Unemployment rate for over-30s creeps up

[Kusje]

Becos this is a world which takes advantage of situations.

 

Same reason why a firesale asset cannot command a market price.

 

Likewise Hyflux cannot sell Tuaspring unless at a steep discount.

 

Muahahahahahahahah

 

 

Ooops words from the mouth of a jobless man himself.

You tried selling yourself at firesale price yet or not?

[kdash]

You tried selling yourself at firesale price yet or not?

he just needs to firesale his Rolexes...

[Throttle2]

You tried selling yourself at firesale price yet or not?

No leh, no need lah...

 

Rolex, i still got plenty.

 

Just need to sell my Rolexes....should be able to survive hand to mouth for the next 50yrs

 

Rolex also dont need firesale

Edited July 14, 2018 by Throttle2

[Sdf4786k]

I want to give a bit of inputs to this thread as I have friends in the placement firms.

 

According to them, today's hiring landscape has change drastically.  Gone are the days that you send in a suitable resume and you get called up often.  Internet, Linkedin, etc has change the hiring game.

 

A lot of Singaporeans want to get into the top MNC, banks, etc and they use the traditional route of sending in their resume. Problem however, is that the foreigners are also doing the same so these corporations started to use applicant tracking system  (ATS) to filter out the hundreds and thousands of resumes. Most resumes would have been filtered out by the ATS before it even has a chance to reach a human HR.

 

So how do you get into a top MNC fast? One is of course through referral, and the second one, is by taking a contract job through the placement companies.  These companies have long term placement agreements with the top MNCs, so going through them is the fastest way to get into the MNCs. These placement firms don't normally use ATS, so a human recruiter will definitely look through the resume.

 

The problem is that Singaporean are condition from young to avoid contract jobs. In today's hiring landscape, people need to look at contract placements in a different light. According to them, if Singaporean is willing to take the contract job just to get a foot into the MNC door, the chances of them being converted to permanent is extremely high because top MNCs need to retain a Singaporean core as mandated by the authorities.

 

Foreigners on the other hand doesn't mind contract job with the top MNCs because their main goal is to get a EP into Singapore. And if that also means joining a top MNC, that  becomes even sweeter for them.

 

I ask my friend what if the Singaporean didn't get converted  and has to leave at the end of contract? Their answer is what is there to lose? According to them, the experience and the branding that comes with working in a top MNC is invaluable (albeit on contract)  and that would help the candidate to gain entry into other top MNCs.  They even told me that there are some candidates who just want contract jobs because each time they enter a top MNCs, they gained valuable branding & experience which fills up their resume and make it look impressive.  Some then use  that to apply for top tier positions in the top MNCs.

 

I know of a personal friend who was in this Forbes Fortune 50 company for the last 12 years. She doesn't have strong academics or credentials, but she got in through a contract placement a decade ago. One year into her job and she was converted to perm. She told me that she will never be able to get into this company if she had use the normal route of applying for a job and sending in resume. Thousands of people are trying to get into this company everyday.

 

So I think it make sense. We should not shun contract jobs like some sort of bad career move, In today's context, it is the fastest way to get a foot into the door, and then once inside, use your bond and influence to get yourself converted to perm. But if that doesn't work out, hey, you still have the name of the top MNC in your resume forever and how many people can say they have that?

 

I believe they "rebrand it" now called Talent Acquisition.. Simply said, a monkey wearing a suit is still a monkey. But that's how another country wants to gove it a more atas feel, so be it.

 

The way about this is that many of the client sides ask for CV. If somehow the CV that the recruiter has shortlisted to the TA, then, the TA will search their Database. If the candidate is present in the Database than so much the better. What the TA need to do than is tell the recruiter that the candidate is already on the database so there is no exclusivity for the recruiter.

 

Afte the who exercise is completed within 2 weeks, the client than lay back and take the easy route to contact those that the recruiter has already shortlisted and call the candidate for interview and bypassing the whole process .. shiok right ? All this recruiter gets taken for a ride..

 

As my friend told me .. black eat black world.

