tripleme
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In his speech on Friday, Mr Wong said that the level of Singapore’s carbon emissions is what determines the trajectory of its fiscal strategy, alongside the level of inequality and its aging population.
Singapore’s Gini coefficient, which measures inequality, has been on a steady decline since 2007, especially after taking the Government’s redistributive policies and transfers into account, he added.
“It is not just about redistribution. Fundamentally, we want every Singaporean, regardless of background, to have the opportunity to progress and succeed based on his or her own effort and talents.”
A 2015 study by the Ministry of Finance, which looked at children born from 1978 to 1982, found that 14.3 per cent of children born to the bottom one-fifth of income earners later moved on in life to become the top-fifth income earners among their peers in their 30s.
Although the figure has dropped slightly to 14 per cent for those born from 1985 to 1989, Mr Wong pointed out that this proportion is better than many other countries.
To this end, Singapore has invested heavily on education, and rolled out social policies such as SkillsFuture and the Workfare Income Supplement scheme. The latter works as a negative income tax since it hands out cash supplements to workers whose incomes are below a certain threshold.
These programmes require recurrent funding, which are borne by taxes that apply to the current generation who benefit from such policies.
Read more at https://www.todayonline.com/singapo...xt-budget-current-level-too-low-lawrence-wong
Singapore’s Gini coefficient, which measures inequality, has been on a steady decline since 2007, especially after taking the Government’s redistributive policies and transfers into account, he added.
“It is not just about redistribution. Fundamentally, we want every Singaporean, regardless of background, to have the opportunity to progress and succeed based on his or her own effort and talents.”
A 2015 study by the Ministry of Finance, which looked at children born from 1978 to 1982, found that 14.3 per cent of children born to the bottom one-fifth of income earners later moved on in life to become the top-fifth income earners among their peers in their 30s.
Although the figure has dropped slightly to 14 per cent for those born from 1985 to 1989, Mr Wong pointed out that this proportion is better than many other countries.
To this end, Singapore has invested heavily on education, and rolled out social policies such as SkillsFuture and the Workfare Income Supplement scheme. The latter works as a negative income tax since it hands out cash supplements to workers whose incomes are below a certain threshold.
These programmes require recurrent funding, which are borne by taxes that apply to the current generation who benefit from such policies.
Read more at https://www.todayonline.com/singapo...xt-budget-current-level-too-low-lawrence-wong
