Re-thinking our economic expectations
Friday, 19 December 2008, 10:33 am | 1,491 views
Andrew Ong
Recent news have been filled with retrenchments, retrenchments and more retrenchments.
It is quite disturbing to read how companies have heartlessly ‘axed’ their employees whom they deem as “excessive” in order to ride through the slowdown.
Judging from the recent comments by the Labour Chief, Mr Lim Swee Say, who conveniently also happens to be a Minister in the Prime Minister’s Office, it’s clear that we should expect no one to owe us a job or pay cheque; not even our government.
I’m not sure about you, but seeing these unfold each day has given me pause and to seriously think about my career path.
Everything increases except our pay
It is not uncommon for us to bemoan how daily expenses for our standard of living have rocketed, but the same cannot be said of our monthly income.
From a globalised marketplace standpoint, where Singapore is competing with low-cost labour countries like India and China (without even mentioning our regional neighbours), I think the harsh truth is that if we increased our income level any higher, it would erode Singapore’s competitiveness and business appeal.
This is the reality that we’ll need to firstly come to terms with and accept. We need to renounce the ‘crutch mentality’ and make the best of what we have.
If we are lucky enough to have any sort of increment regardless of the dire economic situation, we should be grateful.
Nonetheless, salaries do differ exponentially across the gamut of industries and the types of jobs we are in. So this might not apply to you if you are in a niche industry like the Oil & Gas or Civil Service working as a Minister.
The way out is…
After managing your expectations with our reality and if you find that you are a person who is easily satisfied with whatever you have and have no qualms in having others determining your worth and job security, you can choose not to take any action.
However, if you desire to earn more and do not want a ‘glass ceiling’ to your income level, then some practical actions might need to be taken in order to get to that ideal position.
In my opinion, I think there two routes we can consider in ‘escaping’ from the system. One of it is to start our own businesses and the other is to switch to politics and join PAP or sales where much of our salary is dependent on sales commissions.
I think both these routes are career paths that reward us fairly and according to our effort invested and performance delivered.
Maybe some of us can take the opportunity of the approaching year-end by doing a ’stock check’ to re-evaluate our careers.
We can seize the opportunities that are there for the taking in this situation by planning ahead on how we can take our career to the next level in the coming New Year.
——
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Frankly I agree with Mr.Lim, he is right to say this
we should expect no one to owe us a job or pay cheque; not even our government.
This has been the true from day one due to the following
1) the cost of living has gone up
2) Jobs are shrinking
3)No minimum wage
4) No welfare – what happens if you lose your job and its not your fault?
5) High cost of getting EDUCATED???
6) Low birth rate
7)GST to help the poor
8)Drop in COE to allow people to buy cars ?? Whats the ERP for again ?
9) People are buying smaller flats ?? I wonder why
10)CPF life line ??? being extended……
11) Sky high salaries for ministers
12) Bring in FT who are willing to take a lower pay scale
Thats why I think the people should know that, the GOVT don’t owe you a pay cheque
ok let me assist you peeps on this one
especialLEE starting your owned buisness from ground level ZERO
before i even started
let me give you a few examples here
shall we?
remembered that enterprenuer bloke who left his banking job
to start a van foodtruck just liked the europeans in orchard road carpark for a start?
he throw in about or near $100,000
to modified the mobile tuckshop
its was a good try
very enterprenuer
one should says
what happenned next
many followed
afterall
everybody must EAT
without a doubt
just liked the pow pow char craze….
then our infamous greedy government stepped in as usual
want to regulate more rule$
more taxe$
in the end
draw lot$
the enterprenuer himself wasn’t even guranteed
since it was his idea in the first place
worst of all he didnt win in the ^lucky^ draw
next worst situation
the ministry concerned says
you must stopped selling after lunch hour
as though your business boom only lunch time
and you can recoup your profit just by selling one session as well?
orchard road have no late shift workers/shoppers?
you catch the drift so far?
next
let discuss on other form of buisness
whatever you want to do
try going through our government red tapes
before you even started
the government different ministries already collected from you
advanced taxe$
more than 1/2 your savings already goes to them
let alone your rentals/blah blah blah
and in singapore
to cover your investments within a 12 month period
which is suppose to be in order to survive
how many 1/2 hall hdb shops here do you see
half empty?
why is other countries have basic poor people survived?
simply because other country governments do have the hearts for the people
by the people
if they find that this poor citizens of their can start thinking and run their owned buisness without a government handouts/aids
the government concerned is more than happy
simply because if one start a buisness
one tend to employ helpers
and those who patronise/support the buisness
will make the economies goes stronger
which part of singapore ministers do that?
try an illegal curry puff/otah stall @ your nearest mrt point
see how long can you last
without enforcement harreshments?
~sigh~
Doing business is too much hassle and does not come under the protection of the PAP more than if you are one of them.
