The 7 storey building in Jurong will be housing 99% ceca for sure!! WTF
Wat sg core Mr Dead Lizard Wait
Wat sg core Mr Dead Lizard Wait
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Serious NEW $100,000,000 INVESTMENTS IN TUV PSB HEADED BY A CECA
- Thread starter Leckmichamarsch
- Start date
DAT CHEAT OPERATING OFFAL GRADUATED FROM U OF MUMBAI.............ANY GOOD THIS U???
Yay! Get a taste of your own medicine you slitty eyes!
You can't get away too, tweet you!
It doesn't work that way. If people see that they are not able to save much they will stop coming. I see that DBS already has an ever expanding hub in India. Every year more jobs are going there than coming in. So instead of paying and engineer $ 8000 here they pay 4000 each for 2 in India. But that money and taxes are spent in India than rent for your home. The supply and demand system has its own rules.
I dont agree, if we fight cheap salary, they will win hands down. The fact CECA are still here in SG, paid $8000 for an engineer means there are somewhere lucrative for their business to remain here. These $8000 high salary jobs are what local are vying for. Our Govt tries to convince that local are not equipped with the knowledge. CECA agreement started Year 2005, whatever lack of knowledge local missed during those years, we must have catch-up by now after 17 years of CECA. But why still we see so many South Asians at CBP, MBFC ? We cant expect business organization dont practice discrimination when hiring employee, it is Govt responsibility to ensure our local gets ahead vs foreigner.
Why ceca again? Ask them to fk off
I agree that govt needs to do what it can to ensure employability. But remember that Sg is a small country. I can honestly say that the scale at which industry wants people cannot be matched in Singapore probably for the long term. That's why Sg has done smart thing by being the best in a few niche areas like port, airtravel hub, high end R&D, shipping and refining apart from finance. I can assure you that jobs which can be done out of India, Poland and Philippines are indeed being shipped out at a fast rate and you will not see much more of IT immigrants especially from India in this area. What you see is left over of that era (like me).
But tell me one thing, if a bank invest billions and provides sizeable employment to local talent then shouldn't they be allowed to hire people that's best for them. The govt has a strict eye on foreign banks to ensure that the proportion of local talent is kept at agreed levels. The issue you see is because of perception when a certain type of function is concentrated in one area you see a certain type of people which gives you the impression that there are top many of those. I mean the IT service offices concentrated in CBP. If every bank had their office in different parts of Sg, then most likely no one would have complained
What companies do is to ensure a certain proportion of local talent. It is not done by each role. If you see more closely, an overwhelming lot of operational roles is done by local talent ( I know only about banks) You hardly see any foreigner there and their salaries are similar to FT roles in IT support. So if you see a bank of 10 to 15K people the overall employee base will still be as per regulation. Its only due concentration of FT in one type of job for which local talent base is not there today that is causing this issue.
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this is the classic problem facing sinkies:
1. low wages (to compete against foreign labour)
2. high living costs pushed up by asset inflation (not enhancement)
3. inability to achieve the classic sinkie dream of the 5Cs because of 1 and 2.
life becomes bleak for the average sinkie who spends his entire life struggling to simply maintain an average lifestyle, not even close to attaining the 5Cs. the sinkie dream has turned into a nightmare where they struggle to survive rather than thrive (why do u think birth rates are so low?)
these foreigners coming in, bust their ass off for 10-20 years, and they will retire like Rajahs and Sultans back home.
all the average sinkie will have to show for after 40 years of work is a cpf life payout at subsistence level for their final years.
Welcome to the Madhouse.
Refer to Shit Times yesterday, our employers complained that there is local talents crunch, they can't recruit enough talents here.
Exactly, so what can companies do except hire from outside. If you don't move fast some other country will.
For STEM jobs it is hard to merely train people. There is a certain discipline and aptitude for the subject one must possess.
You are correct that if I decide to go back to India the rent from my home here will enable a great lifestyle. The disadvantage of Singapore is the size and lack of natural resources so the people have to develop themselves and constantly keep running. I acknowledge that however if you want to jeep the place cheap, the people will remain poor. What is the right balance I don't know. BUt I can say that I am committed to this country and will remain to be.
