Singaporeans' purchasing power or lack thereof

In the August 2010 edition of the world famous UBS "Prices and Earnings" study, Singapore was ranked a dismal 48th out of 73 countries in terms of domestic purchasing power. (DPP)

DPP is calculated using gross and/or net hourly wage divided by the cost of the entire basket of commodities

excluding rent.

In the same edition, Singapore was also ranked the 9th most expensive city if rents are included.

Putting two and two together, it means that Singaporeans would struggle more financially compared to even cities like Kuala Lumpur and Moscow. It also alludes that Singaporeans need to work alot harder to obtain  the same standard of living as many of its peers globally.

In a study by the International Labour Organisation which was published in The Business Times last year, Singaporeans clocked the longest work hours on this planet.

Which explains why most Singaporeans feel stressed all the time.
Which also explains why workers in Raffles Place use tissue paper packets to "reserve" tables. There is simply no time for a proper break. Hence the "Kiasu" society.

In the State Media today, a survey by HSBC found that most Singaporeans will hardly have sufficient funds when they retire. An obvious cultprit could be the unaffordability of housing

In April 2010, a paper from the National University of Singapore researched by Mr. Ng who then was pursuing a Doctorate in social policy, claimed that 68 per cent of annual CPF contribution is spent on housing, while health took up 18 per cent and pensions 14 per cent.
Needless to say, the paper was immediately refuted by then Minister for Community Development, Youth and Sports, Vivian Balakrishnan.

Singaporeans must wake up and realise that we are indeed a long long way from Swiss standard of living..... 47 places to be exact.

Our government has set in stone policies that combine to depress our purchasing power and make us work Cheaper, Better and Faster so that our Ministers can continue to justify their multi-million dollar salaries.

The lack of independent Unions, influx of foreigners, sky-high housing prices, expensive medical care and the general lack of social welfare has inevitably stagnated our wages and living standards.

It's little wonder that we've been accused of being "champion grumblers".