Published
29 JUNE, 2020
UPDATED 29 JUNE, 2020
PSP proposes minimum living wage, pegging ministerial salaries to median income.
It also calls for all housing board flats to undergo en-bloc redevelopment.
Funds for such schemes can come from cutting government spending, NIRC, it said.
SINGAPORE — The Progress Singapore Party (PSP) released a manifesto on Monday (June 29) calling for ministerial salaries to be pegged to the median income and a living wage for all, among other things.
The proposals in its 13-page manifesto, titled “You Deserve Better”, also include prioritising jobs for Singaporeans, allowing Central Provident Fund (CPF) withdrawal of up to S$50,000 at 55 years old and ensuring that all ageing public flats undergo en-bloc redevelopment.
Speaking at a virtual press conference to launch the manifesto, PSP assistant secretary-general Leong Mun Wai said the party’s policies focus on wage growth and helping small- and medium-sized enterprises (SMEs), whereas the PAP’s policies are more focused on economic growth and attracting multinational companies.
In a foreword to the manifesto, PSP chief Tan Cheng Bock said these proposals present an “alternative vision” for Singapore, whose citizens are now feeling the strain of wage stagnation and a lacklustre economy while living in a country that has stayed on the list of the world’s top five most expensive cities for five years.
He also cited a recent survey by market research firm Ipsos, which found that nearly four in five Singaporeans agree that the economy is rigged to advantage the rich and powerful.
The Government’s response so far seems to be a “patchwork of policy tweaks” that do not address fundamental factors affecting Singaporeans, he wrote.
Here is a look at its proposals:
ECONOMIC POLICIES
Singapore has one of the highest gross domestic product (GDP) per capita in the world, yet wages only make up 43 per cent of GDP, whereas in most developed economies, the wage share is more than 50 per cent, the PSP noted.
If elected, the PSP aims to increase the wage share of Singapore’s GDP and boost real wages.
The party also proposes a post-Covid-19 resurgence strategy, which would include bolder economic stimuli and stronger support for SMEs.
Key proposals:
Prioritise jobs for Singaporeans by introducing a quota for Employment Pass holders, lowering the quota for S-Pass and Work Permit holders and reviewing free trade agreements such as the India-Singapore Comprehensive Economic Cooperation Agreement (Ceca).
Give local SMEs a leg up by giving them priority in public sector procurements, investing in them, directly supporting their restructuring efforts and overseas ventures and cutting their business costs.
Reduce dependence on foreign labour by moving towards a higher value-add and higher-wage model, curbing an easy supply of workers so as to push employers into investing in equipment or processes that can lead to higher productivity.
Introduce a living wage — the minimum income necessary for a worker to meet their basic needs — to all sectors when the economy stabilises.
SOCIAL POLICIES
To reduce inequality and improve social mobility, PSP said it wants to address the lease decay of HDB flats, make homes more affordable and build a strong social safety net for the needy, including retirees and the sick.
It also seeks to improve work-family balance to improve the nation’s total fertility rate, which dipped from 1.6 in 2000 to 1.14 last year, well below the replacement rate of 2.1.
Key proposals:
En-bloc redevelopment of all old HDB flats, and allowing those who don't want a new flat to sell their right to the Government and save the money for their retirement
Peg new flat prices to income levels
Bring down housing costs for young Singaporeans to free them for entrepreneurial pursuits
Freeze tax and fee increases for the next five years and exempt basic necessities from Goods and Services Tax (GST)
Increase the quantum of Central Provident Fund (CPF) withdrawal at age 55 to up to S$50,000, and get the Government to fully subsidise Medishield Life premiums.
Improve financial assistance for those who became unemployed due to the Covid-19 pandemic and increasing Comcare payouts for low-income individuals and families.
POLITICAL POLICIES
PSP is calling for more freedom of speech and expression “to weave a richer national fabric” and build a national identity and pride, which are integral to nation-building.
The need for a system of checks and balances is needed to prevent an abuse of power, it added, stressing that accountability, transparency and independence are needed to build trust with Singaporeans.
