REACH 134 - PM Lee 2020 Parliamentary speech - Economy amidst covid (SK)
3 Sep 2020 (10am - 5pm)
REACH
[9:55 am, 03/09/2020] +: Dear contributors,
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REACH
[9:57 am, 03/09/2020] +: ๐ข Topic ๐ข
What do you think of Prime Minister Lee Hsien Loong's speech about the future of our economy and employment landscape?
When the Government works to attract companies into Singapore and to create jobs, its ultimate aim is always to improve the lives of Singaporeans, said Prime Minister Lee Hsien Loong on Wednesday (Sept 2).
He added that being open to foreign talent has helped to further this aim, as it has created more opportunities for Singaporeans.
And even as Singapore adjusts its policies on work passes, it must be careful not to send the wrong signal that it is no longer welcoming to others, he said.
๐ https://www.straitstimes.com/politics/pm-govt-is-on-the-side-of-sporeans-seeks-to-improve-lives
๐https://www.straitstimes.com/politic…
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[10:03 am, 03/09/2020] +: I thoroughly welcome his views on being a multicultural, open society that will not put up walls against foreign talent. I have seen the dangers of anti foreign rhetoric and how damaging it is.
[10:03 am, 03/09/2020] +: There must be a balance to protect the interests of Singaporeans, of course.
[10:04 am, 03/09/2020] +: That interest includes innovation and investment and partnership from overseas and with foreign talent.
[10:06 am, 03/09/2020] +: A foreign worker at 100k per year often brings that investment from overseas, that is new money into the country, not money taken away from Singaporeans
[10:07 am, 03/09/2020] +: Their taxes, rent, healthcare insurance, recreation spend all contribute to building our economy.
[10:09 am, 03/09/2020] +: It's the same for 50,000 workers at $4,000 per month. A $200m a month boost to our economy.
[10:09 am, 03/09/2020] +: I don’t have the data, but someone does, and maybe sharing it would help people see the value.
[10:11 am, 03/09/2020] +: Yes
[10:16 am, 03/09/2020] +: Have given the following feedback ytd to my grassroots manager
1. Nothing is perfect and we have done well. However, I think our over reliance on WHO was what caused some of the lessons learned. We should have a Crisis Management Agency (who will be "first responder" to send people to investigate and reaffirm the ground situation) to tackle all kinds of crisis in the future. The future is getting more unpredictable (aka Black Swan popping up of nowhere). Pandemic, global warming floods, natural disasters, civil disasters (nicoll highway, hotel new world), etc...
2. Yes, all leaders have to forge their own bonds and support from the ground up. There is no shortcut around it. (eg parachute new MPs into GRC to ride coattails of Ministers doesn't work anymore)…
[10:17 am, 03/09/2020] +: Agree
[10:23 am, 03/09/2020] +: Some local u grads had received letters of appointment from banks before graduation. Then some months later, they received letters to inform them that the positions are no longer available. How do u think their parents feel? So many foreign talents in banks. Does our local education not produce talents that are of equal standard or above that of India?
[10:25 am, 03/09/2020] +: This might be an example of where the balance isn't right.
[10:25 am, 03/09/2020] +: ๐จ๐ฑ๐ก๐คจ๐ ๐๐๐
[10:26 am, 03/09/2020] +: if it doesn't then there is something wrong with our education....
[10:26 am, 03/09/2020] +: Do you have exact details ? Banks terminate headcount frequently especially past 2
Years . Are we sure these jobs went to foreigners ?
[10:28 am, 03/09/2020] +: whether the jobs went to foreigners or the jobs dont exist anymore - only the banks will know. How will the parents of these children ever find out
[10:28 am, 03/09/2020] +: these must be excellent students from our local u to be offered jobs before graduation
[10:30 am, 03/09/2020] +: then as a born in Sg parent, give birth to children in Sg pax, how is one supposed to feel?
[10:30 am, 03/09/2020] +: This answer will come from MOM after checking with bank. Believe union will also look into this.
[10:30 am, 03/09/2020] +: We NEED government intervention
[10:31 am, 03/09/2020] +: but banks have freedom in hiring
[10:31 am, 03/09/2020] +: 20+ years back , I had college mates terminated their employment by local banks due to the financial crisis . That is the fact of life . Are we expecting businesses to explain to parent or the student on harsh business / economic lessons ?
