Breaking News: DBS cuts 900 jobs “to trim costs amid the global credit crisis”. (Channel NewsAsia)
“If all of us go into a power save mode, then the economy will really go into a recession! This is what economists called the Paradox of Thrift. If you have sufficient savings and can afford to spend, you should continue to spend on life’s little pleasures.
“Take your family to the movies, shop, dine out at restaurants and hawker centres, go for your regular foot massage, indulge yourself at a spa, take a taxi, donate to charity and so on.
“This way, we keep the economy going. In fact, I would say when times are a little slow, you could get the best bargain.” – Senior Minister Goh Chok Tong. (Channel NewsAsia)
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Encourage higher expenditure via action instead of words. I’m sure people know what ‘incentive’ means/
If everyone keeps spending more on tansport, maybe the operatus yearz zen boonus big big leh? i no no lah. maybez should we pour monies into minis bon bon good for economy or notz? how abouts pour our savings into storks mockets? like this stork also up up ah? help them lah is it? help them happy happy lah ? we help lah ?
Does anyone know any known theories that debunks the ‘paradox of thrift’ theory? According to wikipedia, ‘this paradox is based on the proposition, put forth in Keynesian economics, that many economic downturns are demand based”. Is the current recession caused by a drop in demand? Or is it caused by over-speculation and over-lending? If that is so, spending, as proposed by Mr Goh is the wrong cure!
I’m not schooled in economics at all, but i think the way out of the current situation is to increase government spending and cutting costs of public goods.
I intend to write to forum again (even though they didn’t publish my latest comments on WSJ vs AG saga). But I need more solid proof.
Please help.
GCT is losing his credibility and looking dumber every time he speaks.
Now he wants us to spend so to support the economy, so that he can get a big fat year end bonus. Looks like the $3 plus million annual salary is insufficient for Mr Peanuts!!
Even what the top civil servant can bribe, this is wat the MM, SM, PM refering high $$ civil servant paid top $$ won’t corrupt…..Wat a laugh policies!!!
Now it all makes sense. SM Goh knows we don’t have money. By telling us to spend, he is implying we trade our organs for money, then spend to stimulate economy. If one organ short and I enter into some serious health problem, he can order the doctor to kill me (euthanasia) and profit from trading the remainder of the organs. In the end, Singapore economy win, and I loose badly by dying. I am not worthed a peanut, am I?
I dun buy the Paradox of Thrift.
I will stay thrifty.
Sg’reans are generally asian style thrifty.
Although many agree that salary in general (except million dollar CEOs) are non-1st world , people still no complain on it maybe is due to having more savings than 1st world ang more. Asian’s THRIFTiness is what makes it possible.
my 2 centigrade.
Funny, the government should downsize the no of MPs and ministers, especially those who don’t really contribute. I am still amazed that a small country like Singapore needs 3 senior politicians to back each other up – MM, SM, PM.
Mind you, you are not cheap! Unless 60k is peanuts to you.
So talk is cheap. Asking Singaporeans to spend when the government is so stingy towards her own citizens is pure stupidity. If someone’s job gets replaced by FT, is the government going to support him and his family?
I can still remember Vivian’s retort when asked to increase $30 from $260 to $290. It sets my teeth seething with rage. Dr Vivian Balakrishnan said,
“How much do you want? Do you want three meals in a hawker centre, food court or restaurant?”
Yeah right. Now you tell us to use our own pocket money to spend.
Talk is very very cheap. Gee… being paid milions NOT equal to brain. If not, we wouldn’t be in a financial crisis now. That goes for any leader in a given country or company.
Kaffein
DBS to lay off 900 staff by end Nov …
http://www.channelnewsasia.com/stories/singaporelocalnews/view/388277/1/.html
Tell that to the 900 staff to “Take your family to the movies, shop, dine out at restaurants and hawker centres, go for your regular foot massage, indulge yourself at a spa, take a taxi, donate to charity and so on.”
Why so many mayor in tiny country? I wonder what power is bestowed on mayors? i am oblivious, nice to meeting you!
regards
Special Purpose Vehicle
how to spend like the way he describe… DBS abt to retrench 900 staff, both in Singapore and HK…. Minister with such high salary not affected… can tok…. tok is free one….
Dear SMGCT, with due respect to your suggestion sir, it is certainly a very good idea to instigate people to spend locally to help boost the economy. Like you say, I quote: “…In fact, I would say when times are a little slow, you could get the best bargain”.
