Arlene Zi Lin Firza Glenda Shannon Felicia Sue-ean Humairah Sheree Yi Xin Yin Yi Tasha Nicholas Yao Yi Jia Hao Brandon Matthew Max Jun Xiang Jeremy John
:)
May 12, 2009
S'PORE GOVERNMENT IS DOING SMTH!!! :O
In response to the financial downturn, the Singapore government Manpower Ministry (MOM) has introduced a three-pronged approach to counter its effects.
They are helping businesses remain viable, saving jobs and helping the unemployed find work. This is done by using the Workfare Special Payment, Jobs Credit Scheme and the Skills Programme for Upgrading and Resilience (SPUR).
Workfare Special Payment is a one-off payment to provide additional assistance to older low wage workers during the current economic downturn. The amount is calculated based on the amount of work done in 2008 and 2009.
The Jobs Credit Scheme provides a significant incentive for businesses to retain existing workers, their business warrants and to employ new ones.
SPUR is a programme which brings together the full range of skills upgrading programmes delivered at the SPUR Training Providers with enhanced financial support that companies and workers can tap on during the current economic downturn. Its objectives are to cut costs, upgrade skills of workers and build capability for the Singapore economy to rebound back quickly from recession.
Sources : http://retrenchment-blog.breaking.sg/
http://app2.wda.gov.sg/web/Common/homepage.aspx
JiaHao
In response to the financial downturn, the Singapore government Manpower Ministry (MOM) has introduced a three-pronged approach to counter its effects.
They are helping businesses remain viable, saving jobs and helping the unemployed find work. This is done by using the Workfare Special Payment, Jobs Credit Scheme and the Skills Programme for Upgrading and Resilience (SPUR).
Workfare Special Payment is a one-off payment to provide additional assistance to older low wage workers during the current economic downturn. The amount is calculated based on the amount of work done in 2008 and 2009.
The Jobs Credit Scheme provides a significant incentive for businesses to retain existing workers, their business warrants and to employ new ones.
SPUR is a programme which brings together the full range of skills upgrading programmes delivered at the SPUR Training Providers with enhanced financial support that companies and workers can tap on during the current economic downturn. Its objectives are to cut costs, upgrade skills of workers and build capability for the Singapore economy to rebound back quickly from recession.
Sources : http://retrenchment-blog.breaking.sg/
http://app2.wda.gov.sg/web/Common/homepage.aspx
JiaHao
♥ 9:36 PM
May 11, 2009
The cartoon shows the falling economy due to market failure and which requires government intervention. Either Market-based solutions in the form of subsidies could be implemented or there could be direct provision by the government.
Zi Lin
♥ 10:48 PM
External Costs - pollution
Sheree
♥ 8:14 PM
May 10, 2009
suppposedly,
Chicken in school canteen is inferior good.
Chicken in Crystal Jade Kitchen is luxury good.
What good is chicken in KFC ?
=.= Finger Lickin' Good
Chicken in school canteen is inferior good.
Chicken in Crystal Jade Kitchen is luxury good.
What good is chicken in KFC ?
=.= Finger Lickin' Good
♥ 12:47 PM
May 8, 2009
Healthcare Financing
Subsidies for the Elderly
Government Subsidy
The Singapore Government recognizes that these step-down care services can be expensive because patients are admitted for long periods of time. As such, the government provides financial assistance in the form of subsidies to the elderly. To ensure that the subsidy goes to those who need it, an income assessment framework, called the "Means Test" was introduced in year 2000.
Subsidies are available only to elderly who:
Means Test
"Means Test" is a method to calculate the subsidies that an elderly will get if he/she needs step-down care services. It takes into consideration:
There are currently three levels of subsidy - 75%, 50% or 25%. For example, if the total income is $800 per month and there are 4 family members, then the per capita income works out to $200. The elderly will qualify for 75% subsidy. This means that the Government will pay 75% of the fees and charges incurred for step-down care while the elderly and his/her family will pay the remaining 25%.
