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2024 outlook is expected to be muted....may all odds be ever in your favour.
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Tech Layoffs Predictions 2024: Market Analysis and Future Trends
Neil C. Hughes
Senior Tech Writer
Last updated: 10 November, 2023
As we stand on the cusp of 2024, the technology job market is undergoing a seismic shift fueled by advancements in artificial intelligence (AI), data analytics, and cybersecurity.
Every week, it feels like companies — from tech giants to SMEs — are laying off workers, with the second week of November bringing in a new wave of tech layoffs.
Amazon, Google, Zillow, and Snap are the latest tech names to reduce staff in November.
Google is on its fourth round of cuts since September, with staff within Users & Products (a global customer support and feedback team) being told this week that their employment is ending.
Previous layoffs happened within the recruiting division, along with Google News and Voice services.
Amazon has cut more than 27,000 roles this year. This week, the e-commerce giant announced cutting back on its music division staff.
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While the number of cuts announced on November 9 is unknown, it affects workers across Latin America, North America, and Europe.
Snap, a social media platform, this week announced it was cutting back on around 20 product manager roles, following a turbulent few months where upper management staff such as Nima Khajehnouri, vice president of engineering, moving on from the company.
Meanwhile, as part of an ‘audit’, the housing site Zillow this week laid off approximately ‘two dozen’ staff, according to SFChronicle.
Grim Global Outlook For Tech Teams
In just one year, tech layoffs have surged past 240,000 globally — a staggering 50% increase from 2022. This rise comes as giants funnel billions into AI while cutting thousands of jobs simultaneously.San Francisco is the home of many tech giants and is feeling the loss.
Abby Raisz, from the Bay Area Council Economic Institute, told Fox News: “The nine-county Bay Area lost almost 17,000 jobs last month, which was the worst monthly job loss we saw Omicron hit in late 2020 and early 2021.”
Last month, several companies announced cuts, with a mix of economic uncertainty, ‘strategic priorities’, or AI displacing jobs cited as the causes.
These include:
- Nokia announced it would cut up to 14,000 jobs between now and 2026, blaming weaker-than-expected earnings, around 16% of its current headcount of 86,000 employees.
- LinkedIn announced it would lay off 668 employees across finance, talent, and engineering areas — or more than 3% of staff globally. The company, part of Microsoft, said it was making ‘strategic priorities for our future.’ The cuts are the second major staff reduction in 2023, following the loss of around 700 jobs in May.
- Q&A stalwart Stack Overflow also announced the end of the line for 100 employers — around 28% of staff — with the rise of AI said to be one of the root causes.
- Google laid off 12,000 workers — around 6% of its staff — over 2023, including 50 employees at Google News in October.
- Self-driving car technology company Waymo LLC is on to its third round of layoffs this year.
Elsewhere, Qualcomm’s decision to slash 1,200 workers — 2.5% of its workforce — and Epic Games’ move to lay off 16% are further indicators of a broader, unsettling trend.
Why Are There So Many Tech Layoffs?
Anna Tavis, clinical professor in human capital management at New York University, believes that all industries will continue to “right size” their staffing levels in pursuit of efficiency, cost cutting, and rationalizing their skills portfolio.As we stand on the threshold of a new era in the workforce, driven by rapid advancements in artificial intelligence, the conversation around AI’s impact on labor costs has reached a fever pitch. Business leaders and analysts are examining the balance between automation and human skills. Tavis offers a little food for thought for companies contemplating an AI-powered future.
In the wake of sweeping layoffs at major corporations like Twitter, the dialogue surrounding corporate restructuring and its implications has gained new urgency. Such high-profile moves don’t merely impact the companies directly involved; they set the tone for industry-wide trends, creating ripple effects that influence organizational behavior across the board.
Vulnerable Roles in Tech
Nick Gausling, a seasoned business consultant and managing director of Romy Group LLC, sheds light on the intricacies of the tech world under these conditions.Gausling’s insights tap into the core of challenges facing established tech companies and fledgling startups, illuminating the factors that dictate their survival, scalability, and employee retention strategies in this high-stakes environment.
Many tech startups scramble to get any funding they can, even on unfavorable borrowing terms. Those who succeed might survive today but cannot service the debt tomorrow. If your company’s unit economics aren’t already profitable, it’s a precarious situation.
While companies rigorously evaluate roles indispensable to their core operations versus those considered more peripheral, Gausling also emphasizes the heightened vulnerability of specific roles in these uncertain times.
https://hrexecutive.com/whats-driving-90-of-employers-to-plan-for-2024-layoffs/
ByTom Starner
November 17, 2023
Amid ongoing economic uncertainty, layoffs spread across industries in 2023, and a new report finds that the downsizing trend is expected to continue well into 2024.