Key proposals:
Peg ministerial salaries to median income
Ensure frugal public spending and subject huge projects to greater scrutiny
Public service, including public transport and utilities, should not be profit-making
Expand presidential oversight over more key public appointments
Reduce the overdominance of a single party with over 90 per cent representation in Parliament
Review the Protection from Online Falsehoods and Manipulation Act (Pofma), which came into effect on Oct 2 last year
Relax the regulation of media and the arts and encourage a diversity of views
Asked if these policies meant that PSP is calling for a smaller economy, Mr Leong, who will be a candidate in West Coast Group Representation Constituency (GRC), said the party is only suggesting that it is undesirable for the country to only concentrate on GDP growth.
“We want to at least give a decent level of wages for our Singaporeans so that they can lead a decent and dignified life,” he said.
As for how PSP intends to fund its proposed policies, Mr Leong said that there are two possible ways: By cutting the government operating budget of S$80 billion, which he said the Government “hasn’t been very frugal” with, or tapping the Net Investment Return Contributions (NIRC) from the reserves.
The NIRC, which is a major contributor to the Government’s budget, consists of 50 per cent of the net investment returns on the net assets invested by GIC, the Monetary Authority of Singapore and Temasek Holdings and 50 per cent of the net investment income derived from past reserves from the remaining assets.
In other words, the Government spends 50 per cent of the estimated gains from investment, and puts the remaining 50 per cent back into the reserves to preserve its growth for future use.
“That 50 per cent should be spent more proactively,” Mr Leong said. “At the moment the Government usually saves up or puts this money into (a) fund, and then just puts it on the balance sheet of the Government and the money is not immediately spent.”
PSP candidate for Chua Chu Kang GRC Francis Yuen added that government spending could be reduced if major projects such as the construction of Terminal 5 at Changi Airport and other tourism-related projects are delayed or cancelled, as Covid-19 will slow tourism.
HOW MUCH WILL ‘SERS FOR ALL’ COST?
National Development Minister Lawrence Wong said in 2017 that only 4 per cent of Singapore public housing stock had been selected for the Selective En bloc Redevelopment Scheme (Sers) since it began in 1995.
Under this scheme, the Government buys over old flats and offers its residents a new home with a new 99-year lease, as well as a package comprising compensation and rehousing benefits.
Asked if PSP had worked out how much it would cost to fund its proposal to extend Sers to all old HDB flats, Mr Leong said the party had done a rough calculation and found that the exercise would roughly cost the Government about S$4 billion a year.
This is a price the Government has to pay for drumming in the idea of an HDB flat as both a home and an asset to provide Singaporeans an important form of retirement security, he said.
“You have told Singaporeans that… the asset is an appreciating asset, so there’s a political responsibility in honouring those words.”
In a virtual press conference, the party's vice chairman, Hazel Poa, introduced their 13-page manifesto proposing policies in three key areas, social, political and economic development.
"Economy must serve the people, rather than the other way around": Poa
Poa introduced the manifesto by highlighting that one of the guiding principles of PSP is that "the economy must serve the people, rather than the other way around".
To further elaborate on the same point, she added that:
"So the whole purpose of economic growth must be to improve the lives of people. And it shouldn't be a case where it is simply people being used as inputs to grow the economy."
Economic development proposals
Touching on economic policies, Poa said that PSP aims to increase the wages of Singaporeans, job priorities for citizens, reducing the foreign workforce and to grow local businesses.
Higher wages & job priorities for S'poreans
Citing data from 2009 and 2019 that highlighted the labour force growth and real wage growth, Poa pointed out that while an increasing labour force can lead to increased Gross Domestic Product (GDP), it leads to lower real wage growth.
To improve wages and job priorities, the party proposed that it will lower the quota for S Passes and Work Permits.
Reducing Singapore's over-reliance on foreign workers
Poa said that there's a dependence on foreign workers, which has resulted in issues such as congestion on public transport, problems with social integration and a lower quality of life due to higher prices for goods and services.
The party also proposed reviewing free trade agreements and briefly mentioned the term, Comprehensive Economic Cooperation Agreement (CECA), which is free trade agreement between India and Singapore.
