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Wealth inequality in Singapore surpasses other APAC nations

Jewel Stolarchuk
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0
Wealth inequality in Singapore surpasses other APAC nations

SINGAPORE: Singapore has witnessed a significant surge in wealth inequality, outpacing its Asia-Pacific counterparts over the past fifteen years, according to the UBS Wealth Report 2024.

The report reveals that wealth inequality in the city-state rose by nearly 30% between 2008 and 2023, marking a stark contrast with its regional peers including Indonesia, Hong Kong, Taiwan, and Mainland China.

The Gini coefficient, a widely accepted measure of wealth distribution, soared to 70 in Singapore by 2023, up from 57 in 2008. This substantial increase underscores a growing concentration of wealth among a smaller segment of the population.

Addressing the findings, UBS clarified that the rise in inequality in Singapore does not necessarily indicate a decline in living standards compared to other places like Hong Kong SAR, where inequality has actually decreased by nearly 6%.

“Inequality benefits from being combined with absolute wealth levels to paint a comprehensive picture of a society’s wealth profile,” UBS said, emphasizing the nuanced relationship between inequality and overall wealth.

Simultaneously, Singapore has experienced robust growth in average wealth, aligning with the global economic expansion observed during the same period. Between 2008 and 2023, the average wealth per adult in Singapore surged by 116%, reaching US$397,708. This growth trajectory places Singapore among the wealthiest nations globally in terms of average individual wealth.

However, the benefits of this wealth boom have disproportionately favored the upper-income brackets, according to UBS. The number of USD millionaires in Singapore soared to 333,204 by 2023, with expectations to rise by 13% to 375,725 by 2028.

This rise highlights a stark contrast between the fortunes of the wealthiest and the broader population.

UBS further elaborated that the phenomenon of rising wealth inequality alongside increasing average wealth underscores the complexities of economic development in Singapore. The country has consistently ranked high in global indices of economic competitiveness and wealth, yet the distributional aspects of this prosperity remain a critical point of discussion.

TISG/

CCCS warns both drivers and passengers could be affected by Grab’s Trans-cab purchase, in provisional decision

Jewel Stolarchuk
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0
CCCS warns both drivers and passengers could be affected by Grab’s Trans-cab purchase, in provisional decision

SINGAPORE: The Competition and Consumer Commission of Singapore (CCCS) has taken a significant step in its review of Grab Holdings Limited’s proposed acquisition of Trans-cab Holdings Ltd, indicating concerns over potential anti-competitive effects in a provisional decision released on Thursday (11 July).

In its statement, CCCS highlighted that Grab, already dominant in Singapore’s Ride-Hail Platform Market, could further solidify its position through the acquisition of Trans-cab. This move, according to CCCS, may restrict competition and harm both drivers and passengers in the market.

Trans-cab, one of Singapore’s largest fleets not currently aligned with any ride-hail platform, represents a valuable resource of drivers. CCCS noted that Grab’s acquisition could lead to increased “stickiness” of these drivers to Grab’s platform, reducing availability for rival platforms and potentially exacerbating existing driver supply shortages among competitors.

The acquisition is also expected to weaken competitive pressures on Grab from rival ride-hail platforms. CCCS pointed out that such reduced competition could lead to higher costs for both drivers (in terms of commissions and fees net of incentives) and passengers, while also limiting choice in ride-hailing services.

With enhanced control over driver supply and network effects, CCCS noted that Grab may have greater ability to influence market dynamics to its advantage, if the purchase goes through, potentially stifling innovation and service quality improvements that competition typically fosters.

While the provisional decision is not final, CCCS has invited Grab and Trans-cab to propose remedies that could address these competition concerns. The parties have a limited timeframe of 10 working days to submit their representations before CCCS proceeds to finalize its decision.

CCCS emphasized that its ultimate decision on whether to clear or block the acquisition will be based on a thorough review of the representations and available evidence, ensuring a fair and competitive market landscape in Singapore’s ride-hail sector.