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According to Randstad RiseSmart’s Global Severance report, nine in 10 employers surveyed expect to reduce their workforce size in the upcoming year, based on a survey of 400 HR and procurement professionals from around the globe, including in the U.S. While fears of a recession were often cited for this year’s reductions, those surveyed by Randstad instead pointed to another factor: talent surplus.
Lindsay Witcher, senior vice president at Randstad RiseSmart, says the biggest driver of the downsizing trend is high levels of over-hiring after the pandemic and Great Resignation subsided. Over the last 18 months, business at many organizations has stabilized, she says, and with that, companies are now looking to reduce operating expenses—often through a reduction in headcount.
Other factors include incorporating AI and automation, “strategic evolutions” and increased merger and acquisition activity.
What’s driving 90% of employers to plan for 2024 layoffs?
ByTom Starner
November 17, 2023
Amid ongoing economic uncertainty, layoffs spread across industries in 2023, and a new report finds that the downsizing trend is expected to continue well into 2024.
- Advertisement -
According to Randstad RiseSmart’s Global Severance report, nine in 10 employers surveyed expect to reduce their workforce size in the upcoming year, based on a survey of 400 HR and procurement professionals from around the globe, including in the U.S. While fears of a recession were often cited for this year’s reductions, those surveyed by Randstad instead pointed to another factor: talent surplus.
Lindsay Witcher, senior vice president at Randstad RiseSmart, says the biggest driver of the downsizing trend is high levels of over-hiring after the pandemic and Great Resignation subsided. Over the last 18 months, business at many organizations has stabilized, she says, and with that, companies are now looking to reduce operating expenses—often through a reduction in headcount.
Other factors include incorporating AI and automation, “strategic evolutions” and increased merger and acquisition activity.
https://www.google.com/amp/s/www.cn...ut-thousands-of-jobs-more-layoffs-coming.html
Hugh Son
@HUGH_SON
WATCH LIVE
KEY POINTS
"Banks are cutting costs where they can because things are really uncertain next year," Chris Marinac, research director at Janney Montgomery Scott, said in a phone interview.
Job losses in the financial industry could pressure the broader U.S. labor market in 2024. Faced with rising defaults on corporate and consumer loans, lenders are poised to make deeper cuts next year, said Marinac.
"They need to find levers to keep earnings from falling further and to free up money for provisions as more loans go bad," he said. "By the time we roll into January, you'll hear a lot of companies talking about this."
Big banks are quietly cutting thousands of employees, and more layoffs are coming
PUBLISHED THU, OCT 19 2023 10:41 AM EDTUPDATED THU, OCT 19 2023 3:20 PM EDTHugh Son
@HUGH_SON
WATCH LIVE
KEY POINTS
- Even as the economy has surprised forecasters with its resilience, lenders have cut headcount or announced plans to do so, with the key exception being JPMorgan Chase.
- The next five largest U.S. banks cut a combined 20,000 positions so far this year, according to company filings.
- A key factor driving the cuts is that job-hopping in finance slowed drastically from earlier years, leaving banks with more people than they expected.
"Banks are cutting costs where they can because things are really uncertain next year," Chris Marinac, research director at Janney Montgomery Scott, said in a phone interview.
Job losses in the financial industry could pressure the broader U.S. labor market in 2024. Faced with rising defaults on corporate and consumer loans, lenders are poised to make deeper cuts next year, said Marinac.
"They need to find levers to keep earnings from falling further and to free up money for provisions as more loans go bad," he said. "By the time we roll into January, you'll hear a lot of companies talking about this."
Deepest cuts
Banks disclose total headcount numbers every quarter. While the aggregate figures mask the hiring and firing going on beneath the surface, they are informative.The deepest reductions have been at Wells Fargo and Goldman Sachs, institutions that are wrestling with revenue declines in key businesses. They each have cut roughly 5% of their workforce so far this year.
At Wells Fargo, job cuts came after the bank announced a strategic shift away from the mortgage business in January. And even though the bank cut 50,000 employees in the past three years as part of CEO Charlie Scharf's cost-cutting plan, the firm isn't done shrinking headcount, executives said Friday.
There are "very few parts of the company" that will be spared from cuts, said CFO Mike Santomassimo.
"We still have additional opportunities to reduce headcount," he told analysts. "Attrition has remained low, which will likely result in additional severance expense for actions in 2024."
