atans1

Double confirm: FTs displace S’poreans

In Economy, Political governance on 01/11/2013 at 4:51 am

Following this, more evidence that we were misled that FTs created gd jobs for locals? In fact, they displace locals, it seems.

Or, at the very least, as one Siow tua kee activist and commentator (and no usual- suspect ranter) put it on Facebook, “So… is this an implicit admission that the flow of foreign workers DID depress salaries? Like everyone outside gahmen has been saying? Uh-huh.”

And this time the evidence comes from the central bank. Emphasis is mine.

Weakness in PMET job market for locals seen to be dissipating

Tertiary-educated Singapore residents – who have experienced a soft patch in hiring over the past year – can look forward to better job opportunities, thanks to recent government curbs on foreign labour inflows.

“Recent manpower policies to tighten the inflow of S Pass and Employment Pass holders will boost the hiring of tertiary-educated residents, particularly at the entry level,” the Monetary Authority of Singapore (MAS) said in its Macroeconomic Review released yesterday.

The new Fair Consideration Framework, aimed at ensuring that Singaporean professionals are fairly considered for jobs, will also go some way in boosting these job-seekers’ prospects, it said.

Despite continuing demand for manpower in Singapore, local professionals, managers, executives, and technicians (PMETs) have recently faced a constrained job market. (BT 30 October 2013)

Meanwhile Today reported:

Resident wages up as efforts to stem foreign labour kick in

Wages for resident employees grew at a much faster pace in the first half of this year, as businesses paid more to hire locals in a tight labour market caused in part by efforts to stem the flow of foreign workers.

The contribution of resident workers to employment growth has also improved, with locals making up more than half of the total in the first six months, the Monetary Authority of Singapore (MAS) said yesterday in its bi-annual macroeconomic review.

“Overall, resident wage growth accelerated to 4.5 per cent on-year in the first half of 2013, up from 2.3 per cent in the whole year of 2012,” the central bank said. “This was largely consistent with the resident unemployment rate, which remained low at around 3 per cent in the first half of 2013.”

In all, 62,600 employees were added to the workforce in the first six months, compared with 58,900 in the same period last year. Resident workers made up 55 per cent of the overall job gains in the first half, up from 45 per cent last year and 31 per cent in 2011.

“The contribution of foreign workers to total employment growth slowed in (the first half), as foreign labour policies became more binding,” the MAS said, adding that the number of work permit holders rose by 18,500 in the first half of the year, compared with 43,500 for the whole of 2012.

Economists TODAY spoke to say the rapid rise in wages is not surprising given the tight labour market, but that the increase is not entirely good news.

MAS data shows that wages for local employees in industries such as community, social and personal services, real estate services and professional services grew the fastest in the first half of the year. However, resident wages for construction, manufacturing and food services grew less than in the second half of last year.

The MAS expects the core inflation rate, which strips out the cost of accommodation and private road transport, to increase from between 1.5 and 2 per cent this year to between 2 and 3 per cent next year. http://www.todayonline.com/business/resident-wages-efforts-stem-foreign-labour-kick

Need I say more? The “right” facts on FTs were raised by the netizens of “cowboy towns” many moons ago but were dismissed as “noise”.

And finally, we should remind PM that the operative word is “Talents” not “Trash”: http://www.tremeritus.com/2013/10/30/pm-global-talents-needed-to-make-sg-a-vibrant-economic-hub/#comment-1086501. And I’ll add to TRE example of PRC PR masseurs: remember the shop assistant that beat up SMRT officer who tried to stop her son from trying to get a free train ride, and the PRC hawkers? They are PRs.

S’poreans* don’t have an issue with Foreign Talents like the CEOs of DBS and OCBC. But we have a problem with Foreign Trash. Juz look at SGX, where the CEO and his number two are FTs. Look at the damage these two FTs did recently: SGX lifted trading restrictions on three stocks, then after they cheonged announced that the price movements (prior to the trading restrictions) were going to be investigated. Prices collapsed. It should have made both announcements at the same time.

I doubt this would have happened under the previous CEO (whom I know personally). BTW, not talked to him about the above SGX issue.

Related post, title notwithstanding: https://atans1.wordpress.com/2013/08/15/low-productivity-lky-and-the-drums-agree-on-its-cause/

*GG and friends excepted. BTW, going by GG’s outburst against S’porean women (He thinks they prefer FTS: personal experience? He is either divorced or separated.), his version of paradise S’pore is hellish: only male true-blue S’poreans allowed. No women. Guess we males who are not gays or bisexuals will need robots to satisfy our carnal desires, or maybe he wants us to be wankers?

On this tot, have a gd weekend.

  1. re: GG – I don’t think that he said that he don’t want women in his Eden. He wants only women that want true-blue sinkies i.e. no SPGs and no FTs to compete for sg women. probably his paradise is North Korea.

  2. […] The Independent, SG: So, what happened to integration? – Thoughts of a Cynical Investor: Double confirm: FTs displace S’poreans – SpotlightOnSingapore: Immigration must be sustainable: an out of touch PM Lee – […]

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