[10:33 am, 03/09/2020] +: Definitely not but checks must be done otherwise rumours will take hold.
[10:33 am, 03/09/2020] +: I Guess G needs to educate our population to be realistic .
Resiliency also means that we need to seek job overseas . Start one’s career as a global worker .
[10:35 am, 03/09/2020] +: Meaning to that we encourage our kids educated locally to work abroad, bcos the kids from India fit better here?
[10:39 am, 03/09/2020] +: Agree
[10:39 am, 03/09/2020] +: Yes
[10:44 am, 03/09/2020] +: If this is G's stand, then G should make clear to parents, then maybe dont bother to study in local u to be in banking sector, go India universities to take the same course.
[10:45 am, 03/09/2020] +: so much cheaper
[10:46 am, 03/09/2020] +: Yes
[11:01 am, 03/09/2020] +: The east coast plan promised this, "To protect jobs, create new opportunities in the midst of adversity, and support residents..."
[11:02 am, 03/09/2020] +: I would prefer to trust and believe in this
[11:11 am, 03/09/2020] +: Furthermore much easier to get degree & certification there by paying $.
[11:17 am, 03/09/2020] +: Yes
[11:19 am, 03/09/2020] +: Hearsay, What I understand is that due to Covid situation & the lockdown of schools, students easily obtained their diploma certificates without even sitting for the exams.
+ left
[11:25 am, 03/09/2020] +: I ever encountered claimed “SAP expert” don’t even know some standard SAP processes
[11:26 am, 03/09/2020] +: Certificate and Diploma mill.
[11:58 am, 03/09/2020] +: A charter of social responsibility by commercial companies could be an opportunity for companies to show they care and are engaged with the community. An explanation of their hiring practices and their contribution to the nation is a good way to boost positive public relations.
[11:58 am, 03/09/2020] +: ๐
[12:14 pm, 03/09/2020] +: Yes
[12:18 pm, 03/09/2020] +: With this WFH requirement due to Covid-19. The implementation so far is with office staffs or those who can WFH. The employees are beginning to like this arrangement. This might be a new normal going forward. Does anyone here has a HR policy that governs this WFH . Maybe there will be a change in compensation and benefits for this WFH new normal way of working.
[12:24 pm, 03/09/2020] +: But employers are still trying to get their staff back to work
[12:28 pm, 03/09/2020] +: Cannot let go of scrutinizing them during working hours physically
[12:33 pm, 03/09/2020] ☸️ Danny ๅฟ:
We are still in the middle of a crisis, economy worldwide has not recovered, hence our economy and job situation still have not fully recovered.
Thus there will still be frustration and sense of despair going on.
I think as long as the government continue to work on helping Singaporeans to get jobs and continue to attract investment overseas, one day when vaccines come, we can bounce back.
Our economy will recover and our people can find good jobs.
[12:34 pm, 03/09/2020] ☸️ Danny ๅฟ: https://www.channelnewsasia.com/news/cnainsider/singapore-race-covid-vaccine-lunar-cov19-human-trial-second-wave-13074106 Singapore Lunar-cov19 vaccine.
[12:39 pm, 03/09/2020] ☸️ Danny ๅฟ:
Meanwhile let's see by November, whether the world man made crisis will be removed.
This depends on humanity fate.
[12:40 pm, 03/09/2020] +: unfortunately, many private firms have already began going back to work from office
[12:40 pm, 03/09/2020] +: i think only the public service and other stat boards are still mostly on WFH
[12:58 pm, 03/09/2020] +: Not really, there’s a requirement from MOM to allow staffs to work from home as far as possible. The issue is there’s an outbreak, and found that you didn’t follow this as possible, there’s penalty to pay
[1:01 pm, 03/09/2020] ☸️ Danny ๅฟ:
Singapore is Asia most innovative nation.
https://www.straitstimes.com/singapore/singapore-retains-top-spot-as-asia-pacifics-most-innovative-nation
[1:06 pm, 03/09/2020] ☸️ Danny ๅฟ:
Actually we are facing 2 world crisis not one crisis where most people thought.
