$6693 is the Minimum Income Standard in Singapore Today [ft Dr Ng Kok Hoe & Assoc Prof Teo You Yenn]

On this episode of Chill with TFC 156, we explore new research aiming to define what it truly means to have enough in today's Singapore. Our guests, Dr Ng Kok Hoe and Associate Prof Teo You Yenn, are brilliant minds in the fields of sociology and social policy research. Through their innovative focus group method, they gathered diverse perspectives on basic living standards. Together, they've embarked on a groundbreaking journey to uncover the truth behind Minimum Income Standards (MIS) in Singapore.
Discover how they gathered diverse perspectives from ordinary Singaporeans and explored the elements that shape a decent standard of living. It's an exploration that challenges the status quo and sets the stage for a paradigm shift.
But what did participants view as necessities that may surprise you? And where did their ideas diverge from traditional government stances? Tune in as we discuss the findings and debated topics like education expenses, leisure activities, and the price of participating fully in society.
You'll also learn how the researchers calculate real monetary costs of meeting consensus needs. But how do their figures compare to actual household incomes? We'll discuss criticisms of the methodology and whether current policies are really sufficient.
Most importantly, what gaps does this research reveal between lived realities, shifting social norms and assumptions in our policymaking? Join us to get insight into empirically reexamining the baseline of welfare and well-being in Singapore from those doing it. This is one policy discussion you won't want to miss - so stay tuned to hear more.
00:00 Intro
02:33 What is the content and structure of the minimum income report your team has developed?
13:10 What is considered basic standard of living in Singapore?
32:45 What's the ministry's concern? Any key points of contention?
42:10 Summary
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Disclaimer: The content discussed in this episode is intended for educational purposes only and should not be considered as financial advice. The information provided is based on our understanding at the time of recording and may not reflect the current regulations or market conditions. The opinions expressed by guests are their own and do not necessarily represent those of The Financial Coconut. Please do your due diligence before making any investment or financial decisions.
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[@lcldan]

just want to say thank you. Found the MIS website.

[@Zayn___varane]

$6693 is not the mininum salary they are proposing. $6693 is the TOTAL HOUSEHOLD income for a couple with two children aged 7-12 and 13-18 years old. The title is misleading but nevermind that, to those who are commenting that it is too high, did you all even bother to watch the video? The standard in Singapore is no longer just food and shelter. It includes tuition, education, social participation and etc. All of which are important to be met. For those who think these needs are unrealistic then im curious... Which one of the items they mentioned that you would think is not a need for your own children/future children??

[@arsenal_84]

No kids = no such problem.

[@Hs5687]

SG’s Lee Kuan Yew not only Marginalised & Oppressed SG Muslims But also Looted & Plundered SG’s Wealthy Arabs …. Consolation is Only After LKY Caught Red Handed and Paraded like Common Street Criminal at SG’s Sikh Police Temple in 2010 , is SG Govt been Covertly taking Steps to Correct LKY’s Predatory Bad Habits & Racist Policies…Discussing Min Wage without referring to PAP’s Failures is Hypocrisy at its Finest 😊

[@VMTNKKR]

but why is the min online household income 10k+? average

[@ocswoodlands]

Thanks fir being brave 👍

[@xt8851]

thank you Dr Ng and Prof Teo, and host TFC , i hear so much sincerity in your talk! Thanks for yr due diligence and for speaking up for commoners like us

[@TheFinancialCoconutTFC]

Glad you found resonance here :) jiayou!

[@knockitdown20]

Really enjoyed the discussion! Clearly the researchers put in lots of effort and it's always good to show this because when it comes to such things the devil is always in the details. Thanks for giving them the platform to share their insights!

[@TheFinancialCoconutTFC]

They are very cool 😎 thanks for loving the show!

[@vistory]

wow i love her book. I love this episode, please do more of such sophisticated podcast. Great guests!

[@TheFinancialCoconutTFC]

She is doing good work 👍🏻

[@Wheelietraveler]

This isn't a video to prepare for retirement. But some good insights.

[@optimusSG]

Dear TFC thanks for giving Dr Ng and Prof teo the platform/opportunity to share abt the study... As the $6k+ income is for a couple with two kids, I wonder if you may want to indicate this in your title. Some comments below seem to interpret the research as recommending 1 person should earn minimum 6k plus.... Just a suggestion. No worries if theres a method to the madness tho... :)

[@TheFinancialCoconutTFC]

There are doing amazing work :) n yes there’s a method to the madness haha

[@wangjinwen7708]

Why the $3?

[@Missy_Ai]

Microwave is indeed unnecessary. Nowadays young people use air fryer and steamer. Also, wok and cover is all needed is a true fact, nothing to laugh about.

[@jamesmadison3108]

why your spectacle got mist? haha

[@TheFinancialCoconutTFC]

Haha probably cos it’s the first recording of the day 😆

[@lingth]

To me: Basic Std living. Take Bus/MRT, eat at home and sometimes at coffeeshops, live in 3rm HDB, travel to JB 2 or 3 times a year.. I feel you can make do with $3k to $3.5k a month So many ppl dun even make $4k a month after 10 or 20 years.. these "elites" call $6.6k bare minimum.

