Singapore's rising cost of living is a big problem
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From today newspaper:
Costs a big turn-off for finance talent
Joseph Yadao
[email protected]
SINGAPORE may lose its appeal for financial professionals, both locally and abroad, because of the Republic's rising living costs, according to a poll conducted by eFinancialCareers.com.
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Of the 508 bankers based in Singapore and Hong Kong who took the poll on the company's financial career website last month, 72 per cent considered Singapore's rising cost of living a problem, with almost all classifying it as a "big problem".
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Eighteen per cent of the respondents agreed that it was expected, while only 6 per cent did not consider it a problem at all.
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"The relentless rise of costs associated with living in Singapore is clearly a concern for many finance professionals — and locals are not the only ones who think so," said Ms Sarah Butcher, global editor of eFinancialCareers.com.
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A worldwide survey conducted by Mercer Human Resource Consulting in March ranked Hong Kong as the world's fifth most expensive city, while Singapore climbed three places to 14th spot.
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"With Hong Kong ranked the world's fifth most expensive city, it is common for local bankers to be lured by career opportunities in less expensive financial hubs in the region, including Singapore.
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"But rising accommodation, public transport and food costs have lessened the gap between the two cities and could impact on Singapore's thriving finance sector," said Ms Butcher.
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The poll results could prompt employers to come up with more attractive packages to attract and retain talent, she added. "It will be interesting to see if there is any effect on the movement of finance talent between the two markets.
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"As life in Singapore becomes more costly, candidates will naturally consider pursuing their careers in less expensive financial hubs in the region, placing upward pressure on salary and incentive packages." -
Sooner or later, the gabra kings will have to admit. It's too clear for everyone to not notice it.
Now not only locals KPKB, foreigners also showing their discontent. -
Well I suppose it happens everywhere.....but I suppose what's so unique about Sillypore is that its a victim of its own success...It's a never ending cycle or material success, breeding comsumer demand and more competition...on one hand they tell you to keep costs down and that means depressed wages and on the other hand, they increase costs in other avenues, transport, erp....just to fund public infrastructure...well, there's only so far that Sillypore will go....I wish Sillypore luck in staying afloat...adiosOriginally posted by googoomuck:Sooner or later, the gabra kings will have to admit. It's too clear for everyone to not notice it.
Now not only locals KPKB, foreigners also showing their discontent. -
Cost of living has been an issue for many years.
There are a group of people affected.
But unfortunately they have been left behind. -
Unfortunately, the oppressive gahmen don't consider that the cost of living is high in Singapore.
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i would rather they tax higher for cars with bigger engine capacity or on all cars for the matter then on public transportation.
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I second that.Originally posted by de_middle:i would rather they tax higher for cars with bigger engine capacity or on all cars for the matter then on public transportation. -
They are not oppressive.
There is alot of ways to voice our unhappiness.
But we are not united.
Too bad.......Originally posted by qlqq9:Unfortunately, the oppressive gahmen don't consider that the cost of living is high in Singapore. -
I pointed this out two years ago...Originally posted by googoomuck:Sooner or later, the gabra kings will have to admit. It's too clear for everyone to not notice it.
Now not only locals KPKB, foreigners also showing their discontent.
..the gov will always do things their way until crap hits the fan...
man I'm glad I'm getting out of here already...!!
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even financial talents are complaining. what about ordinary salary men??
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Some are oblivious?Originally posted by dragg:even financial talents are complaining. what about ordinary salary men??
Wow, nice and warm jacuzzi....ahhhh.... -
What do you mean they are not oppressive?Originally posted by CPTMiller:They are not oppressive.
There is alot of ways to voice our unhappiness.
But we are not united.
Too bad....... -
try applying permit to protest in speakers corner or something. Try finding a large group. Promise that you will not spill out onto the roads and swear that Chee Soon Juan is banned from that protest
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Be ready for Gazelle and PAP dog attack in this thread!
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its okie, when the price goes too high up,..
They'll cut corporate tax and raise GST...
(reason : sudden increase of more lower income folks, so have to increae the GST to help them)
Lower Employer CPF contribution
(reason : must stay competitive in order to attract more investments and maintain the current MNCs)
Increase CPF retirement age withdrawal to 90yrs..
(reason : lesser salary (increase in GST, lesser Cpf contribution), so need to increase the withdrawal age so that they will have 'enough' when they 'retire' in their cpf accounts..
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Now, local & foreign have to slog like cow to feed the extravagant MP spending loh
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The government must be thinking all foreigners earn million dollar salaries like they do.
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I am not trying to comprain them.
I dare not.
I just like to ask.
For PROGRESS, why must it be more expensive to be qualified as PROGRESS? In fact, I like to learn what is the definition of PROGRESS? What are the factors it encompass?
To me , I like to see PROGRESS in the form of :
1. Maintained or lowered cost of living, with a few exceptions like Tax on the rich can be encouraged to increase dramatically to cover small price hikes on daily items for the common people.
2. Increased salary.
3. Improved Quality of Life. This alone encompass all factors that influence quality of life.
Instead of replying that Opposition have not come up a better solution, lets just focus on if such solution has been delivered.
To me, above 3 aspects together = PROGRESS for our nation.
Majulah!