Goldman firings
Meanwhile, after several rounds of cuts in the past year, Goldman executives said that they had "right-sized" the bank and don't expect another mass layoff like the one enacted in January.But headcount is still headed down at the New York-based bank. Last year, Goldman brought back annual performance reviews where people deemed low performers are cut. In the coming weeks, the bank will terminate around 1% or 2% of its employees, according to a person with knowledge of the plans.
Headcount will also drift lower because of Goldman's pivot away from consumer finance; the firm agreed to sell two businesses in deals that will close in coming months, a wealth management unit and fintech lender GreenSky.
A very possible scenario especially 8n Sri Lanka , Pakistan and other weak handsEconomic crash, starvation, suicides and lockdowns.
https://asia.nikkei.com/Business/Companies/Singapore-s-Sea-slips-back-into-the-red-as-growth-slows
SG SEA Holding dipping back into negative territory again
SG SEA Holding dipping back into negative territory again
COMPANIES
Sea's Shopee leads the Southeast Asian e-commerce market but faces rising competition. © Reuters
TSUBASA SURUGA, Nikkei staff writerNovember 14, 2023 23:44 JST
SINGAPORE -- Singapore-based Sea on Tuesday ended a streak of quarterly profits as the tech group suffers slower growth and steps up investments in its e-commerce business against new rivals like TikTok.
The New York-listed e-commerce and gaming group reported a net loss of $144 million for the July-September period, compared with a $569 million loss in the same period a year ago.
The company had posted a $331 million profit for the previous three months, recording its third consecutive quarterly profit.
Singapore's Sea slips back into the red as growth slows
Tech group focuses on e-commerce investment to fend off TikTok, other rivals
Sea's Shopee leads the Southeast Asian e-commerce market but faces rising competition. © Reuters
TSUBASA SURUGA, Nikkei staff writerNovember 14, 2023 23:44 JST
SINGAPORE -- Singapore-based Sea on Tuesday ended a streak of quarterly profits as the tech group suffers slower growth and steps up investments in its e-commerce business against new rivals like TikTok.
The New York-listed e-commerce and gaming group reported a net loss of $144 million for the July-September period, compared with a $569 million loss in the same period a year ago.
The company had posted a $331 million profit for the previous three months, recording its third consecutive quarterly profit.
https://www.channelnewsasia.com/sin...r-credit-card-country-club-forward-sg-3909151
SG 5C dream become 5 死 liao?
SG 5C dream become 5 死 liao?
SINGAPORE: The notion of 5Cs – cash, car, credit card, condominium, and country club membership – may have been around for decades, but Pamela Lee had not heard of them until last month.
The 23-year-old digital content creator recalled being “quite taken aback” by the unabashedly materialistic checklist and the stress that would have come with the endless chase to keep up or get ahead of others. The 5Cs also offered a “very superficial” take on success.
“Someone can have all the 5Cs but deep down, he may be unhappy or finding it difficult to maintain that lifestyle,” said Ms Lee.
“I can understand why the 5Cs can be a thing (to define success) because you need hard work to attain them … But I’m just glad that this is no longer relevant for my generation.”
This unfamiliarity and rejection of the 5Cs among young Singaporeans who spoke to CNA underscores how the checklist has receded in relevance since emerging about 50 years ago as the "Singapore dream".
People in Singapore now chase meaning and purpose, with the idea of a “good life” evolving beyond material success, according to the recently released Forward SG report.
Several key shifts – spanning education, jobs and support for families and seniors – will be needed for this new Singapore Dream, noted the report that surveyed more than 200,000 Singaporeans as part of a nationwide feedback exercise led by the government.
The 23-year-old digital content creator recalled being “quite taken aback” by the unabashedly materialistic checklist and the stress that would have come with the endless chase to keep up or get ahead of others. The 5Cs also offered a “very superficial” take on success.
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“Someone can have all the 5Cs but deep down, he may be unhappy or finding it difficult to maintain that lifestyle,” said Ms Lee.
“I can understand why the 5Cs can be a thing (to define success) because you need hard work to attain them … But I’m just glad that this is no longer relevant for my generation.”
This unfamiliarity and rejection of the 5Cs among young Singaporeans who spoke to CNA underscores how the checklist has receded in relevance since emerging about 50 years ago as the "Singapore dream".
People in Singapore now chase meaning and purpose, with the idea of a “good life” evolving beyond material success, according to the recently released Forward SG report.
Several key shifts – spanning education, jobs and support for families and seniors – will be needed for this new Singapore Dream, noted the report that surveyed more than 200,000 Singaporeans as part of a nationwide feedback exercise led by the government.
