Poverty & Unemployment

Singapore comes on the top of the list of countries across the world with the widest gap between the rich and poor after Hong Kong. Singapore’s capitalist economy elicits an inevitable income gap. While poverty can’t be thought over as the equivalent of inequality. As Singapore’s status is among one of the wealthiest capitalist nations in the world, it is capable of eliminating poverty and unemployment by financial means. The only issues which arise are the lack of execution of the feasible solutions.

The students studying in Singapore universities with business education, economics etc. fields will come across the terms and facts about poverty and unemployment. Coupled with the intense knowledge, they will also get a variety of assignment writing tasks to be submitted on time in order to score well.

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Introduction to Poverty and Unemployment

Although the two terms “Poverty” and “unemployment” does not need any introduction as every other student or person in the nation knows very well about it and its condition. Lest for a better understanding we can see-

Poverty

Poverty is a state of a person with lacking enough material assets or income that the person can live with a good quality life. This issues may include a variety of social, economic or political elements. There are two types of poverty-

• Absolute Poverty- It is the kind of poverty which includes the lack of all means of living a basic standard life such as clothes, food and shelter to live. The limit for defining absolute poverty is always same for all independent of the place or time.
• Relative Poverty- Relative poverty is a state when a person is unable to meet the minimum level of living standards compared to others at the same time and place. The threshold to define relative poverty varies from one nation to another or from society to society.

Unemployment

Unemployment is a state in which a person above a particular age (usually 15) is not getting paid from any organization, or in a self-employment firm hut presently available to work in the base period.

It can be measured by the unemployment rate calculating the number of unemployed persons as a percentage of the labour force.

Interrelationship Between Poverty and Unemployment

The fact that unemployment and poverty go side by side cannot be neglected. There is an intense linkage between poverty and unemployment as the lack of access to proper employment plays a vital role in increasing poverty.

Finding adequate employment is a major issue in the current society due to the lack of employment and hardships that are taking place.

Discovering work is a specific issue for destitute individuals since people living in poverty normally need access to living basics, for example, clean water, food, lodging, health care and education; these fundamentals are likewise the necessities when attempting to get employed.

The individuals who are looking for an appropriate job fall into the category of relative poverty as they might be having some means of living but the ones under absolute poverty just need the fundamental asset to live for the very next day.

However, the lack of employment is somehow pushing the relative poverty towards absolute poverty.

All in all, the jobless people as well as the poor people seek some things in common which are – housing, clothing, education, technology, transportation, hygienic necessities etc.

Facts about poverty and unemployment in Singapore

After broad research though most of the facts about the poverty in Singapore are still unknown. Singapore is perhaps the wealthiest nation in the world, however that doesn’t mean it is liberated from poverty. Media depictions of Singapore frequently show prosperous parts of the nation while failing to cover issues of poverty and unemployment.

In addition, the unemployment keeps increasing while all above that, there is no set poverty line Singapore, so it is hard to quantify what number of family units are formally in poverty and unemployed as well.

Here are some facts about poverty and unemployment in Singapore: –

• Singapore is one of the countries having the largest income gap in the world. Wealth is lopsidedly spread among well off outsiders while local Singaporeans live in destitution and usually have lower-paying employments.
• During the 2012 and 2015, the number of families accepting budgetary help with Singapore bounced 43.45 per cent. This is the most noteworthy destitution rate at any point announced in the nation.
• Singapore doesn’t have a minimum subsistence income by law. This implies that there are no standards set for the lowest amount an employer must pay to the employees which in turn leave numerous workers without enough cash to arrive at a worthy way of life. Though, Singapore has laws controlling the monthly salary of the security guards or sweepers.
• Singapore has been recorder as the 6th most expensive place to live in 2012. This fact, coupled with the different factors like lack of minimum wage laws, and wealth inequalities etc. eventually endows the prolongation of the poverty cycle in the city.
• Singapore has lenient tax collection, so anybody with a salary of under $20,000 is excluded from tax assessment. But the natural living standards should also be viewed as when taking a gander at this base salary.
• Destitution in Singapore lopsidedly influences the older. Destitution in Singapore lopsidedly influences the older. While Singapore, in general, has expanded 43.45 per cent in the number of families depending on government help somewhere midst of 2012 and 2015, inhabitants beyond 60 years of age observed a 74.32 per cent expansion in destitution.
• One more of the realities about poverty in Singapore with respect to the age is that 5 percent of Singaporean youth under 30 are jobless. Numerous students/ youths can’t secure positions with adequate wages due to the absence of the minimum wage laws in the nation.
• Numerous Singaporean youths depend on financial support from the government. As reported by the Singapore Ministry of Social and Financial Development, in 2015, it has come under notice that approx. 5,644 families with applications more youthful than 35 years of age got short- or medium-term financial backing from the government.
• Based on the Singaporeans Against Poverty survey, the cost of merchandise and services in Singapore expanded 13.1 percent in the course of the most recent three years.
• The government, and also the autonomous associations, have plans to execute an assortment of strategies that will make discovering home, receiving education and paying taxes progressively tolerable for the poor Singaporeans.

