Widespread unhappiness over fare hike?
Much has been written about the fare increase, since it was announced on 16 January ( including yours truly’s “The alternative news in 1 day? (part 31) – Fare increase approved by PTC“, January 16).
But what does the fare hike really mean for Singaporeans – and arguably, what Singaporeans should be really angry about?
Pay $21 more a year?
- That on the average, each of those who pay more – shall be poorer by $21 or $7 a year, depending on which category you belong to, according to the calculations and projections of the Public Transport Council (PTC)?
Before I let you in on what I’m trying to get at – allow me to use an analogy.
How your uncle has been treating you?
Your uncle who has been managing your “Singkies” clan’s finances and affairs for decades, announce that you will be charged $21 more a year.
Well, actually your uncle has been charging you and all your family members in the clan – much more and giving you back in benefits much less than all the other clans in the world, to the tune of thousands of dollars every year.
The real problem is that you are not aware of the above.
So, what am I talking about?
Pay the highest taxes, get the least benefits?
From a Cashflow perspective – Singaporeans pay the highest taxes and get the least benefits back.
10-part article
You may like to read the 10-part article “How much taxes are Singaporeans really paying?”
To date, 5 of the 10 parts have been published together with separate Infographics.
The final part 10 shall be published before 15 February.
Public forum on 15 February
Come join your fellow Singaporeans for a free public forum – Pre-Budget Debate 2014: Singaporeans pay the highest taxes, get the least benefits – on 15 February, 2 to 5 pm. Venue: To be advised.
Budget 2014 will be announced in Parliament on 21 February.
Leong Sze Hian
*Leong is the Past President of the Society of Financial Service Professionals, an alumnus of Harvard University, has authored 4 books, quoted over 1500 times in the media , has been host of a money radio show, a daily newspaper column, Wharton Fellow, SEACeM Fellow, columnist for Malaysiakini, executive producer of the movie Ilo Ilo (24 international awards). He has served as Honorary Consul of Jamaica and founding advisor to the Financial Planning Associations of Brunei and Indonesia. He has 3 Masters, 2 Bachelors and 13 professional qualifications.