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Family Builders
Some faced greater difficulties than others. One major group that will face the greatest difficulties and for a prolonged period are the family builders. This group comprises mostly those between the ages of 25 to 50 who are in the process of building a family and are at the lower or middle income levels. They include young couples as well as older couples in the later stages of building and maintaining a family. As they move from relatively carefree bachelor days and found a partner to settle down with, financial considerations will begin to dominate. First, there are the costs of marriage and setting up a home. Those who have been living it up and even splurged on a car may have difficulty finding the deposit to put down for their first home. Coupled with career advancement priorities many would delay their marriage plans. Some may even opt to remain single. The next stage is having children and starting a family. This will bring about not only additional responsibilities and financial burdens which will last for years, even longer if they are planning for their children to go for tertiary education. Those at the lower end will struggle to make ends meet. Those at middle income level will not necessarily be better off as their standard of living and career aspirations for their children would be higher. As the financial commitments to one set of dependents ease off another is likely to emerge, namely ageing parents who have not provided for their own retirement. From the above scenario it is clear that this family group bears the greatest financial burden. This group covers over 50% of Singapores population and will be the most severely affected by rising cost of living issues. Ironically this group is also the bedrock of our society. They comprise the great majority of our working population. Procreation of our future generations depends entirely on them. They are the earners who will bring food to the family. They are the ones who have the greatest influence in shaping the minds and characters of the next generation, either positively or negatively.
Ironically, how this group responds to the challenges they face will determine the type of society that emerges in Singapore. Furthermore, faced with such economic issues and aggravated by competition from the influx of foreign talents, many in this group may choose to remain single or childless. Already falling birth rates would fall further and increasing numbers would seek to emigrate. Where would Singapore be then?
Specific Initiatives
SDA proposes the following specific initiatives to address the five issues identified. (A) Cost of Living 1. Tie-ups with neighborhood merchants for cost savings through collective bulk purchases of daily necessities. 2. Financial literacy programmes and consumer advisory services to educate, advise and assist with specific financial issues and problems. 3. Limit inflationary price increases in public services and taxes, GST in particular. 4. Reinstate back the rental control act.
(B) HDB Prices 5. Transparency on various aspects of HDB housing such as demand/supply data, land/construction costs, pricing decisions, etc. 6. Rental leading to ownership schemes for young couples and other Singaporeans not able to put down the deposit for purchase. 7. Increase housing subsidies by HDB to citizens and limit availability to non-citizens.
(C) Income Gap 8. Target to reduce Singapores Gini Coefficient of 0.45 to 0.35 within 10 years, the latter figure being representative of most of the developed countries. 9. Public sector and government-linked organizations (GLCs) to lead the way by substantially raising salary-scales for lower & middle income salaries. 10. Substantially raise pay of unattractive jobs so that Singapore can reduce its dependence on foreign labour for these jobs. (D) Job Security 11. A Fair Employment Act to allow legal recourse against unfair employment practices such as age/sex/race discriminations and unfair dismissals. 12. Avoid long-term contract employment for Singaporeans, convert to permanent employment with all its attendant benefits. 13. Identify long-term unemployed Singaporeans and provide counseling, training and priority job placement. (E) Medical Expenses 14. Extend Medisave beyond the five critical illnesses and remove its other limitations. 15. Provide special assistance to the elderly who face difficulties in obtaining insurance coverage and/or prohibitive premiums. 16. All employers to provide free group medical insurance coverage to all employees on terms no less favorable to the compulsory free insurance provided for foreign workers.