Unlike govts of other countries who help the poor by giving out unemployment benefits, low cost housing and medical services, the Singapore govt has found a new approach to eliminate poverty...and the GLCs such as SingPost are chipping in too. Soon the poor in Singapore will have more money to spend.....
I found out recently that this method also works for those who become unemployed too. No wonder Singapore does not have an unemployment benefit scheme like in Hong Kong & Japan. One of my friends lost his job for about 11 months, after 3 months his savings were totally gone ...so what to do? Simple he has about 7 credit cards which he applied for while he was employed , and that kept his family alive for the next 7 months. Although each bank can lend only 3 months pay, there are many loopholes - you can borrow from multiple banks and the limit for credit card and unsecured credit lines are separate. In theory if you borrow from 7 banks you can borrow up to 7x3x2=42 times your monthly income. The reason why MAS and the PAP govt keeps such a loophole unfixed is because they want to help unemployed and low income families.....not because they want banks to maintain high levels of profits from exorbitant interest rates they charge Singaporeans for such unsecured loans. The PAP govt always have the people's interest close to its heart.
Unlike the Hong Kong govt which spends billions on welfare to foster closer harmony in the community, in Singapore this harmony is maintained by encouraging Singaporeans to smile alot and jailing people who threaten it.
The message to Singaporeans is simple - if you need help, go to the banks. ...they are very nice to you....many of the loans come with free gifts such as electronic appliances and a chance to win a car. With so many banks willing to help you, there is little need for the PAP govt to have something as comprehensive as what the Hong Kong govt provide for its people.