So let’s all follow the other way out as prescribed by Andrew, Let’s all sign up to join the PAP. Do it now. How nice it will be if all Singaporeans are also PAP members, then we can change Singapore’s name to PAP too. Surely the top PAP people must take care of its PAP cadres right?
Yah what! It’s a fact that the PAP takes care of PAP members more than Singaporeans what!
It is NOT standard of living that have risen but the cost of living that have gone up. Often people say about rising standard when what they meant is rising cost. In fact what we are having is rising cost but falling standard.
Prices are coming down. Oil was below USD40 for a while…
Singaporeans probably may only have a golden era of less than 20 years in their employment curve i.e. from 23 years old (after you graduate) to 45 years old.
After that, if you are not the top guy in your company, you are going downhill.
I have seen many top guns who are my friends going nowhere when either they are retrenched or resigned themselves in their 40s.
Most companies prefer to hire a younger man than a 45-50 year old to run a business. For one, the fresh guy is young and has more ideas than a old man. The salary difference is also difficult to match.
The age factor in employment is never more pronounced than in Singapore.
In Australia, if an employer discriminates on age, the person can sue the employer. In your CV, you left out discriminatory infomation like gender, race, age and photo so that your employer selects you solely on your experience and qualification. More importantly, you are hired on merit and capabilities.
Singapore has the worse hiring criterion in a first world country with many employers discriminating on age and race openly.
We also has one of the worse wage gap phenomenon in any developed country which the govt is not trying to close at all.
#(6) – you mean we are not hired based on “merit and capabilities”?
another bad news
my kaki who was based in dubai
working for a singapore company
just had his contract termination
end dec2008
although his contract was to end in dec 2009
the dubai based company paid him his dues in FULL
so this chinese new year
gonna be a long long holiday for him
to spend some quality time with his 2 YOUNG son
one is under 10
the other one around 13
ole my kaki is not old
just 59 nia mah…
he have the merits
he have the experiences
now the only problemo he have
is
NOT connected to the pap party
even if the singapore IR resorts were to reproceed
he still have to attend fresh interviews
to compete with younger foreign talents
7) ArtBoon
what gilbert means is that in other countries, they have to hired and will hired on merit and capabilities, however it may be a different issue in local context. i think most people know what i mean…
Oh, and to continue, yes, prices of oil has gone down, but the prices of our food has gone up. on dec, some of the prices of import food has increased by up to 25%, and that was not a time where price of oil sky rocket again….it was a time of depreciation of currency that cost our import to increase in cost
The people’s eyes and ears and brain is working?
maybe ?
when oil price dropped, and prices of all items that have seen price hikes with reason of oil have not gone back down.
the people’s level of intelligence is unquestionable.
I will never betray my conscience & sell my soul to join the PAP. They are powerful & in control. However, we feel there are many things they did that are not right. Do not bow down to what you think is morally wrong. At least, I will never.
One of the gov’s phrase-to-live-by for Singaporeans is that no one owes Singapore a livin’, & everyone should strive on their own. Singapore owes me nothing, & vice versa. Please remove conscription in the form of NS ‘cos we don’t owe you anything & we don’t expect anything back from you. You give us nothing, we give you nothing. You give us welfare & fairness, we give you loyalty & hard work much more willingly.
This is the reality that we’ll need to firstly come to terms with and accept. We need to renounce the ‘crutch mentality’ and make the best of what we have. – Andrew Ong
I renounce the crutch mentality argument because it is PAP who removed our rights to negotiate with employers on an equal basis. However, given that PAP will absolutely never help the ordinary men but only themselves and their affiliates, we have no choice to depend on ourselves The very least we can do for ourselves is stop trusting PAP.
Agree with pugdragon.
Btw, strange that in other democracies, the elected MPs and Ministers are civil SERVANTS who are indebted to their voters and have a duty to provide for the welfare of the citizens. Singapore is one strange democracy whose voters/citizens are replaceable economic units by foreign workers “talents”.
One more option that Andrew Ong did not list out – to leave the country for a more respectable democracy. Although I fit into the “easily satisfied” category, I choose to emigrate. It is less stressful then having to wonder perpetually if one would fall victim to the next economic cycle exacerbated by the heartless PAP policies.
Also as moshedyan has pointed out, it is actually easier to be an entrepruener overseas.
12) pugdragon
i am with you…don’t join the force that we detest
100% job security.
lose public money won’t get sacked
lose dangerous terrorist won’t get sacked
gamble away public money, also won’t get sacked.
what more u want?
What we people fail to realise is that when you are earning millions, a 20-30% pay cut does not do you much damage. Best of all you know you will never be retrenched no matter how you screw up. The assurance that you will always be in power makes them more detached to the reality the population is facing. You are in your comfort zone. Why do they behave as such?. Because we have surrendered power and have failed to use our votes to make them accountable. When the fear is there that they might not have a job if they do not perform, then they will work for the people. Please wake up.
