<TABLE id=msgUN cellSpacing=3 cellPadding=0 width="100%" border=0><TBODY><TR><TD id=msgUNsubj vAlign=top> Coffee Shop Talk - Hard time making ends meet</TD><TD id=msgunetc noWrap align=right>
Subscribe </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE cellSpacing=0 cellPadding=0 border=0><TBODY><TR class=msghead><TD class=msgF noWrap align=right width="1%">From: </TD><TD class=msgFname noWrap width="68%">winnipegjets <NOBR></NOBR> </TD><TD class=msgDate noWrap align=right width="30%">7:45 am </TD></TR><TR class=msghead><TD class=msgT noWrap align=right width="1%" height=20>To: </TD><TD class=msgTname noWrap width="68%">ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 1) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft width="1%" rowSpan=4> </TD><TD class=wintiny noWrap align=right>419.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>If close to 50 percent of the workforce is 50 and above, and income decreases in age-based discrimination sinkapore, the future is definitely brighter for young foreigners.
Hard time making ends meet
Insight: Down South
By SEAH CHIANG NEE
Few Singaporeans take pride at the republic being ranked Asia’s fifth-most expensive city. And don’t even talk about The Singapore Dream to the deprived, for they are finding it tougher to cope with the higher costs of living.
A WATCH connoisseur pays S$4mil (RM9.5mil) for a special piece. An Italian restaurant serves caviar for S$580 (RM1,375). Expensive holiday packages snapped up at a travel mart.
These were recent happenings that depict everyday life in this affluent city, despite it being caught up in global turbulence.
Yet, times have changed. A dark shadow has crept into this country – the world’s eighth-richest (US$49,700, or RM163,000, per capita GDP) – upsetting its steady forward momentum.
Its citizens are facing the worst bout of inflation in a generation, which is stirring a sense of unease among them.
Few citizens take pride at the republic being ranked Asia’s fifth-most expensive city.
So how are the 4.6 million people here coping? Are they feeling the impact?
On the outside, not a whole lot – at least not when it comes to the wealthy and better-off professionals.
They are still living in relative comfort, splurging thousands of dollars a month on private tuition for their children or changing cars every few years.
However, the aura of Singapore’s wealth is exaggerated by the influx of foreign money and the thousands of Asia’s noveau riche who had arrived with their families.
For this class of people, wine has replaced beer at the dinner table. Their children regularly lunch at one of the many Japanese restaurants sprouting up all over the island.
Yuppies are lousy at saving money; only the conservative elderly do that.
(Visa, the world’s largest credit card network, just reported that its quarterly earnings rose 41%.)
For the lower end of society, however, life is markedly less rosy. When one meets the deprived, don’t talk about The Singapore Dream, at least not for now. They are having a hard time making ends meet.
The higher costs (inflation: 7%) outstrip most people’s pay rises, or dividends from savings, or old-age Central Provident Funds.
Assets, too, have declined in value. Stocks and property values are sharply lower.
Some are living off their past savings. As one retired friend said: “Our family is able to survive only because we have some deposits in the bank.”
The government dishes out cash help that runs from hundreds to thousands of dollars to each family (depending on size and income level) to offset inflation – but hardly enough.
Hard-hit citizens feel aggrieved about the 7% Goods and Services Tax.
One angry Singaporean, “fhamlee”, wrote of his plight, saying: “Seven percent inflation, petrol price up, taxi fares up, bus and train fares up, market and hawker food prices up, utilities bills up, bottled gas price up. Wages not up.”
“The first-generation leaders helped us to become rich. Now the present ones are leading our personal lives into decline,” complained a retired principal.
The ever-rising cost of living – much of it imported – has also eroded some people’s faith in the promised benefits of Singapore’s strategy of becoming a high-tech service hub.
Some cynics are voicing doubts that Singapore’s economic growth and modernisation will necessarily be a harbinger of happiness.
The high-cost structure has made people like “fhamlee” crave for the simple life.
“I think life was better back in the old kampung (village) days. No worry about inflation. Can keep chickens and get free fresh eggs every morning. No need for electricity, if you wish,” he wrote.
“Can plant own vegetables, etc. Bicycles get us everywhere, no fear about oil prices. Everyone’s so nice and cooperative. The good life is now gone forever. Sigh!”
Most Singaporeans are pragmatic and don’t have time for regrets. The daily struggle has to go on because there is virtually no safety net if they’re out of a job.
Many older folks (and housewives) have been driven back to work, instead of playing with grandchildren.
Latest statistics say, of the workforce, 470,000 – or 48% – are aged 50 and older.
The cost could, of course, go beyond financial burdens and could spill into the social sphere, including higher divorce rates, fewer marriages and lower births – and possibly more cheating cases.
As oil prices rose and fees increased, the number of reported cases of cheating on bus, train or taxi fares also went up.
This has led the government to impose harsher fines on offenders.
Since last month, commuters caught not paying, or under-paying, bus and MRT fares face a S$20 (RM47) fine. Those who misuse concession cards face a S$50 (RM119) penalty.
Reports have increased of passengers running away without paying their fare to taxi drivers.
Police also reported a jump in petrol theft – 41 cases in the first six months, compared with 27 for the whole of last year.
Much of the inflation blame falls on high oil prices (since fallen back by 20%) as well as on imported commodities and foodstuffs.
