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Chitchat Why Jamus Lim join Workers' Party ?

Jamus tries to sell newspaper to an oldman. :biggrin:

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Jamus congratulates Nobel prize winners. :cool:

Jamus Lim

1h ·
The Riksbank announced yesterday that Daron Acemoglu, Simon Johnson, and Jim Robinson (AJR) won the Nobel in economics for their work on the importance of institutions in economic development. As someone who has worked extensively on the political economy of development—and cited the work of AJR extensively in my own papers—it isn’t so much a surprise, as a sense that it was a long time coming, and thoroughly deserved.
To some, AJR’s work may seem self-evident. Surely quality institutions are necessary for economic success? But the question is more nuanced. After all, such institutions may result from prosperity, rather than be its source. AJR showed definitively that it was institutions that caused growth. It is also unclear how important institutions are, relative to other “deep” drivers of growth, like trade openness, geographic conditions, or social capital. It took a slew of papers by economists and political scientists to reveal that institutions were, indeed, of first-order importance.
To others, their work is disproven by the example of successes in more centralized countries, like China and Singapore. But AJR will be the first to point out that for every successful controlling state, there are a dozen more that remain mired in poverty. So we can’t just look at only good examples to decide whether an argument is credible. Besides, the claim is also considerably more nuanced: countries grow because their institutions are inclusive, with economic decisionmaking that encourages broad participation and diversity.
Such institutions include a reliable rule of law, respect for property rights, and freedom from internal and external conflict. Such institutions can exist even in countries where the political system is more top-down (to be clear, I believe that voice and accountability have merits of their own. It’s just that democratic norms need not be lumped with economic success, especially in the early stages of development).
For me, having been steeped in this stuff for more than two decades, I can only congratulate the trio for their contributions, and for advancing the field within our profession. And to hope that their insights—on how quality institutions are central to the success of a nation and society—will be not only celebrated, but internalized by policymakers worldwide, including those in Singapore.
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Jamus spoke on a number of amendments to CPF. :cool:

Jamus Lim

7h ·
In the most recent Parliamentary sitting, I spoke on a number of amendments to CPF. Most of the focus of my speech was about the decision by the government to close to Special Account (SA), for those who go beyond the age of 55 years.
The practice of “shielding”—where one would temporarily move a bunch of holdings into other assets, which, upon expiry, would return to the SA—had gotten to the point where, I suspect, the Board would struggle to ensure high returns on such a liquid account (after 55, accessing SA funds also become a lot easier). Closing this loophole is the right thing to do, since it unfairly privileges those who are relatively more financially secure or sophisticated, while shifting the risk of assuring liquid high-return savings to other accountholders.
I also spoke about another change, which would require those who profited from the sales of their homes to prioritize repayment of subsidies received, in particular for Plus and Prime flats that qualify for higher subsidies. Again, doing so is the right thing, since those who have profited from the interim gains in house prices should reasonably be expected to pay back the higher subsidies enjoyed.
What I felt it was important to highlight, however, was that one reason why many CPF accountholders do what they do—pursue loopholes to squeeze more out of their SAs, or chase house price appreciation—is because they often feel that their retirement funds, especially under plain-vanilla Ordinary Account (OA) rates—are insufficient. If we are to tackle the root of the problem, we’ll need to work on how to better ensure that CPF returns are actually meeting retirement needs. #makingyourvotecount #theworkcontinues

 
Jamus debated a bill. :cool:

Jamus Lim

·
Last week in Parliament, there was a debate over a bill that would roll out Pillar 2 of the OECD’s so-called BEPS 2.0 framework. That’s a lot of jargon, so it’s worth explaining a little.
For decades, large multinational corporations (MNCs) have tried to reduce their tax burden, via accounting maneuvers. One strategy is to sell goods at inflated prices to subsidiaries in low-tax jurisdictions, which reduces the base of taxable profits in high-tax ones. Another is to transfer high-value assets, especially intellectual property, to subsidiaries located in low-tax jurisdictions, which allows them to book higher profits that would be taxed less. Such examples of base erosion and profit shifting are what inspired BEPS (which is an acronym of these two terms). The goal of the treaty is to discourage MNCs from pursuing such accounting tricks.
BEPS has two pillars. The first reallocates firms’ taxable income to where the money was made (which is fair, since governments should be able to tax economic transactions that occur within their borders). The second then stipulates a minimum effective tax rate of 15 percent, given the base set in the first pillar. This pillar further allows an aggrieved jurisdiction to impose a top-up tax on the MNC, if it thinks that it’s circumventing the minimum rate. That’s what the bill I spoke on does: it puts into law our ability to apply this top-up tax on MNCs based in Singapore, but operating subsidiaries in places that fail to apply the 15 percent, while also simultaneously raising the minimum tax on MNCs based here.
The #workersparty had previously argued in favor of raising the effective corporate tax rate on multinationals before, as a possible lever for raising more tax revenue. So we were obviously in favor of the steps taken by the bill.
But will Singapore remain competitive without low taxes? Of course! Tax competition is an old-fashioned way to attract investment. While it worked for us in our developing years, we should have evolved away from this strategy by now. There’s plenty of evidence that other factors—like our educational and technological infrastructure and our efficient workforce—matter much, much more for making a place attractive for investment. That’s what we should focus on.
Given the importance of human capital in giving us a competitive edge, we should naturally reinvest revenues raised from BEPS in our people (in education, or health), perhaps by earmarking these revenues for such needs. There seems to be room to keep expanding money in pursuit of education. The share of educational spending in the budget has slipped over the past decade, from 2nd (after defense) to 4th.
While some of this is expected, given an aging population and declining fertility (more elderly to care for, less kids to educate), we also don’t generally need to build new school buildings, either. Rather, we can spend more on paying our teachers more, and hiring more of them so that we can shrink the size of our classrooms. At the upper end, we can devote more money to support reskilling programs and R&D.
In the end, spending on human capital can become a self-sustaining process. By elevating our people, they become more productive, which raises their incomes and hence their tax contributions. It is truly time to evolve away from a foreign capital-reliant, low-tax model of accumulating yet more physical capital, toward one based on human capital, knowledge accumulation, and innovation.













 
Jamus continues house visits. :cool:

Jamus Lim

25 October at 22:41 ·
In recent weeks, our #TeamSengkang house visits allowed us to close out on 351C and 356B #Anchorvale. Our WCYH engagements also powered on, at the Isles and Parkview precincts, coupled with the Gardens cluster at #Compassvale. We had many conversations, as usual, but one of them—about taking on potentially unpopular positions—stayed with me.
I was told, by a resident, that I initially had his support, and that he still to appreciates all the work I do in raising issues in Parliament. More recently, however, he was disappointed by my willingness to lend support to certain minority causes. He felt that he could not, in good conscience, continue to support someone who had values that differed so far from his own.
I said that I understood. Sometimes, we feel strongly that our vote must necessarily resonate with our deeply-held convictions and values. That said, I did try to share my decisionmaking process when it came to voting in Parliament. I explained that, above all, my primary role is the proper representation of the interests of residnets in #SengkangGRC. This sometimes means that I take positions that don’t reflect what my personal beliefs and preferences are. But that’s how it should be.
However, I have also always believed that I have a role to play in speaking up for the voiceless, and to standing up for those who would otherwise be marginalized. Doing so may not always jive with the worldview or beliefs of others (it may not even always align well with my own!). But if I think it’s the right thing to at least raise these alternative perspectives. I do my best to respectfully do so, especially if they have been expressed to me by a resident. After all, what is a lesser concern to one may well be a core issue for another.
What might some niche issues be? I have spoken up about affordable land for the Methodist church in #Anchorvale, but also about the suffering resulting from the Israeli-Palestinian conflict that many hold near and dear to their hearts. I have raised questions about the rights of parents to choose the most appropriate forms of education for their children, and the right of LGBTQ Singaporeans not to feel discriminated in their home country.
The resident accepted my point, but asked why it had to be me? Couldn’t someone else take on those controversial positions? Well, I could play it safe, of course. Many politicians do, and try to be all things to all people, by offending as few folks as possible. But I think that not only makes one bland. I will also lose an important part of myself. So I’ll keep speaking up for what I think is right, and accept labels that some may wish to put on me.

