SINGAPORE: On Oct 26, two MPs from The Workers’ Party—Leader of the Opposition Pritam Singh (Aljunied GRC) and Mr Louis Chua (Sengkang GRC)—announced that they had filed a full motion for debate regarding Singapore’s Cost of Living Crisis. The WP said in an advisory that it understands that the debate has been scheduled for Nov 7.
“𝐂𝐎𝐒𝐓𝐎𝐅𝐋𝐈𝐕𝐈𝐍𝐆𝐂𝐑𝐈𝐒𝐈𝐒: 𝐓𝐡𝐚𝐭𝐭𝐡𝐢𝐬𝐇𝐨𝐮𝐬𝐞𝐜𝐚𝐥𝐥𝐬𝐨𝐧𝐭𝐡𝐞𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭𝐭𝐨𝐫𝐞𝐯𝐢𝐞𝐰𝐢𝐭𝐬𝐩𝐨𝐥𝐢𝐜𝐢𝐞𝐬𝐬𝐨𝐚𝐬𝐭𝐨𝐥𝐨𝐰𝐞𝐫𝐜𝐨𝐬𝐭𝐨𝐟𝐥𝐢𝐯𝐢𝐧𝐠𝐩𝐫𝐞𝐬𝐬𝐮𝐫𝐞𝐬𝐨𝐧𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞𝐚𝐧𝐬𝐚𝐧𝐝𝐭𝐡𝐞𝐢𝐫𝐟𝐚𝐦𝐢𝐥𝐢𝐞𝐬,” is the subject of the motion, and the WP said it would engage in robust debate with the government concerning measures that can be taken to reduce the burdens people feel due to increases in living costs.
The WP explained the background for the motion, saying that the pressures from higher living costs have been a recurrent issue in many of the engagements they’ve had on the ground with residents.
“Many have expressed their concerns to us around the concurrent price increases for food, water, housing, and both public and private transport, among others. With the Goods & Services Tax (GST) scheduled to increase yet again to nine per cent in 2024, this could add further pressures to the cost of living crisis faced by many Singaporeans and their families,” said the WP.
The party believes that raising the topic is relevant at the moment since the end of the Covid-19 pandemic, as well as Russia’s invasion of Ukraine, have brought about inflationary measures that have affected the world, forcing everyone, including Singaporeans, to “adjust to the new realities.”
The WP also said that they are calling the situation of higher living costs a “crisis” for this reason. “On top of inflation due to economic adjustments, our fellow Singaporeans have also been hit by rising costs and prices of public goods and services, and the schedule of increases will extend into 2025, for another two years.”
“The Workers’ Party is cognisant of the struggles and challenges in the daily lives of Singaporeans and their families, and mindful that many feel voiceless, hopeless and helpless as they brace for ever more belt tightening,” the party added.
WP MP Jamus Lim (Sengkang GRC) also addressed the issue lately, having heard from residents that they are a pressing concern. “There was a common theme, however: that the recent price increases—postal, water, gas, and electricity—were all coming on the back of already-substantial spikes in the cost of food. Their proximity and size led one resident to exclaim that these were ‘too close, too many, can’t breathe’,” wrote the MP in a Facebook post last month. /TISG
SINGAPORE: A far-ranging project aimed at getting CPF members, primarily those aged 36 to 54, to rethink their retirement plans is being launched by the CPF board. The Heartlands Engagement Project wishes for adults in this age range to have a better financial situation and be prepared for the long term.
Last month, a 12 report on the website of Singapore Management University (SMU) asked, “Are Singapore’s young seniors prepared for retirement in a super-aged society?” showing the results from a yearly symposium on successful ageing. Only 34 per cent of Singaporeans say that their retirement preparedness is good, while 27 per cent do not have a retirement plan, as shown by a new study published by the SMU Centre for Research on Successful Ageing or ROSA.
This would make the CPF Board’s new project all the more timely. The Straits Times reported on Nov 3 (Friday) that tender has been called for the Heartlands Engagement Project, which is scheduled for the second half of next year and is set to involve around 40,000 CPF members in key heartland districts in various activities aimed at helping them improve their financial situation. The 36 to 54 age group was particularly targeted as they have been working for several years but have some more years remaining for planning for their retirement.
Younger adults between 18 and 35 who are about to be or are new CPF members are the project’s target as well, ST added.
CPF “is an important vehicle for Singaporeans to set aside money for their retirement which delivers decent returns, but Singaporeans should also supplement it with other passive income streams for an even more comfortable retirement that they desire,” ST quotes Mr Aaron Chwee, OCBC’s head of wealth advisory, as saying.
