I think you also need to be aware that most people that took PhD are on scholarships and there is free allowances and pay. And more than 50% after graduating stay behind to be lecturers and associate professors, and given insane pay.
Which local doesnt want a PhD? Can you tell me, thanks? =)
You are wrong about this.
Local PhD graduates graduate, but the local universities
rarely hire them.
The word here is "rarely". As I mentioned in my first post in this topic, local universities shun way from "in-breeding". They do not hire back the same PhD graduates whom they groomed.
You can check through all the local universities' staff list. See how many of their qualifications actually list local PhD degrees
only.
Even without a scholarship, it is possible for a local Singaporean citizen to pursue a post-graduate course with government subsidy (which usually for a local, they do get it). School fees for undergraduate studies (normal honors degree)
do not differ much from fees for post-graduate studies.
To reply to your last point about "allowances" and "pay": Yes there is usually a small amount of allowance for the research work you do, or if you help out as a tutor or teaching assistant.
Even with a scholarship (you pay $0 for your PhD course), this amount is usually only couple of $Ks per month.
No CPF.
For a normal undergraduate with a decent degree with 2nd Uppers, one can secure an outside job with at least $2.5k upwards. For those who go into the banking industry (with a good degree), it is not surprising to see a starting pay of at least $3.5k - $5k even.
At the end of 3-4 years (the time it takes for one to get a PhD), one could already be in the $4-5k income band
at the very least.
So tell me, which path would you take?
Path 1: Take up PhD and endure 4 years (you still pay a few $Ks for school fees each year) with a meagre (average) $2+k allowance per month and no CPF.
During the course of your research, if your thesis topic "cannot fly" (quite a possible outcome), you may fall back to graduating with a Masters at the end of 3 years instead. After graduating with a PhD, if you still want to take up an academic career, you have to go elsewhere because local universities will not hire you as an assistant professor.
Path 2: Get your Honors degree and whack a job outside with at least $2.5-$3k. After 4 years, you should have a decent amount of savings (plus CPF savings) with real work experience (plus point when you are ready to move on to another company).