 
Jamus wishes peace, health, and happiness for those celebrating the Festival of Light. :thumbsup::barefoot::tongue:

Jamus Lim

3h ·
For those celebrating the Festival of Light, my best wishes of peace, health, and happiness. May the time ahead be one of fresh beginnings, and reconnections with friends and family. #TeamSengkang celebrated the day with our dear Leader of the Opposition, and fellowship among the rest of the #workersparty gang, while also stuffing our faces with way too much delicious Indian food for the middle of the day.

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Jamus tries to persuade an oldman. :thumbsup::unsure::biggrin:

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Jamus asks resident to talk to him. :frown::eek::tongue:

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Jamus visited Laos. :cool:

Jamus Lim

12h ·
I recently returned from Laos, where I participated in the ASEAN Interparliamentary Assembly (known as AIPA). The assembly is a gathering of representatives from different regional legislatures, and Singapore typically sends in a team of 14 MPs, led by the Speaker. I was part of our delegation.
Laos is still a developing country, and Vientiane is typical of many such cities, although I did get a chance to take in some of the country’s landmark sights, such as the Patuxay victory monument—a throwback to Paris’ Arc du Triomphe—and the Kuang Si waterfall, a beautiful natural spectacle located close to the ancient capital of Luang Prabang.
What people are less aware of is how far Laos has come since the aftermath of the Asian financial crisis (that’s the one in 1997). Growth rates remained between 6 and 8 percent for close to two decades thence, a remarkable achievement, albeit from a low base (as context, the Asian dragon economies mostly averaged between 7 and 8 percent for around 3 decades during their breakthrough to high-income status). While no country’s future is certain, the development economist in me is always deeply hopeful when I see episodes of extended growth, such as this.
The AIPA sessions are what you’d expect from such conferences: several plenaries where longish speeches are delivered, along with breakouts where groups work on statements related to various themes (I was on the economic issues panel), along with bilateral dialogs meant to build some mutual rapport and trust between ASEAN and observer nations (I represented Singapore for the one with South Korea).
Perhaps what was most interesting among these was the final session, which I participated in with our Deputy Speaker and Punggol MP Yeo Wan Ling, where we worked on the final communiqué. Since the messaging has to be agreed on by all parties, many often regard these statements as rather bland. There’s some truth to that, although I would argue that coming to a consensus is an exercise in statesmanship, managing differing interests, while saying something meaningful. It isn’t easy, but in my view, putting in the effort to build bridges of mutual understanding and agreement is better than not trying at all.

 
Jamus pretends not to look at chiobu on his right. :sneaky::devilish::laugh:

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Jamus wants to vibe with oldfriends and make newfriends. :tongue:

Jamus Lim

·
In response to feedback, we’ve extended the deadline for the The Workers' Party Youth Wing (WPYW) talent showcase, till the middle of this month. So if you’re into singing, dancing, music, spoken word—or possess some other unique talent—do consider signing up! The finals will be held at the beautiful new studio space of our event partner, Superbroadcast, and it’s gonna be a great time to vibe with old friends, or make new ones.
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Jamus Lim

Yesterday at 03:29 ·



the roll out of Beps 2. 0 which
was debated last month in





https://www.facebook.com/workerspar...PMV6f4c_LTUZP9MXyRiEU_TvcHhRg&__tn__=<<,P-y-R