 

 

[Sdf4786k]

https://www.channelnewsasia.com/news/singapore/brace-for-greater-economic-headwinds-as-global-uncertainties-11662164

 

Brace for greater economic headwinds as global uncertainties likely to persist
 

As such, global economic uncertainties and the resulting drag on growth can be expected to persist. 

“Against this backdrop, we should also brace ourselves for greater economic headwinds in the year ahead,”

***********************************

I am sure we need to relook at the employment landscape if that happens. 

 

**************************************************

 

 

Government’s expectations for all firms in Singapore to have fair employment practices. All firms should adhere to the Tripartite Guidelines on Fair Employment Practices  and have fair employment practices that are open, merit-based and non-discriminatory.

Under the FCF, firms are also required to advertise job vacancies on the national Jobs Bank before submitting Employment Pass applications. This is to ensure that employers reach out to a larger pool of candidates as part of a fair hiring process.

Certain groups are exempted from the job advertising requirement but are still expected to be brought in via a fair process. These exemptions include:

• Jobs which pay $15,000 or more per month

  Employers recruiting for such positions typically use executive search firms, rather than open advertisements. Firms are expected to instruct their headhunters to source for candidates on merit, including Singaporean candidates.

• ICTs holding senior positions with decision-making responsibilities who are redeployed from another country. These ICTs are existing employees and not newly hired for the roles.

[Atonchia]

 

https://www.channelnewsasia.com/news/singapore/brace-for-greater-economic-headwinds-as-global-uncertainties-11662164

 

Brace for greater economic headwinds as global uncertainties likely to persist

 

As such, global economic uncertainties and the resulting drag on growth can be expected to persist. 

“Against this backdrop, we should also brace ourselves for greater economic headwinds in the year ahead,”

***********************************

I am sure we need to relook at the employment landscape if that happens. 

 

**************************************************

 

 

Government’s expectations for all firms in Singapore to have fair employment practices. All firms should adhere to the Tripartite Guidelines on Fair Employment Practices  and have fair employment practices that are open, merit-based and non-discriminatory.

Under the FCF, firms are also required to advertise job vacancies on the national Jobs Bank before submitting Employment Pass applications. This is to ensure that employers reach out to a larger pool of candidates as part of a fair hiring process.

Certain groups are exempted from the job advertising requirement but are still expected to be brought in via a fair process. These exemptions include:

• Jobs which pay $15,000 or more per month

  Employers recruiting for such positions typically use executive search firms, rather than open advertisements. Firms are expected to instruct their headhunters to source for candidates on merit, including Singaporean candidates.

• ICTs holding senior positions with decision-making responsibilities who are redeployed from another country. These ICTs are existing employees and not newly hired for the roles.

 

 

 

Singapore getting the long end of the stick?

Or only certain segment of the population got the carrot?

Because the news shows mix signals. 

 

Jobless rate increase but COE for Big cars increase, Private property price increase, more HDB units sold at slightly lower price.

 

 

 

Jobless rate for Singaporeans inches up to 3.3% in Q2: MOM

Read more at https://www.channelnewsasia.com/news/singapore/jobless-rate-singaporeans-inches-up-to-3-3-in-q2-mom-11755438

 

Singapore private home prices climb 1.5% in Q2 to highest in at least 5 years

https://www.channelnewsasia.com/news/business/private-home-prices-ura-q2-rentals-residential-property-index-11755208

 

SINGAPORE: Certificate of Entitlement (COE) premiums closed mixed in the latest bidding exercise on Wednesday (Jul 17).

For Category A cars, or those 1,600cc and below with horsepower not exceeding 130bhp, premiums closed at S$26,667, down from S$28,589 in the last exercise.

 

Premiums for larger and more powerful cars in Category B rose to S$39,406 from S$34,000.

COEs for commercial vehicles, which include goods vehicles and buses, fell to S$24,599 from S$25,089 in the previous bidding exercise.

Motorcycle premiums closed at S$3,554, up from S$3,081 in the last exercise.

