70% of Jobs gone to FTs
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Forummers who have been asking this question, now you got the answer.
Title : Middle class wage stagnation could lead to social instability
By :
Date : 11 January 2007 1856 hrs (SST)
URL : http://www.channelnewsasia.com/stories/singaporelocalnews/view/251939/1/.html
SINGPAORE: Middle class wages have been stagnant in the past 5 years, according to economists, and this could lead to social instability
These concerns were shared at the annual Institute of Policy Studies Singapore Perspectives conference.
Economists believe a US economy slowdown in business and consumer spending may cause problems for Singapore, but as Singapore is tops in the ASEAN resilience index, it should be able to weather external shocks, thanks to a diversified economy and strong Asian demand.
They predict that growth going forward will be above 3 to 5 percent.
The long term growth speed limits for a mature economy was previously in the 3 to 5 percent range.
However, economists are asking who this growth is for. The income of the bottom 30 percent of the population has fallen. What is more worrying is the fact that the majority of Singaporeans in the middle class has only seen about a 1 percent increase in nominal income in the last 5 years.
It is not just Singapore - economists say stagnant wages is a global problem, and the chief reason for this is globalisation.
India and China are introducing a large pool of skilled and unskilled labour to compete with the labour forces of industrialised countries.
Singapore is susceptible to this because of its open economy.
123, 000 jobs were created last year and economists estimate some 70 percent of these jobs went to foreigners.
"With the rate of immigration even among unskilled and semi skilled labour at a rate twice of what we experienced in the 90s, at a rate fastest in the developed world, the question is does this dampen our real wages as we grow? Does the strategy itself dampen real wages and depress real wages at the low and middle end of the spectrums? They are sacred cows but we should step back and think about them," said Yeoh Lam Keong, Vice President, Economic Society of Singapore.
Another reason cited for middle class wage stagnation, is the move by the government to cut CPF employer contribution rates for older workers by 4 percentage points over the last 2 years.
"So if you were a worker in the 50-55 age group, you could have seen your wages fall as much as 10 percent over the last 3 or 4 years. Now with the economy improving, the government could bring that back, the increase is 1 or 2 percent. I'm in support of CPF tinkering but probably it happens far too often, but I think there's probably some justification to look back and think that the restructuring was a bit too aggressive on the CPF side and it has contributed somewhat to a very sandwiched middle class," said Chua Hak Bin, Director, Asia Pacific Econ & Market Analysis, Citigroup Global Markets Singapore.
The government is looking at increasing CPF by 1 to 2 percent in 2007.
Economists say workfare should become a more permanent pillar of the economy so as to cushion growing inequality.
Adding that long term middle class wage stagnation could lead to social instability. - CNA /dt
Thanks to PAP!!!
The last time during IR approval announcement...I was so touch (touched my a s s) by Lim Boon Heng saying he was strongly objecting to IR.....but because of 35000 jobs will be created and in great pain he accepted.................wow!!! with tears almost rolling down his cheek......
Copied from hoching...
So...at the spur of the moment in a flash of excitement and emotional......I hud my grandmother and cried too. -
We been FARKED all these while I already said so...
Thanks to PAP indeed.... -
The title should be 70% of NEW jobs went to FT. It is an estimate. Hopefully it's too high and not underestimation.
Is there a way for us to promote hiring of locals?
I view this solution as an individual/company choice. If they choose to be pro-local it wont be a problem.
The thing is on the lower wage end - (our neighbours) demand less wages
on the higher wage end - companies wants only the best their $$ can buy.
So...are we caught in the middle? Comments please.
Solutions will be better i suppose. -
actually the government can give us that information regarding whether its 70% or not easiy but as usua they are pretty intransperent about itOriginally posted by CM06:The title should be 70% of NEW jobs went to FT. It is an estimate. Hopefully it's too high and not underestimation.
Is there a way for us to promote hiring of locals?
I view this solution as an individual/company choice. If they choose to be pro-local it wont be a problem.
The thing is on the lower wage end - (our neighbours) demand less wages
on the higher wage end - companies wants only the best their $$ can buy.
So...are we caught in the middle? Comments please.
Solutions will be better i suppose.
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What New Jobs????? Old jobs were aslo taken up by FTs!!!Originally posted by CM06:The title should be 70% of NEW jobs went to FT. It is an estimate. Hopefully it's too high and not underestimation.
Is there a way for us to promote hiring of locals?
I view this solution as an individual/company choice. If they choose to be pro-local it wont be a problem.
The thing is on the lower wage end - (our neighbours) demand less wages
on the higher wage end - companies wants only the best their $$ can buy.
So...are we caught in the middle? Comments please.
Solutions will be better i suppose.
All these years...who were the one driven up the costs of living?
One thing for sure!!! lands were overpriced, development charge, direct and indirect taxes, stamp duties, govt services, utilities bills and etc.
Bosses of companies are squeezing the peasants so as to maintain profitable and big pocket $$$ for themselves.
FTs...are willing to take up jobs with lower pay as compared to locals...due to exchange rates and most of them are prepared to go back to their own country after years of earning and saving here.