The outcome of CCCS’s review could have significant implications not only for Grab and Trans-cab but also for the broader ride-hail platform market in Singapore. Stakeholders, including drivers, passengers, and industry observers, await CCCS’s final decision, which is expected to shape the future of competition in the local transportation sector.

TISG/

No longer an iron rice bowl? Is public service losing its appeal to the new generation?

Anna Maria Romero
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No longer an iron rice bowl? Is public service losing its appeal to the new generation?

SINGAPORE: When a Reddit user asked if public service is losing its appeal to the new generation of Singaporeans, a lively discussion ensued.

After all, public service has traditionally been pretty prestigious in Singapore, with very competitive salaries and virtually no corruption.

But u/thedesertman1 wrote in a July 10 post on r/askSingapore that they have a friend working in human resources in public service who has said that it’s been difficult to find people to fill junior positions these days.

They added that because of bureaucracy and red tape, the public sector loses out to the private sector in quickly securing top candidates.

The post author added that young people today seem to be desire to work more in multinational tech companies such as Bytedance (the parent company of TikTok), Shopee, Amazon, Google, Meta, and other companies where the vibe is more free-spirited.

Younger people these days also have a more “YOLO” (you only live once) attitude, which makes them drawn more toward novelties such as start-ups.

The post author added in an edit that they’ve seen a number of LinkedIn profiles of people who join the private sector after a few years in public service, adding that even some “very senior directors also left to join” the private sector.

In response, a Reddit user wrote that the unique selling proposition, or USP, of the civil service used to be “iron rice bowl and stability.”

“Iron rice bowl” is a Chinese idiom referred to a system of guaranteed lifetime employment. However, the commenter wrote that nowadays, civil service jobs are one-, two- or three-year contracts, which is, understandably, makes public service not nearly as appealing as it used to be.

But another person answered this, writing that “contracts” usually turn into permanent hires.

Another netizen wrote that salaries may be the reason why, with the gap between private and public sector salaries having widened in the last ten years.

“So it is natural for the private sector to become more attractive,” they wrote, adding, “Increasingly, some of the best students aren’t going for public sector scholarships too. Why get bonded 4-6 years with a starting pay of 4k+ in the public sector, when you can earn 8-10k as a fresh grad if you are a top talent working in the private sector?”

Others argued that the environment in the public sector is not very good.

One called it a “a retirement village unless you’re a scholar or you have an undying desire to serve the nation.”

Some argued that since there are more young people in startups, others are naturally more attracted to work in the private sector, and one made the case for “a stronger private sector than public… usually means a thriving market and economy.” /TISG

Read also:  Netizen asks what jobs are more recession-proof in Singapore outside the public sector

NTUC’s PSP designation highlights law’s impartiality in Singapore politics, analysts say

Jewel Stolarchuk
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0
NTUC’s PSP designation highlights law’s impartiality in Singapore politics, analysts say

SINGAPORE: Some political analysts have welcomed the Ministry of Home Affairs’ (MHA) plan to designate the National Trades Union Congress (NTUC) as a “politically significant person” (PSP) under the Foreign Interference (Countermeasures) Act (FICA), calling this move an indicator of the impartiality of the law in Singapore politics.

MHA revealed on Thursday (11 July) that the designation aims to bolster transparency and safeguard against potential foreign interference, due to NTUC’s “close nexus and symbiotic relationship” with the People’s Action Party (PAP).

NTUC’s designation as a PSP would require annual disclosures of political donations exceeding S$10,000 and details of its foreign affiliations. The PSP status would be limited to the federation level and would exclude affiliated unions, associations, and social enterprises, which operate as distinct legal entities.

The ministry emphasized that this measure is preemptive and not indicative of any wrongdoing or foreign compromise within NTUC. The labour movement has been granted 14 days to present its case to the Registrar of Foreign and Political Disclosures.

NTUC, established in 1961 by pro-PAP unionists, maintains a historical alliance with the PAP, collaborating closely on labor-related policies as part of Singapore’s tripartite framework involving unions, employers, and the government.

Responding to the impending designation, NTUC affirmed its alignment with national safeguards against foreign interference, stressing its commitment to operating independently from external influences. Secretary-General and former PAP Minister Ng Chee Meng assured stakeholders that NTUC’s core mission to enhance workers’ welfare would remain unaffected.

