Analysis of Poverty in Singapore
Singapore is the 6th most expensive Asian city, is one of the priciest places in the region to park a vehicle, is the 3rd most expensive office location in the entire Asia Pacific, and is among the most expensive top 10 cities in the world. Having come across these statistics so frequently, one has got to wonder, how are the people coping with these sky-high costs and how is the government resolving the problem?
In Singapore does not refer to absolute poverty as Singapore is much better off than many other countries in the world. However there is relative poverty, primarily because of income inequality.
In the past 40 plus years, Singapore has undergone rapid development and globalization to become an international financial hub. The society is relatively stable and has a low crime rate.
However, this rapid economic development has caused the situation where a group of people benefit and become wealthier, while others are left behind. Where they are people earning hundreds of thousands of dollars, there are people who have to make do with less than a thousand dollars a month, which is barely enough to survive Singapore's extremely high cost of living.
Furthermore, with the governments' policy of "Foreign Talent", the large influx of foreigners coming to Singapore to work is leaving a lot of Singaporeans disadvantaged.
Singapore, having started developing at a much later age than many develop countries, has many older Singaporeans who do not have any qualifications, as they dropped out of school due to lack of finances. Thus, this group of Singaporeans who lack complete education lose out to the more-qualified foreigners, increasing the number of people in Singapore who are relatively poor.
This inequity in wealth among Singaporeans is extremely detrimental in the long run if not alleviated. Poorer families in Singapore are unable to afford rising prices of housing, and cannot afford complete education. This will result in the generations after, lacking in qualifications, losing job opportunities and thus suffering from the same vicious cycle of poverty again.
Further gripes that the people have with the current situation in Singapore are;
- High cost of Housing
- Goods & Service Tax (GST) of 7% on purchased goods
- Electronic Road Pricing (ERP) that charges vehicles for road-use
- Rising transport costs (e.g. $0.71 per stop for adult train fare)
- Education (linked to Employment)
In the following posts, our party will propose policies which will alleviate the problems faced in Singapore, and improve the welfare of the people.