Do high cost of living concerns affect everyone the same way? | Heart of the Matter podcast
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- Опубликовано: 31 май 2024
- From groceries to electricity and water prices, many Singaporeans are feeling the pinch as inflation stays stubbornly high. Is the sandwiched generation hit as hard as those in the lower-income group? And how far can government support go? Otelli Edwards gets answers from Ong EeCheng, senior lecturer at NUS, Ava Gao, a parenting coach and mum, and Loh Yong Cheng, lead of the advisory team at Providend.
00:00 Intro
02:05 What is causing prices to rise
06:18 The role big businesses play in setting price
10:00 Wage increases not matching inflation
11:45 How much do government handouts help?
16:28 Personal choices matter
20:45 Wish list for more help
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Love the lady on the left, next to Otelli. She gave me a better understanding of how big companies simply merge and treating anti compete fines as a write off. She is integral. Protect her at all costs.
The NUS prof is spot on when talking about lack of competition in all the shopping malls in SG. The brands are all the same everywhere and dominated by big names and franchises. There have been very few entrants and if they survive for a while and have built a good brand, then they are usually bought out and the big owners behind continue to gain market share and have bigger control in pricing. And especially that SG is such a small market, such dominance and monopolies can happen relatively quickly. I agree that we need to study and formulate antitrust laws and regulations to discourage price dictatorship and monopolies.
Such a great feature, thank you for raising this topic where it matters a lot to most of us. Healthcare costs are really high here including dental care. Just one root canal treatment is equal to a month salary worth and such treatments are nt claimable by medisave even if it is just a fraction. It is really a struggle these few years. I wish the govt can do more to lessen the pressure of general living.
I agree there should be Anti monopoly policy for businesses.
Who is investor in Grab?🤭🤣
It’s disappointing that the two guests concerning car affordability or talking about hawker Center not friendly to young children. Spare some thought about the lowest income earners that face challenges on basic necessities. The NUS prof has a good point to cover the workers and capitalist profit sharing part.👍
Maybe they think everyone in Singapore can afford to own a car so they think this topic is Highly relevant. 😅
Ong EeCheng is so based, every time she speaks 💯
Only the NUS Prof really gave valuable views on the topic here. CNA should get guests from different income groups instead of just getting high-earners to better portray a wider view of the REAL issues that are really affecting the group that is most impacted by these high cost of living which is lower income group.
Government has been encouraging people to take Public Transport because CARS are not considered a basic necessity, so why are the other 2 guests talking about cars. Their lack of knowledge on the term Basic Necessities and on the topic here are a waste of time.
We are getting hit hard from global inflations, but raising GST this year and next year another round of GST increase is hitting harder. Not to mention numbers of increase this year alone ranging from electricity, water, town council fees, transportations, carbon tax next year ... Can we blame this on global inflations too, especially the GST??
If u want to increase GST, increase on those luxurious goods and items, spares those daily neccessities like rice, milk powder, diapers, oil etc ....
Those packages received are not permanent, whereas price increase due to GST is forever.
U can tax more on cigarettes and alcohols to offset those GST increase on daily necessities.
After GE2020 n Giving them MANDATE
Petrol tax, Water Tariff, Electricity Tariff, 8% GST, Transport ALL Go go up, Petrol Station lease is >Half A Million a mth etc etc
Akan Datang 1 Jan'24, 9% GST
BLOOD SUCKING LEECHES 🪱🪱🪱
❤ I am grateful for the GST hike which indirectly contributed to the help we are getting from the G🤭🤭🤭🤭🤣🤣🤣🤣👍👍 I look forward to more gst hikes, every year if possible. Water tariff hikes, electricity hikes, also fully enjoyed and very much appreciated🙏
@long You will surely love living in Venezuela
@@jer2911.L many like the vouchers. So I hope next year another gst hike so we may get more vouchers. Very excited anticipating it. I am smart
You are such a joker.
Isn't it commonsensical that inflation has a greater impact on the poorer group than the rest?
Let's just look at the daily necessities- food, groceries, bills, public transport etc. The poor do not have a choice. You can't tell them to consume lesser when they are already doing the minimal- the house brand in ntuc, eating at hawker centre, taking public transportation. How much lesser can the lower wage workers consume?
Even NTUC house brands are too expensive..they shop at Value shop instead
Cost of living=
Just to "stay alive" aka survival for the commoners
Basic essentials
Bare minimum needs
Great topic and discussion. Ong EeCheng is eloquent and a joy to listen to. I just wish that her mic could have been adjusted to not block half of her petite face. The other participants have their mics away from their faces so we can have a unobstructed experience. Just my 2 cents....