Poa said:
"Firstly, to cut down our foreign workforce through restrictions on foreign talent and reducing the numbers of foreign workers. We should call cases where employers indicate that there is a lack of necessary skills in locals, we should insist on skills transfers to locals over a reasonable period of time. And we will also review free trade agreements, especially those that touch on labour exchange like for example, CECA, and all this with the aim of making sure that there are more and better jobs for Singaporeans."
The party would also like for industries to make use of automation and artificial intelligence to pursue higher productivity and wage growth.
Social development policies
As for social policies, Poa shared that reducing inequality is one of the priorities of PSP.
Citing data on household income from 2009 to 2019, she said that in "the bottom 10 per cent (of the population), the increase in their monthly income is S$240 over 10 years, and in the highest 10 per cent is S$4,792".
Poa also said that they would like to address the "lease decay issue", and that all old HDB flats should have en-bloc redevelopment
PSP also proposed for new flat prices to be pegged to income levels and to bring down housing costs for young Singaporeans.
Poa also highlighted that PSP aims to allow higher CPF withdrawals at the age of 55.
The party also rejected any tax and fee increases for the next five years and said that that there should be "no GST on basic necessities".
Improve governance through political development
Poa emphasized that "a system of checks and balances are necessary to prevent abuse of power, accountability and transparency to improve governance".
To do this, the party proposed the reduction of ministerial salaries and more scrutiny on government spending.
Reduce ministerial salaries to median salary levels
To improve governance, the party suggested the lowering of ministerial salaries and peg it to median salary levels.
Poa explained how this would work:
"So that if median salary increases, ministerial salaries. So that if median salary decreases, ministerial salaries decrease, so that we all move together."
Reviewing POFMA
The manifesto also touched on reviewing the Protection from Online Falsehoods and Manipulation Act (POFMA) and highlighted that the party would allow for speaking up without fear or favour and encourage the diversity of views.
Party member, Kumaran Pillai, raised that the party is "proposing freedom of speech and expression".
He added that young people these days are very expressive, especially on social media and that POFMA needs to be reviews to help in the "development of the nation and political development".
Dr Tan Cheng Bock : "If I enter into the Office of the President, and start making life difficult for everyone by interfering, then this country will go to naught. The President must ultimately be the unifying force."
So says Dr Tan Cheng Bock, who lost his Presidential bid five years ago by a mere 0.35 percentage points. Why is the former Member of Parliament so keen to run for the office again? And what does he plan to do, should he make it into the Istana?
Click to watch YouTube interview
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29 JUNE, 2020
UPDATED 29 JUNE, 2020
PSP proposes minimum living wage, pegging ministerial salaries to median income.
It also calls for all housing board flats to undergo en-bloc redevelopment.
Funds for such schemes can come from cutting government spending, NIRC, it said.
SINGAPORE — The Progress Singapore Party (PSP) released a manifesto on Monday (June 29) calling for ministerial salaries to be pegged to the median income and a living wage for all, among other things.
The proposals in its 13-page manifesto, titled “You Deserve Better”, also include prioritising jobs for Singaporeans, allowing Central Provident Fund (CPF) withdrawal of up to S$50,000 at 55 years old and ensuring that all ageing public flats undergo en-bloc redevelopment.
Speaking at a virtual press conference to launch the manifesto, PSP assistant secretary-general Leong Mun Wai said the party’s policies focus on wage growth and helping small- and medium-sized enterprises (SMEs), whereas the PAP’s policies are more focused on economic growth and attracting multinational companies.
In a foreword to the manifesto, PSP chief Tan Cheng Bock said these proposals present an “alternative vision” for Singapore, whose citizens are now feeling the strain of wage stagnation and a lacklustre economy while living in a country that has stayed on the list of the world’s top five most expensive cities for five years.
He also cited a recent survey by market research firm Ipsos, which found that nearly four in five Singaporeans agree that the economy is rigged to advantage the rich and powerful.
The Government’s response so far seems to be a “patchwork of policy tweaks” that do not address fundamental factors affecting Singaporeans, he wrote.
