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huat ah!!!

this is good news for some of the young people. from personal experience i have seen some of the younger people from the last downturn come to do quite well after a few years. --- S'pore grads in recession catch up eventually Teh Shi Ning | The Business Times | Wed Nov 23 2011 SINGAPORE - Graduates entering the job market here in a recession start off with lower pay, but their salaries catch up with the wages of those who start in economic booms after about three years on the job. This compares with an 18-year disadvantage faced by graduates joining the United States workforce in a recession, says a study published in the latest issue of the Economic Survey of Singapore, released yesterday. Click here to find out more! Economists from the Ministry of Trade and Industry's (MTI) Economic Division found that a one percentage point increase in the unemployment rate at the time a university graduate starts work reduces his starting pay by about 6-8 per cent. The results of their statistical regressions are similar to those of a US study of graduates which finds an initial wage loss of 6-7 per cent for a one-point increase in the US unemployment rate. But this negative impact diminishes over time and disappears after a graduate has gained three years of work experience. "Singapore's labour market would thus appear to be efficient enough to prevent the perpetuation of downward wage persistence for 'unlucky' cohorts of graduates," the study's authors said. The US study found that it takes almost 18 years before a graduate's initial wage disadvantage is mitigated. Singapore's recovery period could be shorter due to higher job mobility of university graduates here, or greater variable and performance-linked components in the wage structures here, which could make it easier for "unlucky" graduates to catch up with the skills acquired, the MTI economists said. Their results do come with caveats though. The data available, from 2000 to 2007, covers just one recession and the short time frame may exclude long- term negative effects. Also, without information on individual ability and job switches, they were unable to assess how different segments of university graduates are affected - key because wage persistence can differ for people of varying abilities. The economists said that this exploration of whether joining the labour force in recession-time has a negative impact on wages is an area "of growing importance", given the "rising economic volatility in Singapore". There have been three recessions in the last 15 years, and only one before 1996. Job creation was stronger in Q3, with 32,300 jobs added in the quarter compared to 24,800 in Q2. But with economic slowdown now underway, economists like OCBC Bank's Selena Ling expect the labour market to "soften this quarter and next year". Pointing to recent official business expectations surveys, she notes that employers have already turned cautious about hiring. This article was first published in The Business Times.

JobsCentral Survey: Recent Graduates Expect Higher Salary and Fast Promotions 'By Juliet Soh 64% of recent graduates expect at least $3000 monthly salary in their first job, according to an annual survey by JobsCentral, Singapore's most popular job portal for university students and graduates. In 2011, the same survey reports only 55% of respondents demanding more than $3000 per month for their first job. Fresh graduates expect first promotion within first two years of work Three out of four (75.5%) of those who were surveyed expressed that they expect their first promotion to occur within the first two years of their career. 22.6% believe that they may be promoted by the first year of work, while 52.9% indicated that they expect to be promoted in their second year.' http://sg.finance.yahoo.com/news/jobscentr...4--finance.html From the above which sg company can retain staff? We would need an army of FTs to be junior staff to this batch of graduates.

In yesterday's ST. Fresh NTU Grads earning up to $10K-20K/mth in their first jobs. Official Singapore statistics for YTD2011 show $3K-4K/mth as the average starting salary for fresh NUS/NTU graduates - excluding the medical and legal professions. (Note: The starting salaries for overseas graduates may differ). In my company, fresh NUS/NTU grads now begin at about $3.2-3.6K/mth (excluding lawyers who are on a separate salary scale when they join our corporate Legal department). The new graduates' pay will be pushed up to 100% of their salary reference within the next 1-2 years ... meaning, it can go up as high as $6K/mth. By the time they reach their 5th year, their salary should reach at least $10K/mth, or higher ... assuming performance at >>50% pecentile. By the 10th year, at least $15K-20K/mth for the first-tier (20%). Although not as high as the $10K-20K/mth in their first year of work, as reported in ST for jobs in private banking and investment consultancy - its a whole new ball game out there! Are YOU happy with your current salary? After how many years? Don't you wish that you are a Gen-Y graduate? You've had it made!

The good news keep coming! Congratulations to the class of 2010! More good years! ----- Mar 22, 2011 Class of 2010: More jobs, better starting pay for grads By Jane Ng Miss Ku Kairong, 25, from NTU's school of art, design and media, got a job as an art director with advertising agency TBWA before she graduated last May and will soon be joining another agency. -- ST PHOTO: RAJ NADARAJAN WITH the economic recovery, the Class of 2010 from the three local universities is reporting higher employment rates and better starting salaries compared to graduates from the year before. In particular, graduates from the Singapore Management University (SMU) last year had a record employment rate of 99.9 per cent and higher starting salaries across five of the university's degree programmes, surpassing the performance of graduates in 2009, when 96.8 per cent found employment. At the National University of Singapore (NUS) and the Nanyang Technological University (NTU), about 90 per cent found jobs within six months. These were among the findings of the Graduate Employment Survey just released by the Education Ministry. The average monthly salary among SMU graduates in full-time jobs was $3,271, an improvement of 5.8 per cent over 2009's figure of $3,093 - it is also the highest for SMU graduates since its first cohort graduated in 2004. In addition, the top 20 per cent of its graduates, usually those working in financial institutions, took home an average salary of $5,062. There were some among the 125 top-earners who were paid up to $13,000 a month.