In 2019, researchers from the Lee Kuan Yew School of Public Policy (LKYSPP) carried out a study to find out the Minimum Income Standard (MIS) that the elderly in Singapore would need. This is defined as the amount an individual or household requires each month. The study showed that an elderly person living alone needs S$1,379 monthly, while a couple needs S$2,351 per month. As these figures are several years old, the amount may have changed since then.
“It is important for Singaporeans to take their first step to financial planning and retirement planning, to know and understand how much they will need in the future, and how they can build up the funds to get there,” Mr Chwee added.
SINGAPORE: The wealthy in Singapore are the least satisfied with the amount of work-life balance they have in comparison to other affluent individuals in the Asia-Pacific region, a new poll shows.
A survey of high-net-worth individuals (people with liquid assets of at least US$1 million, or S$1.36 million) carried out by Swiss private bank Lombard Odier & Cie shows that less than one-third (30 per cent) of Singapore’s wealthiest are satisfied with the amount of work-life balance they have.
The poll’s results, published on Thursday (Nov 2), showed that the rich in Thailand, where 72 per cent of high-net-worth individuals (HNWIs) expressed contentment. This is followed by Australia’s wealthy, 68 per cent of whom had the same response, and then the Philippines: 64.3 per cent, Hong Kong: 52.8 per cent, Japan: 48.8 per cent, and Taiwan: 41.3 per cent.
The report shows that Singapore’s long working hours are partly to blame for the dissatisfaction of the country’s wealthiest. Over one in four (26 per cent) of the survey’s Singapore participants said that they work overtime frequently, a figure that is considerably higher than other countries in the Asia Pacific region.
The Singaporean work week averaging 45 hours is longer than many around the globe, including that of South Korea (37.9 hours), the United States (36.4 hours), United Kingdom (35.9), Canada (32.1) and Norway (33.5). It is the longest among the ten countries and territories in the Asia-Pacific where Banque Lombard Odier’s survey was conducted earlier this year. In contrast, the average work week for a European Union worker is only 30.2 hours long, according to data from the Organization for Economic Cooperation and Development (OECD) in 2022.
The poll showed that the younger cohort of HNWIs show the desire to have a better sense of work-life balance and are breaking away from the “work is life/life is work” mentality.
“Even as APAC HNWIs have a deep understanding of their own aspirations, there is clearly a gulf between their intent and their actions. We also see the divide in perspectives between generations, and a continued emphasis on sustainable investing and emergence of private assets in managing risks when it comes to allocations,” says Mr Vincent Magnenat, Asia regional head and global head of strategic alliances, Lombard Odier.
SINGAPORE: People planning on travelling from Singapore to Malaysia for next year’s Lunar New Year holidays need to be prepared as early as now to pay the price, literally. And by that, we mean at least double, if not more, of the regular price.
A quick check by The Independent Singapore on a flight aggregate site shows that a return flight from Singapore to Kuala Lumpur costs around S$89 in mid-January next year. By mid-February, however, the same flight costs S$304.
Flights to Ipoh are even pricier than usual for the second week of February. A one-hour and 13-minute flight to Ipoh from Singapore on budget carrier Scoot can cost as low as S$120 in January, but a month later, it comes close to $1000.
By Valentine’s Day (Feb 14), it appears that flight prices begin to go back to normal, so those unwilling to shell out extra may want to defer their travel plans until then. However, it would mean missing out on celebrating with family and friends.
The Straits Times says the price surge is due to increased demand, as many people have booked tickets to Malaysia way in advance. ST added that not only are air tickets getting snapped up quickly and seeing price increases, but the same goes for bus tickets.
A bus operator has said that since Oct 10, when tickets to various destinations in Malaysia went on sale, three-fifths of the tickets have already been sold. Passengers, it seems, are unfazed that the normal prices of S$40 to S$55 have gone up to as much as S$190 per ticket on some bus lines.
Perhaps the surge is still revenge or rebound travel, the phenomenon that occurred after restrictions were lifted when authorities deemed that the COVID-19 pandemic was no longer a threat. The desire to roam free, plus the strong dollar against the Malaysian ringgit, means that for CNY 2024, people need to buy tickets earlier.
SINGAPORE: Every four years, the world unites to celebrate the Olympic Games. With the rise of new forms of entertainment, such as social media, virtual reality (VR), and the metaverse, the role of eSports has been more talked about. With people anticipating, what lies ahead for eSports?
