Quora Answer: Does the Minimum Salary in Singapore Allow People to Live Comfortably?

The following is my answer to a Quora question: “Does the minimum salary in Singapore allow people to live comfortably there?”

Singapore does not have a minimum wage.  Wages are set by market forces, which has its benefits and its drawbacks.  Wages are also governed by collective bargaining agreements, for certain professions and industries.  For most Singaporeans, wages are comfortable, but not extravagant.  This motivates people to work harder and smarter to do better.  Ideally, I believe it would benefit the economy in the long-term for us to consider a minimum wage.  This is more for those who are at the bottom of the socioeconomic ladder.  The amounts we spend on social welfare and financial aid are significant.  By enacting a proper minimum wage, it allows these people to take greater responsibility of their personal finances, because now, they have a stake in the economic success of the country.  We cannot allow our system to become predatory, and create a disenfranchised underclass.