These were some facts about poverty and unemployment in Singapore. Poverty is a common issue in the nation and it has many contributing components that should be managed separately. The legislature of Singapore can accomplish more to lessen salary disparity and guarantee all Singaporeans can manage the cost of good life quality.

Most poverty-stricken areas of Singapore

Although the policies and public attention are growing in recent years it is a fact of disappointment that the number of poor and homeless people are not known until now. Due to the lack of laws regarding such problems, the actual size of such population remains abstruse.

Not from any official documents but according to some surveys and visit experiences, following are some places in Singapore which contain most of the poor, homeless, jobless or less paying workers are residing: –

• Downtown
• Bedok
• Kallang
• Joo Seng / Tai Seng
• Redhill (Bukit Merah)
• Chinatown/ Outram (in particular Jalan Kukoh)
• Greater Hougang
• Greater Yishun
• Geylang

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Causes of Poverty and Unemployment

There can be a variety of causes that induces the two major issues in the nation i.e. poverty and unemployment.

Here are some common issues that cause and increases poverty as well as unemployment.

All the issues mentioned above play a vital role at either small or higher level in creating and developing unemployment and eventually poverty. These causes are the major issues for the downfall of the economy as well.

 Some of the causes can be explained as-

• Low income- If you are earning less, you won’t be able to save or invest anywhere to improve your wealth. And also, sometimes will be unable to afford the necessary needs of living.
• Lack of education- Education is the golden key for everything to achieve in life. If someone is deprived of proper education, neither he will be able to get any job nor will be able to afford the cost of living in a country like Singapore which will, in turn, increase the poverty.
• Inherited poverty- This means, there are more chances that the children of poor families will remain poor due to lack of assets, education or financial support. Which will make them unemployed poor.
• Corruption- Corruption is a significant issue in the development of many countries. Which causes the making of poor poorer and rich people richer.
• Overpopulation- Excess number of people and a limited number of resources/ opportunities per capita enhances the joblessness and eventually poverty too.

Effects of Poverty and Unemployment

If something bad is occurring, then indeed there will be an adverse effect of that. Similarly, the causes of unemployment and poverty imply various effects as well.

Some of the effects that non-employment and poverty causes are as follows: –

• Dependence
• Mental issues
• Spread of diseases
• Drug use
• Inability to meet financial obligations
• Adverse working conditions
• Failure to pay the mortgage payment
• Unable to pay rent
• Homelessness
• Starvation
• Illness
• Growing Cardiovascular disease (COD)
• Somatization
• Spread of diseases
• Anxiety disorders
• Increase rate in Crimes
• Poor housing and living conditions
• Depression
• Suicide
• Inability to afford hospital treatment
• Tobacco smoking
• Increase of the probability for conflicts and wars
• Radical movements
• Lower economic growth

Solutions to reduce poverty and unemployment

Nothing is impossible, a tag line for encouraging to complete every work or any hard task. Similarly, it also can be implemented for the two currently discussing issues.

Joblessness and poverty can be reduced and then diminished by taking adequate steps and maintaining them properly.

These are some of the solutions which can be helpful in reducing unemployment and poverty as well: –

• Community programs
• Better access to credit lines
• Better health insurance
• Mitigate corruptive activities
• control the rising population
• Redefine cultural norms
• Improvement in the quality of the education system
• Providing scholarships to needy students
• encouragement and development of the agriculture-based industries in rural areas by the government
• Create financial incentives for firms to create jobs
• Rapid Industrialization
• Minimum wages
• More subsidies for education and childcare
• Development of the rural areas
• Better social security
• The government should allow foreign companies to open their unit in the nation of origin

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Conclusion

Unemployment and poverty are very important issues that every nation should focus and take effective steps to reduce these and improving the nation’s living quality.