Home » Posts tagged with "recession"
Posts tagged with "recession"
In bed with the Economic Strategies Committee
Feb. 5 | One of our resident cartoonists, Sei-Ji Rakugaki, wonders about the ESC through his sketchpad – is this further from reality or closer to the truth? See more of Sei-Ji’s work at My Sketchbook… __________________________________________
PMETs and degree holders among hardest hit by weak labour market
Dec. 16 | Leong Sze Hian Despite a slight increase in GDP in the third quarter of this year, Singapore’s labour market, as well as the earnings and productivity of resident workers have not recovered. A report released yesterday by the Ministry of Manpower reveals...
Recession in Singapore is over, says MTI
Nov. 19 | Effectively, the recession in Singapore is over. Ravi Menon, permanent secretary with the Ministry of Trade and Industry.
Same problem, different approach
Nov. 8 | “I will not rest until all Americans who want work can find work.” US President Barack Obama, on combating rising unemployment in USA (6 November 2009) “So let us move towards a cheaper, better, faster Singapore economy.” NTUC...
When the economy dives, the GST must too
Aug. 28 | Imran Ahmed / http://imranwrites.blogspot.com/ It is time for the government to consider lowering the GST rate in light of how it hurts the poor more than the rich. RECENT reports in the international media suggest that the US tax collector has received...
Tighten labour laws to protect older, vulnerable workers
Jul. 23 | Gilbert Goh I refer to the article “CDC sets up new taskforce” (Today 20 July). I applaud the Central Singapore CDC on setting up a taskforce to tackle the growing unemployment situation targeting those belonging to the 40s age group. We must...
An Uneven Economic Recovery
Jul. 17 | In the latest installment of the STRATFOR Insights video series, Vice-President of Strategic Intelligence Peter Zeihan provides a preview of the third-quarter economic forecast, focusing on growth in the United States, Asia and Europe.
Flip-flop on government’s position?
Jul. 16 | Gangasudhan I read with relative interest today of Manpower Minister Gan Kim Yong’s comments that was reported in the Straits Times (Job market on students’ minds[1], 16th July 2009). The minister was reported to have said that ‘jobs could...
No need for more stimulus measures, says Lim Hng Kiang
Jul. 16 | With the situation stabilising as we see it, (another stimulus) is not on the cards at the moment. Lim Hng Kiang, Minister for Trade and Industry, Forbes
More and more jobs available, but nobody wants?
Jul. 7 | Leong Sze Hian, with contribution by Ng E Jay I refer to the report “Over 19,000 job seekers find work through SPUR programme” (CNA, Jul 3). Since the number of residents approaching CDCs for help in finding jobs has increased by 100 per...
Recession over? Not so fast, says PM Lee
Jun. 3 | I believe we should not be too hasty to pronounce that the recession has bottomed or that things are getting better. Prime Minister Lee Hsien Loong
Upturn the downturn – NTUC sings to lift spirits
Jun. 3 | The following is a video by Singapore News Alternative. NTUC Chief, Lim Swee Say, and union leaders singing to encourage workers to be more upbeat about the recession. Have a look and give your comments. Watch the original video from NTUC below.
More people apply but less people get help?
May. 31 | Leong Sze Hian I refer to the article “NTUC speeds up aid to workers” (ST, May 31). It says; “The labour movement is moving speedily to help 194,000 members affected by the recession this year with $23.2 million worth of cash, vouchers...
Is the HDB profiteering from flat owners’ woes?
May. 30 | Leong Sze Hian One out of every seven HDB flat owners have problems paying their mortgage loans. This seems to be what the statistics have revealed. Last year, the HDB visited 60,000 flats which had problems paying their loans and gave financial counseling...
We’re too mollycoddled
May. 25 | I would sometimes tell them ‘You should let the children care for you, not the state, not because this is a good public policy (although it is), not because society expects it (although it might), but because it is the right thing to do. It is...
Why there is no subsidy for the poor….
May. 25 | The CEO of SMRT goes to work in a Mercedes. She deserves it because the profits of SMRT has doubled in the past few years. Even as the economic crisis put thousands of Singaporeans out of the job, the SMRT’s latest quarter results show another...
Time for the government to re-look “no-welfare state” policy
May. 25 | Tan Kin Lian / Columnist For many decades, the Singapore Government has adopted a policy of a “no welfare state”. They have extolled on the population the risk of a welfare mentality – people get lazy and expect a good life without putting in the...
