Chosen Area of Focus
Effect of income inequality on Singapore and the problems it causes. It is a growing gap, but is there anything to help slow it down? What is the percentage of people in the low household income range? Compared to the percentage of people in the high income group, how does it fare?
Problem Statement (framing our research topic)
What are the long term effects on the society of Singapore of the income inequality, and the measures put in place to lessen the economic inequality?
Find the problems caused by the Rich-Poor Gap and the existing solutions, analyse them, and propose another solution for the problems.
Summary of Literature Review
Poor people are not benefiting from how rich Singapore is becoming, and are still struggling to make ends meet. Some citizens like 71 year old cleaner Mr Tan can has been earning just S$4.00 an hour for the past 5 years. He says he's not convinced. "They don't care about us. The profits all go to the bosses and government ministers. And when we speak up, we're considered as complaining." But there are still organisations that help the poor like the CFS, which has helped raise more than $50 million since it was set up. They also search for people who are falling from the minimal standards of living, in the bottom 10 percent of the population which have a household monthly income of S$1,400 compared with S$23,684 for households in the top 10 percent. Singapore has the highest concentration of millionaires in the world. According to the Boston Consulting Group's Global Wealth 2010 Report, 11.4 percent of Singapore’s population are millionaires, and it has the second highest income gap among 42 nations with very high human development, according to the United Nations; even though Singapore's Gini coefficient, a measure of income inequality, where zero is complete equality and one maximum inequality, was 0.472 in 2010.
It was hypothesised that in an affluent and developed nation like Singapore, income inequality exists. However, the income gap may not be significantly great enough for any action from the government.
We will use public sources of information to find the income inequality in Singapore.
Searching online for information.
Extracting information from Department of Statistics Singapore, and measure the financial statuses of Singaporeans from 2012 to 2013.
Task to be completed
Blog creation and stuff
Blog editing/Group meeting
Completion of research proposal
Collation of data
Collation of data
Overall assessment on feasibility and manageability of the research.
The results are based on the data of the statistics of Singapore alone, making the research easier, therefore it will not require us to send out any surveys. There are also reports of the household income for Singapore from 2012 to 2013 from the Department of Statistics.