Steps to Applying for Subsidy
Step 1 - Prepare the necessary documents for submission
You will need to provide the following documents for yourself, your spouse and immediate family members:
This basically shows how the government is trying to solve the market failure of inequity by using market based solution - Subsidies.
Subsides can be given out in the form of means-tested benefits or universal benefits. In the above extract, the strategy used is Means Testing.
In the above context, MOH sets 3 levels of subsidy for subsidies for elderly for hospitalization.
If the income per capita is from $0 to $330, they will receive 75% subsidiy.If the income per capita is from $331 to $800, they will receive 75% subsidiy.If the income per capita is from $801 to $1300, they will receive 25% subsidiy. And lastly, if the income per capita is above $1300, they will not recieve any subsidy.
Also, from the above extract, it shows that Means Testing have weaknessess.
1. Forms are required to be filled in and people often feel embarassed to apply, hence reducing the effectivness of this strategy due to less people being helped and inequity cannot be lessen.
2. Some people who are self-employed like high-income hawkers do not have a fix income. Hence, they can declare that their income is lower than what they actually earn. They will get the same subisdy as the others who really need it. This does not resolve the problem of inequity as the higher income people who are not truthful gets the same benefits.
:D
Max Khoo
09S115
Government Subsidy
The Singapore Government recognizes that these step-down care services can be expensive because patients are admitted for long periods of time. As such, the government provides financial assistance in the form of subsidies to the elderly. To ensure that the subsidy goes to those who need it, an income assessment framework, called the "Means Test" was introduced in year 2000.
Subsidies are available only to elderly who:
- Are Singapore citizens or Permanent Residents
- Meet the admission criteria of the step-down care services required
- Are admitted to Government funded institutions and services
Means Test
"Means Test" is a method to calculate the subsidies that an elderly will get if he/she needs step-down care services. It takes into consideration:
- gross income of the patient, his/her spouse and the immediate family members
- number of family members and
- ownership of major assets such as private property
There are currently three levels of subsidy - 75%, 50% or 25%. For example, if the total income is $800 per month and there are 4 family members, then the per capita income works out to $200. The elderly will qualify for 75% subsidy. This means that the Government will pay 75% of the fees and charges incurred for step-down care while the elderly and his/her family will pay the remaining 25%.
Steps to Applying for Subsidy
Step 1 - Prepare the necessary documents for submission
You will need to provide the following documents for yourself, your spouse and immediate family members:
- Your identity card or passport.
- Current pay slip or latest tax returns (if you are a part-time worker, an odd jobber or self-employed with no pay slip, a statutory declaration would have to be made at the Commissioner for Oaths).
- Documents indicating all sources of income including wages and rentals (before CPF deduction) of family members must be submitted together with their NRIC numbers. These include current pay slips or latest income tax returns of:
- All children.
- Siblings who are staying at the same address.
- Other relevant documents such as letter of adoption, retrenchment letters and Medisave Statements.
Source: http://www.moh.gov.sg/mohcorp/hcfinancing.aspx?id=16072
This basically shows how the government is trying to solve the market failure of inequity by using market based solution - Subsidies.
Subsides can be given out in the form of means-tested benefits or universal benefits. In the above extract, the strategy used is Means Testing.
In the above context, MOH sets 3 levels of subsidy for subsidies for elderly for hospitalization.
If the income per capita is from $0 to $330, they will receive 75% subsidiy.If the income per capita is from $331 to $800, they will receive 75% subsidiy.If the income per capita is from $801 to $1300, they will receive 25% subsidiy. And lastly, if the income per capita is above $1300, they will not recieve any subsidy.
Also, from the above extract, it shows that Means Testing have weaknessess.
1. Forms are required to be filled in and people often feel embarassed to apply, hence reducing the effectivness of this strategy due to less people being helped and inequity cannot be lessen.
