This blog is authored by an old multi-bagger blue chips stock picker uncle from HDB heartland!
"The market is not your mother. It consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth." - Dr. Alexander Elder
"For the things we have to learn before we can do them, we learn by doing them." - Aristotle
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Haha, think it's mainly targeted at employees. They get more in cash & on monthly basis instead of annually.
ReplyDeleteNot 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
DeleteBased on latest 2018 household expenditure survey, % of monthly income spent on healthcare:-
DeleteFor 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!)