Here is a look at its proposals:
ECONOMIC POLICIES
Singapore has one of the highest gross domestic product (GDP) per capita in the world, yet wages only make up 43 per cent of GDP, whereas in most developed economies, the wage share is more than 50 per cent, the PSP noted.
If elected, the PSP aims to increase the wage share of Singapore’s GDP and boost real wages.
The party also proposes a post-Covid-19 resurgence strategy, which would include bolder economic stimuli and stronger support for SMEs.
Key proposals:
Prioritise jobs for Singaporeans by introducing a quota for Employment Pass holders, lowering the quota for S-Pass and Work Permit holders and reviewing free trade agreements such as the India-Singapore Comprehensive Economic Cooperation Agreement (Ceca).
Give local SMEs a leg up by giving them priority in public sector procurements, investing in them, directly supporting their restructuring efforts and overseas ventures and cutting their business costs.
Reduce dependence on foreign labour by moving towards a higher value-add and higher-wage model, curbing an easy supply of workers so as to push employers into investing in equipment or processes that can lead to higher productivity.
Introduce a living wage — the minimum income necessary for a worker to meet their basic needs — to all sectors when the economy stabilises.
SOCIAL POLICIES
To reduce inequality and improve social mobility, PSP said it wants to address the lease decay of HDB flats, make homes more affordable and build a strong social safety net for the needy, including retirees and the sick.
It also seeks to improve work-family balance to improve the nation’s total fertility rate, which dipped from 1.6 in 2000 to 1.14 last year, well below the replacement rate of 2.1.
Key proposals:
En-bloc redevelopment of all old HDB flats, and allowing those who don't want a new flat to sell their right to the Government and save the money for their retirement
Peg new flat prices to income levels
Bring down housing costs for young Singaporeans to free them for entrepreneurial pursuits
Freeze tax and fee increases for the next five years and exempt basic necessities from Goods and Services Tax (GST)
Increase the quantum of Central Provident Fund (CPF) withdrawal at age 55 to up to S$50,000, and get the Government to fully subsidise Medishield Life premiums.
Improve financial assistance for those who became unemployed due to the Covid-19 pandemic and increasing Comcare payouts for low-income individuals and families.
POLITICAL POLICIES
PSP is calling for more freedom of speech and expression “to weave a richer national fabric” and build a national identity and pride, which are integral to nation-building.
The need for a system of checks and balances is needed to prevent an abuse of power, it added, stressing that accountability, transparency and independence are needed to build trust with Singaporeans.
Key proposals:
Peg ministerial salaries to median income
Ensure frugal public spending and subject huge projects to greater scrutiny
Public service, including public transport and utilities, should not be profit-making
Expand presidential oversight over more key public appointments
Reduce the overdominance of a single party with over 90 per cent representation in Parliament
Review the Protection from Online Falsehoods and Manipulation Act (Pofma), which came into effect on Oct 2 last year
Relax the regulation of media and the arts and encourage a diversity of views
Asked if these policies meant that PSP is calling for a smaller economy, Mr Leong, who will be a candidate in West Coast Group Representation Constituency (GRC), said the party is only suggesting that it is undesirable for the country to only concentrate on GDP growth.
“We want to at least give a decent level of wages for our Singaporeans so that they can lead a decent and dignified life,” he said.
As for how PSP intends to fund its proposed policies, Mr Leong said that there are two possible ways: By cutting the government operating budget of S$80 billion, which he said the Government “hasn’t been very frugal” with, or tapping the Net Investment Return Contributions (NIRC) from the reserves.
The NIRC, which is a major contributor to the Government’s budget, consists of 50 per cent of the net investment returns on the net assets invested by GIC, the Monetary Authority of Singapore and Temasek Holdings and 50 per cent of the net investment income derived from past reserves from the remaining assets.
In other words, the Government spends 50 per cent of the estimated gains from investment, and puts the remaining 50 per cent back into the reserves to preserve its growth for future use.
