05/02/2024
No Singaporean family should get stuck in a poverty cycle.
As we enter the new year, top of mind amongst many Singaporeans is the rising costs of living and a slowing economy. This affects lower-income households more, with recent data showing a decline in real income for those at the bottom 20th percentile.
Workfare currently helps individuals cushion the higher costs of living and save up for longer-term retirement, by topping up their wages through cash and CPF payments. In the years ahead, Leap Philanthropy hopes that their family dependents will also benefit from this scheme.
We believe there needs to be a regular review of the Workfare supplement quantum that takes into account the rising cost of living, and that the cash proportion for workers can be increased. This will help lower-income households to cope with rising living costs and empower them to invest in their own upskilling and their children’s future.
That’s why we have been advocating for boosting the quantum of Workfare since 2020.
As we approach Budget 2024, we are happy to share The Straits Times coverage of our latest Op-Ed on how we can rethink Workfare for lower-income families amid higher living costs - https://www.straitstimes.com/opinion/budget-2024-let-s-rethink-workfare-for-lower-income-families-amid-higher-living-costs (published earlier today, 5 February 2024).
With persistent high inflation and an impending global recession, now is the time to better support lower-income Singaporeans and their family dependents that are most in need. Paving the way to a fairer and stronger society for all.
Executive Summary of Op-Ed – https://leap201.org/new_media/budget-2024-lets-rethink-workfare-for-lower-income-families-and-higher-living-costs/
Increasing the cash portion and accounting for inflation and the household size can provide more financial stability. Read more at straitstimes.com.
