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HAVING an NTUC FairPrice budget outlet as was suggested recently is a laudable idea, but one question pops up immediately. I suggest the Government promote better financial literacy and habits, and one idea is by way of budgeting. I suggest that NTUC FairPrice work with the following:
* Ministry of Health - The ministry can provide information on the minimum nutritional level a family needs and equate this to a basket of goods. These items can be grouped on a monthly consumption basis and valued accordingly.
* Employers - Low-income earners work mainly work in hotels, cleaning agencies, security agencies and food outlets. Employers can pay these workers in food ration vouchers rather than cash. The employees can use the vouchers at any FairPrice outlet in exchange for a month's worth of consumable goods.
* CPF Board - Alternatively, the CPF Board can implement a higher employee contribution rate from low-income earners and in return mail vouchers to these workers each month. Somewhat like a withholding tax but reimbursed in FairPrice vouchers.
* Singapore Pools - Since FairPrice hosts many gambling outlets, part of the proceeds can be used to top up the basket of recommended goods with items such as multivitamins for families.
Oh Thiam Yeng
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