Understanding the Cost of Living in Singapore: A Comprehensive Analysis

💰The Minimum Income Standard 2023 study reveals the amount needed for a basic standard of living in Singapore, varying based on household composition and age group.

🧾The study considers needs rather than wants, including essential expenses like housing, food, and clothing.

🛒Income inequality is a concern, with 30% of Singaporean households unable to meet the budget required for their basic needs.

🏠Housing costs are a significant factor in the cost of living, with the report suggesting a budget of $214 per week for housing expenses.

👴🏼Elderly individuals aged 65 and older face financial challenges, with a monthly budget of $1,492 required for a basic standard of living.

Why does the government disagree with the conclusions of the report?

—The government believes that the report includes wants and discretionary expenses in its budget calculations, whereas they focus on basic needs. They argue that expenses like jewelry and overseas holidays should not be considered as essential.

What measures has the government taken to address poverty?

—The government has increased social spending over the years and implemented programs like the Progressive Wage Model to improve income levels. They promote citizen self-reliance and provide support through initiatives like SkillsFuture credits and KidSTART.

Are the budget estimates realistic for the average household?

—The budget estimates provided in the report are based on consensus among diverse participants. While they may not match every individual's spending habits, they aim to reflect the average costs required for a basic standard of living.

Does the report consider the needs of low-income individuals?

—Yes, the report highlights the challenges faced by low-income individuals and the disparity between income levels and the proposed budget for basic needs. It emphasizes the importance of addressing income inequality and supporting those in lower wage jobs.

What can be done to improve the situation?

—The report suggests that more needs to be done to ensure a basic standard of living for all Singaporeans. This includes addressing wage levels in low-paid jobs, considering additional expenses like parents' allowance, and providing more support for retirees through the CPF system.

00:00The Minimum Income Standard 2023 study provides valuable insights into the cost of living in Singapore.

03:10The study reveals the amount needed for a basic standard of living in Singapore, varying based on household composition and age group.

09:28The report highlights the challenges faced by low-income individuals and income inequality.

06:01The government disagrees with some of the conclusions in the report, stating that it includes wants and discretionary expenses.

07:47The government has implemented social policies and increased social spending to address poverty.

10:07More needs to be done to ensure a basic standard of living for all Singaporeans and reduce income inequality.

03:20Housing costs are a significant factor in the cost of living, with a suggested budget of $214 per week.

04:27Elderly individuals aged 65 and older face financial challenges, with a monthly budget of $1,492 required for a basic standard of living.