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Are the 5Cs – cash, credit card, condominium, car, and country club membership – dead? (Illustration: CNA/Rafa Estrada)
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Tang See Kit
18 Nov 2023 06:00AM (Updated: 18 Nov 2023 10:18AM)
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SINGAPORE: The notion of 5Cs – cash, car, credit card, condominium, and country club membership – may have been around for decades, but Pamela Lee had not heard of them until last month.
The 23-year-old digital content creator recalled being “quite taken aback” by the unabashedly materialistic checklist and the stress that would have come with the endless chase to keep up or get ahead of others. The 5Cs also offered a “very superficial” take on success.
“Someone can have all the 5Cs but deep down, he may be unhappy or finding it difficult to maintain that lifestyle,” said Ms Lee.
“I can understand why the 5Cs can be a thing (to define success) because you need hard work to attain them … But I’m just glad that this is no longer relevant for my generation.”
This unfamiliarity and rejection of the 5Cs among young Singaporeans who spoke to CNA underscores how the checklist has receded in relevance since emerging about 50 years ago as the "Singapore dream".
People in Singapore now chase meaning and purpose, with the idea of a “good life” evolving beyond material success, according to the recently released Forward SG report.
Several key shifts – spanning education, jobs and support for families and seniors – will be needed for this new Singapore Dream, noted the report that surveyed more than 200,000 Singaporeans as part of a nationwide feedback exercise led by the government.
SCROLL TO CONTINUE WITH CONTENT
What is behind this change in the Singapore Dream and how are Singaporeans redefining success?
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Back then, the buzzword among Singaporeans was “upgrading”, or upward social mobility, and the 5Cs came to be practical indicators of that, said National University of Singapore’s Associate Professor Tan Ern Ser.
“Many Singaporeans, having risen from poor or low-income backgrounds, possess a strong desire to be able to rise up from circumstances of lack to doing better than their parents and achieving material comfort and security, and correspondingly higher social status,” he said.
Television dramas, such as Channel 8’s Marriage Dollars and Sense in 1996, and movies like Singapore Dreaming in 2006, depicted how the 5Cs influenced major decisions in Singaporean life.
As the country developed, subsequent generations of Singaporeans grew up enjoying better standards of living, attaining higher educational qualifications and were more well-travelled or exposed to the world beyond Singapore.
Major crises like the COVID-19 pandemic also made people rethink their priorities in life, sociologists said.
With aspirations being a product of time and environment, it was only natural that some of the 5Cs would become obsolete or less relevant, said Singapore Management University’s Professor Paulin Tay Straughan.
A membership at a country club, for one, will likely be “written off”, Dr Straughan said.
Country clubs, especially those with sprawling golf courses, used to be much coveted due to their prestige as the domain of the well-heeled, offering exclusivity and networking opportunities.
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IN FOCUS: A reboot of the 5Cs – what do Singaporeans want?
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Singapore
IN FOCUS: A reboot of the 5Cs – what do Singaporeans want?
As the notion of the 5Cs – cash, car, credit card, condominium, and country club membership – fades away, Singaporeans tell CNA their new Cs and definitions of success.
Are the 5Cs – cash, credit card, condominium, car, and country club membership – dead? (Illustration: CNA/Rafa Estrada)
Listen to this article
19 min
This audio is generated by an AI tool.
- Having emerged in the 1970s and 1980s, the 5Cs – once dubbed the Singapore Dream – have become less relevant
- Career, community, and choice are among the new Cs that matter – these define success, say people who spoke to CNA
- But is Singapore moving away completely from traditional material pursuits? Not really, says an observer
Tang See Kit
18 Nov 2023 06:00AM (Updated: 18 Nov 2023 10:18AM)
BookmarkShare
SINGAPORE: The notion of 5Cs – cash, car, credit card, condominium, and country club membership – may have been around for decades, but Pamela Lee had not heard of them until last month.
The 23-year-old digital content creator recalled being “quite taken aback” by the unabashedly materialistic checklist and the stress that would have come with the endless chase to keep up or get ahead of others. The 5Cs also offered a “very superficial” take on success.
ADVERTISEMENT
“Someone can have all the 5Cs but deep down, he may be unhappy or finding it difficult to maintain that lifestyle,” said Ms Lee.
“I can understand why the 5Cs can be a thing (to define success) because you need hard work to attain them … But I’m just glad that this is no longer relevant for my generation.”
This unfamiliarity and rejection of the 5Cs among young Singaporeans who spoke to CNA underscores how the checklist has receded in relevance since emerging about 50 years ago as the "Singapore dream".
People in Singapore now chase meaning and purpose, with the idea of a “good life” evolving beyond material success, according to the recently released Forward SG report.