“That 50 per cent should be spent more proactively,” Mr Leong said. “At the moment the Government usually saves up or puts this money into (a) fund, and then just puts it on the balance sheet of the Government and the money is not immediately spent.”
PSP candidate for Chua Chu Kang GRC Francis Yuen added that government spending could be reduced if major projects such as the construction of Terminal 5 at Changi Airport and other tourism-related projects are delayed or cancelled, as Covid-19 will slow tourism.
HOW MUCH WILL ‘SERS FOR ALL’ COST?
National Development Minister Lawrence Wong said in 2017 that only 4 per cent of Singapore public housing stock had been selected for the Selective En bloc Redevelopment Scheme (Sers) since it began in 1995.
Under this scheme, the Government buys over old flats and offers its residents a new home with a new 99-year lease, as well as a package comprising compensation and rehousing benefits.
Asked if PSP had worked out how much it would cost to fund its proposal to extend Sers to all old HDB flats, Mr Leong said the party had done a rough calculation and found that the exercise would roughly cost the Government about S$4 billion a year.
This is a price the Government has to pay for drumming in the idea of an HDB flat as both a home and an asset to provide Singaporeans an important form of retirement security, he said.
“You have told Singaporeans that… the asset is an appreciating asset, so there’s a political responsibility in honouring those words.”
In a virtual press conference, the party's vice chairman, Hazel Poa, introduced their 13-page manifesto proposing policies in three key areas, social, political and economic development.
"Economy must serve the people, rather than the other way around": Poa
Poa introduced the manifesto by highlighting that one of the guiding principles of PSP is that "the economy must serve the people, rather than the other way around".
To further elaborate on the same point, she added that:
"So the whole purpose of economic growth must be to improve the lives of people. And it shouldn't be a case where it is simply people being used as inputs to grow the economy."
Economic development proposals
Touching on economic policies, Poa said that PSP aims to increase the wages of Singaporeans, job priorities for citizens, reducing the foreign workforce and to grow local businesses.
Higher wages & job priorities for S'poreans
Citing data from 2009 and 2019 that highlighted the labour force growth and real wage growth, Poa pointed out that while an increasing labour force can lead to increased Gross Domestic Product (GDP), it leads to lower real wage growth.
To improve wages and job priorities, the party proposed that it will lower the quota for S Passes and Work Permits.
Reducing Singapore's over-reliance on foreign workers
Poa said that there's a dependence on foreign workers, which has resulted in issues such as congestion on public transport, problems with social integration and a lower quality of life due to higher prices for goods and services.
The party also proposed reviewing free trade agreements and briefly mentioned the term, Comprehensive Economic Cooperation Agreement (CECA), which is free trade agreement between India and Singapore.
Poa said:
"Firstly, to cut down our foreign workforce through restrictions on foreign talent and reducing the numbers of foreign workers. We should call cases where employers indicate that there is a lack of necessary skills in locals, we should insist on skills transfers to locals over a reasonable period of time. And we will also review free trade agreements, especially those that touch on labour exchange like for example, CECA, and all this with the aim of making sure that there are more and better jobs for Singaporeans."
The party would also like for industries to make use of automation and artificial intelligence to pursue higher productivity and wage growth.
Social development policies
As for social policies, Poa shared that reducing inequality is one of the priorities of PSP.
Citing data on household income from 2009 to 2019, she said that in "the bottom 10 per cent (of the population), the increase in their monthly income is S$240 over 10 years, and in the highest 10 per cent is S$4,792".
Poa also said that they would like to address the "lease decay issue", and that all old HDB flats should have en-bloc redevelopment
PSP also proposed for new flat prices to be pegged to income levels and to bring down housing costs for young Singaporeans.
Poa also highlighted that PSP aims to allow higher CPF withdrawals at the age of 55.
The party also rejected any tax and fee increases for the next five years and said that that there should be "no GST on basic necessities".
Improve governance through political development
Poa emphasized that "a system of checks and balances are necessary to prevent abuse of power, accountability and transparency to improve governance".
To do this, the party proposed the reduction of ministerial salaries and more scrutiny on government spending.
