LIM HNG KIANG: POOR SGs REMAIN POOR COS THEY SPEND MORE THAN THEY EARN. Song Bo?

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LIM HNG KIANG: POOR S'POREANS REMAIN POOR BECAUSE THEY SPEND MORE THAN THEY EARN

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8 Oct 2014 - 1:27pm








Minister for Trade and Industry Lim Hng Kiang explained in parliament that the poorest 20% of households in Singapore are spending more than they are earning.

Shockingly, 25% of these poor households are actually retiree households.

This is based on data from the Household Expenditure Survey 2012/2013 which found that the average monthly expenditure of the poorest 20% of households was $210 more than they earned. The spending gap was even worse in retiree households.

Mr Lim noted that the households who are overspending are likely making up for the shortfall from irregular incomes such as ad hoc government transfers, irregular contributions from friends and family, drawing on savings or gains from selling property.

This puts them in a difficult position as these sources are limited and often unreliable.







The survey also found that 61% of the income for poor households comes from employment while 12% comes from business and 27% from non-work sources such as government transfers, regular contributions from relatives, and investment income.

Mr Lim also indicated that the full statistics are available on the Department of Statistics website for those who are interested.

The statistics show comprehensive breakdowns for 2012/2013 incomes by income quintiles as well as breaking up the statistics by retiree vs non-retiree households.


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