More flexibility for bosses but what is there for employees?
May. 18 | I refer to the article “More flexibility for bosses to cut costs and save jobs” (ST 18 May). I wonder if such schemes to allow bosses the flexibility to cut costs will help workers retain their jobs. Already, employers have access to the...
Give us better statistics on employment
May. 12 | Jewel Philemon It was a warm and humid Vesak Day afternoon. About 40 people had gathered to hear ‘a few good men’ press home their point at the Speakers’ Corner that there needs to be more protection in place for the Singaporean worker. “Why...
Retrenchment as a last resort – Lim Swee Say
May. 11 | We continue to see job losses in USA. We continue to see unemployment rates going up in USA. While the world may be starting to gamble with their money in the stock market, here in Singapore, we cannot afford to gamble the job of workers. What we have...
Applying for a job? “My interests include cooking dogs…”
May. 8 | The following is from The Telegraph. By Murray Wardrop Experts found that 94 per cent of job hunters risked missing out on vacancies through poor spelling, grammar or presentation on their CVs. In some cases, applicants’ attempts to impress potential...
Where is the “unique Singapore advantage” to protect our workers?
May. 8 | Andrew Loh If one were to follow – and believe – what the Labour Chief and the Manpower Ministry say, one would be inclined to think that the unemployment situation here in Singapore is “not as bad as feared”, as one Straits Times report put it. In...
Protect the Singaporean worker!
May. 8 | A TODAY newspaper report, 8 May 2009 Is the mainstream media and government statistics reflecting the truth about the jobs and unemployment situation in Singapore? A group of Singaporeans, who are concerned about the unemployment situation and how...
Job satisfaction – inadequate measures to protect workers
May. 7 | Tan Kin Lian / Columnist A Business Times report carried a survey made by a private research firm. It showed the job satisfaction rate of Singapore workers to be the second lowest in the world (the worst is Japan). Although the survey is made among workers...
Economy – Singapore the worst performer in Asia
May. 6 | THE International Monetary Fund (IMF) has slashed its forecast for Singapore’s growth this year, saying the economy could decline 10 per cent to end up as the worst performer in Asia. Straits Times
The myth of the lazy native
May. 5 | The government’s views on the unemployment situation might be too sanguine With Singapore in the throes of its worst ever downturn, the government seems to have gotten into the habit of implying that Singaporeans are complacent and choosy about employment...
V-shaped, U-shaped, L-shaped, deep U, fat U…
May. 2 | There is no V-shaped; now the optimistic scenario is a U-shaped recovery, a deep U, a fat U, and if we are lucky, gradually recovering from the later part of this year or early next year. But if we are not lucky, it could be an L-shaped problem –...
Stress lines
May. 2 | In a downturn, we are concerned that minorities, non-Chinese workers will be more affected because larger proportions of the Malay and Indian workers have lower skills and lower skilled workers are more vulnerable. PM Lee Hsien Loong
4.8 per cent jobless but worse is yet to come
Apr. 30 | THE unemployment rate for Singaporeans and permanent residents hit a five-year high of 4.8 per cent last month. Manpower Ministry
Borrowing from loansharks – criminalising without providing real choice
Apr. 28 | Ravi Philemon “Yes, I have borrowed from Ah Long”, admits Rezal (not his real name). “But I had no other choice! My wife lost her job in the factory and now earns about $400 as a part-time dish-washer; and we cannot survive just on my pay of...
Singapore ranks second-lowest worldwide for job satisfaction
Apr. 18 | From the Business Times: SINGAPOREANS have long been suspected to be a dissatisfied bunch – and now there are numbers to add to that view. In Robert Half’s latest survey of finance professionals, Singapore ranks second-lowest worldwide for...
It does get worse
Apr. 17 | Despite the mainstream media’s spin, chances are that things will get worse The advance estimates of GDP figures released by the government on 14th April underscored the deteriorating economic situation in Singapore. The government had to revise –...
Worst set of economic data in history – but not as bad as it looks?
Apr. 15 | SINGAPORE on Tuesday released the worst set of economic data in the nation’s history… But economists say these grim figures largely reflect past trauma and do not necessarily mean the current economic situation is worsening significantly. Straits...