So can you do us all a favor and table the following requests in parliament (or get one of the youngest upcoming MP to do that “just in case you need to exercise that infamous plausible deniability that were so commonly seen in some issues happening here or was it in the US?” Oh well, it pays to be old age. My Alzheimer may be acting up again).
Before I go on with the request lists, I think a lot of us (particularly those who had worked, are working, will be working, stopped work, waiting for work…etc had contributed to the CPF) knew the primary purpose of the CPF is to ensure that we have enough to help us live through our twilight years ~ like medical and what not. Right? A great foresight of the government. So, with the economy now forecasted to be in a long recession for god knows when it will end (I cannot rely on feel the air forecast by some the high paid experts anymore, it is quite confusing indeed for naive citizenry to hear conflicting version), shouldn’t we be saving more? and if I can’t get pass this recession, how am I to survive to continue to contribute to the sink fund of my CPF for retirement purpose? So here’s one of my many request:
1) Can the government have an interim solution in place and had it past through parliament to allow those who have CPF to make early withdrawal of up to S$25K for a period of 3 years from 2008? If no, why not? A good and acceptable reason will suffice. Don’t forget, those who ar working will continue to contribute regardless.
Note: not handouts from Government, it is not welfare either, it is only a temproary measure for early withdrawing of personal mandate savings which some may not have or already be sucked dry. The point is this is not asking for handout unless our funds had somehow e…va..po…rized…???
2) For the following basic necessities, can the government have a mandate (I am sure if the will is there to really want the citizenry to answer to your call it can be done) be reduced and freeze increment for the next 3 years from now. Basic necessities and its recommended cost reduction such as:
– Utilities ~ revoked the 21% tariff increment (the system can be adjusted easily) and reduce by another 5% on the tariff to help ease the cash flow.
– HDB Service & Conservancy Charges ~ give a 3 month rebate (i.e. free SC for three months) and reduce by charge by a 10% point for the next three years.
– Instigate private property developers or owners to lower the management fees ( this is of course not within the governrnent control but the government can help by making a plea to propperty developer or owner by enticing with a 1%~2% reduction of the Corproate Tax for the next 3 years.
– Public Transportation ~ (Buses and MTR) Offer free rides to senior citizen (65 and above) and young children 6 years old and below for the next three years (can issue special past by application). Recommend the provider to lower the current charge fare by 10% across board. Allow Taxis to move freely without ERP charges for the next 3 years starting from now.
– HDB housing ~ lower the purchase price of new and resale flats by 10%. Reduce the rental HDB by 15%~20%.
– Reduce the water tariff by 10% for all house hold.
- Reduce the GST charge to 5%.
- Reduce the Corproate tax by 1% overall (with property Developer and owner as exception as there is already enticement given for them to lower private housing management fees and rebate call)
- Make public to all retailers to not take advantage and increase the price for profiteering. make the CSE do its work. Publish the price of daily household used items.
(Note: anything I miss? Can someone fill in the missing items)
I am just suggesting like you say ” when times are a little slow, you could get the best bargain” right?
See, if you couple with these moves, the citizenry will have better cash flow to spend and that in turn will help boost the local economy. Everybody happy including the government. See, your idea is not that bad afterall. I certainly hope you can seriously consider this. If all adopted, I think the people will spend as told. If no can go for this rippling effect suggestions, how to goh spend? Cannot cheat cheat ar..must approve all one. Singaporeans got eyes one. Oh, forgot, most needy and those in direstrait, double the dosage (those ministers got the data who are the most needy right?).
P.S. This is just not me at all. Good lord. What happen to this old man here. Really senile siah. Anyway, don’t take it too seriously, life is too short to be serious all the time.
http://www.channelnewsasia.com/stories/singaporelocalnews/view/388277/1/.html
DBS to lay off 900 staff by end Nov
Posted: 07 November 2008 1355 hrs
Photos 1 of 1
Development Bank of Singapore
Related News
• DBS reports 38 per cent fall in Q3 profit
SINGAPORE: DBS, Singapore’s largest bank and one of Southeast Asia’s largest bank, has announced that it will be laying off 900 staff by the end of this month.
DBS said the job cut will come mainly from Singapore and Hong Kong.
At a news conference to announce its third quarter results on Friday, DBS Group CEO Richard Stanley said this forms six per cent of its total workforce and is the largest job cut ever.
