Good saving habits
They will prepare them for tough times when pay is low, says Lim Boon Heng
By Kor Kian Beng
THE economic downturn holds two lessons for workers, said Mr Lim Boon Heng, Minister in the Prime Minister's Office. One, save money in good times, and two, be flexible in seeking new jobs in bad times.
The saving habit will help prepare a worker for tough times because a new job in a downturn usually means lower pay, said Mr Lim on Tuesday at an event of the Metal Industries Workers Union.
About 400 union members attended the event at NTUC Centre in Marina Boulevard, during which they elected the union's executive committee to serve till 2013.
In urging workers to save, he said: 'Savings would help us tide over this period. So we should inculcate the good habit of saving for a rainy day, little by little. Even a small amount each month adds up.'
He added that the Government itself had saved and invested surplus funds in the past and so was able to offer the $20.5 billion Resilience Package in this year's Budget to help workers, households and companies during this recession.
The package includes the $650 million Skills Programme for Upgrading and Resilience, which subsidises workers' training, and the $4.5 billion Jobs Credit scheme, which subsidises an employer's wage bill.
These aid programmes are the reason retrenchments are not as high as they would have been, he said.
Mr Lim also had a message for union leaders: Protect workers, especially the most vulnerable ones, like contract workers.
Singapore has seen a spike hiring contract or part-time workers in recent years, he added, citing official figures. They show 189,100 contract workers last year, up from 180,200 in 2007 and 172,000 in 2006.
http://www.straitstimes.com/Breaking+News/Singapore/Story/STIStory_412594.html
Who also know saving will help, but do the lower income group have any extra to save in the 1st place? When times are good, everything rise except their salary. When times are bad, they either are retrench, company close down, pay cut or even have to increase workload and working hours due to comapny downsizing.
I think the problem with all these million $$$ salary minister is that they are either totally out of touch, or pretend not to know the real situation.
just look at all the comments:
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Idealistic and impractical advice. Tell that to a low wage worker and he is going to curse and swear, kau pei kau bu. He is not of minister's calibre to earn millions whereby a small saving adds up. He is not a millionaire, but has million hairs.
He is already earning a peasant's pay, how are you going to expect him to save when in Spore ? Things are not cheap here, basic necessities add up and eat into every cent he has. He can eat air and grass when he has no money.
Posted by: hotwoks at Wed Aug 05 10:27:41 SGT 2009
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Save money in good times? Sure, like the ministers good times increase their own pay, then they also have lots of money to save....
Posted by: Frankiestine at Wed Aug 05 09:53:42 SGT 2009
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"Even a small amount each month adds up"
Yes yes Mr Minister who earns in excess of S$1m per year before bonus and perks, a small amount each month is a noble effort, until the next hike in GST, transport, and utility wipes out the savings.
Posted by: augustus_cesar at Wed Aug 05 09:31:55 SGT 2009
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every month scratch here scratch there to make ends meet.......... money made all go back to gahmen to pay bills & bills & bills !!!!..........
What savings ?? !!!
Posted by: haiyoyoh at Wed Aug 05 09:14:40 SGT 2009