High Cost to common people will forever be an issue UNLESS those running the country are on the same boat as common people. Their obscene high salary protect them from the high cost policies introduced by them. Till they feel the same pain as common people, high cost suffering continues.
Difficult to empathise with the poor if you have high salary.
@ des Try living in Argentina.
Every time government increase GST by 1%, it seems like the cost of food & commodities increases at least 5-20%. Sometimes i wish it may have been better to just increase in 1 go so it doesn't give the sellers an extra opportunity to increase their prices.
My fave chicken rice has increased price from $3 in 2020, to $4.50 last year, and recently it went up to $4.80. 😢
You need constant intelligence to live happily in Singapore. Singapore is a very expensive city. So, we need to try to avoid the expensive things and focus on how cheaper/free things can meet our daily needs and make us happy. Like this, Singapore is not expensive.
For example:
1. I’ve never owned a car. And for years, I’ve taken mainly bus/mrt. But I also don’t go out unnecessarily. Stay home or around your home.
2. Don’t buy books, magazines, newspapers. Use our national library. Even non citizens get to use it for free.
3. Why eat expensive economy rice etc? Just cook our own meals. It can be an enjoyable activity. Clever richer people here employ helpers who can cook. In the end you will spend less. And have a better quality life. Some of my frenz do this.
4. If you need retail therapy, go to Daiso or some such place where you can spend $10 and be satisfied. Or go to places like IKEA where they have a good “returns” policy.
5. Stop paying for entertainment. Get it for free or very cheap. Like National Orchid Garden is free for locals this month. And many museums are free for locals all the time.
Those who are sitting there discussing about cost of living, my best guess is that not really a concern to these people. Those who are really affected, nobody really bother about it and that's the cruelty of life.
At least people here have a choice to reduce spending. In other the countries with crisis, they don't even have a choice.
Very good point brought up by Ms Ong regarding the excessive profits and untamed power of large corporations in driving up the prices. eg. Grab. Unfortunately, there was no discussion here on how the govt can help to address this. I guess the fear is that the corporations/share holders may be unhappy and reduce their investments into Sgp. The key is to strike a reasonable balance eg. tie CSR contributions (monetary terms) to their profits, stronger unions to fight for more reasonble pay increases, prevent and minimize retrenchments, regulatory measures to moderate price increases etc. Maybe a simple and broad-based policy is not allowing price increases when the corporate net profit margin is maintained or higher. The govt policy decision makers should seriously come up with some effective measures to control this before it runs out-of-hand.
Higher n higher cost of living is more like it. High cost of living does NOT affect EVERYONE the SAME way! How can it be same for everyone? There are people earning low incomes, to say the least, n not just scores of them. Even the same dollar everyone's holding is not spent in exactly the same way, eg value for money; on basic needs, unnecessary stuff, luxury items. High cost of living DOES affect MOST people in one way or another, no doubt about it. More n more expensive daily necessities, etc...
Everything in Singapore is just getting too expensive to cope with, which is why this country is considered one of the most expensive places to live in. How can people afford it if GST always keeps rising everytime.
It’s perfectly ok if everyone is an elite.
The easiest way of dealing with higher cost of living is to learn how to live with less. A large number of people, particularly in Singapore, consumed more than necessary e.g. If you can live without a car, then live without a car. Buy a smaller flat if you can. Nobody die because they don't drive or stay in a 2 room flat. If you cannot afford to have 2 children, have 1 or in worse case married without children. You plan your own life. Position yourself well to deal better with the future. Important thing is don't put yourself where you are at the mercy of others or situation. The world can only get worse as time goes by, not better.
For workers salaries, expecting high salaries? Yes I wish to too however, when my company doing yearly budgeting, their are many areas to take care and need to save for reserve fund or unforeseen expenses such as legal law suits, goods damage during shipping & etc.
Next high cost will be the office rental, it’s insane and it kept increasing. I don’t see government doing things to curb rent.
Companies loves to want employee to work as long as possible, each resignation will waste firm time and effort to look for new worker and to train again. So company will sure to do their best to keep all workers and try to give nuggets of bonus here and there when have budgets.
Singapore is doing fine, just that I hope to see rent reduce first.
Words can’t express the whole picture of what I want to project to you. Doing business is not easy. That’s health sacrifice too. The bigger the company want to grow to, the more “families” we have to feed. So don’t see things one side. Thanks for your fair understanding.