Vice-president of Alibaba Cloud Intelligence and general manager of Enterprise Service Cloud, William Xiong, said: “Generally, the significance of eSports is underscored by its multifaceted impact on contemporary society, spanning diverse realms such as entertainment, economy, technology and culture. eSports, which encompasses competitive video gaming, has burgeoned into a global phenomenon that captivates audiences, stimulates economic growth, drives technological innovation and fosters vibrant communities,” The Edge Singapore reported him as saying.
Esports has not only revolutionized the gaming landscape but has also driven innovation in areas like virtual reality (VR), augmented reality (AR), and artificial intelligence (AI). These enhance the gaming experience and provide broader applications in various industries.
Olympic Esports Week (OEW)
The International Olympic Committee (IOC) recognized eSports as a sport in 2017, paving the way for the inaugural Olympic Esports Week (OEW), hosted in Singapore from June 23 to 25 this year. OEW offered a glimpse into the future, featuring 10 virtual games, including archery, baseball, chess, cycling, dance, motorsport, sailing, shooting, tennis, and taekwondo.
During OEW, athletes from different countries showcased their skills in virtual competitions. The cycling event, for example, saw athletes pedalling on stationary bikes while their virtual counterparts raced through digital landscapes. This event was a testament to the IOC’s commitment to embracing the potential of eSports.
The highlight of OEW was the first in-person live finals of the Olympic Esports Series 2023, a global virtual and simulated sports competition created in collaboration with international federations and game publishers. Visitors also had the opportunity to immerse themselves in the experience, with games like Capcom’s Street Fighter and Sega’s offerings being played using VR headsets.
However, OEW faced criticism for not including more popular eSports titles like Valorant, Dota, and Mobile Legends due to their violent content. In response to this, Vincent Pereira, head of virtual sport at the IOC, acknowledged the need for greater diversity and inclusion in future iterations of the event.
OEW represents just the beginning of what’s to come. According to Vincent Pereira, discussions are already underway with various countries and cities for future event iterations, raising the question of when eSports will take the stage at the Olympics.
He said: “There are plans for virtual active sports to be included in the near future.”
As eSports continues to evolve, technology must keep pace with user demands. Virtual reality headsets and other advanced technology are crucial components of eSports. For example, Zwift, an indoor cycling and running virtual app, played a pivotal role in the OEW cycling event, providing a realistic and immersive experience for participants.
Pereira said, “It’s just amazing what we can do now. About 10 years ago, we never thought it would be possible to do so. With technology, we are breaking barriers. We can go beyond this to encourage people to be engaged. We are creating new types of athletes.”
The global partners of OEW, including Alibaba Cloud, Bridgestone, Panasonic, and Samsung, have contributed significantly to the event’s success. Alibaba Cloud, in particular, played a pivotal role in measuring and analyzing carbon emissions from temporary construction during OEW, highlighting the importance of sustainability in future eSports events.
As we can see from the data above, inflation levels remain high in Singapore throughout 2023. Headline inflation, which measures the total inflation rate in an economy, has increased by 4.1% year-on-year and 5.1% since the beginning of 2023. MAS core inflation, which excludes the costs of accommodation and private transport, has risen by a slightly more modest 3.0% year-on-year or 4.4% since the beginning of 2023.
All spending categories used to measure inflation in Singapore have risen since a year ago, with the exception of clothing and footwear, which has decreased by 1.7% year-on-year.
How Do We Measure Inflation?
The Consumer Price Index, or CPI, is the most commonly used metric when discussing inflation. The CPI measures the change in the general prices of goods and services within an economy from year to year. A variety of survey methodologies are used in measuring the CPI, such as taking price samples of different goods and weighting said goods based on how much of it the average individual consumes. The more we consume a good, the larger the impact an increase in the price of said good will have on our purchasing power and hence the larger its weightage within the CPI.
We see the weightage of different types of goods and services used in constructing the CPI basket in Singapore in the infographic below.
Source: Source: Singapore Department of Statistics
A steady level of 2% inflation signals a healthy economy. Inflation starts to become worrisome when it reaches levels higher than this target range, much like the 4-5% inflation levels we have been experiencing in Singapore as of late.
This unsustainable rise in prices can signal that the economy is overheating which can greatly hurt households, especially if inflation starts to outpace any increase in wages. In this sense, inflation erodes people’s purchasing power, causing them to not be able to consume as many goods and services as they may need or want, affecting their desired standard of living.
Inflation erodes the value of our money. Historically, the inflation rate for consumer goods in Singapore has ranged from -1.8% to 22.4% between 1961 and 2022, with an average of 2.6% per year.
Even at this modest level of inflation, we have seen a 350.53% increase in prices of consumer goods in Singapore from 1961 to 2022. An item you would have to pay S$100 to buy in 1961 would cost you S$450.53 today.