1. Human make crisis that started first - throwing global supply chain, tech disruption into disarray and hurting business and jobs.
2. Nature made disaster that harm public health worldwide.
Come Nov let us see whether the 1st world human made crisis will be resolved or not.
Then hope hard that vaccines will come out to resolve the nature made crisis.
Humanity fate hangs in the balance.
[1:19 pm, 03/09/2020] ☸️ Danny ๅฟ:
1. Nature make crisis is short term - as people cannot travel and lockdown - air travel, tourism, hotel, f&b, retail are affected. But once vaccines are successful, it will resolve the crisis.
2. Human make crisis is the most damaging as it affects structural changes - where world tech collaboration are tear apart, semiconductor companies in Singapore cannot export chips to some tech companies, our supply chains are disrupted as we can't export our goods to some importers that are facing sanctions or punitive import duties.
When these damages are done, it is difficult to go back to what it was.
[1:20 pm, 03/09/2020] +: Yes
[1:25 pm, 03/09/2020] ☸️ Danny ๅฟ:
1. Nature make crisis is life threatening.
2. Human make crisis is lifeline threatening and livelihood threatening.
[1:26 pm, 03/09/2020] ☸️ Danny ๅฟ:
We and the whole world are experiencing double whammy, double world crisis.
Not one crisis.
[1:34 pm, 03/09/2020] +: Agree
[1:34 pm, 03/09/2020] +: Yes
[1:59 pm, 03/09/2020] ☸️ Danny ๅฟ:
In 2018, Hong Kong was Singapore’s 5th largest trading partner and total bilateral trade amounted to S$70.6 billion. It is also our 4th largest cumulative investment destination.
After HK is remove from US special economic status --- not sure how it impact our trade and investment with HK.
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[2:08 pm, 03/09/2020] +: Many middle managers, and office managers don't have a job if everyone works from home, so they give reasons not to approve home working and demand people come in.
[2:11 pm, 03/09/2020] +: Agree
[2:30 pm, 03/09/2020] ☸️ Danny ๅฟ:
What are the root cause of :-
1. Human make crisis
2. Nature make crisis?
Answer:-
1. Market failure trigger by the flaw of Raw Capitalism - failure in social mobility, social inequality - that leads to someone now tearing down established institutions - world institutions and home institutions. - human make crisis.
2. Slaughtering animals for food. - nature make crisis.
[2:37 pm, 03/09/2020] ☸️ Danny ๅฟ:
Some few people can thrive very well with global talents among them - which spur them to be the best.
Many fall off when there are too many foreign competition.
Thus state intervention will be required to redress the market failure.
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[2:51 pm, 03/09/2020] +: Yes, state intervention!
[2:54 pm, 03/09/2020] +: If we are using our national reserves which is the labour of our forefathers, then we should support locals first, then PR, then others.
[2:55 pm, 03/09/2020] +: G using large amounts money from national reserves for Covid 19
[3:04 pm, 03/09/2020] +: Singaporeans first! Locals include residents who may not be Singaporeans.
(Semantics, I know.)
[3:05 pm, 03/09/2020] +: Yes
[3:07 pm, 03/09/2020] +: but if speak with headhunters, u will know that it is so
[3:07 pm, 03/09/2020] +: it isnt so
[3:07 pm, 03/09/2020] +: hirers who are FT have no such inclination
[3:07 pm, 03/09/2020] +: so need G intervention
[3:12 pm, 03/09/2020] +: i'm not sure if it should always be singaporeans first though. if it comes at the cost of competence or effectiveness, wouln't that be a market failure in and of itself?
[3:13 pm, 03/09/2020] +: If dont use nation's reserves, use company's own money, no problem the company may do what they want
[3:14 pm, 03/09/2020] +: but... they do....... salary is paid by the company, not the garmen
[3:14 pm, 03/09/2020] +: but if getting financial help with Sg's nation's reserves, then ....
[3:14 pm, 03/09/2020] +: in good times, i'm not sure what kind of reserves are being touched.