2. Some people who are self-employed like high-income hawkers do not have a fix income. Hence, they can declare that their income is lower than what they actually earn. They will get the same subisdy as the others who really need it. This does not resolve the problem of inequity as the higher income people who are not truthful gets the same benefits.
:D
Max Khoo
09S115
♥ 11:00 PM
May 7, 2009
Water Rights
Awash in waste
Tradable usage rights are a good tool for tackling the world's water problems
There is a way out. Australian farmers have the right to use a certain amount of water free. They can sell that right (called a "usufructuary right") to others. But if they want more water temselves, they must buy it from a neighbour. The result of this trading is a market that has done what markets do: allocate resources to more productive use. Australia has endured its worst drought in modern history in the past 10 years. Water supplies in some farming areas have fallen by half. Yet farmers have responded to the new market signals by switching to less thirsty crops and kept the value of farm output stable. Water productivity has doubled. Australia's system overcomes the usual objections because it confirms farmers' rights to water and lets them have much of it for nothing.
Tradable-usuage rights have another advantage: they can be used in rough and ready form in huge countries such as China and India that do not have meters to measure usage, or strong legal systems to enforce such usage rights. Instead of sophisticated infrastructure, they depend on local trust and knowledge farmers sell a share if their time at the village pump. A system like that works in parts of Pakistan's Punjab.
Usage rights have flaws. At first, they confirm existing patterns of use that are often inefficient. Farmers can cheat, as Australians have found. They are, at most, a good start. But they would be better than what exists now, which is sporadic rationing and the threat of a giant crisis. Or what may come next, a mandatory mass conversion to vegetarianism.
Awash in waste
Tradable usage rights are a good tool for tackling the world's water problems
There is a way out. Australian farmers have the right to use a certain amount of water free. They can sell that right (called a "usufructuary right") to others. But if they want more water temselves, they must buy it from a neighbour. The result of this trading is a market that has done what markets do: allocate resources to more productive use. Australia has endured its worst drought in modern history in the past 10 years. Water supplies in some farming areas have fallen by half. Yet farmers have responded to the new market signals by switching to less thirsty crops and kept the value of farm output stable. Water productivity has doubled. Australia's system overcomes the usual objections because it confirms farmers' rights to water and lets them have much of it for nothing.
Tradable-usuage rights have another advantage: they can be used in rough and ready form in huge countries such as China and India that do not have meters to measure usage, or strong legal systems to enforce such usage rights. Instead of sophisticated infrastructure, they depend on local trust and knowledge farmers sell a share if their time at the village pump. A system like that works in parts of Pakistan's Punjab.
Usage rights have flaws. At first, they confirm existing patterns of use that are often inefficient. Farmers can cheat, as Australians have found. They are, at most, a good start. But they would be better than what exists now, which is sporadic rationing and the threat of a giant crisis. Or what may come next, a mandatory mass conversion to vegetarianism.
Taken from THE ECONOMIST
April 11th 2009 issue
April 11th 2009 issue
Okay.. so this article basically talked about Market based solutions- tradeble permits for External Cost in Production. In this case depletion of water is the MEC and the production activity is farming.
In paragrah 1, it shows that this solution is effective as after implemention, the market will allocate resources to more productive use.
In paragraph 2, it shows that this solution is easy to implement.
Lastly, in paragraph 3, it shows the flaw of this solution, which is it requires constant checks by governments, if not, people can cheat easily.
Have fun.
Max Khoo De Yuan (18)
09 S115
In paragrah 1, it shows that this solution is effective as after implemention, the market will allocate resources to more productive use.
In paragraph 2, it shows that this solution is easy to implement.
Lastly, in paragraph 3, it shows the flaw of this solution, which is it requires constant checks by governments, if not, people can cheat easily.
Have fun.
Max Khoo De Yuan (18)
09 S115
♥ 10:35 PM
Yay, a completed econs blog is finally up thanks to me and sue ean! (:
Alright, no excuses not to post now, haha.
Have fun blogging!
Sheree (:
♥ 10:22 PM