Reduce ministerial salaries to median salary levels
To improve governance, the party suggested the lowering of ministerial salaries and peg it to median salary levels.
Poa explained how this would work:
"So that if median salary increases, ministerial salaries. So that if median salary decreases, ministerial salaries decrease, so that we all move together."
Reviewing POFMA
The manifesto also touched on reviewing the Protection from Online Falsehoods and Manipulation Act (POFMA) and highlighted that the party would allow for speaking up without fear or favour and encourage the diversity of views.
Party member, Kumaran Pillai, raised that the party is "proposing freedom of speech and expression".
He added that young people these days are very expressive, especially on social media and that POFMA needs to be reviews to help in the "development of the nation and political development".
Dr Tan Cheng Bock : "If I enter into the Office of the President, and start making life difficult for everyone by interfering, then this country will go to naught. The President must ultimately be the unifying force."
So says Dr Tan Cheng Bock, who lost his Presidential bid five years ago by a mere 0.35 percentage points. Why is the former Member of Parliament so keen to run for the office again? And what does he plan to do, should he make it into the Istana?
Click to watch YouTube interview
Other Stories:
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The party did not announce the constituencies where the six candidates would be fielded.
GE 2020: PAP introduces 4 more new candidates, including first female general
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GE2020: Workers' Party's 39-page manifesto, summarised
Workers' Party chief Pritam Singh said that there was a real risk of a 'wipeout' for the opposition this GE.
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GE2020: Lee Hsien Yang not among 'last batch of candidates' introduced by Tan Cheng Bock
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GE2020: PSP unveils final batch of candidates, including former PSC scholar & SIA pilot
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This is the first time in which POFMA was invoked by an alternate authority instead of a minister.
June 29, 2020, 05:08 PM
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She was responding to the Workers' Party's warning that the opposition could be wiped out this election.
June 29, 2020, 04:36 PM
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Teo asked residents to give her and her team the opportunity to serve them.
June 29, 2020, 04:22 PM
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Goodbye for now, sister flower.
June 29, 2020, 03:40 PM
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June 29, 2020, 03:25 PM
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June 29, 2020, 03:18 PM
'There can never be another Hougang in S'pore', outgoing Hougang MP Png Eng Huat reflects
He shared anecdotes from his time as Hougang MP.
Social development policies
As for social policies, Poa shared that reducing inequality is one of the priorities of PSP.
Citing data on household income from 2009 to 2019, she said that in "the bottom 10 per cent (of the population), the increase in their monthly income is S$240 over 10 years, and in the highest 10 per cent is S$4,792".
Poa also said that they would like to address the "lease decay issue", and that all old HDB flats should have en-bloc redevelopment
PSP also proposed for new flat prices to be pegged to income levels and to bring down housing costs for young Singaporeans.
Poa also highlighted that PSP aims to allow higher CPF withdrawals at the age of 55.
The party also rejected any tax and fee increases for the next five years and said that that there should be "no GST on basic necessities".
Improve governance through political development
Poa emphasized that "a system of checks and balances are necessary to prevent abuse of power, accountability and transparency to improve governance".
To do this, the party proposed the reduction of ministerial salaries and more scrutiny on government spending.
Reduce ministerial salaries to median salary levels
To improve governance, the party suggested the lowering of ministerial salaries and peg it to median salary levels.
Poa explained how this would work:
"So that if median salary increases, ministerial salaries. So that if median salary decreases, ministerial salaries decrease, so that we all move together."
Reviewing POFMA
The manifesto also touched on reviewing the Protection from Online Falsehoods and Manipulation Act (POFMA) and highlighted that the party would allow for speaking up without fear or favour and encourage the diversity of views.
Party member, Kumaran Pillai, raised that the party is "proposing freedom of speech and expression".
He added that young people these days are very expressive, especially on social media and that POFMA needs to be reviews to help in the "development of the nation and political development".
GE2020: PSP launches manifesto calling for reduction of ministerial salaries, no GST on basic necessities
PSP's vice chairman Hazel Poa highlighted that 'purpose of economic growth must be to improve the lives of people'.
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