FT policy may have helped widen income gap: panel

FT policy may have helped widen income gap: panel
http://sg.news.yahoo.com/ft-policy-may-have-helped-widen-income-gap--panel.html
[Commentary : We already knew that the FT Policy is flawed. No doubt we need specialized talent in Singapore and Singaporeans do not want to do menial jobs, however, the infrastructure, capacity and space to accomodate influxs in Singapore is very different compared to USA or Australia.

The panel also questioned the desirability of Singapore continuing to rely on cheap foreign labour to remain competitive as he pointed out that heavy reliance on foreign workers will not lead to increasing wage shares for Singaporeans.

They have captured the ground's swell of resentment succintly :-
“There is a high degree of anxiety among young professionals on whether they can make it in Singapore (and) whether the government is prepared to give them a fair chance in this tough competition. If the middle-class feels that you work so hard and then you try to move up the income ladder but then lo and behold, you‘re competing with all these permanent residents – where’s the home court advantage?”.

Here is a case in point,

Employee A, Singaporean male, works in MNC technology company, has a science degree, a family of two kids and elderly parents. He starts work at 9 am after dropping off the kids at school. Does his best to complete his work and leaves at 5.30pm to get back and have dinner with parents and kids, works on the laptop just to try to catch up. Home is a modest 5 room HDB flat. Once maybe twice a year, he is called up for NS Reservist training for 2 weeks and has to attend remedial training for 20 evenings a year as he never had time to train for IPPT.

Employee B, foreigner, no family in Singapore, works for the same technology company, has a science degee too, but since he has ample time, he registers for a part-time MBA, he starts work at 6am, does the part of the work for another colleague, joins additional tasks force teams (and other wayang wayang) within the company, leaves the office at 7pm for his classes. Home is an expat package provided for condo.

You may argue, who is the happier and fulfilled person, it may be Employee A, but in the MNC company's eyes the more valuable person is Employee B because of what he gives all his time to the company and not to the nation or family/children. In bad times, whose head is first on the chopping block?]

Newsflash : Mt Vernon site land sale price is 20% less than similar site across road

[Commentary : The chill is starting...Interestingly the SAME consortium bought the piece of land directly across the road. The Mt Vernon site $psf of GFA is S$ 495.19 psf. Whereas the one at Bartley Road was sold at  S$ 620.84 psf of GFA. A whooping 20% discount! If you look on Google Maps there is no significant difference in terms of amenities etc. The Circle Line MRT also has entrances on both sides of the road. Property prices will come down!!!]

http://www.ura.gov.sg/sales/MtVernon/CL/tenderdocs/MtVenon-LP_CP.pdf

SINGAPORE: A consortium - comprising Intrepid Investments, Sunmaster Holdings and TID Residential - has submitted the highest bid in the tender for a residential site at Mount Vernon Road.

The consortium submitted the top bid of S$388.11 million for the 20,810.9 sq m site.

Only five bids were submitted for the site even though it is a very accessible location, reflecting what an analyst said is the cautious attitude of developers following the latest property market-cooling measures.

"Response to the tender of the residential site at Mount Vernon reflects the cautious attitude of developers following the latest property measures introduced in December 2011 and in anticipation of a slowing economy in 2012," said CBRE Research's executive director Li Hiaw Ho.

The 99-year leasehold site is adjacent to Bartley MRT station of the Circle Line.

The lowest bid of S$250.8m was from Mezzo Development.

A condominium of around 20 storeys comprising some 800 units can be built on the site.

CBRE estimates that the condominium units could sell for between S$1,100 and S$1,200 psf.

When I made the decision....

When I made the decision to take a shit in a coffeeshop toilet bowl, pain was not a key factor. Loss of privacy, public scrutiny on myself and my family and loss of personal time were. The disruption to my bowel movements was also an important consideration. I had some ground to believe that my baby-soft arse would not suffer a drastic change in the standard of sanitization even though I experienced a backsplash onto my arse. So it is with this recent smaller toliet bowl. If the balance is tilted further in the future, it will make it harder for me to balance while sitting on the bowl. - youarebetteroffted

Check out the rest of the funny versions at http://whenimadethedecision.tumblr.com/

Potong Atrocious Pay - Chinese New Year Hong Bao for Singaporeans!

[Commentary : Excellent! Potong Atrocious Pay...however, remember that in April 2007 it took them only one month to increase their salaries and now it takes 7 months and a committee to cut their pay. It really begs the question, if PAP did not lose a GRC, a minister and two office holders in the recent elections will they have cut their pay?

The REAL HARD TRUTH is NO!  If Singaporeans did not exercise their vote in the recent elections, the practices of paying themselves disgusting amounts of $$$, increasing housing prices, increasing GST & ERP & COE, indiscriminate influx of foreigners etc would have continued.

If they lose two GRCs in the 2016 elections, will we see the GST reduced from 7% to 5%, Singaporeans preferred housing, schooling, business and employment policies, increased welfare for the poorest Singaporeans, establishment of a Singaporean minimum wage ?

SINGAPOREANS! It is time for us to take back the destiny of our country! Exercise your vote wisely in 2016 !]

SINGAPORE: The Review Committee, appointed by the Prime Minister to look at Ministerial salaries, has recommended cuts of between 36 and 53 per cent.

This was disclosed by Committee Chairman, Gerard Ee, on Wednesday at a news conference .

The committee also recommended for the pension scheme to be removed entirely for new office holders.

This will be applicable to those who are appointed on or after 21 May 2011.

Those appointed before that, will also be affected.

The Committee was appointed after the general election in May last year, and had submitted its report to the Prime Minister on December 30.

Prime Minister Lee Hsien Loong had announced the review at the swearing-in ceremony of the new cabinet in May last year.

Among the recommendations made are the Prime Minister's annual salary to be cut by 36 per cent, to S$2.2 million.

The President's annual salary is reduced by 51 per cent, to S$1.54 million.

The Speaker of Parliament will see the biggest percentage cut of 53 per cent, to S$550,000.

The lowest percentage change of a 20 per cent cut is for the Mayor and Senior Parliamentary Secretary positions.

Mayors will now get S$660,000 while Senior Parliamentary Secretaries will get S$572,000.