[3:14 pm, 03/09/2020] +: Yes
[3:16 pm, 03/09/2020] +: for those start-up support schemes and all, i agree there's a certain amount of govt funding that goes in there, so rightly so, locals should be prioritised in their hiring. but if the policy is applied across the board, even offshore companies who are looking to set up headquarters in SG will be affected by Singaporeans first hiring policies.
[3:17 pm, 03/09/2020] +: G very nice, give up to 75% salary support to some companies to help them.
[3:19 pm, 03/09/2020] +: Unless money is sent abroad, then all earnings are spent in Singapore. For low skilled jobs, there is no sense hiring a foreigner, assuming you can find a Singaporean to do the work. For medium skilled jobs, the same. For high skilled jobs the same again. Companies will hire foreigners if they cannot find Singaporean. It is much more difficult to hire a foreigner and much higher chance they will leave their job to go home.
[3:20 pm, 03/09/2020] +: Food for thought
[3:20 pm, 03/09/2020] +: If people are worried that the CPF requirement means Foreigners are preferred, then maybe that is what needs fixing. Not quotas.
[3:20 pm, 03/09/2020] +: ๐
[3:21 pm, 03/09/2020] +: that's only because it's Covid, and for these companies, they do still have local employees. so when it comes to having to slash headcount, locals are gonna kena first because we're generally more expensive compared to a foreigner performing a similar role. lagi worse if it's a function which can easily be outsourced to a different location. thus the salary support will at least help the singaporeans to keep their jobs rather than to be the first jobs to get slashed in a cost-cutting measure
[3:21 pm, 03/09/2020] +: Hope so
[3:22 pm, 03/09/2020] +: Yes- huge danger that jobs go overseas for outsourcing and service industry that can be done anywhere. That's a much bigger threat we need to address.
[3:22 pm, 03/09/2020] +: ๐ฑ๐จ๐๐๐
[3:23 pm, 03/09/2020] +: Easier for FT to accept lower salaries if their family not here. Housing and education is so much cheaper
[3:24 pm, 03/09/2020] +: compared to where....?
[3:24 pm, 03/09/2020] +: India
[3:24 pm, 03/09/2020] +: Global competition is eventually the case. Government intervention can only happen if the company operates within Singapore.
If it is a global market we are fighting, we have to constantly skill up, having the niche factor that makes Us successful in the first place.
High degree of independence in work, able to understand cross culture, adaptation to multiple role format, cross function cooperations.
We have many in the world but to be as diverse in exposure we are one of the top few countries and cities.
From WFH to work anywhere that’s would be the eventual direction.
[3:25 pm, 03/09/2020] +: if they're from India, i think their salary would already be lower than a local holding a similar role...
[3:25 pm, 03/09/2020] +: and that's why they're hired right? they're "cheap and good" (not to be read in a derogatory manner)
[3:26 pm, 03/09/2020] +: Yes
[3:26 pm, 03/09/2020] +: As Singaporean we have a brand that if you don’t go out you don’t understand how people view us.
[3:26 pm, 03/09/2020] +: Governments can 'intervene' by making it attractive to be in Singapore :)
[3:26 pm, 03/09/2020] +: Our advantages that we have
[3:28 pm, 03/09/2020] +: Singapore reports 48 new Covid-19 infections, including 2 in the community and 5 imported cases.
https://str.sg/J8Sm
[3:30 pm, 03/09/2020] +: yah... and those advantages come with the stability and the open policies which have been put in place so that we could be a whatever-hub in the region. without all of that, why would anyone come here? malaysia is a stone's throw away, Indonesia is a 1-hour boat ride. India is a strong emerging market which is hosting some of the biggest data centres for many MNCs, China is also strongly pushing Beijing Shanghai as a hub for MNCs for Greater China. In terms of manufacturing, look no further than Vietnam, Cambodia. All of these countries are clamouring for global dollars. we're not that special if we don't have the stability and pro-economic policies
[3:31 pm, 03/09/2020] +: This is not gonna last very long we have to find a way to survive without help as the help is finite.
Anything we drawn have to pay back eventually to prepare for the next disease X. If not the next one we won’t be so lucky.
[3:32 pm, 03/09/2020] +: exactly!
