80% of Singapore's population receive more in Govt benefits than taxes paid: Jeffrey Siow
Doubts whether the fruits of economic growth are distributed fairly have emerged as societies around the world contend with rising costs of living, the rapid pace of technological change, and uncertainty over jobs, said Second Minister for Finance Jeffrey Siow on Tuesday (Oct 20).When this happens, citizens look towards governments for solutions, but many governments have less fiscal flexibility than before because of slowing growth, falling tax revenues, growing public debt, and rising inflation, Siow said.Siow, who is also Minister for Transport, was delivering an intervention at the Asia-Pacific Economic Cooperation finance ministers' meeting in Hong Kong, during a session on fiscal policy supporting households.Sharing the city state's fiscal strategy, he pointed out that everyone in Singapore contributes, but those with greater means contribute more."A third of our workers pay no income tax. About 80 per cent of Singapore’s population receive more in Government benefits than they pay in total taxes."