Political analysts, meanwhile, have expressed support for NTUC’s designation under FICA, citing its substantial influence and role in Singapore’s political landscape. Associate Professor Terence Ho from the Lee Kuan Yew School of Public Policy told CNA that he deemed the move necessary and one that “should not be surprising”.

Assoc Prof Eugene Tan from the Singapore Management University echoed similar sentiments, calling the move timely. He told CNA, “The law cannot discriminate between entities that are closely connected with the ruling party and those that are not.”

He added that he does not foresee the designation to significantly alter the way NTUC engages the PAP government and vice versa.

NTUC could be the third non-political party group to be designated a PSP if its status is confirmed, following human rights groups Maruah and Think Centre which were listed as political significant in 2023.

MHA said in a statement that its reasons for designating NTUC as a PSP were “very different” from why it listed Think Centre and Maruah as politically significant. The ministry clarified:

“Think Centre and Maruah’s designations were accompanied by stepped-up countermeasures under FICA which were issued to largely mirror requirements imposed on them under the PDA.

“In contrast, the Registrar intends to designate NTUC because NTUC has a close nexus and symbiotic relationship with the PAP, and in the Registrar’s opinion, it is in the public interest for countermeasures under FICA to be applied to NTUC.”

It added: “The Registrar does not assess that it is necessary to issue stepped-up countermeasures to NTUC at this point.”

Excitement arises online as “boomers” indicate support for the opposition

Anna Maria Romero
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0
Excitement arises online as “boomers” indicate support for the opposition

SINGAPORE: As Singapore’s next election looms, some Singaporeans have expressed excitement over older folks wanting to support the opposition, given the perception that these voters typically align with the ruling party.

In a recent video from the Chinese-language daily Lianhe Zaobao, when people were asked about their preferences for the upcoming General Election, a number of them expressed dissatisfaction with the ruling People’s Action Party.

Interestingly, all the people interviewed are in their senior years and seemed to be leaning toward support for the opposition.

The video was published by Lianhe Zaobao on July 4, but a shorter snippet of it was posted on the @ahgongreacts account on Tiktok on July 8. This snippet was in turn shared on Reddit on July 9.

@ahgongreacts

dont anyhow say hor

♬ original sound – ahgongreact – ahgongreact

 

One woman in the video said she had only seen her PAP MP once during the campaign period for the last GE and then never again, adding that she hopes that the opposition Progress Singapore Party will win “so they can represent us” as there is “not enough opposition party.”

“Hope they get in so the government will wake up,” she added.

An older man, meanwhile, said that now the PAP is “not very good.” He was unhappy that Singapore is now more crowded and more expensive and added that during founding Prime Minister Lee Kuan Yew’s time, prices only went up once. Now, he added, they’ve gone up “3 to 4” times.

Another senior said that competition is necessary to make MPs work harder. He added that where he lives is now “a bit run down” and that he wants to see what MPs can do to improve it.

The caption to the Lianhe Zaobao video says that it was taken at West Coast and East Coast GRCs, which are expected to be hotly contested in the next election.

On Reddit, commenters did not seem to be very surprised that some older citizens appear to be favoring the opposition.

“With elevated inflation, albeit steady, public housing prices running amok, wholesale immigration, hopefully, we get to see upsets in some constituencies. Would be beautiful to see popular votes dipping under 60%, oppos picking up east and west coast GRCs,” wrote one, adding that opposition parties should concentrate on getting the votes from senior citizens.

Another Reddit user wrote that even their mother, who had advocated for the PAP in the last election, said she would be voting for the opposition the next time around.

“These are the amazing aunties and uncles who have working children, grandchildren and can feel their pain of rising cost of living. They just want their families to be able to afford to live a happy life,” one chimed in.

Others, however, splashed some cold water on the situation, saying that a few people interviewed did not mean everybody was against the PAP.