We mainly see the effects of inflation in two ways. Firstly, goods will become more expensive and the cost of living will increase. We have already begun to feel this in Singapore with the price of everything from our daily hawker centre meals to public transport fares increasing in the past few months.
Secondly, the money we have saved in the bank will have less purchasing power in the future as inflation keeps rising. Our hard-earned money that we have saved tirelessly will not be able to afford us the same luxury in the future as it does now. This can have a great effect on all your major financial milestones, including saving for the downpayment of your first home (remember inflation affects home prices too) as well as how much you have to build up your retirement nest egg to sustain you in your golden years.
What Can You Do To Protect Yourself Against The Effects Of Inflation
While we have no control over the changes in general prices of goods and services, there are ways that we can stretch our money to reduce the impact these rising prices have on our purchasing power.
Source: Unsplash
Shop Smart By Making Use Of Cashback Credit Cards
One direct way you can downplay the effects of inflation is to make use of cashback credit cards. There are a lot of cashback credit cards that reward you when you spend on everyday purchases such as dining, online shopping or your weekly groceries. Making use of such products is extremely helpful when trying to counteract some of the price increases due to inflation.
One great example of such a credit card is the Citibank Cashback credit card. It gives you 6% cashback on your spending at restaurants and cafes worldwide, 8% cashback on groceries and supermarket spending worldwide and 20.88% cashback at Esso and Shell petrol stations.
Similarly, the UOB One credit card is another great option which gives you up to 15% cashback at selected partners such as Shopee, Cold Storage, Giant, Guardian and even SimplyGo. Making use of these high-interest cashback credit cards allows you to dampen the effects of inflation by rewarding you a percentage of your monthly expenditure, offsetting some of the rise in prices of goods and services.
Protect Your Savings with High-Yield Savings Accounts
Prevent your savings from being eroded away by protecting it in a high-yield savings account. This is vital for more long-term financial goals such as saving up for your first home or saving towards your retirement as inflation is worst felt over long periods of time when the price increases will have the greatest compounding effect.
Making use of a good, low-hurdle, high-interest savings account like the UOB One savings account is a great first step at safeguarding your money from the effects of inflation. With an effective interest rate of 5% p.a., the UOB One savings account effectively matches current inflation rates so that the real value of your money (i.e. the value of your money after taking into account inflation) does not decrease over time.
Recommended Savings Account for More Savings
Source: Pexels
Invest In Assets That Act As Stores of Value
Another way to diversify your investment portfolio and preserve your wealth is to make use of asset classes that can act as stores of value. An asset is considered a store of value if it is able to maintain its value without depreciating. This means that the asset should be able to be saved, retrieved and exchanged in the future without its value decreasing.
Gold is a classic store of value asset. As gold is a physical commodity, its price is not as greatly influenced by central banks’ monetary policies and changing interest rates compared to asset classes like stocks or bonds. Gold has proven to stand the test of time with the price of gold steadily increasing over the past few decades.
If you have significant cash savings and are worried about its purchasing power being eroded but are also not interested in the risk that comes with investing in stocks, investing in gold, either through more traditional means such as buying physical gold or in more convenient methods such as buying a gold-backed ETF, is a great way to diversify your portfolio to make it even more inflation resistant.
While inflation may seem like a beast that you cannot run from, there are many ways we, as individuals, can be proactive in making the most of the current economic situation. If you would like to know more about different ways you can invest to get ahead of the curve, check out our blog with all of our latest investing content and create an online brokerage account today to get started on your investing journey.
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Whether you left your job to pursue new opportunities, personal growth, or due to circumstances beyond your control, there may come a time when you want to make a ‘comeback’ to the familiar halls and desks of your old workplace.
Did you leave on good terms, or were there unresolved issues? Identifying the reasons for your departure will help you address any concerns your former employer may have when considering your return.
Stay in Touch
Connect with your former colleagues and supervisors on platforms like LinkedIn. Engage in meaningful conversations, congratulate them on their achievements, and demonstrate your continued interest in the industry or company.
Enhance Skillset
Take courses, attend workshops, or earn certifications that are relevant to your field. Demonstrating growth and development during your absence will prove your dedication to your profession and show your former employer that you are an even more valuable asset now.
Impress a former employer
Tailor Application
Update your resume to showcase your recent achievements and skill improvements. Write a compelling cover letter explaining why you want to return and how your presence can benefit the company.
Leverage Inside Knowledge
As a former employee, you have a unique advantage. You know the company’s culture, processes, and values. Use this inside knowledge to your advantage during the interview process.