Singapore economy in record fall
Apr. 15 | From the BBC: Singapore’s economy shrank by 19.7% in the first quarter of 2009 compared with the previous three months, its biggest quarterly contraction on record. Official estimates also showed the economy had shrunk by 11.5% compared with the...
An alternative to penalising labour
Apr. 14 | Donaldson Tan / Head, TOC International / London The website of the Ministry of Trade and Industry (MTI) is a good indicator of the state of our economy. It not only publishes quarterly economic statistics, but also lists the economic milestones our...
Repossessed properties in Singapore rise 18%
Apr. 12 | From Property Wire: The number of repossessed properties in Singapore have risen 18% and are expected to increase significantly in 2009 and 2010, according to analysts. The deteriorating economy and rising level of retrenchments are having a spillover...
Bold gesture from the government needed in this time of crisis
Apr. 11 | Coming Soon: TOC’s exclusive on-camera interview with David Widjaja’s family in Singapore. Rajiv Chaudhry The government has done little to indicate that it is willing to share the pain with those who have been affected by the crisis, beyond...
5 Minutes With… Leong Sze Hian on pay rise survey
Apr. 8 | On Tuesday, Channelnewsasia reported a survey conducted by London-based research ECA. The survey found that Singapore is placed 43rd out of 53 countries in terms of pay rise ranking for 2009. TOC spends five minutes with financial and statistical expert,...
5 Minutes with… Leong Sze Hian on the economy and jobs
Apr. 3 | TOC asks financial expert and analyst, Mr Leong Sze Hian, to help make sense of the latest slew of statistics from the Ministry of Manpower. TOC: We’ve been bombarded with government statistics lately on the state of the economy. In simple terms, how...
Shocked that $500 required to open POSBank account
Apr. 2 | Letter to the Straits Times Forum: I WANTED to work at a McDonald’s restaurant and was told to open an account at POSB. So I went to a branch at Textile Centre and got a shock when I was told that I needed at least $500 to open an account. When...
Employers still discriminating against older workers
Mar. 29 | Gilbert Goh Having met more than a dozen unemployed Singaporeans either through my unemployment support site transitioning.org or my own personal contacts, I observed that there are two main issues that frustrate them. One is the huge influx of foreigners...
Staying united, moving ahead
Mar. 29 | During tough times, it is understandable that people feel anxious and stressed. They worry about whether they can hold on to their jobs and take care of their families. Our tradition of tripartite cooperation is especially valuable at this time, and...
Singapore inflation rate highest in 28 years
Mar. 23 | From AFP: SINGAPORE (AFP) — Singapore’s inflation rate climbed to its highest level in 28 years in 2008, with the poor being the hardest hit, the statistics department said Monday. The 6.5 percent rise in the consumer price index last year was...
Are childcare centres exploiting govt schemes?
Mar. 22 | Andrew Loh Fees for childcare services have been in the news lately. And it is no wonder why. Operators have either increased their charges or are thinking of doing so. These centres include not only privately-run ones but also those run by the PAP Community...
Issues That Matter: Uniquely Singapore – F1 or F9?
Mar. 22 | Over the years, Mr Leong Sze Hian has written countless letters to the local press on issues which affect every Singaporean. These include the Central Provident Fund (CPF), healthcare, education, transport, housing, credit, the charities, employment and...
BBC: Singapore struggles with downturn
Mar. 19 | Breaking News: Ms Melanie Kirkpatrick, the deputy editor of the Wall Street Journal’s editorial page, was fined $10,000 for contempt of court by Justice Tay Yong Kwang on Thursday. (Straits Times) From the BBC, 18 March 2009:
Better to help needy than give handouts to fresh grads
Mar. 16 | “THE Government will encourage banks and other financial institutions hit by the recession to take on new graduates by offering to subsidise the recruits’ allowances for up to a year,” reports the Straits Times on 13 March 2009. It goes on,...
US Fed chief says US recession will likely end this year, recovery next year
Mar. 16 | From AFP: In his first television interview, Federal Reserve chairman Ben Bernanke predicted that America’s worst recession in decades likely will end this year, and that the economic recovery would gather steam next year. —— The...
How many jobs went S’poreans?
Mar. 15 | According to investment bank Credit Suisse, Singapore’s population grew 18%, to about 4.8 million, from 2004 to 2008. More than three-quarters of that growth, Credit Suisse estimates, came from newly arrived foreigners taking lucrative positions...