It is good that you are able to discuss and debate the issue on its merits rather than bringing up the race card. Yes Spore is a small country and has been so for many years just like Hong Kong. It is common during the early years when both HK and Spore was already ranked as the world leading financial center where India wasn't in the picture even till to date.
Yes we have expats in many foreign banks, in the past eg you have more French top management in the French Offshore banks in Singapore and it is also common for them to send Management Trainee to be attached to their Singapore Branch. Same for Japanese or American Banks etc.
It was never to be hiring a foreigners to replace or compete against a local. In fact most expats knows their assignment is for a certain number of years on expats terms and they are there to impart their skills , train the local staff to ultimately take over their role.
In Order to understand the Indian Professionals in the industries in Singapore especially the financial Sector, we should compare them as a percentage of department staff , or as a percentage of Singaporean of comparable level eg salaries bracket and not as a percentage of the
whole bank employee since as a they tend to have a large number in the lower end jobs eg clerical , tea lady, drivers etc in the statistics.
CECA maybe not the main problem, as it is more about having a loose foreign employment polices . There is no need for any legal clause to be written into the agreement but there could be a behind the scene negotiation whereby Indian nationals applying for employment pass could have higher percentage of approval. If I remembered correctly the starts of this CECA was during the time when OLD MAN was still around and Temasek wanted to increase their investment in India but could not due to QFI ( Qualified Financial Investor, there is a limit,,,if I remembered correctly)
Of Course one could used the Harry Kane situation that there is no legal basis to fallback on, but this is different because India have many cards in her hands , since Temasek have sunk billions of investments into India which will be at risk. ( same with SG experience with Suzhou experience will tell you a legal document is of not much use if they are with another government ).
If the Amount of Indian National working in professional jobs is not a problem, it is quite easy for the government to disprove this is to release the full data and be transparent and stop mixing Local data with Resident figs...Local data must mean only Singapore and also to provide data of newly convert Singaporean. Of course the Government should also disclose figures of other Nationals like PRCs, Americans...British etc in order to have a
better understanding. ( there is no such thing as sensitive .....as those countries would have their own nationals working data.)
When you dont release all the data and claimed there is no basis , nobody is going to trust you.
Lastly since You are also from the financial sector, you would understand country risk and sector diversifications....and also disasters recovery program. I would not elaborate on it since you should understand having a certain high percentage of one or two nationals in the key sectors and not enough locals is in itself a risk.
Thanks for the acknowledgement in order to have a respectful debate.
In the past when MNC banks setup operations here, they used Sg as a stepping stone to the region. So it used to be pretty lightweight with home management staff and local ops staff. But the real job creation started with the outsourcing wave in late 90s and 2000s . People in NY and London were losing jobs ( I moved from the US to here by the way) and Sg was a hardship posting. The white guys used to get lavish housing, maid school allowance and even a spouse stipend. That all stopped after 2008 financial crisis. I moved here since my job in US got moved. Now Sg is in the same boat as High cost centres but I digress. Within a span of 2 years my one bank ramped up hiring from 300 to 500 IT staff to 3000 between 2005 to 2007. Mind you this had nothing to do with CECA. At the same time if you remember a frenzy of Integrated resorts cause large scale migration. There is no way Sg could have supplied local talent to fill in such large numbers. Remember that the 3000 is from 1 Bank. And every bank was doing this. That was the situation when Lrge number of Indians came in. Many like me grew in their jobs. Of late many banks have shed the employees and outsourced those to Indian IT companies like TCS and Infosys and moved those to India. So you are right this was not about CECA but WTO based globalisation.
I also agree that numbers can be transparent but govt will not do so until they have reduced Indian workers further. Last few years they have stopped giving PRs and citizenship to Indians. So people's voice is being heard .
I forgot to address the country risk and banks are very cognizant of it. Eg during the recent covid wave in India a lot of the requests were moved to locations within US, Poland, PH and KL. So BCP is in great focus for banks.
Also is not feasible to h have local quota by department as many departments like ops are fully local with similar pay grade as IT. For IT most people at higher levels of Exec Dir and MD are white guys. So I think Indians although are more are not the great threat here.
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