Several key shifts – spanning education, jobs and support for families and seniors – will be needed for this new Singapore Dream, noted the report that surveyed more than 200,000 Singaporeans as part of a nationwide feedback exercise led by the government.
ADVERTISEMENT
SCROLL TO CONTINUE WITH CONTENTSCROLL TO CONTINUE WITH CONTENT
What is behind this change in the Singapore Dream and how are Singaporeans redefining success?
Related:
The Singapore Dream no longer just the '5Cs' but leading purposeful lives, says DPM Wong
COUNTRY CLUBS AND CREDIT CARDS
The 5Cs likely emerged during the early 1970s when the Singapore economy was racing ahead with double-digit growth. As incomes went up, so did the aspirations of a young nation.Back then, the buzzword among Singaporeans was “upgrading”, or upward social mobility, and the 5Cs came to be practical indicators of that, said National University of Singapore’s Associate Professor Tan Ern Ser.
“Many Singaporeans, having risen from poor or low-income backgrounds, possess a strong desire to be able to rise up from circumstances of lack to doing better than their parents and achieving material comfort and security, and correspondingly higher social status,” he said.
Television dramas, such as Channel 8’s Marriage Dollars and Sense in 1996, and movies like Singapore Dreaming in 2006, depicted how the 5Cs influenced major decisions in Singaporean life.
ADVERTISEMENT
As the country developed, subsequent generations of Singaporeans grew up enjoying better standards of living, attaining higher educational qualifications and were more well-travelled or exposed to the world beyond Singapore.
Major crises like the COVID-19 pandemic also made people rethink their priorities in life, sociologists said.
With aspirations being a product of time and environment, it was only natural that some of the 5Cs would become obsolete or less relevant, said Singapore Management University’s Professor Paulin Tay Straughan.
A membership at a country club, for one, will likely be “written off”, Dr Straughan said.
Country clubs, especially those with sprawling golf courses, used to be much coveted due to their prestige as the domain of the well-heeled, offering exclusivity and networking opportunities.
ADVERTISEMENT
The Big Read: Everyone wants a dream home — what does that mean in land-scarce Singapore?
Meeting Singaporeans' housing needs and aspirations is a perennial concern, with the topic being aired in Parliament from time to time. Outside of Parliament, it is also a common topic of discussion among Singaporeans
Follow us on TikTok and Instagram, and join our Telegram channel for the latest updates.
This article is written in partnership with the Ministry of Communications and Information in support of Forward Singapore.
- Over the past few decades, it is not only property prices that have risen in tandem with Singapore's rapid economic growth — housing expectations and aspirations of the younger generations have gone up too
- Some of these today include owning a private property in one's lifetime, being able to afford a bigger flat in a good location and having more options for singles
- Meeting Singaporeans' housing needs and aspirations is a perennial concern, with the topic being aired in Parliament from time to time. Outside of Parliament, it is also a common topic of discussion among Singaporeans
- What is less talked about, however, are the trade-offs involved when a land-scarce city-state measuring 719 sq km seeks to meet the housing needs and aspirations of over four million residents
“Even though there were only the two of us at that time, we knew we would be having kids. So, we decided to go for the executive maisonette,” said the 67-year-old executive director and consultant of a financial advisory firm.
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He forked out about S$111,000 — a sizeable sum back then — to get his dream home in Hougang. Today, his unit can fetch between S$830,000 and S$1.2 million on the resale market, based on the listings of similar maisonettes in Hougang.
Almost four decades on, it is not only property prices that have risen in tandem with Singapore's rapid economic growth — housing expectations and aspirations of the younger generations have gone up too.
Take 25-year-old entrepreneur Lhu Wen Kai for example. He moved out of his parents’ flat in 2021 and had rented a one-room condominium because he wanted more personal space.
READ ALSO
TODAY Youth Survey: 8 in 10 aspire to own private homes as 'life goal'; experts say financial realities will temper expectations
A few weeks ago, he returned to living with his parents, as the rent has gone up too much. Having had a taste of living in a private property, he said he is unlikely to buy a public flat in future if he were to get a place of his own.
He added that if the prices of private properties are out of reach, he would move to a neighbouring country to "fulfill my private housing dream".
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On youths' housing aspirations, economist Song Seng Wun noted that these were part and parcel of a society becoming more affluent. While Singapore's economic growth has moderated in recent years as its economy matures, median household income has grown by 33 per cent in the past decade based on latest public statistics — from S$7,566 in 2012 to S$10,099 in 2022.
“The needs and the basic things may differ as economic development generates employment opportunities to allow people to aspire towards higher minimum basic needs,” said Mr Song, who is an economic adviser at financial service provider CGS-CIMB.
