I AM happy and relieved to read that the Government intends to seriously address the issue of creeping inflation. The assurance of Community Development, Youth and Sports Minister Vivian Balakrishnan that "No Singaporean will go hungry, no matter what happens with inflation" (ST, Dec 3) must have given many, especially the lower-income group, a ray of hope.
Some form of fiscal or non-fiscal measure ought to help this cohort to make ends meet, provided they also take steps to conserve wherever possible. After all, they are "gainfully employed" and it is always possible to adjust and tweak their incomes along the way to meet the rising cost of living.
But not so for those who have retired and are living on a small, fixed and inflation-insensitive emolument, for example, pension and annuity.
Indeed, inflation, especially if it is protracted, would eventually erode a significant part of their nest egg, to the detriment of their lifestyle.
Of course, they must also play their part by tightening their belts, but they can be expected to go only so far.
As the purchasing power of the dollar declines steeply, pensioners and annuitants would find themselves in a bind. What was a promise of comfortable twilight years at retirement is fast becoming an unwelcome foreboding.
They were the backbone of Singapore when the young Republic was in the throes of becoming a sovereign state. They, as well as those fortunate enough to be able to still serve, can proudly stand up and say, "We laid the very foundation upon which Singapore now stands."
The present generation must be seen to be grateful towards this group of Singaporeans on whose backs the nation has become the envy of the world. If nothing else, a token (which should be modest) would be an appropriate way for them to say, "Thank you very much, old chap."
As to where the money is going to come from, I am sure a way would be found eventually. Although cold water has been poured more than once on the suggestion that we should use a small part of the interest accruing on the nation's reserves, I for one am not entirely convinced that the reserves are "untouchable", even for a well-deserved moment such as this.
