More jobs, higher wages and bonuses
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THE Singapore worker's star is shining: wages are higher, bonuses are bigger, a record number of jobs have been created and the jobless queue is shorter.
It is a dazzling show powered by the steady growth in the country's economy. And it is expected to continue.
Recruitment firms and economists interviewed on the latest figures from the Ministry of Manpower (MOM) foresee the labour market staying on an upward trend.
'At least for the next 12 months,' said Nanyang Technological University labour economist Chew Soon Beng.
Part of the reason for his optimism is rising property prices and the building of the two Integrated Resorts.
The labour report released yesterday shows that 43,000 jobs were created in the three months to September.
This brings the total number of new jobs in the first nine months of this year to a record 124,500 - the highest since the compilation of data began in the late 1970s.
The bulk are in the services sector, followed by manufacturing.
Looking ahead, the picture continues to be positive as many companies expect employment to increase in the last quarter of this year, said MOM, citing recent government surveys.
Among these, the makers of biomedical products and financial services companies are the most bullish.
Confirming this, Ms Annie Yap of recruitment firm GMP Group said companies were 'not just replacing the usual staff turnover, but are recruiting to grow'.
The MOM report also showed a drop in both unemployment and retrenchment.
The jobless rate among residents fell to 3.6per cent in September, from 4.2per cent a year ago and the high of 6per cent three years ago.
The proportion of unemployed workers who have been job hunting for more than six weeks, shrank to 0.7per cent in September, a six-year low.
National University of Singapore labour economist Park Cheolsung said this indicated that economic growth 'has a positive effect even on the unskilled workers'.
Wages continue to rise. On average, monthly earnings rose 3.2per cent in the first nine months, against 3.9per cent for the same period last year and 8per cent during the 2000 economic boom.
But MOM expects year-end payouts to be higher this year, as 'more employers seek to reward their employees through bonuses rather than basic salary'.
This is also the expectation of union leaders.
National Trades Union Congress president John de Payva said on Wednesday that companies were likely to pay an average of two to three months' bonus this year.
But the gap between the wage increases of skilled and unskilled workers remains - a point MOM also noted.
It said the overall rise in monthly earnings 'has so far been moderate, as globalisation continues to exert downward pressure on the wages of the lower-skilled'.
(Straits Times 16 Dec) -
Ok, let me ask you OM;
Lets say the gov's and your wishes comes true, and pretty much EVERYBODY is a highly skilled proffessional; Doctor, Surgeon, Psychiatrist, Dental Surgeon, Biomedical Guru..etc..
You think they will all find employment here???
Will we all be any better off as such??
And island of Super-skilled people - will there be jobs for all the Super-duper People??
in my opinion.. it'll likely be back to square ONE. -
Wages are higher?
Damn, is it me or is it everyone in the office feels that the wages are increasing for the top brass and not from the bottom?
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BULLSH|T!!!
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*sings*
In my dreams
In my fantasies
I can see all the things that might be ...
In my fantasy -
there is a special edition in the straits times today about the unemployed managers and executives in their 40s and 50s.
there is also a report that there are more jobs created, but mainly in the service line.
unemployment, according to the report, is at its lowest.
BULL SHiT!!!! -
okay, im moving to sg leow
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Employer: "Today, I'm increasing the pay of the workers by 20%..."Originally posted by dragg:there is a special edition in the straits times today about the unemployed managers and executives in their 40s and 50s.
there is also a report that there are more jobs created, but mainly in the service line.
unemployment, according to the report, is at its lowest.
BULL SHiT!!!!
Employees: "YeAH!"
Employer: "But starting from today I expect you to take over the duties of the 50% of employees I'm dismissing today also." -
maybe everyone did get a $500 increment but refused to say it out loud.Originally posted by Nelstar:Wages are higher?
Damn, is it me or is it everyone in the office feels that the wages are increasing for the top brass and not from the bottom? -
Increment?Originally posted by dragg:maybe everyone did get a $500 increment but refused to say it out loud.
Excrement maybe... -
Current market opportunities have opened up and there are indeed more jobs available.
