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I would think that the election deposit should reflect layman's standard of living. It should be pegged at 1 month average salary of an average man. i.e. GDP per capital divided by 12.
It's OK by me also. Singapore's GDP per capita is about US$30,000 p.a., i.e. about US$2,500 p.m. I have no quarrel with that being election deposit. In fact, I have no quarrel even with abolishing election deposit. I'm just stating what's in force now and the purported rationale. You and everyone else concerned can disagree with it and fight for change.