Can the young couple actually afford to sign up for a housing
loan, when during the last economic downturn in 2003-2004
- this Government and the NTUC had pushed retrenched
Singaporeans to be employed again under new SHORT TERM 3-YEAR
contract ?
With Singaporeans being employed on Short Term 3-Year Contract
that is to be re-negotiated or renewable every 3 Years, leaving the
Employers the option to hire and fire according to the Economic
Cycle of bust and boom - can anyone commit themselves to a long
term housing loan ?
The 3-Year Short Term Employment Contract will result in
Singaporeans losing their jobs without any retrenchment benefits -
as they were employed on short term, and they are not "technically
retrenched".
Singaporeans have yet to wake-up and realise the full blown
effect of such Short Term Employment Contract that was only
implemented from the last economic downturn.
Since it was implemented four years ago, it will be interesting
to see the number of homes being repossessed, when home loans can
no longer be serviced in the current recession - {the term
is supposedly worst then the economic downturn in 2003}.
This Singapore Government has created a Singapore version of the
"US home mortgage sub-prime problem".