But who are these jobs for? Foreign labour technicians or local singaporeans? That there is an increase in jobs is not in dispute, whether their pay commensurates to market standards is another.
We seem to forget that the cost and quality of living have gone up in SG. 200K for a 4-room flat may be inexpensive for some but may represent the life savings of another. Wages pale in comparison to the times. The same production line job may pay well for Malaysians and foreign workers but may hardly cut it for locals needing to pay bills.
Some ministers have in the past, made the snide remark that locals are choosy when it comes to selecting jobs. But can they be blamed? With a salary that barely manages to put food on the table and take care of family, who can accuse them of being mercenary in grabbing the highest paying offer?
In fact, who can take such comments from million dollar ministers seriously? Do they feel the pinch during recession? Does a pay cut affect them?
The latest in a long line of Straits times propaganda has failed to uplift Singaporeans and merely reflects the continuing gulf in mindset between its leaders and the people. -
It is truly AMAZING, that after over 4 decades, our "beloved" government still thinks we are all FOOLS to believe all that they say or painted beautifully. -
billybong got everything right.
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The problem is that Singaporeans' expectations have gone up ahead of productivity. Foreign technicians who live and work in Singapore are happy to take the jobs Singaporeans spurn and yet able to save and send money home.Originally posted by BillyBong:Current market opportunities have opened up and there are indeed more jobs available.
But who are these jobs for? Foreign labour technicians or local singaporeans? That there is an increase in jobs is not in dispute, whether their pay commensurates to market standards is another.
We seem to forget that the cost and quality of living have gone up in SG. 200K for a 4-room flat may be inexpensive for some but may represent the life savings of another. Wages pale in comparison to the times. The same production line job may pay well for Malaysians and foreign workers but may hardly cut it for locals needing to pay bills.
Some ministers have in the past, made the snide remark that locals are choosy when it comes to selecting jobs. But can they be blamed? With a salary that barely manages to put food on the table and take care of family, who can accuse them of being mercenary in grabbing the highest paying offer?
In fact, who can take such comments from million dollar ministers seriously? Do they feel the pinch during recession? Does a pay cut affect them?
The latest in a long line of Straits times propaganda has failed to uplift Singaporeans and merely reflects the continuing gulf in mindset between its leaders and the people.
Singaporeans don't seem to understand that rising wages ahead of productivity increase will translate into higher living costs. If you pay your restaurant waiters 20% more for doing the same job, your restaurant bills will rise by 20% for the owner not to lose money.
The only way to earn more is for you to generate higher value services and products compared to foreign competitors. -
If we have an excess of professionals with spare capacity, we can export our services to other developed nations. If we have plenty of radiologists who cannot find enough work, we can report CT Scans and MRI for US hospitals. Bangalore handles the lower value stuff like plain X-rays, we can do MRIs. Indeed, if we have excess numbers of highly qualified economists, fund managers, patent lawyers etc, we can outsource our services overseas.Originally posted by ShutterBug:Ok, let me ask you OM;
Lets say the gov's and your wishes comes true, and pretty much EVERYBODY is a highly skilled proffessional; Doctor, Surgeon, Psychiatrist, Dental Surgeon, Biomedical Guru..etc..
You think they will all find employment here???
Will we all be any better off as such??
And island of Super-skilled people - will there be jobs for all the Super-duper People??
in my opinion.. it'll likely be back to square ONE.
In the globalised economy, you cannot be still thinking of your workplace as that small office in Shenton Way. The world is our office and marketplace. -
It's not the business owners' fault,Originally posted by oxford mushroom:The problem is that Singaporeans' expectations have gone up ahead of productivity. Foreign technicians who live and work in Singapore are happy to take the jobs Singaporeans spurn and yet able to save and send money home.
Singaporeans don't seem to understand that rising wages ahead of productivity increase will translate into higher living costs. If you pay your restaurant waiters 20% more for doing the same job, your restaurant bills will rise by 20% for the owner not to lose money.
The only way to earn more is for you to generate higher value services and products compared to foreign competitors.