When the push for home ownership began during the early years of nation-building in the 1960s, the majority moved to affordable public housing, said Mr Song.
Today, while public housing ownership is still high — about eight in 10 Singapore residents live in public housing — the proportion has been on an overall downward trend over the last decade.
Based on data from the Singapore Department of Statistics, about 81.6 per cent of residents live in public housing in 2012. The proportion dropped to about 79.0 per cent in 2017. Last year, it fell further to about 77.9 per cent.
“More people, even first timers, can afford private housing as their first home”, Mr Song noted.
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“The needs and the basic things may differ as economic development generates employment opportunities to allow people to aspire towards higher minimum basic needs,” said Mr Song, who is an economic adviser at financial service provider CGS-CIMB.
When the push for home ownership began during the early years of nation-building in the 1960s, the majority moved to affordable public housing, said Mr Song.
Today, while public housing ownership is still high — about eight in 10 Singapore residents live in public housing — the proportion has been on an overall downward trend over the last decade.
Based on data from the Singapore Department of Statistics, about 81.6 per cent of residents live in public housing in 2012. The proportion dropped to about 79.0 per cent in 2017. Last year, it fell further to about 77.9 per cent.
“More people, even first timers, can afford private housing as their first home”, Mr Song noted.
Big Read
Nurjannah Suhaimi/TODAY
Meeting Singaporeans' housing needs and aspirations is a perennial concern, with the topic being aired in Parliament from time to time. Outside of Parliament, it is also a common topic of discussion among Singaporeans
Follow us on TikTok and Instagram, and join our Telegram channel for the latest updates.
This article is written in partnership with the Ministry of Communications and Information in support of Forward Singapore.
BY TAUFIQ ZALIZAN
Published November 17, 2023
Updated November 19, 2023
SINGAPORE — When Mr J Parasuraman and his wife moved out of his parents’ three-room flat and bought his first house in 1986 from the Housing and Development Board (HDB) at the age of 29, there was only one thing on their minds: To have more living space.
“Even though there were only the two of us at that time, we knew we would be having kids. So, we decided to go for the executive maisonette,” said the 67-year-old executive director and consultant of a financial advisory firm.
He forked out about S$111,000 — a sizeable sum back then — to get his dream home in Hougang. Today, his unit can fetch between S$830,000 and S$1.2 million on the resale market, based on the listings of similar maisonettes in Hougang.
Almost four decades on, it is not only property prices that have risen in tandem with Singapore's rapid economic growth — housing expectations and aspirations of the younger generations have gone up too.
Take 25-year-old entrepreneur Lhu Wen Kai for example. He moved out of his parents’ flat in 2021 and had rented a one-room condominium because he wanted more personal space.
A few weeks ago, he returned to living with his parents, as the rent has gone up too much. Having had a taste of living in a private property, he said he is unlikely to buy a public flat in future if he were to get a place of his own.
He added that if the prices of private properties are out of reach, he would move to a neighbouring country to "fulfill my private housing dream".
SCROLL TO CONTINUE WITH CONTENT
Mr Lhu is not alone in having the aspiration of owning a private property.
The latest edition of the TODAY Youth Survey found that eight in 10 youths said owning a private property is one of their life goals, and six in 10 expect to be better off than their parents in terms of housing.
The TODAY Youth Survey 2023, which was conducted in August, polled 1,000 respondents aged between 18 and 35.
This was the third edition of the annual survey and it looked at youths’ views on housing, the importance of a university degree, career development, the gap between blue collar and white collar wages, and civic participation. The findings were published last month.
Raj Nadarajan/TODAYThe latest edition of the TODAY Youth Survey found that eight in 10 youths said owning a private property is one of their life goals, and six in 10 expect to be better off than their parents in terms of housing.
On youths' housing aspirations, economist Song Seng Wun noted that these were part and parcel of a society becoming more affluent. While Singapore's economic growth has moderated in recent years as its economy matures, median household income has grown by 33 per cent in the past decade based on latest public statistics — from S$7,566 in 2012 to S$10,099 in 2022.
“The needs and the basic things may differ as economic development generates employment opportunities to allow people to aspire towards higher minimum basic needs,” said Mr Song, who is an economic adviser at financial service provider CGS-CIMB.
When the push for home ownership began during the early years of nation-building in the 1960s, the majority moved to affordable public housing, said Mr Song.
Today, while public housing ownership is still high — about eight in 10 Singapore residents live in public housing — the proportion has been on an overall downward trend over the last decade.
