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Coffeeshop Chit Chat - PAPeeSCUMS salivating for another RAISE!</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 border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>Fkapore <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>Feb-20 8:38 pm </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 1) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>28915.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Household income falls by 2.5 per cent as Singapore ministers look for another pay hike
February 20, 2010 by admin
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Written by Our Correspondent
Despite having the most expensive government in the world, the lives of ordinary Singaporeans don’t seem to be improving by much.
According to the latest figures released by the Singapore Department of statistics, the median household income of Singaporeans decreased by 2.5 per cent after adjusting for inflation from $4,950 in 2008 to $4,850 last year.
“While lower when comparing with 2008, which saw a significant growth in income, median household income from work in 2009 was still higher than in earlier years,’ the report noted. ‘The decline in household income from work reflected the weaker labour market conditions in 2009, which saw higher unemployment and lower wages,” it added.
Ina recent speech, Singapore’s octogenarian leader Lee Kuan Yew boasted that the Government’s decision in the past five years to grow the economy and take the attendant social pressures in stride was the “right” one.
“Without growth, Singapore would not be what it is. The key to our growth is a Government taking the right decisions, and labour unions, employers and Government working together,” he claimed.
Singapore’s economic growth for the last few years was fueled largely by the easy availability of cheap foreign labor which helped to keep business costs down thereby popping up the GDP growth figures artificially in the process.
A recent Wall Street Journal editorial reported that the relentless influx of foreigners in the last few years has depressed the wages of ordinary Singaporeans, increased the cost of living, especially that of public housing, decreased labor productivity and led to an overall decline in quality of life as a result.
Singapore is ranked a miserable 70th position in the world in terms of quality of life below the likes of Romania, Croatia and Slovenia.
Though Singaporeans work the longest hours among developed nations, they have the lowest domestic purchasing power which is comparable to Russia, a UBS report revealed last year.
The fruits of Singapore’s economic growth are not shared equally by the people with the rich getting richer and the poor getting poorer as evident by Singapore’s widening income gap.
Singapore’s ministers are one of the biggest beneficiaries of Singapore’s dazzling economic growth since a certain proportion of their multi-million salary package is pegged to GDP growth.
With the Singapore economy expected to grow between 4.5 to 6.5 per cent this year, Singaporeans can expect another round of hikes in the pay of their ministers again.
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February 20, 2010 by admin
Filed under Headlines
Leave a comment
Written by Our Correspondent
Despite having the most expensive government in the world, the lives of ordinary Singaporeans don’t seem to be improving by much.
According to the latest figures released by the Singapore Department of statistics, the median household income of Singaporeans decreased by 2.5 per cent after adjusting for inflation from $4,950 in 2008 to $4,850 last year.
“While lower when comparing with 2008, which saw a significant growth in income, median household income from work in 2009 was still higher than in earlier years,’ the report noted. ‘The decline in household income from work reflected the weaker labour market conditions in 2009, which saw higher unemployment and lower wages,” it added.
Ina recent speech, Singapore’s octogenarian leader Lee Kuan Yew boasted that the Government’s decision in the past five years to grow the economy and take the attendant social pressures in stride was the “right” one.
“Without growth, Singapore would not be what it is. The key to our growth is a Government taking the right decisions, and labour unions, employers and Government working together,” he claimed.
Singapore’s economic growth for the last few years was fueled largely by the easy availability of cheap foreign labor which helped to keep business costs down thereby popping up the GDP growth figures artificially in the process.
A recent Wall Street Journal editorial reported that the relentless influx of foreigners in the last few years has depressed the wages of ordinary Singaporeans, increased the cost of living, especially that of public housing, decreased labor productivity and led to an overall decline in quality of life as a result.
Singapore is ranked a miserable 70th position in the world in terms of quality of life below the likes of Romania, Croatia and Slovenia.
Though Singaporeans work the longest hours among developed nations, they have the lowest domestic purchasing power which is comparable to Russia, a UBS report revealed last year.
The fruits of Singapore’s economic growth are not shared equally by the people with the rich getting richer and the poor getting poorer as evident by Singapore’s widening income gap.
Singapore’s ministers are one of the biggest beneficiaries of Singapore’s dazzling economic growth since a certain proportion of their multi-million salary package is pegged to GDP growth.
With the Singapore economy expected to grow between 4.5 to 6.5 per cent this year, Singaporeans can expect another round of hikes in the pay of their ministers again.
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