$3,100 median income goal
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Jul 2, 2010 - Straits Times
$3,100 median income goal
By Cai Haoxiang and Rachel Chang
IN 10 YEARS' time, an economy with top-quality skills will boost the real median incomes of Singaporeans by 30 per cent from $2,400 to $3,100, Singapore will have more internationally competitive local companies and will be one of the most liveable cities in the world.
'We think we can raise incomes, raise the wage of the average worker, by one-third in the next 10 years. That means moving from a median wage of about $2,400 today to about $3,100 in 10 years time,' said Finance Minister Tharman Shanmugaratnam at a dialogue at Suntec City on Friday. Accounting for inflation, the figure is $3,800, he added.
Mr Tharman was speaking at the recommendations dialogue for the Economic Strategies Committee, organised by the Singapore Business Federation and attended by 600 businessmen.
He said that the next five to 10 years provide a 'whole wave of opportunities' for Singapore to play to its strengths in urban and water management. Singaporean companies can also capitalise on a wave of Asian demand in middle-class services like health, travel, education, entertainment and financial services.
'It's useful to ask ourselves where we want to be in 10 years' time, what is the sort of Singapore we want to see? And I'll just want to highlight three facets of that Singapore that the ESC thought of as being desirable and essential,' he said.
First, he said, the ESC wanted to see an economy that has top quality skills to raise incomes for the average Singaporeans by one-third in the next 10 years. To boost wages from $2,400 to $3,100, Singapore needs to become a leading hub in Asia for global businesses and high-value, complex manufacturing, and possess top-notch service standards, he said.
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it is so ironic "one" urging people to be cheaper, "the other" asking people to be expensive
why are "they" so contradicting?
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politician speak. never ever trust the word of a politician.
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Originally posted by SANTA CLAUSE:
it is so ironic "one" urging people to be cheaper, "the other" asking people to be expensive
why are "they" so contradicting?
back paddle policies.....
Oh I think $3100 is enough in 10 yrs.
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How to raise the salary when there are so many foreigners pushing wages down?
Or is it election propaganda again?
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I always think it should be $8100.
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Originally posted by ditzy:
I always think it should be $8100.
...I reckon by then, a meal at the food court may cost 20 dollars? high inflation rate -
i hope you guys know that the raise in income would be meaningless if the rate of housing inflation and transportation cost exceeded the rate of increase in income.
basic economics principle.
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Tharman aims to raise median wages of Singapore workers to $3,100 from the present $2,400 - TEMASEK REVIEW
PAP Finance Minister Tharman Shanmugaratnam aims to increase the wages of the average Singapore worker to $3,100 in ten years’ time from the present low level of $2,400.
While the cost of living, especially that of public housing has ballooned in recent years, the median wages of Singapore workers have stagnated.
The starting pay for a fresh engineer graduate in 2004 is between $2,600 – $2,800 while A first year medical officer can expect a monthly salary of $3,500 in 2004. It remains the same or even less today.
Howeever, Mr Tharman is optimistic that the target is achievable if Singapore have workers with top quality skills.
“It’s a bit of a puzzle as to why despite a good education system, good schools system and one of the better rated university system in the world, we are not achieving as much with the workforce in terms of skills, expertise and therefore productivity – there is a gap,” he was quoted as saying in Channel News Asia.
Singapore has one of the lowest wages and labor productivity among developed nations, thanks to the PAP’s pro-foreigner and liberal immigrations policies which have seen the country being swarmed by foreign workers and immigrants in recent years.
According to a Wall Street Journal report in January, the relentless influx of foreign workers has depressed the median wages of ordinary Singaporeans, increased the cost of living, decreased labor productivity and led to an overall decline in the standards of living.
Singapore was ranked a miserable 53th position as the most liveable city in the world by the Economist Unit behind the likes of Croatia, Romania and Bulgaria.
Though it is the richest country in Asia in terms of GDP per capita after Japan, it has the highest income gap as well (after Hong Kong) among third world countries like Russia, Ghana and Rwanda.
While the median salaries of Singaporeans have stagnated, that of PAP ministers and MPs have sky-rocketed and is likely to continue increasing in the next years.
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provided the inflation is not greater than the wage increase..
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to be honest if the prices of land dun goes up at e current rate it's still ok.
There's a proper way to increase wages - through usage of machinery or so on.
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Originally posted by Clivebenss:
provided the inflation is not greater than the wage increase..
yeah they will compared the inflation index of eggs....instead of inflated index of the HDB... -
If you compound $2,400 with the inflation rate of 2.5924% for 10 years, your $3,100 would have been the $2,400 a decade earlier.
It's not growth in real wages, it's inflationary growth of wages.
They trying to trick the stupid folks of Singapore again.
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Oh yah hor, you got a point leh!
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“It’s a bit of a puzzle as to why despite a good education system, good schools system and one of the better rated university system in the world, we are not achieving as much with the workforce in terms of skills, expertise and therefore productivity – there is a gap,”
REPLY: HIGHER EDUCATED MEANS MORE TALK, SMARTER TAIJI AND LESS WALK - THATS WHY ONLY TRUE CEOs WILL WALK THE TALK...
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Originally posted by βÎτά:
If you compound $2,400 with the inflation rate of 2.5924% for 10 years, your $3,100 would have been the $2,400 a decade earlier.
It's not growth in real wages, it's inflationary growth of wages.
They trying to trick the stupid folks of Singapore again.
He did add that accounting for inflation the figure would be $3800, no ?
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Originally posted by kramnave:
He did add that accounting for inflation the figure would be $3800, no ?
the final figure doesn't means anything.... if the rate of increase in wage is less than the rate of increase in inflation....you are still working your way to the poor house.
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yeah right....... By then, inflation will have skyrocketed to XXX% so that we'll all come back to Square 1........
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Originally posted by SANTA CLAUSE:
it is so ironic "one" urging people to be cheaper, "the other" asking people to be expensive
why are "they" so contradicting?
Make you confused lor....... so that you blur-blur blieve them lah........... -
a minister earns 100k a month.
how much will the other people earn in order to reach a median of 3100?
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Originally posted by dragg:
a minister earns 100k a month.
how much will the other people earn in order to reach a median of 3100?
Mebbe...... just mebbe the mean income of the average Singaporean may reach $3,100. but a bowl of noodles may cost $50.00 too. By then the income of the ministers will be $3,000,000.00/ month!Everything is relative.......