Please give me back MY CPF money and there is no need to have national service.
Thank you for giving us this GENTLE reminder during this recession.
Please repeat your GENTLE reminder to us during the election. I am sure the PAP will get more votes.
Maybe you should have it as your slogan.
GST offset package given for GST hike.
My question is why hike to begin with?
okay, lets say you have bombastically good reasons again, where does the offset package monies come from?
is there a LOOP we are seeing?
regards
69′ner of the show “ERECTION is COMING” (erection of a lampost)
aiyoyo
gentle reminders, did ELITEs reming themself when investment sink?
commoners want their $ back, invest/spend themself..
commoners want simple, less/no pressure lifestyle..
why come to this stage, just look at advanced countries, what happen to them now?
believe simple is the best.
aiyoyo
I think saying that wages is the ONLY reason for high cost of doing business in Singapore is a bit short sighted.
The government’s policies have also created spiralling costs for businesses too (not just for the people), including rental, utilities and basic infrastructure costs.
If these were curtailed, the push factor wouldn’t be as big
IMHO.
About property prices:
Rapid rise in property prices or rental in relation, will lead to rapid fall in prices. Seen all the hot money (local and overseas) coming in to pump up property prices in 2006/2007?
The poor will suffer more as the rich who would have owned multiple properties would have sold theirs for a fat profit or gone en-bloc and then those marginal investors would start to come in to play in the property market, lured by these fat profits.
But time for profits are short and the stalement, like it is now, will lead to more forced-selling and then bankruptcy.
Stable prices should be the objective for a stable economy.
Hi,
singapore is news’d to be very solid bombastic like safe,stable and nice nice.
our education system is news’d to be solid bombastic producing people who can, erm …. not rejurgitate i have to say, but study study good good.
For thess and many other reasons alone,
wages for singaporeans should be higher . Even more so when u consider the 1st world status.
in short, businesses wanting to operate here should pay more to our citizens.
and I hope rentals will come down for them as well as the corporate tax.
Like this ,there is surely hope for 1st world pay and not just pay and pay.
paying and paying sarks!
If Singaporean are forced to live under constant dilemma of having a job, why should we be paying labour union every month. If I know my living are is full of thieves and robbers, should I not get a guard dog with teeth than one without?
Given that NO ONE OWES YOU A LIVING,
Why employ singaporeans given that their salary includes CPF contribution payable by the employer?
is business not all about THE BOTTOM LINE?
Lets not kid ourselves.
I BELIEVE THE BUSINESS RENTALS NEED TO GO DOWN IN THIS CRISIS.
I BELIEVE THE CPF should either be :
INCREASED FOR PRs TO THE SAME LEVEL AS CITIZENS OR
REDUCED TO THE SAME AS PRs IF NOT BOTH REDUCED FOR EMPLOYER CPF.
LAST BUT NOT LEAST, FOREIGN WORKERS SALARIES MUST BE SET ACCORDING TO MINIMUM WAGE SYSTEM.
Employers must not be expecting too high a bonus and actually accept less earnings by not retrenching too many workers in this crisis. who knows, for 1 million less bonus they give to themselves, this could save hundreds of jobs.
But then, employers are rich and by being rich and elite does not mean a person is Honest, Transparent or has Integrity, kind or generous or care for the poor. it just means the bank passbook has more zeros. PERIOD.
words can be spoken by anyone as beautifully as a poem. Just hire a poet to write for you. What is spoken need not be practised or the truth.
i just want seek lta opinion on traffic jam pn a saturday
in bencoolen street/bras basar road?
is many people so riched that they needs to go bencoloon street
just to pray to kuanyin?
if that is not the case
is albert square/simlimsquare/berlingston square
an orchard road shopping class standard?
if that is still not the case
why on earth
do lta charged 300% on erp poles on a saturday from 12noon till 8pm?
just because we nneds to pray and buy spare parts
doesn’t mean we have to pay 3 (THREE) times the amount
so lta thinking
is perhaps we should leave the weekend car @ home on a saturday and take the buses/mrt with a spoilt computer in 1 hand while the other hand we hold on to the standing pole perhaps?
and mind you peeps
simlimsquare is on par rental with shenton way
dollarfordollar
now with this lta profitdriven scheme
more merchants cried
for their buisness only thrived on weekends
on weekday ley?
its a weepin lane
where literalLEE
you can used it as a bowling ally
~sigh~
so much for our kind prince the prime minister trying to help us
the local merchants…
Before I pay the standard road tax of estimated $700/yr for a 1200cc car, now with the ERP, I still have to pay something like $500/yr but my average monthly ERP charges I am paying is abt another $250/month, see how much is the difference? what rebate are we talking about her????? this is cut throat and is extortion business for the motorists monopolised by the garments.
