Can Low Earners In Singapore Borrow Money?

Even though Singapore is a developed country, there is still more work to be done when it comes to helping people making a low wage. This is not simple task working payday to payday. Living by a budget, saving or even giving up many luxuries so as to cope.

Even then your efforts still seem not to be enough. You might even need to turn to a personal loan to tide you over from time to time.

Using the Living cost Calculator, borrowers are able to work out using a monthly budget.

Low salaried jobs

This may seem that no matter all the hard work you put into your daily tasks. You still continue earning low wages. Even then, instead of staying unemployed most Singaporean still take these jobs.

Each restaurant in Singapore requires service staff to run it. The staff is the ones coming in contact with the customers. The staff takes orders, clear tables, and also man the cashier. In addition, they serve the drinks and food.

Getting a job may not be that easy. However, most Singaporeans will still get the jobs as the last choice for a job option. With this job choice, the pay is rather low as well. Additionally, the working hours could extend to more than 10 hours due to understaffing.

When it comes to the trade industry and construction. They may not be in business should they not get craftsmen, construction workers. They will also need assemblers and machine operators as well.

These individuals work under extreme conditions. This actually includes physical strain until the late at night. Normally manual labor is rather demanding. At times they work in some hazardous areas. Even then their pay is also very low.

No one really likes cleaning another person’s toilet. Yet some Singaporeans do then even when the paycheck is low. Some will wipe, mop, dust, and also remove the trash. Yet with all the hard work, the pay seems not to be sufficient to live on.

Cost Of Living Estimate

When it concerns your accommodation, it is assumed that the place is rented. That is in a suburban district, also utilities are not included as yet. Naturally, you will also need to have water running and electricity for you to cope.

When it comes to medical costs, the calculation only considers a visit to general practitioners. Your medications, as well as other wellness needs, are not included. As concerns your transportation needs. It can be assumed that a taxi is used to and fro your workplace.

As for the communication charges. These only include a subscription fee and not handset cost. Having a working budget totaling $1,316. This is really a rather tight budget keeping in mind that you have lots of things to let go off.

This includes things like getting a better living area. Or even visiting an expert in case your ailment gets complicated. Even going on vacation to help you unwind. With this, you will have many things to give up on just to stick to the budget.

Workfare

This is the Singaporean government’s solution for the low-income earners. This is aimed at rewarding work. It also inspires workers to get involved in some sort of training to help them up their skill set.

By having more skills, then it will be expected that a worker finds better opportunities. This also helps expand their job choices. Also under this workfare, there is the Income Supplement plan.

This scheme is mostly for older income earners aged 35 years and above. These are individuals who regularly work and are ready to further their training to upgrade their skill. For Singaporeans who qualify can access some temporary financial supplements. That is based on their age group.

It is also possible for them to access a portion of their CPF. This will help you improve the retirement fund. This is in case they decide to go through and upgrade their skill training. This is aimed at enhancing their chances of getting employed. In so doing they will get some subsidies.

For you to qualify for the permanent plan you will need to meet a monthly salary of $2000. This has been raised from the previous amount of $1,900. By effecting this change, it is expected that about 460,000 Singaporeans will benefit from the WIS. In so doing, the bottom twenty percent of workers can get some help. In addition, those Singaporeans within the 30th income percentile benefit as well.

For the individuals who qualify. They will now be able to get bigger payouts. Even then this will also depend on their age group. For Singaporeans who earn $3,500 will now get about $3,600 every year. This is because the increased payouts those workers making $1,000 to $1,600 receive $100 to $500 increment.

Based on the quarterly payments, these payouts will now be monthly. Following the newly amended plan, the low salaried workers may now get $770M.

The process is also now a lot simpler: a person needs to work for 6 months per each calendar year. In other words for about 2 out of 3 consecutive months. Or 3 of six sequential months. Other than the workers under the age of 35 and more. Singaporeans with disabilities of the age of 13 and more and have a low wage. They will now also be supported by this scheme.

Following the present efforts of the Singaporean government. It is only natural for you to ask whether the Workfare is enough for individuals earning low wages. Do not get worried; you may still access the flexi loans at any time. You can apply for the low-interest Singaporean personal loan from licensed moneylenders. Their process is fast and simple. This is because they do not need a lot of paperwork.

Licensed moneylenders will offer you unsecured personal loans. Therefore you will not have to put in any collateral. They will even approve personal loans to individuals who have bad credits.

For you to have a high-class loan service and get flexible loans. You may consider visiting a legal and licensed moneylender in Singapore. Their friendly staff will be ready to take you through the application process.

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