Based on data from the Singapore Department of Statistics, about 81.6 per cent of residents live in public housing in 2012. The proportion dropped to about 79.0 per cent in 2017. Last year, it fell further to about 77.9 per cent.
“More people, even first timers, can afford private housing as their first home”, Mr Song noted.
SCROLL TO CONTINUE WITH CONTENT
On its part, the Government has continuously sought to meet the rising expectations including by raising the standard of public housing and surrounding amenities, while keeping flats affordable using benchmarks such as home price-to-income ratios and the proportion of monthly income that buyers use to service mortgage instalment payments, which remain lower compared to international benchmarks.
Meeting Singaporeans' housing needs and aspirations is a perennial concern, with the topic being aired in Parliament from time to time. Outside of Parliament, it is also a common topic of discussion, be it in the coffeeshops, on internet forums or social media.
What's less talked about, however, are the trade-offs involved when a land-scarce city-state measuring 719 sq km seeks to meet the housing needs and aspirations of over four million residents (out of a total population of 5.92 million).
Given Singapore’s limited land space and constraints as a city-state, some trade-offs are inevitable, economists and property analysts reiterated.
For example, to set aside more land for private property development would mean less supply for public homes. And while a suppressed resale market may be a boon for potential buyers, it would mean the assets of existing homeowners cannot appreciate — which may even impact their retirement plans given that Singaporeans typically fund their homes using their Central Provident Fund (CPF) savings.
“You can have aspirations but (homeowners) must also be aware that there is always a price to be paid," said Mr Nicholas Mak, chief research officer at property technology company Mogul.sg.
TODAY examines some of these trade-offs:
Today, a five-room BTO flat in the same area was priced at up to S$737,000 in a recent launch. “I grew up in Bedok and I'm afraid that I might not be able to afford to live near my parents with rising costs and all,” said the 23-year-old.
For 35-year-old Zakiah Fatin Saiful Imran, who just gave birth to her third child a few months ago, moving from her current four-room BTO to a bigger house in the future was very much on their minds.
“The main reason we would move is to get more space. And you will only get that in a resale flat, because BTOs today are pretty much all the same size,” said the technical support engineer, who also noted that not all BTO projects have five-room flats for sale.
The sizes of HDB flats have not changed since 1997, while average household sizes have decreased, the Ministry of National Development said in April last year.
“Given Singapore’s land constraints, HDB has to strike a balance between the size of HDB flats and the supply of flats,” said the ministry, in response to a parliamentary question on whether the Government would consider increasing the average size of HDB flats.
The Big Read: Everyone wants a dream home — what does that mean in land-scarce Singapore?
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The Big Read: Everyone wants a dream home — what does that mean in land-scarce Singapore?
Meeting Singaporeans' housing needs and aspirations is a perennial concern, with the topic being aired in Parliament from time to time. Outside of Parliament, it is also a common topic of discussion among Singaporeans
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This article is written in partnership with the Ministry of Communications and Information in support of Forward Singapore.
- Over the past few decades, it is not only property prices that have risen in tandem with Singapore's rapid economic growth — housing expectations and aspirations of the younger generations have gone up too
- Some of these today include owning a private property in one's lifetime, being able to afford a bigger flat in a good location and having more options for singles
- Meeting Singaporeans' housing needs and aspirations is a perennial concern, with the topic being aired in Parliament from time to time. Outside of Parliament, it is also a common topic of discussion among Singaporeans
- What is less talked about, however, are the trade-offs involved when a land-scarce city-state measuring 719 sq km seeks to meet the housing needs and aspirations of over four million residents
- TODAY examines some of these trade-offs
BY TAUFIQ ZALIZAN
Published November 17, 2023
Updated November 19, 2023
SINGAPORE — When Mr J Parasuraman and his wife moved out of his parents’ three-room flat and bought his first house in 1986 from the Housing and Development Board (HDB) at the age of 29, there was only one thing on their minds: To have more living space.
“Even though there were only the two of us at that time, we knew we would be having kids. So, we decided to go for the executive maisonette,” said the 67-year-old executive director and consultant of a financial advisory firm.
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He forked out about S$111,000 — a sizeable sum back then — to get his dream home in Hougang. Today, his unit can fetch between S$830,000 and S$1.2 million on the resale market, based on the listings of similar maisonettes in Hougang.
Almost four decades on, it is not only property prices that have risen in tandem with Singapore's rapid economic growth — housing expectations and aspirations of the younger generations have gone up too.
Take 25-year-old entrepreneur Lhu Wen Kai for example. He moved out of his parents’ flat in 2021 and had rented a one-room condominium because he wanted more personal space.