The Workers' Party

11 November at 00:25 ·
In his speech on the Economic Expansion Incentives Bill, MP Jamus spoke about why the proposed changes, which will offer greater tax relief for small and medium businesses, will help them cope with high and rising costs, while keeping them competitive in a new global corporate tax regime.
#wpsg #MakeYourVoteCount #SGParliament
 

Jamus Lim

13 November at 20:48 ·




The Workers' Party

13 November at 20:15 ·
In his adjournment motion speech on the road to decarbonizing our corporations, MP Jamus Lim (Sengkang GRC) offered three key considerations for transitioning local businesses: expanding carbon taxes to enfold emitters along the entire supply chain, training professionals with green skills to monitor sustainability practices, and allowing sustainable finance to fulfill its promise by ensuring data on firms’ ESG business activities are reliable. He closed by explaining why the pursuit of climate initiatives need not undermine business competitiveness.
#wpsg #MakeYourVoteCount #SGParliament
 
Jamus continued Hammer sales. :o-o::confused::biggrin:

Jamus Lim

11h ·
Last Friday, the #workersparty converged at two hawker centers in #SengkangGRC—Buangkok Grand and Anchorvale Village—for an evening of Hammer sales. #TeamSengkang sent in a contingent, of course, as did the young ‘uns that were part of the The Workers' Party Youth Wing (WPYW) (some may think that, as the head of the Wing, I had undue influence in this. Well, maybe… but in my defense, the group usually supports our nighttime Hammers, perhaps because young folks are just starting out their Friday nights after we conclude anyway).
The two centers, which began operations over the past year, have been welcome additions to life in the town. In addition to vastly expanding the food options available, it also adds doses of welcome competition in the cooked food space, and we’re hopeful that this helps moderate prices, which tend to be somewhat higher in Sengkang than in other mature estates.
It was fun to catch up with the distinctly different group of residents hanging out at the hawker centers in the evenings. It is a reminder of how hawker centers do more than offer food: they provide a central gathering space, a hub where neighbors and friends gather to enjoy good food around great company. During the debate on helping local hawkers in this week’s Parliament, our teammate Chua Kheng Wee 蔡庆威 stressed how simple, practical measures—like helping hawkers control their fixed costs by placing a cap on the rate of rental increases, having a greater weight on intangibles in allocating stalls, or allowing stalls to hire work permit holders from countries that share a cultural affinity with us (like Malaysia)—can help keep this precious hawker culture alive.

 
Jamus invites you to hang out with them. :tongue:

Jamus Lim

12h ·
Join the The Workers' Party Youth Wing (WPYW) and Superbroadcast this weekend at our Youth Talent Festival, where a number of acts will be showcasing their remarkable skills in singing and instrumentation. The event will be held at the Superbroadcast studios at Tagore, and entrance is free. If you’re not doing anything Sunday evening, do come out and hang out with us!

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Jamus enjoyed an appreciation lunch with conservancy workers. :thumbsup:

Jamus Lim

19 November at 21:37 ·
A few weeks back, #TeamSengkang enjoyed an appreciation lunch with our conservancy workers across #SengkangGRC. We had previously experimented with some catered local-style food (nasi lemak), but based on feedback, a hearty South Asian-style lunch was still the most welcome. So we reverted back to our trusty biryani option.
As always, the stars of the event were our diligent and hardworking cleaners. We are keenly aware that, when we receive feedback on various maintenance issues around the estate, it is these folks who ultimately help execute on the feedback, and keep things spick and span. So treating them to a simple meal is an exceedingly modest way to thank them for their unwavering efforts.



 
Jamus provides good food and company. :unsure::barefoot::tongue:

Jamus Lim

2h ·
Tomorrow marks the final WCYH engagement session that #TeamSengkang is hosting, as we have completed the sweep of all the different clusters under my care in #Anchorvale and #Compassvale. If you haven’t had the change to connect yet, do consider swinging by! As always, good food and company provided.

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