Get out of Singapore.
I did that.
Get out of the stress and worry.
I am now living in an LDC.
Life is good to me.
Just a simple life.
Bonnie
Singapore may have become a so-called First World nation but where is the wealth? In whose hands? The government, of course, and successful businessmen. And government ministers and the elite in society. Maybe, something like the 80-20 ratio [or even 90-10] seems to apply. – 80%/90%of the wealth is in the hands of only 20%/10% of the population. What about the remaining 80%/90%? They can enjoy the peanuts!
Would the government share its wealth with the people? Some of it of course, but very, very little.
But that’s the style of this government. Tax a lot. share a little. First, build as huge a surplus as possible, through every kind of taxation if possible, then hand out the peanuts. But take it back if possible after the election.
[i]69) Observer(SG-HK) on December 21st, 2008 11.31 pm Dear 65) moshedyan on December 21st, 2008 8.08 pm
Thank you for your advice. Very insightful and kind of you indeed. There might be a problem though, for someone who can’t speak a word of Mandarin or ‘Putonghua’, how to survive there though? China is so big, which province or which industry or work should one chooses if they decided to pack their bags and take up your advice?[/i]
china is big
so big
that the land of opportunity is tremousdous
if i am thinkin of setting up a small business
beside my ancestral village
i would die we called it c o ckstanding
the best place is the 1 that was affected by the earthquick
everythinggie start from ground ZERO
big capitals do big buisness
small capitals do smaller 1 lark…
mind you
although i speak chuazee very well
doesn’t mean i can read a word of huanyin pingyin
i only know a few chinese charecters
beside my name
huah and pui huah
you would be surprised
singaporean makes great managers
this 1 i guranteed you all
in china they will address you as country manager
now you know why dr goh keng swee is highly respected in china
he brought a vision to modernise china
now as for other part of the world
whatever you called it
us/europe or even india
it way way out of our leagues
in terms of capitals outlay and labour COST…..
india on the other hand have too many rigid rulings
china is still looked thick look cash system
my first ideal choice was the provincial in phillipines
but too bad the stability is not as safe as we want to be
especially ^chinese^ liked us are still a kidnapper ransome
no chinese would dared venture out alone with no armed bodyguards
thats looking for an early death
and in phillippines if you are really really so suayed to be kidnap by finantic muslim rebels
and if your family don’t even have the means to pay them off
be prepared to be sent home in pieces
this is not a joke
now you were asking me about our HOME
you know the word singapoor?
our great pap government scholars would simply think NOTHING
but just to make sure you paid up front whatever needs to be paid
don’t even try to reasons with them regarding earning your FIRST dollar…
simwonghoo tried
in which he used the term
NUTs….
our scholars are not humane
just mere robots
jack neo don’t makes mistakes in all his local movies productions
whatever he produced
is the same experiences he gone through
every DEPARTMENTs….
imagined if you have $100,000 of your savings to be used for business
in singapore you can forget about that
its really really peanuts
ole yes
with the same amount
don’t even dream of venturing to china shanghai
there also
your money is too small too thin
you all have to venture much further ulu ulu
but if you worked hard and worked smart
guranteed you will be a properous
laupan
without a doubt
as for our present situation
don’t believed what the pap forcast
they have a habit of making honest mistakes
over and over again
we will be lucky
if we can tide our economic depression within 3 years
to my believes
i expect a minumum of 5 years
we ALL ahve to depend on obama
the new president of the united states
if he goes up
we climbed
if he get knocked out
we are as dead as a doornail
now you know why osamabinlatte did try to bomb walls streets
without walls streets
we have no walls @ all
for the last few weeks
i have been talking
really talking
to ceos of multinationals corporations
(surprised right? a kachang puteh liked me got to rub many shoulders)
for their predictments/ideas
they themselves are also worrid about their golden handshakes
their hands are really really shaking right now
simply because they are the highest paid number 1 in singapore
which also meant
the first to fall/go…
~sigh~
When we go for high growth(it seems obsessively) then Spore will
perennially undergo a boom & bust cycle with resultant job losses
and retrenchments which translate into some severe social dislocations
particularly for the older Sporean worker when one is in his mid or late
40s salaried at about $3k monthly, then has to undego retraining and
gets another job which usually pays less than half his former salary
whilst his expenses are on a steady increase due to upgrading, a
child or two taking his/her “A” levels or studying in the Polytechnic/
University, caring for aged parents/parents-in-law, owning a car, etc.,
thus this disiullision Sporean will probably emigrate during his mid50s.
Join PAP and lick a$$ all the way to a Minister level . Job security for life. $1 million plus a year and can talk and fart at the sametime.