“Say and do is different,” added a commenter. /TISG

Read also: Ex-ST journalist’s claims on censorship about opposition politicians recirculates online as election looms

Building theme park instead of Founders’ Memorial will better benefit Singapore: Netizen argues

Anna Maria Romero
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0
Building theme park instead of Founders’ Memorial will better benefit Singapore: Netizen argues

SINGAPORE: Construction on the Founders’ Memorial began last month, but not everyone can be said to be happy about it, especially since it comes with a hefty S$235.66 million price tag.

Some Singaporeans have since taken to offering alternatives to how the money could have been spent instead, including one who suggested that a theme park could have been built.

Facebook user Yong Chin Lee asked in a post on the SG Opposition Group page last month, “Does Singapore need this memorial at all?”

Mr Yong wrote that he does not believe so, saying that the memorial is not important to Singapore’s interests, survival, or growth. He added that the city-state already has the National Museum, the National Gallery, and the Singapore Discovery Center to preserve Singapore’s history.

He then went on to say that the funds allocated for the memorial can be used toward “better” purposes such as increasing the allowances of lower-income Singaporeans and national servicemen, and the amount of CDC vouchers. The number of hospitals and nursing homes could also be increased, and families in lower-income groups could also receive subsidies for early childhood education.

Read also: Hefty $235M cost of Founders Memorial and $599M cost of NS Square raises concerns on use of taxpayer dollars

“$235 million dollars can do so many more useful things for ordinary Singaporeans instead of just building a few statues!” he wrote, before going on to say that the memorial park would only add “very little” economic value to Singapore.

He explained that the land where the memorial park will be built on prime land in Marina East that would bring a sizable revenue if sold to private developers to build a condominium, a new commercial district, or even a theme park. Additionally, there are also the taxes that will be collected over the years.

“The memorial park will probably become another White Elephant like the old (now demolished) Tang Dynasty village with few visitors except foreigners and maids picnicking there on weekends,” he opined.

He also asked how much the memorial park’s maintenance would cost taxpayers in the years to come, and how much would be saved if the park would not get built.

“Land is already so scarce in Singapore. We can’t afford to waste so many hectares of prime land in the CBD for a memorial park few will visit!” added Mr Yong. /TISG

Read also: S$1M for each SG baby born next year is better than spending S$200M on Founders Memorial, Singaporean suggests

Anti-LGBTQ group scores Lawrence Wong and 2 WP MPs among those “pushing back against LGBTQ ideology”

Anna Maria Romero
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0
Anti-LGBTQ group scores Lawrence Wong and 2 WP MPs among those “pushing back against LGBTQ ideology”

SINGAPORE: A group known for its conservative views raised eyebrows last month after publishing a “scorecard” on its website showing the top five Members of Parliament for “Pushing Back LGBTQ Ideology.”

Leading the pack is none other than Prime Minister Lawrence Wong, who, like the others in the top five, received a full five-star rating based on the following categories: Support Definition of Man-Woman Marriage, Protect Policies From LGBTQ+ Ideology, Support Freedom of Religion & Conscience, Never Attended Pink Dot, and Spoke About Harms of LGBTQ+ Ideology.

While two other MPs from the ruling PAP are also in the top five, Masagos Zulkifli (Tampines GRC) and Alex Yam (Marsiling–Yew Tee GRC), the other two are from the opposition Workers’ Party, Gerald Giam (Aljunied GRC) and Dennis Tan (Hougang SMC).

There are no MPs from the ruling party in the bottom five, however, all of whom were given a paltry half-star. All three WP MPs from Sengkang— He Ting Ru, Louis Chua, and Jamus Lim— together with Progress Singapore Party NCMP Hazel Poa and Nominated Member of Parliament Tan Mia Swam, received the lowest ratings.

Screengrab/Protect Singapore

On July 23, 2022, a group held an event called Protect Singapore Townhall at the  Singapore Expo convention center to urge the government “to maintain the current political package and not to repeal Section 377A.” It was attended by 1,200 people and was organized by Jason Wong, the founder of the Yellow Ribbon Project as well as the Dads for Life movement, and Mohamed Khair Mohamed Noor, the CEO & Founder of The SuChi Group.

