Report by Shamim Adam from Bloomberg:
Singapore’s population may shrink in the next two years as “sizeable” job losses amid the city- state’s deepest recession force 200,000 foreigners to leave, Credit Suisse Group said.
About 300,000 jobs may be lost by 2010, two-thirds of which are held by foreigners and permanent residents, economistsCem Karacadag and Kun Lung Wu wrote in a report received today. The number of people on the island nation may fall by about 3.3 percent to 4.68 million by 2010, Credit Suisse said.
Companies in export-dependent Singapore are firing workers as demand for goods and services ebb. More than 10,000 people were retrenched last year and a worsening economy may result in job losses tripling in 2009, reaching numbers not seen since the Asian financial crisis a decade ago, the government said.
Read the full report: Singapore May See 200,000 Foreigners Leave, Credit Suisse Says.
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This contract things is totally nonsense. Under any contract of employement, if either parties, employer, employee fires each other just give a month and in lieu of 1 month service notice!
Singapore Government should abolished this contract thing!
I employed local and foreigners before at $500 to $600 but find that local at $800 all got problem either they are from low income group or ex-convicts and always disapear without reasons. After I employed PRC at $500, it solved the problem, they are more hardworking and willing for OT to pay off their debts.
As for executive level, now S-pass at $1800 also got degrees from never heard universities. Now authorities are blind, so many many degrees out there! Try to go out to Sales line, in Manufcturing, IT and Construction line, you got all these cheap dgree ppl of $1800 to compete with you.
I hope to see more of them leaves so Singapore is no longer so crowded.
51) TrueBlood Singapore on January 22nd, 2009 1.59 pm
It depends on where you look for local workers. I have come across many lowly skilled local workers during my stints as a part time worker during academic vacations. Most were very committed, and I noticed that the more educated they were the more likely they were to be less hardworking. There were plenty of them who offered to stay back to work OT without OT pay, and I was certainly not one of them. None were ex-convicts.
And as for competition with migrant workers who are also degree holders, again it depends on where you look. I have friends who secured jobs as starting engineers with Engineering degrees from NUS/NTU at a starting pay of $2.6k – $2.8k
Think about this fellas, if the bloody PAP knows that it’s going to lose 200,000 potential GDP contributors (foreigners – noone cares about natives here), it will step up it’s foreign propaganda and open it’s gate (legs) wider for more immigration with it’s stories of ‘another 30,000 jobs created’. What we’ll end up with is 5 – 0.2 + 0.5 = 5.3. Get the joke? The jokes on us.