[3:34 pm, 03/09/2020] +: Agree
[3:34 pm, 03/09/2020] +: I can only say we don’t have many years ahead till the next one hit. As global travel is still the key to disease spread as we get more connected the time for the next pandemic is not very far.
[3:34 pm, 03/09/2020] +: Agree
[3:35 pm, 03/09/2020] +: Possibly
[3:38 pm, 03/09/2020] +: Indians prefer to come here in comparison to M’sia or Indonesia or Thailand because of the instability in these countries.
Singapore is highly preferred by Foreigners.
[3:41 pm, 03/09/2020] +: Agree
[3:43 pm, 03/09/2020] +: Singapore is the country that most want to come and stay due to not just stable and also is very livable.
Easy access to different kind of food, low discrimination face here. High mobility for expatriates, safety at night, lower work stress compare to some cities, strong currency, very good place to raise kids. Basically most of the point you find in the city we have other than places to travel around as we are just too small.
[3:46 pm, 03/09/2020] +: Agree
[3:54 pm, 03/09/2020] +: very true.
[3:56 pm, 03/09/2020] +: This a views from people I know
Korean and Japanese ( less work stress go home on time don’t work long hours)
Indian ( many good food can be found here as well, Indian school)
Chinese (nothing much is bad about here other than boring at night and slight discrimination)
French (good weather, not much French food)
Some of the points while we chit chat, they let me understand how good Singapore are.
[3:57 pm, 03/09/2020] +: The things we take for granted ๐ฅบ
[4:01 pm, 03/09/2020] +: Yes while others appreciate
REACH
[4:01 pm, 03/09/2020] +: [Sent by Gov.sg – 3 Sep]
As of 12pm, MOH has preliminarily confirmed an additional 48 cases of COVID-19 infection in Singapore.
Based on investigations so far, there are 2 cases in the community (1 PR, 1 Work Pass holder).
In addition, there are 5 imported cases who had been placed on Stay-Home Notice or isolated upon arrival in Singapore.
MOH will share further updates in its press release that will be issued later tonight.
go.gov.sg/moh3sepupdate
[4:13 pm, 03/09/2020] +: Yes, and higher salary too.
[4:14 pm, 03/09/2020] +: Indeed!
[4:14 pm, 03/09/2020] +: It's interesting that low taxes also bring people here. Better quality of life for less money. Seems unreal....
[4:18 pm, 03/09/2020] +: For rich people Singapore is a good place lol... no worries can just can shop can wear whatever you want
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[4:44 pm, 03/09/2020] ☸️ Danny ๅฟ:
Shanghai could be the next key financial hub.
China boosting digital yuan as international currency to winch itself out of financial system denominated by US dollars.
These are development that we need to watch carefully.
Internet will not be one that is split into 2.
Financial system may also go along this line - splitting into 2.
[4:45 pm, 03/09/2020] ☸️ Danny ๅฟ:
Singapore as financial hub should watch this development very carefully.
Rama
[4:49 pm, 03/09/2020] +: I believe so.
REACH
[4:50 pm, 03/09/2020] +: Dear Contributors!
⏰ We will be closing the chat in 10 minutes ⏰
Thank you very much for being part of our WhatsApp chat and participating actively.
Megan
[4:52 pm, 03/09/2020] ☸️ Danny ๅฟ:
We can function as bridge between the 2 global system.
- financial system as yuan interchange and dollar interchange.
- internet interchange ? This will be relatively tough.
But we have researchers in West research and Shenzhen research.
Rama
[4:55 pm, 03/09/2020] +: As PM said, future is uncertain!
[4:56 pm, 03/09/2020] ☸️ Danny ๅฟ:
We need to seize the opportunity given by the sesimic geopolitical change.
[4:56 pm, 03/09/2020] ☸️ Danny ๅฟ:
Only then we not only survive but thrive.
REACH
[5:00 pm, 03/09/2020] +: Hi REACH Contributors,
We will be closing the chat for today.
Thank you very much for being part of our WhatsApp chat and participating actively.
Have a pleasant evening!
Megan ☺
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REACH
[5:23 pm, 03/09/2020] +: NS in-camp training and IPPT will progressively resume from October. Those returning for training will have to take Covid-19 tests.
https://str.sg/J8Sj
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