Friday, 3 July 2020
Minimum Income or Enhanced Workfare Payout???
Read? $3,000 cash payout for Workfare recipients
Lower-wage workers, including self-employed ones, will get a $3,000 cash payout under the Workfare Income Supplement scheme, Deputy Prime Minister Heng Swee Keat said yesterday.
This is an enhancement of the one-off special cash payment amounting to 20 per cent of their payout last year, with a minimum payout of $100, which he announced during his Budget speech last month.
Workfare is targeted at Singaporean workers whose earnings are in the bottom 20 per cent with some support for those slightly above, through Central Provident Fund top-ups and cash payouts. To qualify for the scheme, citizens must be 35 and older and earn a gross monthly income of not more than $2,300, among other criteria.
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How much to pay as minimum income when all pay masters are looking to minimize labour costs to improve margin?
We must always remember that cotton comes from sheep.
Minimum income will also mean paying more for some existing services or goods. You sure. You are okay meh?
As investment and financial blogger; Uncle8888 looks towards investment income to supplement earned income from works.
But; low income workers are likely not to have the right level of capital to invest for income. So how?
How about government setting up $10B or $20B Workfare Bonus Income Fund and distribute 50% of net income from this fund as Workfare bonus payout?
Government is helping low income workers to invest! LOL!
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CW,
ReplyDeleteThe best way to keep people down is to encourage them to do nothing for themselves - let big daddy do everything for them.
You socialist you!
Like those parents who overly pampered their children. Everything decide and do for them. Then wonder why their grownup child cannot think and solve problems for themselves...
You and I are where we are today because we have been cut, sliced, hammered, burnt, struck down, got steamrolled by the markets. And yet we survived.
We have EARNED the right to walk here walk there, sing song and talk "male-chicken".
Wasn't your epiphany after reading Rich Dad Poor Dad is that you can't depend on your company to take care of you forever and ever?
And would you be better off today if you had voluntarily contributed to CPF instead and just passive passive let big daddy take care of you? (Would you read such blogs?)
Those who can think for themselves under the Workfare scheme will not be looking to depend on it forever and ever.
Plan A is to marry rich (just joking).
No, plan A is to have your own business so we can be landowners.
Plan B when we no balls to strike out on our own is to be investor (parasite leveraging on other people's talent).
Plan C is to study part-time and get the necessary skills to get promoted and climb in corporate (be a shepherd).
Plan Z when all things fail I guess is to voluntarily contribute to CPF? (Yes, its a poke!)
Plan C is doable for most of us. Got Skill Futures courses. Not good enough?
DeleteCW,
DeleteYup, that's the tried and tested upgrade and reskill EARN MORE route most working adults have embarked on.
Do note I used "get the necessary skills" - not get more paper qualifications.
Got papers but cannot apply and transform knowledge into practical applications is what has tripped up quite a few in the workplace...
This one I must commend big daddy for emphasizing SKILLS in recent years. Who cares what grades you got in PSLE!
Uncle8888,
ReplyDeleteGovt will prefer to apportion from the NIRC rather than have another dedicated workfare investment fund. More flexible too. :P
And they'll rather upgrade the WIS payouts once every few years, rather than be at the mercy of market returns (even if they do smoothing, which is already kinda implemented in the NIRC of Temasek, GIC & MAS reserves).
Trump probably looked at WIS --- he wants the continuation of special welfare to be for those who go back to work. Coz with the unemployment insurance + the special welfare, many workers are collecting more money sitting at home than their last drawn salary, LOL.