Open category COEs, which can be used for any vehicle type but end up being used mainly for large cars, rose to S$39,889 from S$36,901.

https://www.channelnewsasia.com/news/singapore/july-17-coe-prices-close-mixed-latest-bidding-exercise-2019-11727850

 

Singapore's manufacturing output fell 6.9 per cent in June

Read more at https://www.channelnewsasia.com/news/singapore/singapore-manufacturing-output-fell-in-june-2019-11755714

 

HDB resale transactions up nearly 30% in Q2 as prices dip slightly

Read more at https://www.channelnewsasia.com/news/singapore/hdb-resale-prices-sales-launches-11755206

[Ct3833]

Singapore getting the long end of the stick?

Or only certain segment of the population got the carrot?

Because the news shows mix signals.

 

Jobless rate increase but COE for Big cars increase, Private property price increase, more HDB units sold at slightly lower price.

 

 

 

Jobless rate for Singaporeans inches up to 3.3% in Q2: MOM

Read more at https://www.channelnewsasia.com/news/singapore/jobless-rate-singaporeans-inches-up-to-3-3-in-q2-mom-11755438

 

Singapore private home prices climb 1.5% in Q2 to highest in at least 5 years

https://www.channelnewsasia.com/news/business/private-home-prices-ura-q2-rentals-residential-property-index-11755208

SINGAPORE: Certificate of Entitlement (COE) premiums closed mixed in the latest bidding exercise on Wednesday (Jul 17).

For Category A cars, or those 1,600cc and below with horsepower not exceeding 130bhp, premiums closed at S$26,667, down from S$28,589 in the last exercise.

Premiums for larger and more powerful cars in Category B rose to S$39,406 from S$34,000.

COEs for commercial vehicles, which include goods vehicles and buses, fell to S$24,599 from S$25,089 in the previous bidding exercise.

Motorcycle premiums closed at S$3,554, up from S$3,081 in the last exercise.

Open category COEs, which can be used for any vehicle type but end up being used mainly for large cars, rose to S$39,889 from S$36,901.

https://www.channelnewsasia.com/news/singapore/july-17-coe-prices-close-mixed-latest-bidding-exercise-2019-11727850

Singapore's manufacturing output fell 6.9 per cent in June

Read more at https://www.channelnewsasia.com/news/singapore/singapore-manufacturing-output-fell-in-june-2019-11755714

HDB resale transactions up nearly 30% in Q2 as prices dip slightly

Read more at https://www.channelnewsasia.com/news/singapore/hdb-resale-prices-sales-launches-11755206

The Fair Employment Practice is a bulls**t, I have been seeing this problem for many years before and I didnt see improvement to the situation except lip service from MOM.

For condo price, the increase are mainly coming from new launch. Also there are quite huge % of the buyers are from overseas, so condo price or even property price cannot be a good benchmark for local economy for now, unless the situation deteriorate further.

COE price increase but from which level? COE has been low compare with the 80k ,90k range , so increase is relative, but price is still low.

[Scion]

 

Jobless rate for Singaporeans inches up to 3.3% in Q2: MOM

Read more at https://www.channelnewsasia.com/news/singapore/jobless-rate-singaporeans-inches-up-to-3-3-in-q2-mom-11755438

 

 

those temporarily working in PHV and food delivery are considered sole proprietorship and not considered part of the unemployment stats right

[Weez911]

Those jobless for more than 6 months are also excluded from unemployment statistics.

[Ody_2004]

Those jobless for more than 6 months are also excluded from unemployment statistics.

 

so in a way the figure is distorted..

 

as time goes on more n more are jobless so this big churn will be not in the statistics and the jobless rate become healthy!

[Kyrios]

Wonder why they always fall back on trade war excuse time after time. Other countries seem to benefit greatly from the trade war but we seem to get the other end of the stick.

 

Means our economy for years has not been diversified enaf or tends to lean heavily towards a certain direction. Good luck.

[Atonchia]

those temporarily working in PHV and food delivery are considered sole proprietorship and not considered part of the unemployment stats right

Just realised how employment rate can be moderated.

 

https://www.straitstimes.com/singapore/transport/23900-private-hire-car-drivers-without-vocational-licence-one-month-before

 

These 50k PHV local residents will account for 1.5% of Total 3.7m labour force.

Which includes FT and FW.

 

But total local resident labour force is only 2.3m.

