12 Feb '11, 9am

Budget 2011 to focus on wealth distribution, say experts

Budget 2011 to focus on wealth distribution, say experts

SINGAPORE: Budget 2011 will be delivered on Friday, February 18. Ahead of the sitting, observers said the focus this time will be on wealth distribution, given Singapore's widening income gap. Singapore's economic rebound last year was staggering, with a GDP growth of 14.7 per cent. However, not everyone has reaped the benefits of growth. A United Nations Development Programme report of developed countries ranked Singapore second, just behind Hong Kong in income inequality. Figures from the Department of Statistics also show stagnation in the salaries of low-income workers. The monthly wages of those at the bottom 20th percentile fell 2.7 per cent over the past 10 years while those at the top surged 53 per cent. Experts said the problem is not unique to Singapore. Other developed economies like the US and fast emerging economies like China is also facing the challenge. The...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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