Singapore’s business model is now in such a mismatch and the impact of this is that it will eventually impact Singaporeans in a bad way.
Back in the 80s and 90s, Singapore tried to encourage MNCs from setting up businesses here in Singapore by promising them quality workers at a reasonable cost. The model worked for awhile but as our wages rose, MNCs then complained and asked for cheaper labour.
What Trump is shouting about is true: Corporate leaders (about 5 percent in any population) out of sheer greed move their businesses to other countries, manipulate to outwit escape local tax laws and continually looking to exploit and take advantage of cheap labour anywhere.
The government then responded with an open policy that was implemented without much publicity. LKY started to say that they are necessary whether we like it or not but things were not as upsetting as they are today because the rate of inflow was much slower. MNC employers are happy to have Pinoys, Indians, and Ah Tiongs to fill the vacancies at a lower cost.
It is only a half-truth that there are lots of job vacancies since the PAP does not qualify what jobs are these. Some jobs pay so low that even you want to take up the job, you are barely surviving. $8 an hour as an admin staff? $1200 a month as a hawker assistant? These may be attractive to foreign workers but not viable to locals.
Slowly but surely, Singaporeans are edged out because of higher salary expectation, CPF contributions and their NS obligations. The Employer credits your CPF every month but the next day, monies in the OA are channeled to HDB to service the mortgage loan. How much is left at 55? Everyone ‘bochap’, because the HDB repayments do not come from their take home pay.
No impact. Life as usual until they are replaced and made redundant. This is our new Singapore brand that the PAP team created after the old guards left.
*Comments first appeared on TRE and have been merged and edited for clarity’
Source: www.tremeritus.com