It's not the local job-seekers' fault,
It's not the foreign workers' fault,
It's our GOVERNMENT'S fault;
>> for increasing running costs of businesses
>> for increasing Taxes and land tax
>> for the hike in public transportation fares layered over the years
>> for increasing school and uni fees
>> for giving themselves big fat salaries
>> for wanting to be a First World Country with Third World policies
>> for cultivating locals to be "well-educated" and seek the skies
... and now lately, for favoring FTs and FW/FLs.....
COSTS OF LIVING as at current, is the work of our government.
PERIOD. -
It seemed u need to list the kind of jobs local spurned to other forumer so these people can understand the need to bring in foreign workers.Originally posted by oxford mushroom:The problem is that Singaporeans' expectations have gone up ahead of productivity. Foreign technicians who live and work in Singapore are happy to take the jobs Singaporeans spurn and yet able to save and send money home.
Singaporeans don't seem to understand that rising wages ahead of productivity increase will translate into higher living costs. If you pay your restaurant waiters 20% more for doing the same job, your restaurant bills will rise by 20% for the owner not to lose money.
The only way to earn more is for you to generate higher value services and products compared to foreign competitors. -
The money required to raise a family back in these foreign technicians' home countries is probably much lower than that required to raise a family in Singapore. Hence these foreign workers can afford to scrimp and save whatever little they could and yet send back enough to feed their families back home.Originally posted by oxford mushroom:The problem is that Singaporeans' expectations have gone up ahead of productivity. Foreign technicians who live and work in Singapore are happy to take the jobs Singaporeans spurn and yet able to save and send money home. -
I think that this is all about inflation again man.
Lets take buying a Newspaper for example. What is needed for a newspaper to be produced. Let me see, a journalist who gets the news, an editor who compile the news and printer who prints the newspaper and the delivery man who deliver it to store owners. Today the journalist decides to buy a newspaper which there is a news he is involved. He pays 50cents.
While looking at the newspaper, he read that the economy is good and everyone gets a job and the pay is rising. He complains and says that its not true because he didn't get any pay rise. Out of anger, he stormed to his boss and ask for a pay rise and so is the editor, printer and the delivery man. The boss reluctantly gave them a pay rise. The CEO of the newspaper firm reviewed the financial status and finds that the expenses is high and the profit is decreasing, so he announce that the newspaper will now cost 60cents each.
AFter a couple of year, the journalist once again bought another newspaper and read and the news again says, more jobs has created and pay it rising!. He once again complaints that its not true because his pay is high but so is the expenses as now the newspaper is 60 cents compared to 50 cents a few years ago.
And so this cycle continues. Now whose fault is this? Government again?
To be frank, government indirectly controls this process in terms of interest rates to make sure this process don't go too far. What will happen if everything is expensive? Singapore now is an example.
A more obvious example is when Japan's car started to sell in Europe. Europe with such an expensive work force sells expensive cars and of course people there starts to choose japan cars. In the end what happen? Europe car maker starts to retrench huge number of workers. So whose fault again? The company, the worker or the cheaper alternatives?
What goes round comes around, that is the rule of nature.
You have to jump out of this cycle to really see real increase of pay. How to do it? I believe is to upgrade urself and join the rat race. -
you do understand that higher earnings push up inflation until the gains in monetary value of income is balanced out by a tandem rise in inflation?... leding back to the SAME real income.Originally posted by oxford mushroom:THE Singapore worker's star is shining: wages are higher, bonuses are bigger, a record number of jobs have been created and the jobless queue is shorter.
It is a dazzling show powered by the steady growth in the country's economy. And it is expected to continue.
(Straits Times 16 Dec)
its simple economics..... really..
the important thing is not how everyone's pay is rising together... if you want a better life... you need to raise your income faster then the next guy... that way ... you get more stuff then him... even if inflation bites in. -
Everything government's fault?Originally posted by ShutterBug:It's not the business owners' fault,
It's not the local job-seekers' fault,
It's not the foreign workers' fault,
It's our GOVERNMENT'S fault;
>> for increasing running costs of businesses
>> for increasing Taxes and land tax
>> for the hike in public transportation fares layered over the years
>> for increasing school and uni fees
>> for giving themselves big fat salaries
>> for wanting to be a First World Country with Third World policies
>> for cultivating locals to be "well-educated" and seek the skies
... and now lately, for favoring FTs and FW/FLs.....