Transparency
During the interview, address your reasons for leaving in a straightforward and positive manner. If your departure was due to personal reasons or a different career path, explain how those experiences have made you a better fit for the company now.
Enthusiasm and Commitment
Companies appreciate employees who are genuinely invested in their mission and vision. Be sure to convey your commitment to contributing to the organization’s success.
Getting rehired
The process requires careful planning, self-improvement, and a strong commitment to addressing any concerns or reservations your former employer may have. With the right approach, you can make a successful comeback and continue your career journey in a place that feels like home.
Ultimately, it is better to keep good relations with former employers and colleagues.
A jury found Sam Bankman-Fried guilty of all charges in his federal fraud and conspiracy trial. The conclusion came after a little over four hours of jury deliberation on Thursday.
Sam Bankman-Fried, no remorse?
Bankman-Fried, aged 31, sat motionless at the defense table, clad in an ill-fitting grey suit. Upon hearing the verdict, he was required to stand and face the jury, with no visible emotion.
The charges brought against him were severe, encompassing seven counts of fraud, conspiracy, and money laundering, described by federal prosecutors as “one of the biggest financial frauds in American history.” Allegations revolved around the purported use of customer deposits on the cryptocurrency trading platform FTX to cover losses at his hedge fund, settle loans, and finance extravagant real estate acquisitions, among other personal expenditures.
Bankman-Fried consistently maintained his innocence throughout the trial, pleading not guilty to all counts. With the jury’s unanimous conviction, he now faces the potential of a staggering 110-year prison sentence. The sentencing date is set for March 28, 2024.
Innocent and contesting charges
In response to the verdict, defense attorneys Marc Cohen and Chris Everdell issued a statement, asserting Bankman-Fried’s commitment to maintaining his innocence and his resolve to vigorously contest the charges against him.
U.S. Attorney Damian Williams, however, seized the moment to send a clear message to potential wrongdoers: “The verdict sends a message to every single fraudster out there who thinks that they’re untouchable. Those folks should think again. And if they don’t, I promise we’ll have enough handcuffs for all of them,” Williams declared.
Implicated by Caroline Ellison, the girlfriend
Caroline Ellison, the former co-chief executive of Alameda and Bankman-Fried’s ex-girlfriend, had previously pleaded guilty to criminal charges and testified in cooperation with the prosecutors. She asserted that she had engaged in fraudulent activities at the behest of Bankman-Fried.
Navigating through tumultuous times can be challenging, but it is also an opportunity to build resilient organizations that can withstand and thrive in the face of adversity.
Let’s explore the key principles of effective crisis management and how they can help you build a resilient organization:
The 7 points to avert a crisis
Culture of Adaptability – Employees should be encouraged to think on their feet, pivot quickly, and adapt to changing circumstances. When your team is well-prepared to adjust and innovate, they can respond more effectively to unexpected crises.
Crisis Management Plan – This plan should cover a range of scenarios, outlining responsibilities, communication strategies, and resource allocation. Regularly updating and testing the plan ensures that it remains relevant and actionable.
Technology and Data Security – Investing in robust technology and data security measures helps protect your organization from potential threats. Moreover, a comprehensive backup and recovery plan is essential to safeguard critical data and systems.
Diversify Supply Chains – Building resilient organizations involves diversifying supply chains to reduce dependence on a single source. It ensures a steady flow of materials, even during supply chain interruptions.
Employee Well-being – Providing a supportive work environment, mental health resources, and flexible working arrangements can help employees manage personal and professional challenges during crises. A well-supported workforce is more likely to contribute to the organization’s overall resilience.
Financial Reserves – Organizations with robust financial backing are better equipped to weather economic downturns or unexpected expenses.
The ongoing geopolitical conflicts in the world have compounded President Joe Biden’s problems, as evidenced by a striking new poll showing support for Biden has dwindled. According to a recent poll, only a mere 17% of Arab American voters have expressed their intention to vote for Biden in the 2024 elections.
Support dwindles
This figure is in stark contrast to the 59 per cent of Arab-American support Biden got in the 2020 election. Even more concerning is the broader impact on the Democratic Party, as just 23 per cent of Arab Americans now identify with the party.
President Biden has attempted to navigate a delicate line. The Arab American community in the United States consists of approximately 3 million people with diverse religious backgrounds originating from various countries. In the 2020 election, the majority of Arab American voters supported Biden.
While some argue that Arab Americans’ current disaffection may not pose a significant threat to Biden’s 2024 prospects, it’s important to consider the key states where these communities are concentrated. Michigan boasts one of the largest Arab American populations in the country, primarily residing in Dearborn. In the 2020 election, the majority of Arab American voters in Dearborn supported Biden.
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