Thank you for pointing out my error

Further to my article “The alternative news in 1 day? (part 47) – Foreign workers create jobs for Singaporeans?” (Feb 1) – someone pointed out that I had used 7 years of cumulative employment change from 2007 to 2013, against 6 years of cumulative new citizens and new PRs granted from 2007 to 2012.

Now I include the 2013 estimated new citizens & PRs?

Although I had indicated that the statistics on new citizens and new PRs for 2013 is not available yet – I agree that the comparison would be better if I use an estimate for the 2013 immigration statistics.

According, I shall use the 25,000 new citizens and 30,000 new PRs indicated in the Population White Paper.

With these numbers for 2013 – the estimated cumulative new citizens and new PRs granted for the same 7 years, from 2007 to 2013 is 138,003 and 318,931, respectively.

This gives a total of 456,934.

More new citizens & PRs than local jobs created?

So, with an estimated 456,934 new citizens and new PRs granted, which is even more than the 431,200 jobs created for locals (citizens and PRs) – how many of the jobs went to Singaporeans who are not PRs or new citizens?

And what are the implications of our liberal foreign worker policies and the huge influx of foreign workers?

0.3% increase in income p.a. last decade?

The real income growth per annum for the 20th percentile, was only 0.3% from 2003 to 2013.

1% increase p.a. last 5 years?

The real income growth per annum for the median income, was only 1.0% from 2008 to 2013.

I estimate that the real growth in basic wages has been close to zero in the last 15 years or so.

Unemployment up?

With such good jobs growth and vacancies growth according to the job vacancies report released a few days ago  – why is it that the unemployment rate of residents has gone up from 2.6 to 2.7%?

Longest work hours?

Also, Singaporeans have the longest work week hours in the world. The proportion (%) of employed full-time residents who worked more than 48 hours a week was very high at 39.2% for males, and 36.7% for all workers.

Negative productivity growth?

Productivity was about less than - 0.1 per annum over the last 8 years or so.

An “F” report card?

Looking at all of the above, is it any wonder that Singaporeans are so stressed? (“Not addicted to work, but to stress”, Sunday Times, Feb 2).

In the final analysis, as I read the newspapers today – do we really have much to celebrate on Singapore’s 50th anniversary? (“Jubilee to remember”, SundayTimes, Feb 2)

Whatever happened to our goal of a “Swiss standard of living”? (“Big lessons from a little Swiss Alpine resort”, Sunday Times, Feb 2)

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. 

P.S. If you would like to have a deeper understanding of the issues that Singaporeans are saddled with – come to the following public forum:

Give $1 as a gesture of support that paying the highest and getting the least is important to you!

Showing a $1 Gesture of Support to Send Out a Strong Message: Singaporeans Want Our Budget Back

The basic minimum costs of organising the Pre-Budget Forum 2014 event, “Singaporeans Pay the Highest Taxes, Get the Least Benefits”, on 15 February 2014 is estimated to be about $1,650 (rental).

Calling for 1,650 Singaporeans to give $1 each as a gesture of support, and to send the message that this is an important issue for Singaporeans.

You can transfer your $1 by ATM, Internet banking, or cheque, etc, to POSB Savings Account No. 279-12328-0.

If we spend just $1 more a day on every person in Singapore – we would still have $2 billion in surplus a year (or $34 billion, if we use the fiscal reporting standards by the International Monetary Fund!).

Please share this meaningful activity with your family, friends, etc.

This event is organised by Empowering Singaporeans, in collaboration with supporting non-governmental organisations – Maruah, Function 8 and Workfair, and speakers from AWARE.

Pre-Budget 2014 Debate: Singaporeans Pay the Highest Taxes, Get the Least Benefits?