To our young Singaporeans, you have no future

Ng Cheh Hwang said:

‘How does a fresh grad survive in Singapore?’: NUS grad shocked by high housing prices and soaring cost of living
https://theindependent.sg/how-does-...gh-housing-prices-and-soaring-cost-of-living/

SINGAPORE: “How does a fresh grad survive in Singapore these days?” A local NUS graduate recently posed this question online after realising just how exhausting and expensive adult life has become.

Curious to see what lies ahead, he decided to take a look at housing prices in Singapore, both for BTO and resale flats, and was completely taken aback by how outrageously expensive they were. “I was stunned by the price. How to afford sia? Employment is already so hard to maintain, and now, I still have to pay a bomb for a house?” he wrote.

It’s even worse for singles, he added. “You can’t even qualify for BTO until you’re 35 years old, and even after that, you still have to ballot, which I heard is like winning the lottery. “You are essentially forced to buy an overpriced resale flat. Look at how much resale flats cost nowadays. How to survive in SG like that???”

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• Car - skyrocketing COEs, insurance, upkeep and taxes
• New Condo - elusive dream for many with >$2000psf launch prices, downpayment and mortgage rates
• Childcare - costs more than tertiary education, hahaha
• Kids Education - $1000 a month per kid is barely enough as they get older
• Support for your seniors - Many ended up asking their seniors to support them
• Travel - You want to just go on Malaysian road-trips or take planes?
• Private Hospitalization Insurance - Did you notice that premiums and deductibles of private policies are getting out of contro?
• Retirement - You will end up working longer or a reduced standard of living later in life
• Supermarketing - It is not cheap if you wanna get all your essentials and groceries from major supermarkets. Try Value-shop and Venus Beauty
• Food - It is expensive to eat healthy food outside.

Ng Cheh Hwang said:

Seriously, we are one of the most indebted countries in the world and we fund our government securities with CPF.

As a lender, your borrower's debt bubble keeps increasing(per capita).

If your CPF is a retirement life/saving policy, will you allow the insurer to make repeated changes to your payouts, minimum balance, when they deemed necessary?

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Ng Cheh Hwang said:

Few dare to openly talking about this in the media. More and more educated, working professionals are not having kids or even marrying. When you listen to their reasons, you realize this is a deeper change in what life in Singapore means today. Imagine we have so many locals lay off in the private sector, only to be rehired for lower paying jobs (functionally-unemployed) because of the influx of foreigners. Therefore, the employment numbers still look good, but misleading.

Next, if your wife is not working, it doesn't mean that the husband need not hire a maid or tutor. If your wife is working, she'd better be in civil service where she will not be penalized for maternity-leaves.

Full-time work doesn’t mean you can survive. For the employed husband and/or wife, is their income keeping up with inflation, the expensive home or car?

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Ng Cheh Hwang said:

Singapore is growing but Young Singaporeans are stuck

Our economy looks healthy on paper. GDP is strong, unemployment is low. When GDP is up, then it means there is more economic activity, meaning that life is improving – people are better off than they were before. It’s good news! STI is also celebrating.

But look at people around you, does the man on the street feels it?


Unemployment is low but there is a hiring recession for locals

"Locals" refers to Singapore citizens who has a father or grandfather who served NS (deeply-rooted).

One of the more peculiar things in recent years is that job growth that typically goes with a growing economy isn’t happening for locals. In PMET sectors, numerous locals are replaced by foreigners who qualify under Employment Pass who makes over $6000 a month. Long-term, sustained wage growth is also effectively capped.