The job cut will be across all businesses and all levels.
Laid off staff will be paid the equivalent of one month’s salary for every year of service as per market practice.
DBS said it has no plans to cut beyond this and also clarified that there are no plans for salary cuts.
Back in 2001, DBS laid off 200 staff in Singapore and implemented pay cuts. – CNA/vm
In biztimes today, Mr GOH CT has mentioned that the next Budget will be expansionary.
This is the government’s part of keeping the economy going by possibly spending/investing in infrastructure, services etc etc.
However, to make up the equation, the people need to keep the economy going by spending as well.
While some people are concerned about their own pockets and rising costs, they also need to understand the government is doing its part for the overall macro-economics.
Full of crap asking us to spend more on times like this. No solution please keep your mouth shut GCT
GCT’s call for Singaporeans to spend in this weak economy is not without its’ economic merits. Nevertheless, naturally, people will tighten one’s belt when things are down. Moreover, the common people will have little left to spend after spending on necessities.
Cash is king in this down time and for half the price one can buy the similar product. Investment in stocks and shares carries little risk now as the market has dived exyensively. Of course, this must be done over the long term with spare cash. The chances of one making profits over a 3-5 year horizon is almost 100%.
A recession occurred when people save up and don’t spend money, The whole economy shrinks and prices of goods will decrease and people will no longer be employable as there is nothing to produce anymore. The whole demand and supply cycle breaks down. This happened to Japan previously and for the past ten years they have problem trying to get out of the cruel cycle of deflation. The Japs simply buckle up and save their money instead of spending them away adding on to the economic woes.
As DBS just lays off 900 workers, half of them could be either RMs or loan officers as when people slow down in their bulk purhcases, there is less need for marketing and loan personnel. I am sure this is a result of the slowing economy.
GCT is one of the better minister and ex PM and I have much respect for him though he belongs to the old guard. He has actually brought about some changes in the country especially in the area of bridging the gap between governance and the public.
hello gilbert goh, u must be his relative…maybe u shld start spending to support ur goh family idea!
Hi Gilbert,
good to have some altermate views here. This is the real Paradox isn’t it? who was it that said when it comes to economics people are either motivated by fear or greed? In good times, greed creates the situation that leads to recession. Then fear takes over and people take longer to get out of recession. In light of the fact that people ARE going to react in fear irregardless of what economists advice against, there has to be an incentive to allow people to spend. in order to do that, governments have to increase spending, or reduce prices so people can have the surplus to spend.
But then again, in a rather sneaky way, they are already forcing us to spend more to help the economy by jacking up the prices of public goods etc. way to go PAP!
“DBS to lay off 900 staff”
Are some of 900 staff are RM that sell the minibond product ?
I question such retrenchment action. What if these 900 staffs represent DBS for selling minibond product ? Isn’tt that make investors harder to get compensation since that those 900 staff might be the RM that sell the product, and hence investors no longer can has any evidence of mis-selling and representation since these staff may no longer work in DBS and incontactable somehow ? So how these investors going to get back the money when DBS ask for evidence in case by case basic if these RM no longer around work and retrenched staff has no obligation to help in investigation and be truthful to investors ?
Can Mr Tan Kin Lian help to ensure if that investors still have valid case if the RM that sold them no longer work for DBS, and that lack of evidence due to absence of RM will not hinder investigation and compensation ?
ABC learning has collaspsed. Temasek with more than 12 -15% stake vanished! Cost to tax payer over half a billion dollars!
ABC is the world largest publicly traded childcare provider and had to be seize by creditors over an A$2.2 billion dollars in debt. Our dear Ho Shit bought this crappy company way back in 2007 and in feb 2008 upping stakes to 14%. Now it has gone down the drain.
Singaporeans are ridiculed for a $230 dollars handout for the needy by heartless minster and here our hard earned money is dump and burn like hell money! Where are the foresight and controls of Temasek (having a 135 billion portfolio), losing half a billion is no small matter. Temasek has all the time to sell that stake at a loss than zero return. This is no joke at a time where every cent counts.
The government cannot not deny oversight over this half a billion dollar loss. Who is to pay for it? Just like the LVS casino, DBS arrange the debt of $3.4 billion, now who is going to continue the project if LVS bankrupt and in no position to pay back the debt. Our hard earned money is gone!!!!