Ong EC, an intellectual, thinks consumers are constantly paying higher prices due to inelasticity of demand. This gives firm the ability to mark up and earn supernormal profits. This is the result from a lack of free market competition due to PAP's intervention. Big firms in Singapore are often state owned(GIC, Temasek, SIA, Singtel, Singpost, etc), giving them market power. Then, firms will lobby to keep this symbiotic relationship with the PAP often through political donations and kickbacks. They benefit at the expense of all other Singaporeans. Singaporeans need to understand the free market is the only guarantor of free choice and fair prices. Government should not have a direct role in the running of businesses.
Wage not matching inflation is also the effect from PAP's labor policies and union busting policies. PAP is allowing unprecedented number of low skilled workers into the country and driving down wages for locals. Unions are also not empowered to act and bargain collectively on behalf of members.
In summary, PAP is the root of all problems. Do not trust PAP. Do not vote PAP.
how does the war in ukraine and etc make potable water more expensive? water is a basic ingredient in food and food processes.....
Utilities Helps should not be restricted to HDB Dwellers.
There are many ways to generate revenue. GST may sting but it is a "free-choice" option.
I LOVE SINGAPORE.
The yardstick should be purchasing power
nothing about land costs, rental costs, utilities taxes...high overhead increases business risks, therefore high risk = high returns...justified in increasing profits. and stop telling me we have shortage of space...convert 50% of void decks into retail and voila! Overtaxation into perpetual surplus kills the goose that lays the golden eggs.
High inflation mainly coming from high rent (housing).
I agree that people need to undertake some responsibilities ie manage your own expenses.
to be honest, i don't understand why people would want to buy cars in Singapore when it is an island.
But rich man dont find gst increase affecting their daily living. So it's the poorer who are the suckers
Really
is supply and demand...less demand eventually will drop price no?
The ONLY way to solve the High Costs of Living in the Most Expensive City on Earth, is to continue increased the Costs of Living, be it utilities, transportation, ERP, COE, HDB, etc, since this has been going on for years, fully supported by the majority voters and has not lead to any protests, walk-out nor complaints. Let's maintain the High Costs of Living as the way to further continuing success.
❤ I like blaming the PHV as follows:
1. World record back breaking COE : result is more taking PHV and taxis. So the high COE CREATED a demand for PHV.
AND We get to blame PHV for the growth in demand and thus COE. Vicious cycle invented.
This deserves a Nobel Prize👍👍👍🤝🤝🤝🤝👌👏🤭😊🤣🤣🤣
Can we get the "real or average people" that are truly affected by the high cost of living? Otherwise, we will never get to the reality of impact to everyday people.
Personal choice matters. Vote wisely. Vote opposition.
@leexianlong I notice you have the PM's name. Is this your real name? Otherwise imitation is the highest form of flattery. Are you a fan of LHL?
Definitely not the same way. Those who pay themselves obscene salary r well protected, impact to them is negligible or minimum. Thats Selfish Inconsiderate Act
Huh? Travelling every year or every other year? Haha.....I haven't travelled out of Singapore at all for over the last 10 years!!! How about that for cutting back? I live such a basic lifestyle that I have only 2 worries when it comes to increasing prices. Food prices and public transport fares. Because I use public transport, and my biggest monthly expense is food. I have zero luxuries, and keep all other essentials as low-cost as possible. My monthly mobile plan, for eg, is not on contract and it costs me only SGD9 per month. I drink water from the tap when eating out so I don't need to spend on drinks. Just some ways to make the most of your hard-earned money. But if you're a super-earner......six-figure sum annual salary or more, then by all means, spend as you want and consider donating or using that money support causes that help the poor.
I don’t think always having to live a spartan life is what we citizens aspire to have and what we want from any government.
Singapore 🇸🇬 has become a *loud Chinese mouthpiece* due to unchecked China's influence on Chinese Singaporeans.
- This is an existential problem.
False. Singapore is a multi-racial country which is not related to China and not even situated near China. The Chinese people born in Singapore are Singaporeans and not China nationals so don't anyhow claim Singapore as such. The problem is with you.
@@Zayn-jc4ztCorrect! Singapore is supposed to be a multiracial country. But the expansionist regime is trying to turn Singapore into its own city.
@Arabic RACIST
From the view given by Mr Loh Yong Cheng, I was guessing he must be from accountancy background. I did a check and really confirmed it HAHAA! (I was one myself so from the vibe and message in the view given, I could tell apart those who are of my own "tribe") 😆
So who is an investor in Grab🤭🤣🤣🤣
median real income fell. facts matter.
lecturer's body language shows she completely disagrees with the guy...
car affordability? lol We are doing well if that is the problem.