[@lcldan]

combine income of both couple married with 2 kids. the video got state..

[@anziar3038]

People have different lifestyles and different spending habits. Setting the min salary at $6693 is a senseless thing to do. They need to go for counselling.

[@engchoontan8483]

car, condo, club, career cash 5Cs NS-clubs not counter. inflation by women, price tag fear, low-ball high-price contradictive mentality. speculative women theories. what difference HDB and marriage at condo (womens' past requirements). safety net against women is $$$ (the other way). worth-value not-matching

[@eatdriveplay]

This is all made-up by people who set ambiguous expectations (adding on size of home, transport options, holiday how many times a year, kinds of school to go to, money to put in endowment fund, insurance so you can be in a nice private hospital suite if you are sick or a million dollars if you die) and call these 'minimum/basic' standards. Reality is - you can set your own expectation and standards and common folks get by and grow up like any typical Singaporean in a HDB estate, taking public transport, public school, etc. and can do so making far less. And this is by no means poverty.

[@TheFinancialCoconutTFC]

Indeed. At the core you can decide your expectations. But please reframe from conflating your ideas and what the professors and their research ultimately included in their composite. We all can decide what works for us :) most importantly is we are clear about it and achieve it :)

[@eatdriveplay]

@@TheFinancialCoconutTFC erm… what’s ‘reframe’? and are you aware research is not an end-all and any good purpose of any good research is to open up further research and discussion?

[@qizhong]

@@eatdriveplay In context, he probably means ‘refrain’. But it would be helpful for you to google what 'reframe the issue' means as well. Firstly, the objective of the study is the opposite of what you claim - it is to make expectations as precise and as unambiguous as possible, by putting an exact dollar amount to different aspects of expenditure (even as this opens them up to scrutiny when people cherry-pick certain items). So no, the expectations are not ambiguous. Secondly, the figures are not made up (as you say) in the sense that they are derived from a combination of interview data and prevailing trends (such as inflation). They are not figures pulled out of the air. Thirdly, the examples you raised (endowment funds, private hospital suites and a million dollars upon death) do not seem to be represented in the study. Where did you get them from?

[@qizhong]

@@eatdriveplay Fourthly, it is always possible for someone to set their own/private expectations. What this study aims to do is to set a public consensus on income standards. If what you mean is that there is no need for a public consensus, I would ask why you think so? Fifth, you will find that the minimum income numbers from the report are largely derived from typical Singapore expenditures such as living in public housing, taking public transport and going to public schools (what you mentioned). If that is the case, you shouldn’t have any problems with the report? Lastly, of course research is not the end-all, as it is meant to guide policy. It should also open up further discussion. However, I’m not sure you are heeding your own advice if your contribution to the discussion seems to be to deny the basic premise of the study (that there is no need for a public consensus), and misrepresent the study with examples that don’t appear in it, etc. In fact, it appears that your comments have the effect of muting further discussion of what the minimum income standard in Singapore should be.

[@eatdriveplay]

@@qizhong the lifestyle expectations depends on who u ask and which percentile of income bracket they are, what is their family upbringing and background. So what kind of ‘consensus’ can we arrive at, without realizing that it is all subjective to where we have been in life and the stage and expectations of their future.

[@suzyzoo5545]

This amount is ridiculous. Setting unrealistic expectations for the young.

[@qizhong]

Two parents with two kids earning a combined total of $6693 is ridiculous/unrealistic? What do you think the amount should be then?

[@qizhong]

"The increases in MIS budgets take place against a backdrop of recent high inflation: 8.6% between 2020 and 2022 as measured by the Consumer Price Index (CPI). The monthly MIS budgets for three indicative household types increased by 4%-5% during the same period, to: $3,369 for a single parent with one child aged 2-6 years old $6,693 for a couple with two children aged 7­-12 and 13-18 years old $1,492 for a single elderly person 65 years and older" From the actual report, for reference

[@jamesmadison3108]

@qizhong did they mention is for combine income?

[@suzyzoo5545]

Suggestion maybe the header should be change to $6693 "Minimum Income Standard for a 2 child Household" otherwise the heading is just misleading.

[@qizhong]

@@suzyzoo5545 That is a fair suggestion, though I don’t think that would be the best idea because it would make the video title too long/unwieldy, and also how much detail is enough detail - should we also indicate if it’s a single-parent or a couple family, how old the kids are, etc.? The other alternative is to take out the dollar amount entirely, although that will probably make for a bland title and less attractive for people to click through. Ultimately, if people are willing to find out the actual details of the study, that would be the best inoculation against ‘being misled’.

[@lukeeong]

utter nonsense. their research will make many people feel sad. they tend to equate money with their four needs. to live well don't need all these things they talk about. if what they say is true, then $20k also not enough.

[@user-cl3ke3gy2f]

rubbish... sg$,6,990.00 minimum wage ???...tell that 2 the taxi driver, retail sales person, nurses, clerks etc....

[@TheFinancialCoconutTFC]

Have you listened to the episode? Do you have something more insightful to say?