The workfare bonus is an excellent idea. It supplements the earnings of the older workers and encourages more people to work.
I wish to suggest two improvements to the current scheme:
* remove the requirement on annual value of the home
* pay the supplement monthly into the CPF account.
Here are my reasons.
If an older person works for a low income, he is likely to be in financial need. There is no need to check the type of house that he lives in, and whether he owns or rents the home. Let us also help those who are "asset rich and cash poor" to earn a supplementary income.
In many countries, older people receive a pension, and are not required to meet any means test. In our case, the older person has to work to receive a modest supplement (less than $100 a month). Let us not make it too difficult for them.
If the supplement is paid monthly, the employer can include it as part of the pay package and communicate it to the older worker. It will also encourage more employers to create jobs for older workers.
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02/18 - 02/25
- Take a flexible and transparent loan
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- Today paper, 'Mr Income' puts his feet up
- Center for Seniors
- Goodbye to Uncle Larry
- A whole life policy pegged to a child's age
- Japan has a low birth rate
- A larger population of Singaporeans
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- Why structured products are not popular in America?
- Decreasing term is really affordable
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- My Chinese name, Liang
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- An honest investment banker
- My wife's cousin migrated to Australia
- Is private banking anything special
- Use a short word
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