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Thursday, 12 September 2019

Workfare Payouts (3)


Read? Workfare Payouts (2)

The Government will enhance the Workfare Income Supplement (WIS) Scheme to uplift the incomes and CPF savings of lower-wage workers, as well as to encourage them to work regularly

Hmm ... 

May be WIS should be renamed as Medisavefare since since 90% of the payout goes to Medisave. LOL!


3 comments:

  1. Haha, think it's mainly targeted at employees. They get more in cash & on monthly basis instead of annually.

    ReplyDelete
    Replies
    1. Not sure how much of lower income spent on medical expenses and govt might think lower income should be safeguarding their abilities to pay for medical needs. Cash can anyhow spend. Hmmm

      Delete
    2. Based on latest 2018 household expenditure survey, % of monthly income spent on healthcare:-

      For bottom quintile households = $256/$2,235 = 11.5%

      For top quintile households = $432/$26,587 = 1.6%

      But the more pertinent question is why low-income employee & low-income self-employed have different WIS treatment? Afterall both are low-income and likely to be bottom quintile right? ;)

      A bit of human nature, behavioural finance, and nudge theory has gone into why policymakers have decided to implement WIS in this manner. ;)

      (BTW the survey includes "non-work income" as part of household income .... hence you definitely won't be in bottom quintile! LOL!)

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