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A few weeks ago, he returned to living with his parents, as the rent has gone up too much. Having had a taste of living in a private property, he said he is unlikely to buy a public flat in future if he were to get a place of his own.
He added that if the prices of private properties are out of reach, he would move to a neighbouring country to "fulfill my private housing dream".
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Mr Lhu is not alone in having the aspiration of owning a private property.
The latest edition of the TODAY Youth Survey found that eight in 10 youths said owning a private property is one of their life goals, and six in 10 expect to be better off than their parents in terms of housing.
The TODAY Youth Survey 2023, which was conducted in August, polled 1,000 respondents aged between 18 and 35.
This was the third edition of the annual survey and it looked at youths’ views on housing, the importance of a university degree, career development, the gap between blue collar and white collar wages, and civic participation. The findings were published last month.
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On youths' housing aspirations, economist Song Seng Wun noted that these were part and parcel of a society becoming more affluent. While Singapore's economic growth has moderated in recent years as its economy matures, median household income has grown by 33 per cent in the past decade based on latest public statistics — from S$7,566 in 2012 to S$10,099 in 2022.
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“The needs and the basic things may differ as economic development generates employment opportunities to allow people to aspire towards higher minimum basic needs,” said Mr Song, who is an economic adviser at financial service provider CGS-CIMB.
When the push for home ownership began during the early years of nation-building in the 1960s, the majority moved to affordable public housing, said Mr Song.
Today, while public housing ownership is still high — about eight in 10 Singapore residents live in public housing — the proportion has been on an overall downward trend over the last decade.
Based on data from the Singapore Department of Statistics, about 81.6 per cent of residents live in public housing in 2012. The proportion dropped to about 79.0 per cent in 2017. Last year, it fell further to about 77.9 per cent.
“More people, even first timers, can afford private housing as their first home”, Mr Song noted.
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The Big Read: Too choosy? Why young buyers won't compromise on dream BTO home despite long waits, rising prices
On its part, the Government has continuously sought to meet the rising expectations including by raising the standard of public housing and surrounding amenities, while keeping flats affordable using benchmarks such as home price-to-income ratios and the proportion of monthly income that buyers use to service mortgage instalment payments, which remain lower compared to international benchmarks.
Meeting Singaporeans' housing needs and aspirations is a perennial concern, with the topic being aired in Parliament from time to time. Outside of Parliament, it is also a common topic of discussion, be it in the coffeeshops, on internet forums or social media.
What's less talked about, however, are the trade-offs involved when a land-scarce city-state measuring 719 sq km seeks to meet the housing needs and aspirations of over four million residents (out of a total population of 5.92 million).
Given Singapore’s limited land space and constraints as a city-state, some trade-offs are inevitable, economists and property analysts reiterated.
For example, to set aside more land for private property development would mean less supply for public homes. And while a suppressed resale market may be a boon for potential buyers, it would mean the assets of existing homeowners cannot appreciate — which may even impact their retirement plans given that Singaporeans typically fund their homes using their Central Provident Fund (CPF) savings.
“You can have aspirations but (homeowners) must also be aware that there is always a price to be paid," said Mr Nicholas Mak, chief research officer at property technology company Mogul.sg.
READ ALSO
NDR 2023: New 'Plus' BTO projects in choice locations from second half of 2024; mature, non-mature estate classification to cease
TODAY examines some of these trade-offs:
WHY CAN’T WE HAVE BIGGER, MORE AFFORDABLE HOMES?
Communications undergraduate Sherlyn Tan, who has twice applied unsuccessfully for a Build-to-Order (BTO) flat, noted that the five-room flat in Bedok that her parents bought in the late 1990s cost S$300,000 back then.Today, a five-room BTO flat in the same area was priced at up to S$737,000 in a recent launch. “I grew up in Bedok and I'm afraid that I might not be able to afford to live near my parents with rising costs and all,” said the 23-year-old.
For 35-year-old Zakiah Fatin Saiful Imran, who just gave birth to her third child a few months ago, moving from her current four-room BTO to a bigger house in the future was very much on their minds.
“The main reason we would move is to get more space. And you will only get that in a resale flat, because BTOs today are pretty much all the same size,” said the technical support engineer, who also noted that not all BTO projects have five-room flats for sale.
The sizes of HDB flats have not changed since 1997, while average household sizes have decreased, the Ministry of National Development said in April last year.
READ ALSO
NDR 2023: Timeline of public housing options for singles through the years
“Given Singapore’s land constraints, HDB has to strike a balance between the size of HDB flats and the supply of flats,” said the ministry, in response to a parliamentary question on whether the Government would consider increasing the average size of HDB flats.
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