Originally posted by fymk:
Then tell me why does Singapore need foreign talents in higher paying jobs , sitting on top of Singaporeans? Why does Singapore LTA invite Australian consultants in to review a public transport station when Australia's public transport is not as good as compared to Singapore? (Don't argue with me on australian transportation system - I live in Australia - I KNOW). Why do they employ foreign consultants to evaluate and change when the system used to be running so well?
Haha...so now you are singing the government's praises for running things so much better than Australia. Foreign talents are needed in higher paying jobs because we lack the necessary skills. There aren't enough lawyers with experience handling big corporation mergers, so we need FT. There aren't enough scientists and engineers to push our biomedical research, so we need FT. There aren't enough fund managers with stellar performance, so we need FT and there aren't enough management consultants with experience in MNCs, so we need FT. Singapore is a small island and we do not have consultants with experience in public transport systems. Our knowledge is limited to the one we have. To conduct a proper review, we need consultants who have experience with different transportation systems in a big country like Australia.
Originally posted by fymk:
Why does Singapore pay a million dollars to ministers to come up with a half-as$ed idea to bring foreign talents in? Temasek has been losing money with Shin corp and Optus ( they overpaid 10 billion for it) etc - since it is part of the Government's investment arm - why don't we retrench the top level management and the ministers responsible in such decision making skills? Why do the government need a 7% GST figure when they should cut the salary from underperforming ministers and civil servants? Why are the locals told to get a lower paid job when foreign talents are sitting on top?
Without FT, more Singaporeans will lose jobs. Without foreign lawyers and bankers with specialist knowledge, multi-billion dollar mergers cannot be conducted here. Without top scientists and engineers, we cannot grow our R&D and without foreign workers who will work in wafer fabs, these businesses will move elsewhere, leading to more job losses for Singaporeans.
Investment companies take risks, make profits and losses. It does not matter as long as the bottomline shows a healthy profit. Their net profit was S$7.4 billion (US$4.4 billion) in FY 2004, S$241 million in FY 2003 and S$4.92 billion in FY 2002 (http://www.temasekholdings.com.sg/). If they do not perform, they will have to account for it, as all commercial companies do.
Why 7% GST? So the government can cut the corporate tax to make Singapore competitive. Hong Kong and many of our competitors have a lower tax rate than us. To avoid losing businesses to them, we have to cut our corporate tax and yet have to raise more money for programs to support the poor. GST is the only way to raise the revenue.
Underperforming civil servants are regularly sacked and demoted...I KNOW 'cos
I have worked in the system.
If locals do not have the skills of a FT, of course they will have to accept a lower pay. That's just business. Life's prizes go the faster and stronger man.
Originally posted by fymk:
You cannot tell people to accept jobs which are lower in wages when you are earning a premium yourself. Most Singaporeans I read and know about are more worried about survival, like Derrick Wee ( the guy who was told to get out of Wee Shu Min's elite uncaring face) than some pay rise. Am I not right?
If they are worried about survival, why are they not taking up the jobs in the wafer fabs that are forced to employ foreigners or else close shop? Wages are tied to what the market is prepared to pay for the products and services. If your product or service commands a low premium than another, you get lower wages. A trader may work 10 hours a day and earns $6000 a day. A cleaner may sweat in the hot sun for 10 hours a day and earns $600 a month. That's just what the market will pay for their respective services. And the cleaner is more likely to lose his job because there are more cheap foreigners who are able and willing to do the same job for less. Those foreigners cannot do the job of the trader.