COSTS OF LIVING as at current, is the work of our government.
PERIOD.
Taxes increasing? Please read this before you make that comment
Corporate tax rate
http://www.iras.gov.sg/ESVPortal/ct/ct_b.2.2_what+are+the+tax+rates.asp
Individual tax rate
http://www.iras.gov.sg/ESVPortal/iit/iit-se-a1.1.15+tax+rates+for+resident+individuals.asp
By the way, do you know anything about inflation they all countries in this world suffers?
This table might give you an example of how well Singapore is at inflation.
http://www.aseansec.org/Stat/Table5.2d.pdf -
nice figure there on the inflation chart...Originally posted by NoSuchPerson:Everything government's fault?
Taxes increasing? Please read this before you make that comment
Corporate tax rate
http://www.iras.gov.sg/ESVPortal/ct/ct_b.2.2_what+are+the+tax+rates.asp
Individual tax rate
http://www.iras.gov.sg/ESVPortal/iit/iit-se-a1.1.15+tax+rates+for+resident+individuals.asp
By the way, do you know anything about inflation they all countries in this world suffers?
This table might give you an example of how well Singapore is at inflation.
http://www.aseansec.org/Stat/Table5.2d.pdf
base on that chart... technically.. any country whose economic growth is below their inflation rate.. aint really growing... they are actually regressing...
for example... singapore economy register a growth of 6.4%, our inflation is about 0.5%, that gives us a real growth of 5.9%.
our neighbours on the other hand... malaysia growth is 5%, minus their average inflation of around 3%... they grew 2%.
indonesia growth in 2005 is 5.6%, but once you minus their inflation of 8%, you noticed that they arent growing.. infact... their economy effectively contracts by 2.4%. -
yes it is indeed refreshing and heartnening to know that we are doing so much better than Laos..Cambodia...etcOriginally posted by NoSuchPerson:Everything government's fault?
Taxes increasing? Please read this before you make that comment
Corporate tax rate
http://www.iras.gov.sg/ESVPortal/ct/ct_b.2.2_what+are+the+tax+rates.asp
Individual tax rate
http://www.iras.gov.sg/ESVPortal/iit/iit-se-a1.1.15+tax+rates+for+resident+individuals.asp
By the way, do you know anything about inflation they all countries in this world suffers?
This table might give you an example of how well Singapore is at inflation.
http://www.aseansec.org/Stat/Table5.2d.pdf
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Hmmm...Originally posted by 4getmenot:yes it is indeed refreshing and heartnening to know that we are doing so much better than Laos..Cambodia...etc
He does have a point in making that comparison, afterall we are according to "the economist", a hybrid regime, so comparing with previous communist and authoritarian country like Russia, Laos and Cambodia is fine.
Hehehe
Long Live Chairman L33!!! -
I believe the previous author was talking about GST indirect taxes (ad valorem), you failed to recognise that we have other taxes than corporate tax and individual tax.Originally posted by NoSuchPerson:Everything government's fault?
Taxes increasing? Please read this before you make that comment
Corporate tax rate
http://www.iras.gov.sg/ESVPortal/ct/ct_b.2.2_what+are+the+tax+rates.asp
Individual tax rate
http://www.iras.gov.sg/ESVPortal/iit/iit-se-a1.1.15+tax+rates+for+resident+individuals.asp
By the way, do you know anything about inflation they all countries in this world suffers?
This table might give you an example of how well Singapore is at inflation.
http://www.aseansec.org/Stat/Table5.2d.pdf
Having a bit of inflation is good for the economy; "For this reason, some economists argue that inflation "greases the wheels" of labour markets." -- Gregory Mankiw.
Ruling a small country is much easier than ruling a big country like Indonesia or Malaysia. If you have a big family and you want to organise a family outing, you have to liase with everybody about availability of time; but if you have only afew members in your family it's easier to manage.