Where else, locals will have to foot life long housing loans, children education, day to day expenses, expensives utilites bills, expensive conservancy charges, property tax, TV licence fee, Phone bills, transportation fee, GST, food, garments, soap, detergents, shampoo, monthly hair cut..........even salt, you still have fork out $$$ to pay!!! What about tuition fees if your child are unable to cope with school subjects........ what about medical expenses if your child often fall sick? What about your old age parents are disabled and have to depend on you too..........
Imagine..if you have a family with a housewife and two or three children to depend on you.
Not to mention...if you are lucky to have a take home pay of S$2000 and above per month....less than this...you are dying c o c k standing!!! -
Cost increase the more developed you are. Unless you live in some ulu corner of the world where you grow your own food and water from the river is free and clean things gets expensive...especially if imported. Last time in US, 100 dollars = alot.Originally posted by Lowclassman:All these years...who were the one driven up the costs of living?
One thing for sure!!! lands were overpriced, development charge, direct and indirect taxes, stamp duties, govt services, utilities bills and etc.
Bosses of companies are squeezing the peasants so as to maintain profitable and big pocket $$$ for themselves.
FTs...are willing to take up jobs with lower pay as compared to locals...due to exchange rates and most of them are prepared to go back to their own country after years of earning and saving here.
Where else, locals will have to foot life long housing loans, children education, day to day expenses, expensives utilites bills, expensive conservancy charges, property tax, TV licence fee, Phone bills, transportation fee, GST, food, garments, soap, detergents, shampoo, monthly hair cut..........even salt, you still have fork out $$$ to pay!!!
Imagine..if you have a family with a housewife and two or three children to depend on you.
Not to mention...if you are lucky to have a take pay of S$2000 and above per month....less than this...you are dying c o c k standing!!!
Same here. Last time Police men wear shorts too. I have yet to see a country where living expenses drop when the country is developing.
If you dont want to fork out $$ to pay...then who is going to pay? Dont need to imagine. I'm facing this cost everyday. I can curse the the transport companies for increasing and scold the government for ALLOWING but i cannot avoid it and no one else can unless you own four wheels/bus 11 or ride a bicycle. Dont forget some of the stuff you talk about like education is labour intensive. If you dont want to pay for a teacher that cost $1800 you know what kind of teacher(from you know where) you will get for your child if you are only paying $1000. -
Who chosen the govt?Originally posted by CM06:Cost increase the more developed you are. Unless you live in some ulu corner of the world where you grow your own food and water from the river is free and clean things gets expensive...especially if imported. Last time in US, 100 dollars = alot.
Same here. Last time Police men wear shorts too. I have yet to see a country where living expenses drop when the country is developing.
If you dont want to fork out $$ to pay...then who is going to pay? Dont need to imagine. I'm facing this cost everyday. I can curse the the transport companies for increasing and scold the government for ALLOWING but i cannot avoid it and no one else can unless you own four wheels/bus 11 or ride a bicycle. Dont forget some of the stuff you talk about like education is labour intensive. If you dont want to pay for a teacher that cost $1800 you know what kind of teacher(from you know where) you will get for your child if you are only paying $1000.
Let me tell you 66.6% of pap supporters were mostly consist of people who are working with GIC, GLC, public sectors and businessmen and on top of these people...their relatives or next-of-kin are also voting PAP!!!
PAP garbbed most of the businesses in singapore...if you are working directly or indirectly with them....would you dare voting against PAP?
Beside the above, opposition parties are too weak or being suppressed from growing stronger.
PowerGrid.....could even overdone by....on [b] presumption of fuel price climbing up, therefore they increased electrical tariff before fuel price increase....what logic is this? Instead of oil price going up, it went down more.........so what have powergrid done? After so many upward adjustment....lastly, they revised down by a pathetic 6-8% of eletrical tariff for the 1st quarter 2007.
Don't the powergrid or govt have enough time to adjust electrical tariff after the increase of crude oil price? Why they have to act so impulsive and regardless to singaporeans!!!
If I were the president of sinkapore....I will kick that arsehole of powergrid to the hell.[/b]
Precisely...!!! In singapore...we have no choice...we can't go and live in remote areas to farm chicken or ducks, plant vegetable and dig our own well.
In japan, India or malaysia.....you could have choice to opt for low or rather simple lifestyle.
Many of my Japanese friends also admit that in Japan..they have choices to opt to live Tokyo or country side. -
I dont get your point. Sorry. I read it a few times...i dont get what you are saying.Originally posted by Lowclassman:Who chosen the govt?
Let me tell you 66.6% were mostly consist of people who are working for GIC, GLC, public sectors and businessmen and on top of these people...their relatives or next-of-kin are also voting PAP!!!
PAP garbbed most of the businesses in singapore...if you are working directly or indirectly with them....would you dare voting against PAP?
Beside the above, opposition parties are too weak or being suppressed from growing stronger.
Precisely...!!! In singapore...we have no choice...we can't go and live in remote areas to farm chicken or ducks, plant vegetable and dig our own well.