 

By pushing up total labour force will also show a lower unemployment rate.

 

Imagine no PHV, the unemployment rate will be higher by at least 1%.

Edited July 27, 2019 by Atonchia

[Atonchia]

The Fair Employment Practice is a bulls**t, I have been seeing this problem for many years before and I didnt see improvement to the situation except lip service from MOM.

For condo price, the increase are mainly coming from new launch. Also there are quite huge % of the buyers are from overseas, so condo price or even property price cannot be a good benchmark for local economy for now, unless the situation deteriorate further.

COE price increase but from which level? COE has been low compare with the 80k ,90k range , so increase is relative, but price is still low.

So it meant not many of our middle and high income earners are not affected by the sluggish economy.

 

It's the lower income group that usually get the brunt of any recessionary fluctuations.

 

Yes heard from the analyst that it was mainly due to developer buying land at high price 3-5yrs ago + 5% developer ABSD.

 

Agree that even with the latest increase of COE is still low in comparison to 90k. Not a major concern to those who can afford big cars category.

[Ody_2004]

Wonder why they always fall back on trade war excuse time after time. Other countries seem to benefit greatly from the trade war but we seem to get the other end of the stick.

 

Means our economy for years has not been diversified enaf or tends to lean heavily towards a certain direction. Good luck.

 

Due to lack of resources like HUGE population (which mean Cheap Labour), cheap rental, cheap anything.. investor will not come in to pour in money.. 

 

they come in HOOT property and park their money and hope got next joker/idiots to buy at SKY High price for them. Even the FAN maker who come here setup factory how many GOOD value job they can create? Top tier is still their own blood i believe.

 

We are a spending economy.. when the spending stop.. the economy slow.. that's the reason why we need to increase population.

 

Few years back when need to inject more spending maids are given weekly off.. they spend with their boyfriend in Lucky Plaza, Golden Miles. RWS, MBS blah blah blah.. this resulted them not sending money back to their papa mama gor gor jie jie ah boy ah girl.. So what happen? their Govt impose minimum wages for us to hire them.. then what happen? We pay more to get a maid.. then wat happen? we work harder longer hours afraid that we be next in the list to be chop.. 

 

so spend n spend is the only way to keep us alive.. in return mean we cannot don have a job (ya... just a job, not something we enjoy doing nor something we good at but just a job).. even slowing down is not possible.. today what is $10 for a teenager? how long can this $10 last? 

[Ct3833]

So it meant not many of our middle and high income earners are not affected by the sluggish economy.

 

It's the lower income group that usually get the brunt of any recessionary fluctuations.

 

Yes heard from the analyst that it was mainly due to developer buying land at high price 3-5yrs ago + 5% developer ABSD.

 

Agree that even with the latest increase of COE is still low in comparison to 90k. Not a major concern to those who can afford big cars category.

Many of my friends who are in the mid to high income are affected.

[Volvobrick]

Wonder why they always fall back on trade war excuse time after time. Other countries seem to benefit greatly from the trade war but we seem to get the other end of the stick.

 

Means our economy for years has not been diversified enaf or tends to lean heavily towards a certain direction. Good luck.

US growing at 3%,China at 6% plus. SG? ZERO....and blame the trade war for the negative performance.

 

For our leaders to lead us to even 2-3 percent, they will need US to grow at 6% and China at 12%! After that they will of course claim credit.

[Sdf4786k]

so in a way the figure is distorted..

 

as time goes on more n more are jobless so this big churn will be not in the statistics and the jobless rate become healthy!

 

A better way would be to get the data from WSG portal as the figures seems to have a better reflection of the state of unemployment.

 

Maybe a better way to count would be for those that are one year unemployed and take those data in as well.

 

After all, with Big Data, the govt should have the "big Picture" on where we are at. 

[Kyrios]

US growing at 3%,China at 6% plus. SG? ZERO....and blame the trade war for the negative performance.

 

For our leaders to lead us to even 2-3 percent, they will need US to grow at 6% and China at 12%! After that they will of course claim credit.

Always never their fault bro...train fault, track fault, trump fault, WP fault, citizens fault