This bull shit government is no talent and lacks foresight so badly. Lehman mini bonds issue has really bring down MAS reputation and that of our government.
The government has to step in and rein in the losses over at GIC and Temasek. How many more billions to burn? Just like Citibank, Merril Lynch and UBS and Barclay….how much more tax payer monies to give away as charity but not a cent for desperate singaporeans?
FG
“The government has to step in and rein in the losses over at GIC and Temasek. How many more billions to burn?”
We should start burning billions of hade currency for our government to spend in netherland. They can acquire lot of assets there. Totally competent useless government that make themselves look extraordinary in MSM.
http://www.bloomberg.com/apps/news?pid=20601087&sid=afw._T9SEfk4&refer=home
Las Vegas Sands in risk of bankruptcy. There goes our IR.
Ah yah, where got money to spent….
Fever Guy,
You dun understand the wisdom of our gahmen. heheheheh… They are doing the Warren Buffet thing. Buy the dying companies so when things pick up, they make money. liddat oso dun understand. That’s why you are not ready for democracy.
No Need To Draw On Reserves Yet, Says President Nathan
“http://www.channelnewsasia.com/stories/singaporelocalnews/view/388090/1/.html”
Still have reserves mah ? How convenient ! Does Nathan even know how much reserve we have ? I though he only know how to cut ribbon, make prata and attend charity show ? How to draw when we have don’t even how much reserve is left ? Can we get the reserve from ministers’s salaries instead ?
Can we use Water Reserves instead ?
“Buy the dying companies so when things pick up, they make money.”
Now, they can start bailing out their own dying companies and buying casket now.
“Las Vegas Sands in risk of bankruptcy. There goes our IR.”
Ya loh, even big shots can get into trouble.
How about those kacang putehs. Some of those lowly educated ones want to work but no work but still must eat. Some without work and still being made fun of with something like this ‘do not blame anyone, there is work but you are too choosy and lazy’.
Even our strong darling has just announced 900 job cuts. To those people who like to make fun of people not having a job, In times to come, they will have more and more people to ‘make fun’.
76) Daniel on November 7th, 2008 5.10 pm “Buy the dying companies so when things pick up, they make money.” Now, they can start bailing out their own dying companies and buying casket now.
Taking away our folks coffin money and buy bigger coffins for other dying companies.
Ha, two months later, I will see male RMs mop my lift instead of foreign workers. And Female RMs will work in Indonesia as maids. MM LEE is a great prophet indeed!
I hope I can console and advise my fellow citizens here not to despair about the looming recession.
It is actually to be expected in a free market economy like ours to be governed by the concept of business cycles where there are alternating phases of growth and stagnation. So if there is a recession now, you can expect a boom in 2 -3 years’ time.
But, to get there, increasing Govt spending (as promised in the next budget) and stimulation of consumption (as urged by SM Goh) are the classic measures that are usually taken. The only reservation is to beware of the Law of Unintended Consequences.
The real danger is the much-dreaded DEFLATION as experienced by Japan over the past decade where there is persistent decline of prices and incomes leading to business failures and increased unemployment.
The present credit crunch is a one-off unprecedented incident caused by financial ill-discipline made possible by unrestrained application of the free market principle. As our local financial practices are sound, the effect on our economy is only indirect. The ordinary man-in-the-street will not be mortally-wounded, but the rich may be severely affected.
So, I hope the people and the Govt will work together without recriminations.
Our hard earn monies had been put in some GIC that investments are kept confidential because of national security issue. Hahaha.
We now know from sources that ABC learning in Australia is in financial difficulties and Temasek has put in millions of dollars that can vanish over night.
What abou those that are kept hush hush? How many more millions have we loss? Can we hold Temasek accountable for this? If Temasek is a private own company, the CEO could have been sacked immediately already with so many losses in investment. But I don’t think this will happen to Temasek. Sigh….Our hard earn money has gone down the drain again.
“80) smallvoice585 on November 7th, 2008 5.47 pm
The only reservation is to beware of the Law of Unintended Consequences.”
“I have faith in our government that they would have considered all unintended consequences and all consequences will be fully intended. ”
Mountern May 10, 2008 Saturday, 06:54 PM
http://comment.straitstimes.com/showthread.php?s=581291b5f15d932de69486a744971da0&t=11170&page=5
Some people really think our garment is god.
MM Lee: Don’t travel UNNECESSARY
SM Goh: Spend MORE
Sinkees: ??????