In japan, India or malaysia.....you could have choice to opt for low or rather simple lifestyle.
Many of many Japanese friends also admit that in Japan..they have choices to opt to live Tokyo or country side.
66.6% of people work for the GOv? that's insane figure.
What solutions do you have in mind that can improve life here? I dont think either of us can afford to go japan and live there. -
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Your reply is disgusting!!! That shows what kind of personality that you have!!!Originally posted by CM06:I dont get your point. Sorry. I read it a few times...i dont get what you are saying.
66.6% of people work for the GOv? that's insane figure.
What solutions do you have in mind that can improve life here? I dont think either of us can afford to go japan and live there.
If you do not understand and acting blur...let's not talk. -
i still dont understand. Hehe sorry. Can type simply?
EDIT: to LCM no no i really dont understand. Sheesh why would i act blur for?
If we dont have a choice what can you suggest we do? That's what i mean.
Second edit. I dont see a need for you to insult me. -
Fark youOriginally posted by CM06:i still dont understand. Hehe sorry. Can type simply? -
This doesnt make you right either. If you dont explain what you have been saying i cant understand. I dont understand what you say how do i agree/disagree with you?!Originally posted by Lowclassman:Fark you -
if the article is true whats the justification for the rise in GST?
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since when gst increase is fully justified?
I'm still not convinced. Wait for them to declare on budget day then we will see -
cut 4% for 2 years and want to give back only 1% or 2%. tsk tsk. like that those who got a lower pay job over these years 'bo hua' la.Originally posted by Lowclassman:[color=blue]
Another reason cited for middle class wage stagnation, is the move by the government to cut CPF employer contribution rates for older workers by 4 percentage points over the last 2 years.
"So if you were a worker in the 50-55 age group, you could have seen your wages fall as much as 10 percent over the last 3 or 4 years. Now with the economy improving, the government could bring that back, the increase is 1 or 2 percent. I'm in support of CPF tinkering but probably it happens far too often, but I think there's probably some justification to look back and think that the restructuring was a bit too aggressive on the CPF side and it has contributed somewhat to a very sandwiched middle class," said Chua Hak Bin, Director, Asia Pacific Econ & Market Analysis, Citigroup Global Markets Singapore.
The government is looking at increasing CPF by 1 to 2 percent in 2007. -
since when is the justification justified?Originally posted by NewAge:if the article is true whats the justification for the rise in GST? -
Now the figure has changed from 70% to 45%
123,000 jobs were created last year and economists estimate some 45 percent of these jobs went to foreigners. -
Precisely because he is pointless...he's just ranting against the government here, a favourite past time.Originally posted by CM06:I dont get your point. Sorry. I read it a few times...i dont get what you are saying.
66.6% of people work for the GOv? that's insane figure.
What solutions do you have in mind that can improve life here? I dont think either of us can afford to go japan and live there.
They have no alternative solutions...it's the sort of gangsterism that is popular among supporters of the Opposition..."I want everything cheap but I am not going to pay for them in taxes. I want the poor to get more welfare but I am not going to pay more for them. I want my children to get the best teachers but $5 school fees and $8 supplementary fees are too much. I want the sick to get the best medical care but $8 consultation fees at the polyclinic is too much."
How to square the argument? Who's paying for the cheap services? That's the government's problem...ask them to cut their salaries to pay for it...
That about sums up the arguments of the Opposition Parties and their supporters. Great for comic relief but not much use for anything else... -
Or do you prefer having NO job? Employers are already very unhappy about giving back 1-2% and threaten to hire more foreigners.Originally posted by alwaysdisturbed:cut 4% for 2 years and want to give back only 1% or 2%. tsk tsk. like that those who got a lower pay job over these years 'bo hua' la.
Lots of jobs go to FT? That's because Singaporeans are not willing to take these jobs at the wages being offered by employers. Singaporeans are not hungry enough... -
..Originally posted by alwaysdisturbed:since when is the justification justified?
Well if its not justifiable why does the gov keep saying its good, its help the poor all those crap? -
awwwwwww, we can all see that. so obvious.Originally posted by NewAge:..
Well if its not justifiable why does the gov keep saying its good, its help the poor all those crap? -
why are you asking for solutions?Originally posted by CM06:The title should be 70% of NEW jobs went to FT. It is an estimate. Hopefully it's too high and not underestimation.
Is there a way for us to promote hiring of locals?
I view this solution as an individual/company choice. If they choose to be pro-local it wont be a problem.
The thing is on the lower wage end - (our neighbours) demand less wages
on the higher wage end - companies wants only the best their $$ can buy.
So...are we caught in the middle? Comments please.
Solutions will be better i suppose.
the govt is supposed to come up with solutions, not us!! -
OM will tell you 60% of singaporeans don't pay income tax.Originally posted by hisoka:actually the government can give us that information regarding whether its 70% or not easiy but as usua they are pretty intransperent about it -
Just like gahmen will tell you increasing GST is to help the poor.Originally posted by ditzy:OM will tell you 60% of singaporeans don't pay income tax.