Read also: LGBT community speaks up against townhall held to uphold 377A; police say no action will be taken against organisers

“We urge the Government to maintain the current political package and not to repeal Section 377A unless and until there are adequate safeguards for our marriages, families, and freedom of conscience.

This includes enshrining man-woman marriage in the Constitution,” the two men wrote at the time.

Less than a month later, then-Prime Minister Lee Hsien Loong announced during the National Day Rally that the government intended to repeal Section 377A.

Nevertheless, Protect Singapore has kept on with its so-called “fight” for “family values,” and appears to continue to enjoy a degree of support from at least some Singaporeans as this Reddit thread and the social media pages of the group and its founders.

The rhetoric against LGBTQ+ groups, meanwhile, is largely perceived as harmful by many as it can lead to not only hate speech but even hateful and dangerous actions, as has been seen in other countries. Transgender individuals, in particular, are more likely to be victims of violence.

And in the end, isn’t Mr Wong the Prime Minister for all Singaporeans, not just those who may conform to his particular belief system? /TISG

Read also: NMP Raj Joshua Thomas: Meeting Up with Protect Singapore Youth Leaders for their views on repeal of section 377A

Eligible civil servants to receive annual S$500 “well-being” benefit starting Oct

Mary Alavanza
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Eligible civil servants to receive annual S$500 “well-being” benefit starting Oct

SINGAPORE: Starting October this year, eligible civil servants in Singapore will benefit from a new annual S$500 allowance to support their well-being and personal growth. The initiative, known as FlexiGrow, allows public officers to use the funds for activities such as personal development courses and fitness programmes, according to the Public Service Division (PSD) on Wednesday, Channel NewsAsia reports.

Minister-in-charge of the Public Service Chan Chun Sing announced the FlexiGrow benefit during his address at the opening of Public Service Week at ITE College Central. “We intend for most officers to benefit from FlexiGrow,” stated PSD in response to queries regarding eligibility criteria from CNA.

Alongside FlexiGrow, enhancements to medical and dental benefits for all civil servants will come into effect from Jan 1, 2025, Mr Chan said.

Currently, civil servants are allowed to claim up to S$500 annually for medical subsidies, with outpatient expenses at private clinics capped at S$20 per visit. Under the new scheme, the subsidy cap will rise to S$50 per visit.

“With this, officers eligible for HealthierSG can also better adhere to their personalised health plans with their registered HealthierSG clinic,” noted the PSD.

Dental subsidies will also increase to S$250 per year, up from the current S$120, encouraging regular dental check-ups and maintaining oral health among civil servants.

These benefits will extend to re-employed officers and employees of Statutory Boards, to support the well-being of all public service members.

Mr Chan emphasised the importance of these benefits amid the “changes in our environment.” “In an environment of constant change, we know it can be unsettling and even exhausting for our officers,” he said.

“We need to take care of ourselves; we need to take care of each other in this long journey ahead. This is what our Public Service is committed to,” he added. /TISG

Read also: 1.5 million Singaporeans to receive up to $850 in cash and up to $450 in MediSave top-ups in August

Featured image by Depositphotos

Diesel cars and taxis to face higher road taxes as Singapore pushes for “cleaner energy” by 2040

Mary Alavanza
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Diesel cars and taxis to face higher road taxes as Singapore pushes for “cleaner energy” by 2040

SINGAPORE: Starting from Jan 1, 2025, diesel cars and taxis in Singapore will face higher road taxes as the Land Transport Authority (LTA) ceases new registrations, to support the nation’s drive towards cleaner energy by 2040.

Announced during parliamentary discussions in March 2021, the move aims to progressively phase out pollutive vehicles. Since then, new diesel car and taxi registrations have remained minimal, constituting less than 1% of total new registrations.

Owners of diesel vehicles registered before the 2025 deadline will still be allowed to renew their Certificate of Entitlement (COE) but will face higher road taxes to discourage prolonged use of older, more polluting vehicles. This measure is part of existing policies that impose a surcharge on vehicles older than ten years, ranging from 10% to 50% based on vehicle age.