Er…his message got fine prints or not? Dun want to kena like the minibonds investors….who never read fine prints
For a start..perhaps SM Goh can urge those soon-to-be former staffs of DBS to “keep the economy going”……
We should reduce the ministers salary by 90%. They do not deserve the high salary. Under their leadership, we are the first country in Asia to go into recession.All they know and do is the raise fees and taxes that reduce the disposable incomes of the people. Now GCT rub salt into our wound and ask us to spend to increase the domestic economy! He does not even know that most people like me are spending on essentials only. Definitely no foot massage.
Now that DBS has taken the lead to lay off 900 staff, more companies will follow suit. This is going to be a very bleak Christmas and CNY indeed!
He is right about the Paradox of Thrift, and I am sure those in the same financial league spend considerably too. I am not even surprised that some of their monthly expenditure is even higher than what we earn monthly, and yet enough has already been set aside for retirement.
But I am getting the impression that they don’t understand enough tabout the constraints that he ordinary citizen faces in making financial ends meet, both short and long term. Another case of being out of touch (?)
if he gives up his salary and quit for doing nothing except cheap talk
it would help boost the economy
The govt should not depend on the people , because this will develope into the state having a crutch mentality.
The people can only help a little, but we need the ministers to go the extra mile and bring the bacon home to Singaporeans. Thats why you are the highest paid ministers !
Obama said something like this, have you seen any change with the current ruling party ? So what difference are they gonna make to you and me, if they are in power for the next 10 years ?
Change is what we need for the better.
Strange how the paradox of thrift works on us. We have done the very opposite as suggested.
INSTEAD OF “Take your family to the movies, shop, dine out at restaurants and hawker centres, go for your regular foot massage, indulge yourself at a spa, take a taxi, donate to charity and so on” . . .
WE HAVE “Not gone to the movies, not dined out – eat at home only , foot massage – sure don’t have that sort of money to burn, forget about the spa, once in a while taxi a necessity with our small children and given more than 10% as tithes”
Don’t I have the right to do what I want with my own money? Or are you envious because I am generous?’
“So the last will be first, and the first will be last.” Matthew 20:15-16 NIV
“Here it is again, the Great Reversal: many of the first ending up last, and the last first.” Matthew 20:16 Amplified
The one who loves money is never satisfied with money, Nor the one who loves wealth with big profits. More smoke.
The more loot you get, the more looters show up. And what fun is that—to be robbed in broad daylight? Ecclesiastes 5:10-11
I am getting sick and tired of all these people, only talk alot and knows how to bluff their ways through, enough is enough, you already made your piles of millions and for god sake, please pack up and go for your retirement, how long more you people want to go on and make a laughing stock to the people of singapore?
hahas…last time got one member of pap say..,,CAn”T increase the salary of lower income group,if not,,the singapore economic will very hard..
now,,!!
tell us to spend more…
waolu…,,this call first class ar..
sian le loh..hahas..
and I wonder how these people especially the old fart can sleep peacefully at night while being cursed by thousands of its own suffering citizens . . . . .
“waolu…,,this call first class ar..”
I still remember the case when there ‘s instance the government claim to help the citizen by giving them millions. How did they do that ? They said the act of postponing the public service admin charge increment result in loss of millions dollars for government, and that this is one way government give millions to help the citizens, not from existing pocket but from future yet-to-realize profit (can suga-suga increase future fare and claim it as current profit ! Isn’t this similar scam to Enron ? .
You might scream “waolu…,,this also can ar..!” Of course, this happen. Uniquely Singapore mah. Amazing. Genius. Super-Intelligent gahmen but only can be done in Singapore. Try doing that in Hong Kong, Taiwan, and you see our gahmen meet the fate worse than Chen Shui Bian.
A Tan (#6):
“most of the gds are imported”
agreed. sg economy is very much affected by external demand. it’s very diff frm big economy, eg china, who can look inwards to boast their internal demand. but i do still agree with SM Goh comment that we should spend if we are able to. If everyone holds on to spending, the economy will come to a stand still. But definitely not lavishly, and also ensure that you’ve got enough saving to tide you through any mishap.
goh (#15):
“But i need to save for minimum sum , electricity bills, transport fares, medical bills , ERP, telco bills, newspaper bills, parking and whatever will come.