In the face of the crisis, the government appears unable or unwilling to act meaningfully, holding firm to its old “no welfarism” governance.
The authorities have, however, applied a little brake on the city’s red-hot building industry. Some S$1.7bil (RM4bil) worth of public projects have been postponed to ease pressure on construction resources.
The next impact could come from retailing.
Many shopping centres and food courts have just had their rents substantially increased at a time when consumer demand is showing signs of cooling.
Optimists strongly feel better times are ahead – probably in the next two years after the two casinos come onstream – but few are betting on a strong recovery for some time to come.
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Hard time making ends meet
Insight: Down South
By SEAH CHIANG NEE
Few Singaporeans take pride at the republic being ranked Asia’s fifth-most expensive city. And don’t even talk about The Singapore Dream to the deprived, for they are finding it tougher to cope with the higher costs of living.
A WATCH connoisseur pays S$4mil (RM9.5mil) for a special piece. An Italian restaurant serves caviar for S$580 (RM1,375). Expensive holiday packages snapped up at a travel mart.
These were recent happenings that depict everyday life in this affluent city, despite it being caught up in global turbulence.
Yet, times have changed. A dark shadow has crept into this country – the world’s eighth-richest (US$49,700, or RM163,000, per capita GDP) – upsetting its steady forward momentum.
Its citizens are facing the worst bout of inflation in a generation, which is stirring a sense of unease among them.
Few citizens take pride at the republic being ranked Asia’s fifth-most expensive city.
So how are the 4.6 million people here coping? Are they feeling the impact?
On the outside, not a whole lot – at least not when it comes to the wealthy and better-off professionals.
They are still living in relative comfort, splurging thousands of dollars a month on private tuition for their children or changing cars every few years.
However, the aura of Singapore’s wealth is exaggerated by the influx of foreign money and the thousands of Asia’s noveau riche who had arrived with their families.
For this class of people, wine has replaced beer at the dinner table. Their children regularly lunch at one of the many Japanese restaurants sprouting up all over the island.
Yuppies are lousy at saving money; only the conservative elderly do that.
(Visa, the world’s largest credit card network, just reported that its quarterly earnings rose 41%.)
For the lower end of society, however, life is markedly less rosy. When one meets the deprived, don’t talk about The Singapore Dream, at least not for now. They are having a hard time making ends meet.
The higher costs (inflation: 7%) outstrip most people’s pay rises, or dividends from savings, or old-age Central Provident Funds.
Assets, too, have declined in value. Stocks and property values are sharply lower.
Some are living off their past savings. As one retired friend said: “Our family is able to survive only because we have some deposits in the bank.”
The government dishes out cash help that runs from hundreds to thousands of dollars to each family (depending on size and income level) to offset inflation – but hardly enough.
Hard-hit citizens feel aggrieved about the 7% Goods and Services Tax.
One angry Singaporean, “fhamlee”, wrote of his plight, saying: “Seven percent inflation, petrol price up, taxi fares up, bus and train fares up, market and hawker food prices up, utilities bills up, bottled gas price up. Wages not up.”
“The first-generation leaders helped us to become rich. Now the present ones are leading our personal lives into decline,” complained a retired principal.
The ever-rising cost of living – much of it imported – has also eroded some people’s faith in the promised benefits of Singapore’s strategy of becoming a high-tech service hub.
Some cynics are voicing doubts that Singapore’s economic growth and modernisation will necessarily be a harbinger of happiness.
The high-cost structure has made people like “fhamlee” crave for the simple life.
“I think life was better back in the old kampung (village) days. No worry about inflation. Can keep chickens and get free fresh eggs every morning. No need for electricity, if you wish,” he wrote.
“Can plant own vegetables, etc. Bicycles get us everywhere, no fear about oil prices. Everyone’s so nice and cooperative. The good life is now gone forever. Sigh!”
Most Singaporeans are pragmatic and don’t have time for regrets. The daily struggle has to go on because there is virtually no safety net if they’re out of a job.
Many older folks (and housewives) have been driven back to work, instead of playing with grandchildren.
Latest statistics say, of the workforce, 470,000 – or 48% – are aged 50 and older.
The cost could, of course, go beyond financial burdens and could spill into the social sphere, including higher divorce rates, fewer marriages and lower births – and possibly more cheating cases.
As oil prices rose and fees increased, the number of reported cases of cheating on bus, train or taxi fares also went up.
This has led the government to impose harsher fines on offenders.
Since last month, commuters caught not paying, or under-paying, bus and MRT fares face a S$20 (RM47) fine. Those who misuse concession cards face a S$50 (RM119) penalty.
Reports have increased of passengers running away without paying their fare to taxi drivers.
Police also reported a jump in petrol theft – 41 cases in the first six months, compared with 27 for the whole of last year.
Much of the inflation blame falls on high oil prices (since fallen back by 20%) as well as on imported commodities and foodstuffs.
In the face of the crisis, the government appears unable or unwilling to act meaningfully, holding firm to its old “no welfarism” governance.
The authorities have, however, applied a little brake on the city’s red-hot building industry. Some S$1.7bil (RM4bil) worth of public projects have been postponed to ease pressure on construction resources.
The next impact could come from retailing.
Many shopping centres and food courts have just had their rents substantially increased at a time when consumer demand is showing signs of cooling.
Optimists strongly feel better times are ahead – probably in the next two years after the two casinos come onstream – but few are betting on a strong recovery for some time to come.
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