The restrictions do not apply to vehicles imported under the Classic Vehicle Scheme and Vintage Vehicle Scheme, LTA said.

Classic vehicles must be at least 35 years old from their original registration date and must meet specific registration and technical criteria.

In contrast, vintage vehicles refer to well-preserved cars, motorcycles, or scooters that hold significant heritage value and were manufactured before January 1940.

According to The Business Times, as of May 2024, Singapore had approximately 19,972 diesel cars and taxis, a minority within the broader fleet of 164,759 diesel vehicles. Diesel-powered vehicles make up about 17% of all vehicles in Singapore.

Although the majority of taxis have transitioned from diesel to petrol-electric hybrid or fully electric models, about 16.8% of the 13,330 taxis are still operating on diesel fuel.

Efforts to shift commercial vehicle owners towards cleaner fuels have also been made through the Early Turnover Scheme (ETS) and Commercial Vehicle Emissions Scheme (CVES). The ETS allows owners of older vehicles to switch to cleaner models at a discounted COE rate, bypassing the need to bid for a new one. Meanwhile, the CVES offers cash incentives to owners opting for cleaner, primarily electric, models.

As of May, 88.6% of the 143,565 goods vehicles in Singapore were diesel-powered, marking an improvement from 95.8% at the end of 2020. For buses, 97.4% of the 18,007 registered were diesel-powered.

The LTA aims to procure only cleaner-energy public buses and intends to replace half of its fleet of nearly 6,000 predominantly diesel-powered buses with electric ones by 2030. Some private bus operators have also embraced fully electric bus models in recent years.

Former Transport Minister, now Health Minister Ong Ye Kung highlighted in 2021 that Singapore’s motor vehicles emit approximately 6.4 million tonnes of carbon dioxide equivalent annually. Switching all light vehicles, including cars and taxis, to electricity could potentially reduce national emissions by about 1.5 million to two million tonnes yearly, equating to around 4% of Singapore’s total emissions.

Mr Ong emphasised that transitioning from internal combustion engines to battery-powered vehicles could achieve a net carbon saving of 50%, even when electricity is sourced from fossil fuels like natural gas. /TISG

Featured image by Depositphotos

Ji Sung and Lee Bo Young exude happiness in latest family photos

Lydia Koh
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0
Ji Sung and Lee Bo Young exude happiness in latest family photos

On July 10 KST, actors Ji Sung and Lee Bo Young shared heartwarming photos from a family vacation, delighting their followers. As the couple poses with their kids, the photos exude happy family emotions. The couple got hitched in 2013. In 2019, they had a son and in 2015, they had a daughter.

Lee Bo Young and Ji Sung posted these family photos to Instagram. Ji Sung posted a photo of the family by the seaside, with a relaxed smile next to his daughter Kwak Ji Yoo, while Lee Bo Young lovingly embraced their son Kwak Woo Sung. Lee Bo Young also shared a photo featuring her and the children in matching outfits, speculated to be taken by Ji Sung, reflecting the joy of their vacation.

Photo: Instagram/Lee Bo Young

Happy family

The couple first met on the set of the 2004 TV series “Save the Last Dance for Me,” officially confirming their relationship in 2007. Ji Sung and Lee Bo Young announced their engagement on August 2, 2013 via handwritten letters to their fan sites. On September 27, 2013, they were married at the Aston House, W Seoul Walkerhill Hotel. Their daughter was born in 2015, followed by their son in 2019. Last June, Ji Sung showed support for Lee Bo Young by sending a food and coffee truck to the set of her series “Mine.”

Positive impact

In a 2018 interview with Sports Donga, Ji Sung reflected on their relationship, highlighting Lee Bo Young’s positive impact on his life. He expressed that dating and marrying her brought significant personal growth, influenced by her wisdom and support. Ji Sung credited her for transforming him into a more dependable person and being a pillar of strength during difficult times. He shared that previously, he prioritized his parents and younger sibling, often bearing hardships. However, with Lee Bo Young by his side, he learned more about himself and experienced personal growth, expressing deep gratitude for her role in his life.

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