by Guest Contributor | Apr 9, 2022 | Opinion
Which country in the world arguably needs a Basic Income most?
Singapore, because she has the highest reserves per capita in the world, is in the top five for per capita income in the world, the fifth most expensive city in the world (The Economist) – and yet Singapore has no minimum wage, the greatest inequality amongst developed countries (Gini coefficient before government transfers), the biggest wage gap between the top and bottom percentiles, the lowest social welfare spending among developed countries, most expensive public housing in the world (price to income ratio), highest national pension contribution rates in the world (typically up to 37 percent of income), one of the most expensive electricity, water, public transport, public universities’ tuition fees, etc, in the world.
In addition to the above, Singapore has a unique fiscal policy (from a cash flow perspective) of limited spending on the nation’s pension scheme, public housing, and healthcare. However, the annual inflows exceed the outflows in each of these three areas, currently and historically.
Some recent statistics (April 2022) demonstrate that 10 percent of households cannot pay their water bills (media reports), and 10 percent of households do not have enough money to eat nutritionally (2019 pre-Covid-19, SMU-Lien Foundation Hunger Report 2019), etc.
So, perhaps in the final analysis – without Basic Income – many Singaporeans may have to continue to struggle to make ends meet. At the same time, Singapore has one of the highest per-capita suicide rates in the world, in spite of it being a criminal offense to attempt to try to kill oneself!
Singapore’s Reserves are estimated to be $1.97 trillion. If this is the case, perhaps it is time Singapore considers a basic income and shares this wealth with the people.
Written by: Leong Sze Hian
by Craig Axford | Feb 21, 2014 | Research
Would a basic income guarantee bring greater equality to Singapore? Image source: www.latentexistence.me.uk
[Craig Axford]
SUMMARY: Singapore has one of the highest inequality rates in the world. Could a basic income guarantee help increase equality in a manner that would be palatable to the city-state’s business community?
Yap Shiwen, “Basic Income: Resolving Wealth Inequality”, The Online Citizen: A Community of Singapore, January 30, 2014
by Karl Widerquist | Sep 15, 2012 | Research
SG Hard Truth: Hard Truths to Keep Singapore Going, July 24, 2012
This article argues that negative income tax is a bold alternative that fits Singapore better than other policies. Erik Stern writes, the negative income tax, “lets the labour market determine the wage that matches the skill set. It allows the government to decide what the base wage should be, for each level of employee or type of job, not only the minimum level.” The writer is president of Stern Stewart & Co, a business consultancy
This article was originally posted on Business Times Premium at:
https://www.businesstimes.com.sg/premium/editorial-opinion/opinion/growing-need-fairness-and-respect
It was reposted and is currently online at:
https://sghardtruth.com/2012/07/25/growing-need-for-fairness-and-respect-negative-income-tax-is-better-than-welfare-or-workfare-for-the-unemployed/
by Karl Widerquist | Jun 8, 2011 | News
On May 1, 2011 the Singapore government distributed a “Growth Dividend” to almost all adult citizens—about 2.5 million people. Singapore has experienced enormous growth (12 percent) in the past year, ballooning government revenues. Lawmakers, who created the payment, cited the need to ensure that everyone shares in the benefit of that growth. The size of the dividend was graduated so that people with lower income and wealth would receive a larger dividend. Most Singaporeans (80%) received S$600 to S$800 (about $488 to $650 in U.S. dollars). Those with higher income or wealth received S$100-S$300. So far, more than 90% of Singaporeans have signed up to receive their dividend. The rest have until the end of the year to do so. Although Singapore has distributed dividends before, it has not promised to distribute dividends every year.
For info on the Singapore budget including the “Growth Dividend” go to:
https://www.singaporebudget.gov.sg/budget_2011/pd.html#s7
For an article discussing the dividend go to:
https://www.todayonline.com/Singapore/EDC110430-0000682/Growth-dividends-in-by-Sunday
For an editorial discussing BIG in Singapore go to:
https://veryfinecommentary.tk/articles/the-slow-trickle/