Government are the main cause for higher costs as they tendered out everything from land to c o e etc.... , if the highest bidder just want the bigger pie or rather want to have the pie for themselves definitely they will bid all out to get what they want , eventually those costs developers bidded for will passed down to consumers eventually the one who are laughing all the way to the bank are government n year end those ministers will have more bonuses.
Little Chihuahua is more expensive than Tokyo now.
Social mobility for half the size of the population has already been undermined.
Employment and under-employment have affected half the population.
All the Western countries, including Japan and South Korea, are in different stages of failure.
So you think a little expensive Singapore can be a winner?
PAP might not be around to fix the problems it has created.
Ha ha ha!
Things can solve easily when kids is told before they are older. If want to known one sentence can solve all.
With more than 90% home ownership, the majority of the population in s'pore are not much affected. PAP is the only party that helps the people and cares for their well-being. Respectable!❤❤
True. You don't have to use several accounts to post many political comments unlike someone here who even need to reply twice with different accounts.
After GE2020 n Giving them MANDATE
Petrol tax, Water Tariff, Electricity Tariff, 8% GST, Transport ALL Go go up, Petrol Station lease is >Half A Million a mth etc etc
Akan Datang 1 Jan'24, 9% GST
BLOOD SUCKING LEECHES 🪱🪱🪱
when around with friends, all complaining cost of living. but going out seeing the crowded malls, long queue restaurants.
Why do you assume that everyone you see is a citizen ? Don’t you know how many in Singapore are foreigners and foreigners with Permanent Residency (PR) ? Yes, PR are foreigners, Not citizens!
@@Maris_S28 pardon. did you see the word 'citizen'. 🤔
Of course not! Those people who invested in themselves to be better wealth off will look to inflation and laugh because they are banging so much bucks that inflation can't keep up!
After GE2020 n Giving them MANDATE
Petrol tax, Water Tariff, Electricity Tariff, 8% GST, Transport ALL Go go up, Petrol Station lease is >Half A Million a mth etc etc
Akan Datang 1 Jan'24, 9% GST
BLOOD SUCKING LEECHES 🪱🪱🪱
KY, spot on👍🏼! We treasure ourselves and never stop investing in our well being. That’s why any taxes , charges & prices increases are manageable.
Daddy America's debt is going to be US$34 trillion soon.
Daddy needs to print US$2 trillion per year to generate a GDP growth of 2% to sustain American social cohesion. Also, money printing has not been able to help Japan to generate and sustain economic growth.
The global economy is facing very serious uncertainty. And nobody can offer a solution.
Little Chihuahua has become so expensive that a future global financial will have a detrimental impact on half the size of the population.
Ha ha ha!
@GASIA Trump wants to ask your advice on the American economy. He is paying good money. You game?
@@jer2911.LWestern civilisations are facing the same old problem - 1% versus 99%. The top 1% ruling elite has taken away too much from the 99%.
You can’t ask lower income to stop eatin basic rice veg. Lower incomes people zero bonus aws, so should bonus aws be compulsory
Otelli edwards
Cash handouts from government are not one-off if you do remember what handouts we have been getting for these past few years. The handouts will be here to stay :) thank you government for taxing the rich and handing out to the poor
PAP should manage hawkers centre to keep prices down.. don't blame GST..hawkers want to be millionaires.
So, don't buy from them when the prices are unreasonable. If all of us can do that then these hawkers will know.
Having been putting in effort for our career advancement, our income has been increasing steadily that we can afford more in quality and quantity. When inflation strikes, it doesn't affect our basic needs.
“Income has been increasing steadily”.. 😂🤦🏼
Trolls downplaying the fact that employers are profiting from shortchanging employees even though businesses are earning. LOL..
@@Callsign-Blade_RunnerSG if you have not been getting increments, there's only one reason: under performance 😝
⚠️Respect wearing⚠️ Guest need to dress appropriately when air on nation or businesses matter, it is supposed to be professional wearing. This is a respect. Lecturer Cheng, has effort to put on earrings then why no put up some light make up to brighten face and lighten dark circles, also the hair can be neater, as for the dress it is better with sleeves and to dress that cover to knee caps. Sandals? It has to be a covered shoes.
Companies hire professionals to teach their employees dress etiquette, a respect to people. We can learn from Japanese ladies especially Japanese mothers, they always wear decently and have light make up on. To them, if not putting make up means it no respect to others and to themselves.
So people please dress better and put up your best look.
Mind your own appearance. Trivial and insignificant on the discussion.