go for.
My friend (SAF regular) and his wife brought a condo. Not sure about his wife, but he earns near 5k. Doesn't mean that when you can buy something, it is within your means. -
Yup, overall increase, including middle class.Originally posted by soul_rage:In the 1st place, the article you placed DID NOT specify a growing middle class snapping up condos out there. The article is ONLY talking about pay increase on average in Singapore, and not how many Singaporeans are buying condos
Again you are speculating without any articles or research to back you up.
2ndly, there are 2 ways to look at wages:
1) Look at wages in totality, where the upper class payscale jumps at a rate of multiple times versus the middle class, and then say that pay rose by 4.5%
2) Look at wages of the middle class ONLY, in which we only research what is exactly happening to the middle class
Using common sense, wouldn't you say then that (2) is more accurate in understanding middle income pains?
I am not selective, I look at big picture. -
Prices do inflate.
So how can GST increase help the poor? hmm...[/b]
The poor run hawker stalls, so the poor did benefit from GST increase. -
slowly climbing which my gross have increase but not my take home. i'm just a newly employee out of the society for just a yr ++, so i am not expecting much but forcing myself in prudent spending and saving after a hard lesson learned recentlyOriginally posted by Mat Toro:So you have people who went on to 3-4k. Good.
Your fren? What about you? -
a piece of advice for you.
keep learning and keep thinking, be humble and open your eyes, you will do very well in Singapore even when you work for others. -
speaking of big picture, you need to break down the statistic to get even more accurate results. Your reasoning is flaw here....Originally posted by Mat Toro:Yup, overall increase, including middle class.
I am not selective, I look at big picture. -
this is even more flawedOriginally posted by Mat Toro:Prices do inflate.
The poor run hawker stalls, so the poor did benefit from GST increase.
stereotyped statement, and speculative.
As I said, Mr Mat, kindly refrain from making 1-liners, you don't do much to your credibility -
The big picture is, overall salaries increased.Originally posted by duotiga83:speaking of big picture, you need to break down the statistic to get even more accurate results. Your reasoning is flaw here....
What bigger picture can you get?
Why don't you deal with it? -
logically to statsOriginally posted by Mat Toro:The big picture is, overall salaries increased.
What bigger picture can you get?
Why don't you deal with it?
Yes
realisitically No
Overall not all increase SIGNIFICANTLY -
huh? overall pay increase 4.5% not significant? how much is significant?
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I doubt you read the newspapers do you? Don't you know the price of resale flats now?Originally posted by Mat Toro:Condo cheaper than HDB?
Anyway he meant resale HDBs and he probably meant cheaper condos AS COMPARED to previous times. -
Average rise... 4.5%?Originally posted by Mat Toro:huh? overall pay increase 4.5% not significant? how much is significant?
Haha I wouldn't be surprised it only affects the top 25%? -
INCASE YOU DON'T READ MR MAT.
Middle class wage stagnation could lead to social instability
SINGAPORE: Middle class wages have been stagnant in the past 5 years, according to economists, and this could lead to social instability.
These concerns were shared at the annual Institute of Policy Studies Singapore Perspectives conference.
Economists believe a US economy slowdown in business and consumer spending may cause problems for Singapore, but as Singapore is tops in the ASEAN resilience index, it should be able to weather external shocks, thanks to a diversified economy and strong Asian demand.
They predict that growth going forward will be 3 to 5 percent.
The long-term growth limits for a mature economy was previously in the 3 to 5 percent range.
However, economists are asking who this growth is for. The income of the bottom 30 percent of the population has fallen. What is more worrying is the fact that the majority of Singaporeans in the middle class has only seen about a 1 percent increase in nominal income in the last 5 years -
Originally posted by Mat Toro:
When there are investments and entrepreneurship, won't that create jobs?
Any wonder why our salaries are increasing?
Of course jobs will be created but that is a world of difference from increasing the salaries of the middle income and lower income.
Check this link out:
http://www.yawningbread.org/arch_2006/yax-620.htm
GST is GST, workfare is workfare.
How do we fund workfare? are the rich entitled to workfare?
Singaporeans know that a chief reason for the GST increase is to fund workfare.
http://www.todayonline.com/articles/174398.asp
This is workfare in my post (19 July 10:20pm) to you:
FACT SHEET ON WORKFARE BONUS SCHEME (WBS) 2007
The amount of Workfare Bonus is based on the worker's average monthly income for the period worked in the year.
Average Monthly Income ---> Bonus to be paid* (per year)
$400 and below ---> 1.5 months salary, or $75, whichever is higher
Above $400 to $900 ---> $600
Above $900 to $1,200 ---> $400
Above $1,200 to $1,500 ---> $200
http://www.mom.gov.sg/publish/momportal/en/press_room/press_releases/2007/20070130-declarations.html#Factsheet
The rich are not entitled to workfare.
No sir, give us your salient points please.
Are you against workfare?
While I do not expect netizens of opposing views to be a 'know-it-all', please take the trouble to do more research and understand the situation better before your next post. Kindly read through the sources that I have quoted you. That would be much appreciated. -
i think he didnt grasp the meaning of average.Originally posted by bigmouthjoe:Average rise... 4.5%?
Haha I wouldn't be surprised it only affects the top 25%?