The value and worth of volunteer work
Placing a dollar estimate on the value of voluntary work can help address the market underproduction of such valuable contributions to society
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DEC 5 was International Volunteer Day. Disappointingly, the Individual Giving Study conducted by the National Volunteer And Philanthropy Centre (NVPC) in 2018 and 2021 found that volunteerism rates in Singapore remained low at 22-29 per cent.
One presumption is that volunteer work may be less productive in the absence of workplace discipline and any obligation as in regular paid market work.
However, it is also the case that volunteer work typically stems from strong intrinsic values, and hence there may be even more dedication and commitment by the volunteer worker. Volunteer work is no different from market work in this context and should be imputed for national income accounting purposes.
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