Employment in Singapore is typically the common topic among the daily conversation which recession, and financial crisis comes into the picture. It’s also much talked about when it comes to students who are near graduation after completing their University, Polytechnic, Institute of Technical Education (ITE) studies or even O-Level qualification employees.

With various different entry bars of qualification, they are separated into different job scopes and industries. The bars are always rising due to competition from overseas etc thus Singaporeans can only head towards the academic qualification of at least degree to meet a basic living these days.

Ten-twenty years from now, you’ll see the minimal bar default status set to Double Degree already. Now it’s mostly in Diploma graduates if not University graduates in the crowd walking along Orchard road. Just randomly pick anyone and ask for their qualification and you’ll see what I mean. With around 50% polytechnic graduates, 30% university graduates and the remaining belongs to lower academic qualifications. (Percentage are based solely on estimated figures, no survey has being done with regards to this)

As more and more students are choosing to opt for higher education, the most common problem after their graduation will be that they have a heavy burden of education school loans, with high interest to be repaid back to banks. Lately they do offer no interest education loans during their studies period as a relief to encourage more students to take up the offer.

When more people take up the offer, it means more business for banks to earn interest which converts to more revenue thus government gets more tax from banks thus they too encourage higher education. It makes perfect business sense doesn’t it?

Below are few scenarios which Singaporeans are facing:

1) Are Singaporeans ready to start their own family after graduation immediately upon employment or

2) Do they need to slog and work for few years to repay their debts first before being debt-free or

3) Are the top management living on our debts to increase their own salary

Refer to the Youtube video on title: One Nation Under Lee (Complete Video)

Since low-middle income employees don’t pay much tax thus we are ultimately being squeezed without knowing why. Here’s a calculated fact, while Singapore and major big corporations encourage the use of installment plans to make more purchases to enjoy the benefits of starting a new home early. Do we have the true ownership of such installment paid merchandises? No, we don’t, the banks own them until we have fully paid back the whole amount with interest. That’s the reason why the poor are getting poorer whereas the rich are getting richer.

Education is a business too, you need to learn basic account and set the balance sheet right before considering taking up the upgrade option to be smarter academically. But question here is, even if you are academically smarter, does that means you’re financially smarter, the answer is a loud and clear N O “NO!” Graduates have heavy burden of study loans thus you will see the rise of social escorts among university students upon graduation taking up this option due to it being the fastest way to off-set their debts but it comes with a heavy price to keep it discreet and unknown to their family and friends for fear of being viewed as a prostitute just that they are of a higher-class only. More will be shed in coming posts.

Employment to employees just means that they are given the temporary assurance that they are being sheltered by the company from retrenchments. It gives them the illusion that as long as they contribute to the company, they’ll be saved from retrenchments but this is no longer true. With many competitions from foreign talents, they need to increase their productivity to justify their worth to secure their employment. They are just waiting for payments month by month. Job stands for Just Over Broke which is why people declare bankrupt when they are unable to pay their monthly installment bills or they will negotiate with the banks to lengthen the repayment period which is a win-win situation which comes at an hefty cost spread over the 20yrs of installments in a HDB home purchase due to low cash-flow.

In current times with the financial crisis, where money is even more important incase of more retrenchments, do you know what do you need to know to cut cost of living to ride out the crisis.

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Thank you.

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