Then our media turned to celebrate young Singaporeans who dropped out of the rat-race:
Racquet stringer who went viral while keeping family business alive
https://www.channelnewsasia.com/today/up-close/stringer-badminton-tennis-queensway-viral-5860706
Undergrad opens home-based cafe
https://www.channelnewsasia.com/dining/room-cafe-loyang-pasir-ris-home-based-business-5847651
Siblings quit six-figure jobs to revive parent's cai png business
https://www.8days.sg/eatanddrink/ne...-revive-parents-cai-png-biz-curry-kong-851941
Hawker gave up his 10K monthly salary to sell pasta
https://www.8days.sg/eatanddrink/ha...0k-month-salary-sell-pasta-twirl-pasta-834961

For most of us, unless you are seeking employment in civil or uniformed service, you face an demoralizing job search. Indeed, there are plenty of jobs, but how many can meet your obligations with your home loan, car loan and raising kids?



If you are not there, you will never be there
For many who are staying where they are. Especially those who have families – after all, they have mouths to feed and bills to pay, their wage-growth can't match the higher prices. Your car gets smaller each time you buy a new one. They are stuck in their homes just like they are stuck with their jobs, because home prices rocketed.

Overall, families are increasingly delaying many big decisions. Understand, though, this isn’t a recession. GDP is up significantly with so much property business and construction going on. At every stage, your government tax the builders and developers; land development, GST for construction materials, levies of workers, financing, etc.

In the end, the country's GDP grow but your purchasing power drops. If you are not there, you will never be there.

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继数年前的“躺平”之后，今年三月初开始，网络热传“新时代的‘十不青年’”网文，内容罗列了十条被称为年轻人躺平的具体行为或不作为。依次为第一条，不献血，第二条，不捐款、第三条，不结婚、第四条，不生小孩、第五条，不买房、第六条，不买彩票、第七条，不入股市、第八条，不买基金、第九条，不扶老人以及第十条，不感动。上述内容包含了中国民众的基本生活范围和投资，引发热议。

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Ng Cheh Hwang said:

Think about your schools, polytechnics or universities. How many scholars, student councilors, prefects are foreigners? How many are representing your schools in competitions and seminars instead of you? Many of them get free lodgings, allowances and school-fees waivers and even additional coachings to cope with English, how about you?

If you are male, your ex-girlfriends are fucking the NS-exempted Malaysians, PRCs, Indians in local universities while you are serving NS. When you start working, do you think your Pinoy HR or Malaysian superiors like to release you for ICT? Of course not! They rather not hire you. If you are female, who do you think will give you a better pay at your child-bearing age, other than GLCs or civil/uniformed service?

Look at the price of your car, you have may served NS, yet you don't even get one COE for free. Try taking a bus or train with your newborn or toddler lor.

Have you checked the latest HDB prices? Have you wondered how many years you need to work to pay off your property? If you buy private or long-stretch your HDB loan and pay $2500-5000 a month, do you know that 2/3 goes to interest payments? Then renovation is at least another $100,000 (min) rip-off by contractors from malaysia who evades taxes in Singapore.

If you marry, do you know that a ballroom lunch is $2000 a table now? If you don't marry, your country penalizes you by only allowing you to buy smaller subidized housings and widens the property-wealth gap between singles and married. So, my advice to the singles........you better collude with another local to fake a marriage and then mutually agreed to divorce after Minimum Occupancy Period to make a few hundred thousands from your BTO.

To our young Singaporeans, you really don't have any future.

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WangChuk said:

no lah ... young sinkies or old sinkies all have FUTURE here one lah ... only the unborned and deceased sinkies then maybe no future here .... but Good Future or Bad Future hard to say, depends on when all those Daft Voters hum kar chang ....

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shock888 said:

Young Singapolians can thanks Emperor Lee for his past 20 years of policies for this.

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batman1 said:

Better don't discuss cos the more u know the more u are depressed. 555

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True Believer said:

Many of us Samsters who are retired or reaching the official retirement age, must be glad that we are not caught in the situation facing our children or grandchildren. There is a glut of fresh or young grads who are finding trouble landing entry level jobs or find themselves retrenched in their 30s and unable to find white collar jobs at a similar level/pay.

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uniboi said:

MNCs are leaving over costly Spore and the Punggol digital district has lots of foreigners working there. So it is open for Sinkies development?

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