$ocbc bank(O39.SI)$ 

The GST voucher feels like getting a few drumstick bones back after someone has eaten both our chickens, yet we're expected to say, "Thank you so much for helping us."

All this "help" benefits were excessively exaggerated in the news and on social media.

The middle class is really getting squeezed to the max! We’re getting less support while feeling the pinch of rising prices way more. These price hikes are racing ahead of our stagnant salaries and frozen GST vouchers. Meanwhile, the cost of living just keeps climbing, like it’s on an endless escalator!

Welcome to the price hike carnival 2025 where every item on your shopping list now comes with an extra 2% GST, escalating from 7% to 9%, and don't forget the inflation roller coaster making everything even more expensive! Enter the GST voucher, our valiant knight in shining armor, attempting to mend the wounds on your wallet after it's been through a 20 to 25% price surge battle.

For the average household of three, these bi-annual $300 vouchers are like receiving a daily allowance of just 54.8 cents per person. That's right, your daily financial superhero can barely afford to rescue your bowl of mee pok from its price jump from $4 to $4.50, and then to $5! And let's not even start on the public transport fare increase, which has its own ticket to this carnival of cost. PTC proudly declared "Overall, fares will go up by 6 per cent - less than the 7 per cent increase in the previous year. The increase is less than one-third of the maximum allowable fare increase."

I don’t understand why they can’t reduce costs when oil prices are at a three-year low. Perhaps it’s due to the high salaries of top management and the foreign worker levy for bus drivers. Since public transport is an essential service, why not waive the foreign worker levies for the drivers? This would lower labor costs and help make public transport more affordable.

The yearly 10 to 20 cent increase in the price of your daily kopi o and teh o can quickly nullify your GST vouchers. These days, asking for an extra plate at a hawker stall might earn you a sour look or even an additional charge. As early as October 2024, NTUC has already raised the prices of their house-brand products, from instant noodles to power extension cords, by 10 to 20%.

The plot thickens; while our vouchers remain steadfast at $300, the inflation villain grows stronger, inflating prices not just once, but sometimes twice, even thrice in a year. Our once-mighty voucher, meant to be the antidote to this inflationary poison, now seems more like a placebo in the grand scheme of economic battles.

If your monthly expenses are around $2,500, the 9% GST adds up to a hefty $2,700 per year—yikes! And if you’re lucky enough to own a private property, brace yourself for property taxes of $2,000 or more annually, depending on your home's value.

Now, for those of us in the banking sector, we’re also forking out over $6,000 in income tax. Put it all together, and we’re talking a whopping $10,000 a year going to the country! That’s like paying for a holiday… that you don’t get to go on!