I refer to the article “MOE announces members of committee reviewing polytechnic and ITE education” (Straits Times, Jan 8).
So many committees to review ITE?
It states that “The committee, who will look at how the ITE and polytechnics can better connect classroom lessons to the working world, is expected to complete its work in the second half of this year.
Another 63 individuals will be part of three review committees and an engagement committee, which are led by members from the steering committee. These will look into various aspects, like improving career and academic progression for polytechnic and ITE graduates and strengthening links with industry. The members will be having meetings, study trips to institutions and industries in Singapore and abroad, and sessions to engage with various groups of stakeholders.”
Is it mostly about low pay?
My first thought when I read this was – could it be that pay may be the primary issue?
Highest starting pay in 4 years?
According to the article “ITE graduates get highest starting pay in four years” (Dec 3, 2013) – “Students who graduated from the Institute of Technical Education (ITE) last year started their working life with an average monthly salary of $1,646 – the highest in four years.
Their pay was 18 per cent higher than the $1,391 a month earned by those who graduated in 2009, according to an ITE survey.”
What a world of difference?
In this connection, the Ministry of Manpower’s (MOM) Graduate Starting Salary Table(s), 2012 – tell a very different story!
Real starting pay dropped 10% in 5 years?
The median monthly gross starting salary of ITE fresh graduates in full-time employment increased from $1,217 to $1,350, from 2007 to 2012.
This is an increase of about 11 per cent over the 5 years, or about 2.1 per cent per annum.
Since inflation was about 21 per cent from 2007 (CPI 93.2) to 2012 (CPI 113.1) – does it mean that in real terms – salaries dropped by about 10 per cent over the 5 years or about minus 1.8 per cent per annum?
Isn’t this a far cry from the media reports cited at the beginning of this article which refers to “high” average starting salaries versus median salaries in the MOM report?
Also, isn’t the salary of just $1,350 kind of low?
Leong Sze Hian
*Leong is the Past President of the Society of Financial Service Professionals, an alumnus of Harvard University, has authored 4 books, quoted over 1500 times in the media , has been host of a money radio show, a daily newspaper column, Wharton Fellow, SEACeM Fellow, columnist for Malaysiakini, executive producer of the movie Ilo Ilo (24 international awards). He has served as Honorary Consul of Jamaica and founding advisor to the Financial Planning Associations of Brunei and Indonesia. He has 3 Masters, 2 Bachelors and 13 professional qualifications.