"SINGAPORE: Deputy Prime Minister and Minister for Finance Heng Swee Keat delivered a ministerial statement on Thursday (Mar 26), announcing about S$48 billion in additional support measures from the Government in response to the COVID-19 pandemic.
The Resilience Budget has three key areas: To save jobs and support workers; to help businesses overcome immediate challenges; and to strengthen economic and social resilience, Mr Heng said."
1st of all we can dole out these extra money is due to the accumulation of wealth over the last 50+yrs of return fr our national reserves.
This has been estimated to be between 600B to 1T, exact no. not available for whatever reasons.
Assuming the inflated part of the national reserves lost 40% of it's values, we are looking at 360B to 600B. Taking out 18B will still leave us with 342B-682B of wealth. So, Singapore CAN definitely afford this at this uniquely critical storm.
This crisis actually is a very good opportunity for us to critically examine and execute "right sized and right valued" our investment, especially those financial assets that really have no direct connection to the real world! e.g. inflated real estates, stocks and commodities, etc.
The additional relief budget still insist on giving cash to ALL Singaporeans above 21 years old instead of really should be using "mean testing" to ensure only the truly poor and disadvantaged get helps!!
It is great to help with the freelancers. While for the taxi and private hire drivers (PhD), the GLCs like Confortdelgro and SIS, should understand they too have to "suffer some losses this 2020 from the past accumulated profits" instead of all the cash handouts from the government's coffer; which are taxpayer's money!!
A lot more work need to be done yet!!
The Resilience Budget has three key areas: To save jobs and support workers; to help businesses overcome immediate challenges; and to strengthen economic and social resilience, Mr Heng said."
1st of all we can dole out these extra money is due to the accumulation of wealth over the last 50+yrs of return fr our national reserves.
This has been estimated to be between 600B to 1T, exact no. not available for whatever reasons.
Assuming the inflated part of the national reserves lost 40% of it's values, we are looking at 360B to 600B. Taking out 18B will still leave us with 342B-682B of wealth. So, Singapore CAN definitely afford this at this uniquely critical storm.
This crisis actually is a very good opportunity for us to critically examine and execute "right sized and right valued" our investment, especially those financial assets that really have no direct connection to the real world! e.g. inflated real estates, stocks and commodities, etc.
The additional relief budget still insist on giving cash to ALL Singaporeans above 21 years old instead of really should be using "mean testing" to ensure only the truly poor and disadvantaged get helps!!
It is great to help with the freelancers. While for the taxi and private hire drivers (PhD), the GLCs like Confortdelgro and SIS, should understand they too have to "suffer some losses this 2020 from the past accumulated profits" instead of all the cash handouts from the government's coffer; which are taxpayer's money!!
A lot more work need to be done yet!!
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