So, Goh, I money no enough. i have to ignore your call. no choice.”
true. with the high inflation, we’re paying more just to maintain the same level of living as before. the high inflation has also caused uncertainties, and people will try to save more if possible, especially when their wage increase is unlikely to keep with with the rapid inflation.
GoodSingaporean (#31):
“Recently I always saw old aunties or uncles picking cans or dunno wat from rubbish bins….u guys notice that. The million $ rich ministers still got the cheek to ask for pay increment!”
it’s quite sad that the govt has not done to help the poor, especially the elderly who are unskilled. but are the ministers asking for pay increase? i’ve lost touch of news for these 2 weeks. can anyone clarify?
gemami (#37):
“It is time we create a human tsunami, one that has never been seen before in the history of Singapore. ”
yes. i foresee a global depression. the effect of the credit crunch is going to be long and deep.
gemami (#50):
“Declare one month of Public Holidays.”
haha. dun give companies ideas to force employees to take compulsory no paid leave..
Zefly (#53):
“I intend to write to forum again (even though they didn’t publish my latest comments on WSJ vs AG saga). But I need more solid proof.”
what information do you need?
Kaffein(#58):
“Funny, the government should downsize the no of MPs and ministers, especially those who don’t really contribute. I am still amazed that a small country like Singapore needs 3 senior politicians to back each other up – MM, SM, PM.”
i’m not sure how does the parliament works. but i think each ministry will need an MP to monitor. unless we can come up with something to show that they’re doing their jobs, it’s difficult to ask for the change. however, i do agree that we do not need the post of MM and SM. it seems to me these are redundant posts created. if Mr Goh and Mr Lee are really concern about our country, they need no post after stepping down as PM. i’m sure the public will still hear their words if their words are sound.
observer (#62):
i remember you saying that you have sent a letter to the authority in consideration of your 1st request. have you got a reply? but i think withdrawing cpf has many implications that have to be looked into, and i believe most of the lower middle income will have little or no cpf, especially if they are still paying for the housing loan.
“Basic necessities and its recommended cost reduction”
agreed with most of your points in your second. but some of the points, eg the point on preventing “profiteering”, are difficult to implement and moniter.
DC (#72):
“Las Vegas Sands in risk of bankruptcy. There goes our IR.”
isnt our govt pumping in money to help meet the deadline set for opening of IR?
All in all, i kinda agree with SM comment that we should spend if we are able to. but make sure you have got enough saving to tide you through any mishap in this uncertain times.
if you plan to spend money on shopping, also consider spending money at smaller local outlets to help our citizens keep their businesses. buy groceries at local neighbourhood stores instead of big franchises to keep their business going.
let us stand together and tide through this crisis.
SM GCT is right … we have to spend our life saving and the little money we have to boost the Singapore economy. That’s why they build 2 Casino so that we can gamble our life away, isn’t it! SM GCT has brillant idea in his closet I think. But why are we Singaporean paying 3 PMs millions to think of these “brillant” solution for us; Can’t we put on our thinking cap to reduce cost of the government spending. Why employ 3 PM to do a PM job?? Is Singapore economy or area so big that we need 3 PM or is it that 1 is not capable to lead the country. For goodness sake, our PM only knows how to fix the opposition while not thinking of good solutions and only know how to buy votes. How much are we worth?? Peanuts!!
Spend when I have lost my job ? Who is going to take care of my aging parents, my homemaker wife and my school going children. Please be sensible and lead us with real help in the present economic crisis. Are you not adequately paid
Perhaps GCT can set up for citizens a ” Spending Fund For Simple Pleasures” .Then he can encourage the President and ministers to contribute and join the charity- there is always a first time for some. Immediate contribution can be a noble thing if nothing fast and effective can be done immediately to help citizens presently
In doing so, GCT can be true to himself, and need not have OEI HONG LEONG to volunteer sponsorship of S$ million to his Marine Parade Scheme for young people to do social work overseas.
Please do not use words to hurt us more; the increase in GST, transport hike, upping of electricity charges, etc , are already very painful for us citizens. Even if we still have a job, we do not earn the type of salaries some complacent civil servants get.
The most effective way to help the economy is to cut out the posts of all those ministers without any proper portfolio including GCT’s post. These chiar-leow-bi ministers earn millions of dollars without having to account for any lapse in any ministry.
GCT wants you to spend because for every dollar you spend they get 7cents GST on it so that they can continue to pay the ministers and syphon more money away to invest in more foreign banks.